Patient Capital and Corporate Greenwashing

Dongyu Qi

doi:10.54254/2754-1169/2025.CAU26712

Advances in Economics, Management and Political SciencesOpen access

Patient Capital and Corporate Greenwashing

Research Article

Open Access

Patient Capital and Corporate Greenwashing

Dongyu Qi ^1*

¹ Tianjin Foreign Studies University

^*Corresponding author: 3055399004@qq.com

Published on 9 September 2025

AEMPS Vol.214

ISSN (Print): 2754-1177

ISSN (Online): 2754-1169

ISBN (Print): 978-1-80590-353-6

ISBN (Online): 978-1-80590-354-3

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Abstract

In the ESG investment wave, capital markets are highly concerned about corporate environmental performance. However, this creates a significant paradox with the increasingly covert and technological upgrading of corporate "greenwashing" behavior. This paper takes non-financial listed companies on the Shanghai and Shenzhen A-share markets in China from 2014 to 2023 as samples, constructs indicators of greenwashing and patient capital, and combines empirical methods such as the two-way fixed effects model to deeply explore the impact of patient capital on corporate greenwashing and its mechanism of action. The study found that patient capital can effectively curb corporate greenwashing behavior. The action pathways mainly include correcting the short-termism tendencies of management, enhancing the degree of green innovation of enterprises, and improving the transparency of information. Heterogeneity analysis shows that the effect varies under different financial conditions, governance structures, and institutional environments. This study reveals new mechanisms to curb corporate greenwashing from the perspective of the capital supply side, providing important theoretical and empirical evidence for investment institutions to optimize ESG strategies, enterprises to introduce long-term capital to drive real transformation, and regulators to build long-term governance mechanisms.

Keywords:

Patient capital, Corporate greenwashing, ESG investment, Capital supply-side

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References

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[8]. Li Sifei, Wen Lei. Research on the Impact of Patient Capital on Corporate ESG Performance [J]. Economic Problems,2025,(01):48-56.

[9]. Qiu Rong, Tian Zihao, Mai Junpeng, et al. Patient capital and the improvement of total factor productivity of enterprises [J]. Securities Market Review,2024,(12):3-12.

[10]. Dongyang Z . Green financial system regulation shock and greenwashing behaviors: Evidence from Chinese firms[J].Energy Economics,2022,111

References

[1]. Shen Yi, Zhou Lijie. Strategic Substitution between Corporate Double Greenbleaching: Conceptual Fission and Empirical Testing [J]. Soft Science, 2020,39(05):102-108.

[3]. Huang Rongbing, Chen Wei, Wang Kaihui. External financing demand, impression management, and corporate greenwashing [J]. Comparative Economic and Social Systems, 2019(3):81-93.

[6]. Li Jipeng, Shi Jiaxiang. Patient capital and High-Quality development of enterprises [J]. Accounting Monthly, 2020,46(07):35-40.

[8]. Li Sifei, Wen Lei. Research on the Impact of Patient Capital on Corporate ESG Performance [J]. Economic Problems,2025,(01):48-56.

[9]. Qiu Rong, Tian Zihao, Mai Junpeng, et al. Patient capital and the improvement of total factor productivity of enterprises [J]. Securities Market Review,2024,(12):3-12.

[10]. Dongyang Z . Green financial system regulation shock and greenwashing behaviors: Evidence from Chinese firms[J].Energy Economics,2022,111

Cite this article

Qi,D. (2025). Patient Capital and Corporate Greenwashing. Advances in Economics, Management and Political Sciences,214,36-46.

Data availability

The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.

About volume

Volume title: Proceedings of ICEMGD 2025 Symposium: Resilient Business Strategies in Global Markets

ISBN: 978-1-80590-353-6(Print) / 978-1-80590-354-3(Online)

Editor: Florian Marcel Nuţă Nuţă, Li Chai

Conference website: https://2025.icemgd.org/CAU.html

Conference date: 20 September 2025

Series: Advances in Economics, Management and Political Sciences

Volume number: Vol.214

ISSN: 2754-1169(Print) / 2754-1177(Online)

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