We examine whether and how the development of digital financial inclusion (DFI) affects firm environmental, social, and governance (ESG) greenwashing. Our findings indicate that local DFI prohibits firms' greenwashing behaviors. These conclusions are supported through robust analysis using a multidimensional fixed-effects model, alternative measures, and an instrumental variable approach. Our research provides compelling evidence that DFI dampens corporate greenwashing by easing financial constraints and reducing information asymmetry. Additionally, DFI promotes genuine corporate engagement in ESG activities, though it does not influence ESG disclosure practices. Notably, the effects are more pronounced in firms with limited analyst coverage and increased government supervision.

中文翻译：

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弥合绿色差距：数字普惠金融如何影响企业 ESG 漂绿


我们研究了数字金融包容性 （DFI） 的发展是否以及如何影响公司的环境、社会和治理 （ESG） 漂绿行为。我们的研究结果表明，当地 DFI 禁止公司的漂绿行为。这些结论通过使用多维固定效应模型、替代措施和工具变量方法的稳健分析来支持。我们的研究提供了令人信服的证据，表明 DFI 通过缓解财务约束和减少信息不对称来抑制企业漂绿。此外，DFI 促进企业真正参与 ESG 活动，尽管它不会影响 ESG 披露实践。值得注意的是，这种影响在分析师覆盖范围有限且政府监管力度较强的公司中更为明显。