Executive Equity Incentives and ESG Greenwashing

Our sample comprises A-share firms listed on the Shanghai and Shenzhen Stock Exchanges from 2009 to 2022. We exclude financial institutions, observations flagged as special treatment, and firm-years with missing variables used in the baseline specification. The final panel contains 10,501 firm-year observations. ESG performance is measured using Huazheng ESG scores from WIND database; ESG disclosure information is drawn from Bloomberg; and accounting and market variables are obtained from the China Securities Market and Accounting Research database and China Research Data Services. Continuous variables are winsorized at the 1st and 99th percentiles to limit the influence of outliers. All datasets are merged at the firm-year level using standard security identifiers.

本研究的样本涵盖2009年至2022年在上海证券交易所与深圳证券交易所上市的A股公司。本研究剔除了金融机构、被标记为特别处理的观测样本，以及基准模型设定中存在变量缺失的公司年度观测值。最终得到的面板数据集共包含10501个公司年度观测值。ESG（环境、社会及治理，Environmental, Social and Governance）表现采用万得数据库（WIND Database）中的华证ESG评分进行衡量；ESG披露信息取自彭博（Bloomberg）；会计与市场变量则来源于中国证券市场与会计研究数据库以及中国研究数据服务平台。连续型变量均在1%与99%分位处进行缩尾处理，以弱化异常值的影响。所有数据集均通过标准证券标识符以公司年度为粒度完成合并匹配。