Table 1 Summary of literature review... | Emerald Publishing

Table 1

Summary of literature review

Author	Context	Variable	Key findings
Wang et al. (2023)	A-shares listed on Shanghai and Shenzhen stock exchanges from 2015 to 2020	Crash Risk Index (CRI)	Stocks with higher ESG ratings experience lower crash risk, consistent with negative net spillover effects
Wang et al. (2023)		ESG rating
Zhang et al. (2024)	All Chinese public firms from 2008–2023	Stock Price Crash Risk	Greenwashing will increase a firm's future stock price crash risk and have a greater impact on firms with low transparency and higher greenwashing behavior
Zhang et al. (2024)	All Chinese public firms from 2008–2023	Greenwashing
Liu et al. (2024a, b)	Chinese A-share listed companies from 2014 to 2021	Stock Price Crash Risk	ESG report greenwashing has positive correlation with stock price crash risk as asymmetry information between investors
Liu et al. (2024a, b)	Chinese A-share listed companies from 2014 to 2021	Greenwashing
Li et al. (2023)	All Chinese firms listed on the Shanghai or Shenzhen stock exchanges from 2013 to 2017	Return on Assets	Greenwashing shows a positive correlation with financial performance and is difficult to identify due to high asymmetric information in emerging economies
Li et al. (2023)		Greenwashing
Li et al. (2022)	Shanghai and Shenzhen A-shares from 2016 to 2020	Stock Price Crash Risk	Stock prices of companies with high environmental scores have lower crash risk when ESG evaluations are good, so investors' decision-making on environmental performance will pay more attention
Li et al. (2022)	Shanghai and Shenzhen A-shares from 2016 to 2020	ESG rating

Author	Context	Variable	Key findings
Wang et al. (2023)	A-shares listed on Shanghai and Shenzhen stock exchanges from 2015 to 2020	Crash Risk Index (CRI)	Stocks with higher ESG ratings experience lower crash risk, consistent with negative net spillover effects
Wang et al. (2023)		ESG rating
Zhang et al. (2024)	All Chinese public firms from 2008–2023	Stock Price Crash Risk	Greenwashing will increase a firm's future stock price crash risk and have a greater impact on firms with low transparency and higher greenwashing behavior
Zhang et al. (2024)	All Chinese public firms from 2008–2023	Greenwashing
Liu et al. (2024a, b)	Chinese A-share listed companies from 2014 to 2021	Stock Price Crash Risk	ESG report greenwashing has positive correlation with stock price crash risk as asymmetry information between investors
Liu et al. (2024a, b)	Chinese A-share listed companies from 2014 to 2021	Greenwashing
Li et al. (2023)	All Chinese firms listed on the Shanghai or Shenzhen stock exchanges from 2013 to 2017	Return on Assets	Greenwashing shows a positive correlation with financial performance and is difficult to identify due to high asymmetric information in emerging economies
Li et al. (2023)		Greenwashing
Li et al. (2022)	Shanghai and Shenzhen A-shares from 2016 to 2020	Stock Price Crash Risk	Stock prices of companies with high environmental scores have lower crash risk when ESG evaluations are good, so investors' decision-making on environmental performance will pay more attention
Li et al. (2022)	Shanghai and Shenzhen A-shares from 2016 to 2020	ESG rating

Source(s): Authors’ own elaboration