企业ESG"漂绿"行为对投资效率的影响研究OACHSSCD

The identification of the long-term impacts of corporate ESG greenwashing behavior has a great significance for guiding corporates toward high-quality development under the guiding ideology of ecological civilization in the new era.Drawing on the dual-dimensional theoretical framework of managerial myopia perspective,this study employs data from A-share listed firms in Shanghai and Shenzhen with identified greenwashing behavior during 2013-2023 to examine the impact of greenwashing intensity on investment efficiency-a key indicator of long-term development-and its boundary conditions.The results reveal an inverted U-shaped relationship between greenwashing intensity and investment efficiency.Supplementary tests indicate that greenwashing affects investment efficiency primarily through overinvestment rather than underinvestment.Furthermore,analyst attention and the level of artificial intelligence application positively moderate the relationship between greenwashing and investment efficiency and shift the inflection point of the inverted U-curve upward.Additional tests on long-term outcomes demonstrate that greenwashing behavior also negatively affects firms'long-term investment and total factor productivity.This study enriches the theoretical understanding of the relationship between greenwashing and long-term corporate development,expands the application of managerial myopia perspective in the field of corporate social responsibility,and offers practical implications for corporate information governance and regulatory oversight.