Can Supply Chain Digitization Curb Corporate Greenwashing? Evidence from a Quasi-Natural Experiment in China

Abstract

Against the backdrop of the synergistic development of digitalization and green transformation, supply chain digitalization (SCD) plays a significant role in supporting companies’ green development; however, it remains unclear how it affects greenwashing. This study uses supply chain innovation and application pilots as a quasi-experimental design and employs panel data from Chinese A-share listed companies (2009–2024) and the difference-in-differences (DID) method to conduct theoretical analysis and empirical testing. The results indicate that SCD significantly curbs corporate greenwashing; this conclusion holds even after robustness tests such as parallel trends tests, propensity score matching, and placebo tests. Mechanism analysis indicates that SCD curbs corporate greenwashing through two channels: (1) enhancing corporate green technological innovation capability and (2) alleviating information asymmetry. Heterogeneity analysis indicates that SCD’s inhibitory effect on corporate greenwashing is more pronounced among firms with higher debt financing costs, greater institutional investor ownership, and greater media coverage. From the perspective of SCD, this study offers insights for promoting corporate green transitions and enhancing ESG transparency, while providing practical guidance for government regulators to combat greenwashing.