Kongwen Wang

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.

Fulfilling corporate ESG responsibilities enhances a firm’s sustainable development capabilities but also comes at an economic cost. This study investigates whether firms should invest heavily in ESG or maintain moderate ESG practices to balance cost efficiency and resilience. Using a sample of A-share listed companies in China from 2012 to 2024, we employ OLS regression models to explore the impact of ESG responsibility fulfillment on cost stickiness and the factors that influence this relationship. The study finds that (1) there is an inverted U-shaped relationship between corporate ESG responsibility fulfillment and cost stickiness; (2) the turning point lies between the B and CCC Huazheng ESG rating levels. Below this level, ESG responsibility fulfillment reduces cost stickiness, while above it, excessive ESG fulfillment increases cost stickiness; (3) environmental sensitivity, managerial overconfidence, and state ownership amplify this non-linear effect, making the reduction or increase in cost stickiness more pronounced. This paper deepens the understanding of the drivers of cost stickiness from the perspective of ESG responsibility fulfillment, offering new insights for future research on cost behavior and providing valuable guidance for firms seeking to optimize cost management through ESG strategies.

Artificial intelligence (AI) technology has brought unprecedented impact and opportunities for the sustainable development of family firms. This paper examines the impact of AI on innovation investment in family firms using a sample of Chinese A-share listed family firms from 2007 to 2024. The results show that AI significantly promotes innovation investment in family firms to achieve sustainable development. Mechanism analysis shows that AI enhances both the willingness and capability of family firms to invest in innovation by improving their risk-taking levels and resource allocation efficiency, thereby promoting innovation investment. Heterogeneity analysis shows that the promotion effect of AI on innovation investment of family firms is more significant in smaller family firms, those directly founded by families, those with more family involvement in management, and those prior to intergenerational succession. Furthermore, the study finds that AI significantly improves the innovation performance of family firms. Our findings provide important theoretical and practical guidance for enterprises seeking to leverage AI to catalyze innovation investment and thereby achieve long-term value growth and sustainable development.

This study examines whether differentiated disclosure of key audit matter (KAM) in China indicates a higher financial misstatement risk. Our empirical study demonstrates that financial statements with less boilerplate KAM are more likely to be subsequently restated than those with more boilerplate KAM. This association is only pronounced for smaller auditing firms in stronger legal environments. Additionally, auditors who report differentiated KAM are likely to disclose more risk‐related information. Moreover, clients are more likely to restate financial reports when the KAM relates to managers' subjective estimations.