The Dark Side of the Carbon Emissions Trading System and Digital Transformation: Corporate Carbon Washing

作者：Yuxuan Wang, Chan Lyu · 发表于：Systems · 年份：2025 · DOI：10.3390/systems13080619 · 被引用次数：4 · 研究领域：Environmental Sustainability in Business、Energy, Environment, Economic Growth、Corporate Social Responsibility Reporting

Although carbon emissions trading systems are universally acknowledged as one of the most potent policy instruments for counteracting hazardous climate trends, and digitalization is seen as a favorable technological means to promote corporate green and low-carbon transformation, few studies have investigated the dark side of both. Using data on Chinese listed companies from 2011 to 2020 and adopting a multi-period DID methodology, this research reveals that, in response to the carbon emissions trading system, firms often adopt low-cost, strategic environmental governance behaviors—namely, carbon washing—to reduce compliance costs and maintain their reputation and image. Furthermore, the study reveals that the information advantages of digital transformation create conditions for the opportunistic manipulation of carbon disclosure. Digitalization amplifies the positive influence of the carbon trading system on corporate carbon washing behavior. Mechanism analysis confirms that the carbon emissions trading system increases the production costs of regulated firms, thereby increasing their carbon washing behavior. Economic consequence analysis confirms that firms engage in carbon washing to gain legitimacy and maintain their reputation and image, which may allow them to obtain opportunistic benefits in the capital market. Finally, this study suggests that the government should adopt supplementary policy tools, such as environmental subsidies, enhanced use of digital technologies ...