Volume 186

In recent years, green innovation and sustainable development have gained prominence, prompting listed companies to enhance green information disclosure to meet investor and societal expectations However, despite increased efforts by regulators to crack down, such as increasing interviews and sharing information with green groups, greenwashing—misleading claims about environmental practices—persists. This not only harms investors but also undermines corporate sustainability and image. This paper examines the greenwashing cases of Decathlon and H&M, analyzing motivations and impacts through business models. It finds that while greenwashing may temporarily boost corporate image, it ultimately erodes market trust, increases legal risks, and damages brand reputation. Based on these findings, the paper suggests making use of technical methods and improving supervision and governance mechanisms to guide companies in fulfilling their ESG responsibilities and promoting capital market health. This study enriches theoretical research on greenwashing and offers practical guidance for regulators, holding significant theoretical and practical value.

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