In recent years, corporate environmental commitment is showing different postures going from greenwashing to undue modesty and from environmental excellence to environmental inaction. In this paper, we go a step beyond the most recent research work on the dichotomy greenwashing–brownwashing and develop a more comprehensive model that reflect more subtly four main corporate environmental strategic positions based on both firm's environmental performance and disclosure achievements. Jointly with their characterization, and adopting a question-driven approach we add to the literature on environmental disclosure-firm performance proposing an explorative research question that consider cluster membership on market firm performance under the general assumption that, at least theoretically, each of the four main corporate environmental strategic positions under analysis can result in market performance improvements. Our empirical results from a panel data of international industrial companies show very interesting and novel insights, highlighting the fact that being green is good, but above all, it is good to look green.

中文翻译：

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说到做到，但最重要的是，说到做到：为市场利益相关者的参与寻找绿色

近年来，企业的环保承诺呈现出不同的姿态，从漂绿到过度谦虚，从环保卓越到环保无为。在本文中，我们超越了最近关于洗绿-洗褐二分法的研究工作，并开发了一个更全面的模型，该模型基于公司的环境绩效和披露成就更微妙地反映了四个主要的公司环境战略定位。结合他们的特征，并采用问题驱动我们在环境披露-公司绩效的文献中添加了一种探索性研究问题，该问题考虑了集群成员对市场公司绩效的一般假设，即至少在理论上，所分析的四个主要公司环境战略地位中的每一个都可以导致市场性能改进。我们从国际工业公司的面板数据中得出的实证结果显示出非常有趣和新颖的见解，突出了一个事实，即绿色是好的，但最重要的是，看起来绿色是好的。