Forcing Transformation or Spawning Disguise? The U‐Shaped Response Mechanism of Corporate Greenwashing Triggered by Rising Temperatures

ABSTRACT Climate change inevitably shapes corporate environmental behavior, yet whether it fosters genuine green transformation or merely encourages greenwashing remains controversial. This study integrates data from listed companies and urban temperature records spanning 2009–2023 to investigate the relationship between rising temperatures and corporate greenwashing. The findings reveal as follows: (1) Rising temperatures exhibit a positive U‐shaped relationship with corporate greenwashing, and this pattern also holds for carbon greenwashing. (2) In companies with a lack of political embeddedness, severe financial constraints, and low public attention, rising temperatures are more likely to trigger greenwashing. (3) The positive effect of rising temperatures on green innovation is observed only in companies without prior greenwashing experience. These findings not only help explain the discrepancies in existing research on the impact of climate change on corporate environmental performance but also provide evidence for governments to formulate dynamic regulatory strategies to curb greenwashing under rising temperatures.