GX & Decarbonization Research

Hyoung Ju Song, Li Ding, Markéta Kubíčková

Using panel data on U.S. publicly traded hospitality firms, this study examines how financial health and corporate governance relate to the ESG disclosure-performance gap (a proxy for greenwashing intensity). Financially healthy firms show …

Jia-Tian Nong

Using panel data from 777 Chinese listed acquirers (1,689 firm-year observations, 2009-2022), this study examines how acquirers' ESG performance affects long-term M&A outcomes and whether greenwashing mediates this relationship. ESG perform…

Putri Sukmawati, Deni Darmawati

Using 220 firm-year observations from 55 Indonesian basic-materials firms (2022–2025), this study examines how tax ratio, profit margin, capital structure, and SOE ownership affect greenwashing, with ESG report assurance as a moderator. Pro…

Liang Y.

This study examines how greenwashing affects financial performance in public health firms, framing the effect through the erosion of organizational legitimacy. It suggests that gaps between ESG disclosure and actual practice feed back into …

Liu H.

This study examines how bank-firm relationships shape corporate ESG greenwashing. It suggests banks' monitoring role can influence the credibility and quality of ESG disclosure, probing whether lender engagement curbs greenwashing.

Das P.

A framework-based review of corporate greenwashing organized around economic, governance, and market outcomes. It synthesizes existing research on how misleading environmental claims affect investor judgment and market valuation, offering a…

Sun Z.

An empirical study examining whether staggering CEO and CFO tenures curbs corporate ESG greenwashing, shifting focus from board-level governance to executive-pair dynamics. It probes how internal monitoring between top executives affects th…

Mahomed Z.

This paper examines greenwashing in global green bonds and sukuk, analyzing the structural incentives that let issuers raise capital without delivering genuine environmental benefit. It argues that weak certification and labeling regimes ac…

de Grefte J.

A conceptual study on how contested values, metrics, and causal claims in sustainable finance and biodiversity enable greenwashing. It distinguishes information distortion, omission, and pollution as distinct mechanisms degrading disclosure…

Pan H.

An empirical study examining how China's specialized environmental courts affect corporate greenwashing. It analyzes whether stronger judicial environmental enforcement changes firms' misleading environmental claims and disclosure quality. …

Aida Ardini, Usman Manor

This study argues that ESG disclosure expansion has outpaced verification, supervision, and legal accountability mechanisms, heightening greenwashing and investor-harm risks. Analyzing global climate-finance regulation and Indonesia's OJK f…

(著者不明)

This paper analyzes India's environmental tax incentives and their vulnerability to greenwashing due to vague definitions and lack of verification. It examines legal frameworks like GAAR and proposes using BRSR as an external verification m…

Khurana M.

This paper compares greenwashing regulations in green bond markets in India and South Korea, examining differences in regulatory frameworks and offering insights for investor protection and market credibility.

Yanan Tang, Yong Qi, Tingting Bai

Using China's Green Finance pilot zones as a quasi-natural experiment, this study finds that the policy improves ESG ratings but also intensifies greenwashing, revealing a 'policy-induced decoupling.' Difference-in-differences on listed fir…

Muhammad Mohsin

This study uses Monte Carlo simulation to analyze how bank ESG greenwashing (disclosure-performance gaps) affects financial stability. It finds that greenwashing can be privately attractive under weak supervision but becomes costly with scr…

(著者不明)

This paper provides a data-driven assessment of greenwashing in green bonds issued by big tech companies. It examines the gap between issuers' claims and actual environmental impact, offering insights for improving the credibility of the gr…

O.S. Fedorova

This paper analyzes how the role of narrative in sustainability reporting transforms under the CSRD and ESRS, shifting from auxiliary description to strategic analysis and impression management. It highlights risks of greenwashing and syste…

Hao X.

This paper uses evolutionary game theory to analyze the mechanisms behind greenwashing in ESG disclosure. It examines how regulatory stringency and audit intensity influence corporate strategies, identifying conditions for effective policy …

Juwita R.

This paper examines green legitimacy versus greenwashing in the investor relations of Indonesia's coal mining industry. It critically analyzes whether increased climate-related disclosure reflects substantive decarbonization actions, questi…

Dzul Fadhilati, Muthmainnah Muthmainnah

This review synthesizes 2018-2025 literature on external assurance as a governance mechanism to detect and mitigate greenwashing in sustainability reporting. Using agency, legitimacy, and signaling theories, it reveals the dual role of assu…