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Hush Washing Phenomenon in ESG Disclosure: A Comparative Case Study of Energy Enterprises in Central and Eastern Europe

ESG開示におけるハッシュウォッシング現象：中東欧エネルギー企業の比較ケーススタディ (AI 翻訳)

Yuze Nie

Advances in Economics Management and Political Sciences📚 査読済 / ジャーナル2026-08-11#ESGOrigin: CN経営インパクト: 調達リスク対象セクター: energy
DOI: 10.54254/2754-1169/2026.gt36099
原典: https://doi.org/10.54254/2754-1169/2026.gt36099

🤖 gxceed AI 要約

日本語

本研究は、中東欧（CEE）の主要エネルギー企業3社（PKN Orlen、ČEZ Group、Romgaz）を対象に、ESG開示における「ハッシュウォッシング」（意図的な情報過少開示）現象を2018〜2023年のサステナビリティ報告書・年次報告書・ESG格付けの比較分析により検証した。NFRDからCSRDへの移行期に、CEEエネルギー部門ではハッシュウォッシングが蔓延しており、その要因として規制枠組みの弱さ、ステークホルダー圧力の限界、経営陣のESGリテラシー不足を指摘する。CSRD実施とESG開示規制改善への示唆を提供する。

English

This study examines the 'hush washing' phenomenon (deliberate under-disclosure of ESG information) in Central and Eastern European (CEE) energy companies through a comparative case study of PKN Orlen, ČEZ Group, and Romgaz, analyzing sustainability reports, annual reports, and ESG ratings from 2018 to 2023, covering the NFRD-to-CSRD transition. Findings show hush washing is prevalent in the CEE energy sector, driven by weak regulatory frameworks, limited stakeholder pressure, and insufficient ESG literacy among management, offering targeted evidence for CSRD implementation and ESG disclosure regulation improvement.

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

📝 gxceed 編集解説 — Why this matters

日本のGX文脈において

日本ではSSBJ開示基準の適用が迫る中、開示の質と過少開示リスクへの関心が高まっている。本研究成果は、日本企業がCSRD対応やグローバルな開示要求に直面する際に、過少開示がもたらすレピュテーションリスクや投資家対応の示唆を与える。また、規制の実効性と開示文化の重要性を再認識させる点で、日本の開示制度設計にも参考になる。

In the global GX context

As the CSRD implementation progresses, this study provides timely evidence on under-disclosure ('hush washing') in emerging European markets, highlighting gaps in regulatory enforcement and stakeholder pressure. It contributes to global disclosure scholarship by extending the greenwashing literature to the under-disclosure side, offering insights for regulators and standard-setters (ISSB, CSRD) on monitoring and enforcing disclosure quality beyond mere compliance.

👥 読者別の含意

🔬研究者:Provides a novel conceptualization and empirical evidence of hush washing in CEE energy sector, extending greenwashing research to under-disclosure.

🏢実務担当者:Highlights risks of under-disclosure for companies facing CSRD and investor scrutiny, suggesting the need for robust ESG communication strategies.

🏛政策担当者:Offers evidence for strengthening ESG disclosure enforcement and addressing regulatory gaps in emerging markets, relevant for CSRD implementation.

📄 Abstract（原文）

In recent years, European energy companies have faced increasing pressure from investors and regulators to improve ESG transparency, particularly after the introduction of stricter reporting requirements. However, disclosure practices vary considerably across emerging markets, where regulatory enforcement remain uneven. This study examines ESG disclosure practices among major energy companies in Central and Eastern Europe (CEE), focusing on the hush washing phenomenon. Existing studies mainly focus on the overstatement of environmental credentials known as greenwashing. There remains notably deficient in attention to hush washing. And CEE is a region lack theoretical exploration and empirical examination when it comes to energy corporations. Even when firms possess reasonably sound environmental credentials, they may still practice deliberate under-disclosure of sustainability information. Through a comparative case study of three leading CEE energy companies, namely PKN Orlen (Poland), ČEZ Group (Czech Republic), and Romgaz (Romania), this research analyses publicly available sustainability reports, annual reports, and ESG ratings from 2018 to 2023, a period that covers the transition from NFRD to CSRD. The findings suggest that hush washing is prevalent in the CEE energy sector, with the contribution of weak regulatory frameworks, limited stakeholder pressure, and insufficient ESG literacy among management. This study provides targeted evidence to inform the implementation of the CSRD and the improvement of ESG disclosure regulation in the CEE region.

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