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Greenwashing: A systematic literature review

Author

Listed:
  • Zhen Huang
  • Yanxuan Shi
  • Ming Jia

Abstract

This systematic review provides a comprehensive overview of greenwashing through an analysis of 180 academic articles published in 58 journals from 1997 to 2023. The review examines the fragmented definitions, measurements, and manifestations of greenwashing. Furthermore, a framework of greenwashing was developed by systematically reviewing the motivations and outcomes of greenwashing and its mediators and moderators at both the firm level and the external level. Finally, the review highlights three directions for future research on greenwashing, offering useful guidance for future academic studies, government policy, and corporate practice.

Suggested Citation

  • Zhen Huang & Yanxuan Shi & Ming Jia, 2025. "Greenwashing: A systematic literature review," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 65(1), pages 857-882, March.
    • Handle: RePEc:bla:acctfi:v:65:y:2025:i:1:p:857-882
    DOI: 10.1111/acfi.13352
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    Cited by:

    1. Gao, Jingzhe & Wei, Haixiao, 2025. "Impact of differentiated green incentive policies on traditional and certified green product markets," International Review of Financial Analysis, Elsevier, vol. 106(C).
    2. Dan Daugaard & Sana Ejaz & Ayobolawole Adewale Ogundipe, 2025. "Greenwashing in the Tuna Industry: Implications for Consumers, Businesses and Planetary Health," Challenges, MDPI, vol. 16(4), pages 1-19, September.
    3. Ille, Sebastian & Sanchez Carrera, Edgar J., 2025. "Why do firms choose to greenwash: an evolutionary analysis of greenwashing incentives and deterrents," Macroeconomic Dynamics, Cambridge University Press, vol. 29, pages 1-1, January.
    4. Mário Nuno Mata & Rui Miguel Dantas & João Miguel Rita, 2026. "Mapping the Knowledge Landscape of Sustainable Finance in the Face of Climate Challenges: a Bibliometric Analysis," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 17(2), pages 4140-4174, April.
    5. Wei, Haitian & Ooi, Chai-Aun & Mohd-Rashid, Rasidah, 2025. "Market responses to ESG amid signs of ESG De-institutionalization: evidence from the 2024 economic shock and Trump’s election victory," Finance Research Letters, Elsevier, vol. 81(C).

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