IDEAS home Printed from https://ideas.repec.org/a/eee/pacfin/v93y2025ics0927538x25001830.html

Greenwashing and ESG: Bibliometric analysis and future research agenda

Author

Listed:
  • Bhullar, Pritpal Singh
  • Joshi, Mahesh
  • Sharma, Sharad
  • Kaur, Amanpreet
  • Phan, Duc

Abstract

The current paper aims to explore key issues from a qualitative perspective to understand the determinants and potential impacts of greenwashing on ongoing ESG practices within the business community. The systematic literature review and bibliographic coupling analysis classify and examine research on ESG and greenwashing from 2017 to 2024. PRISMA framework was employed to scrutinise the relevant literature. VOSviewer and RStudio were employed to conduct thematic clustering, factorial analysis, and keyword citation analysis, leading to the identification of seven distinct research clusters. The study identifies key trends and emerging topics, offering valuable insights into lesser-known dimensions of greenwashing and ESG. The study emphasises capital market efficiency and the role of ESG disclosures in minimising information asymmetry and mispricing in equity markets. The study suggests enabling ESG auditing as a mechanism to address greenwashing, with a focus on improving transparency and accountability.

Suggested Citation

  • Bhullar, Pritpal Singh & Joshi, Mahesh & Sharma, Sharad & Kaur, Amanpreet & Phan, Duc, 2025. "Greenwashing and ESG: Bibliometric analysis and future research agenda," Pacific-Basin Finance Journal, Elsevier, vol. 93(C).
    • Handle: RePEc:eee:pacfin:v:93:y:2025:i:c:s0927538x25001830
    DOI: 10.1016/j.pacfin.2025.102846
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0927538X25001830
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.pacfin.2025.102846?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    References listed on IDEAS

    as
    1. Marta Pizzetti & Lucia Gatti & Peter Seele, 2021. "Firms Talk, Suppliers Walk: Analyzing the Locus of Greenwashing in the Blame Game and Introducing ‘Vicarious Greenwashing’," Journal of Business Ethics, Springer, vol. 170(1), pages 21-38, April.
    2. Guangrui Liu & Hao Qian & Yong Shi & Yu Zhang & Fengyuan Wu, 2024. "Does ESG report greenwashing increase stock price crash risk?," China Journal of Accounting Studies, Taylor & Francis Journals, vol. 12(3), pages 615-639, July.
    3. Zhihong Wang & Tien‐Shih Hsieh & Joseph Sarkis, 2018. "CSR Performance and the Readability of CSR Reports: Too Good to be True?," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 25(1), pages 66-79, January.
    4. Zhang, Dongyang, 2022. "Green financial system regulation shock and greenwashing behaviors: Evidence from Chinese firms," Energy Economics, Elsevier, vol. 111(C).
    5. Lin, Xudong & Zhu, Hao & Meng, Yiqun, 2023. "ESG greenwashing and equity mispricing: Evidence from China," Finance Research Letters, Elsevier, vol. 58(PD).
    6. Pauline Deschryver & Frederic de Mariz, 2020. "What Future for the Green Bond Market? How Can Policymakers, Companies, and Investors Unlock the Potential of the Green Bond Market?," JRFM, MDPI, vol. 13(3), pages 1-26, March.
    7. Farida Saleem & Amira Khattak & Shafiq Ur Rehman & Murtaza Ashiq, 2021. "Bibliometric Analysis of Green Marketing Research from 1977 to 2020," Publications, MDPI, vol. 9(1), pages 1-19, January.
    8. Christopher Marquis & Michael W. Toffel & Yanhua Zhou, 2016. "Scrutiny, Norms, and Selective Disclosure: A Global Study of Greenwashing," Organization Science, INFORMS, vol. 27(2), pages 483-504, April.
    9. Francesca Bernini & Fabio La Rosa, 2024. "Research in the greenwashing field: concepts, theories, and potential impacts on economic and social value," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 28(2), pages 405-444, June.
    10. He, Feng & Ding, Cong & Yue, Wei & Liu, Guanchun, 2023. "ESG performance and corporate risk-taking: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 87(C).
    11. Szerena Szabo & Jane Webster, 2021. "Perceived Greenwashing: The Effects of Green Marketing on Environmental and Product Perceptions," Journal of Business Ethics, Springer, vol. 171(4), pages 719-739, July.
    12. Baldi, Francesco & Pandimiglio, Alessandro, 2022. "The role of ESG scoring and greenwashing risk in explaining the yields of green bonds: A conceptual framework and an econometric analysis," Global Finance Journal, Elsevier, vol. 52(C).
    13. Zhang, Dongyang, 2024. "The pathway to curb greenwashing in sustainable growth: The role of artificial intelligence," Energy Economics, Elsevier, vol. 133(C).
    14. Yu, Ellen Pei-yi & Luu, Bac Van & Chen, Catherine Huirong, 2020. "Greenwashing in environmental, social and governance disclosures," Research in International Business and Finance, Elsevier, vol. 52(C).
    15. Tarek A Hassan & Stephan Hollander & Laurence van Lent & Ahmed Tahoun, 2019. "Firm-Level Political Risk: Measurement and Effects," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 134(4), pages 2135-2202.
    16. Massimiliano Cerciello & Francesco Busato & Simone Taddeo, 2023. "The effect of sustainable business practices on profitability. Accounting for strategic disclosure," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(2), pages 802-819, March.
    17. Peter Seele & Mario D. Schultz, 2022. "From Greenwashing to Machinewashing: A Model and Future Directions Derived from Reasoning by Analogy," Journal of Business Ethics, Springer, vol. 178(4), pages 1063-1089, July.
    18. Lee, Michael T. & Raschke, Robyn L., 2023. "Stakeholder legitimacy in firm greening and financial performance: What about greenwashing temptations?☆," Journal of Business Research, Elsevier, vol. 155(PB).
    19. Liao, Feimei & Sun, Yinghao & Xu, Shulin, 2023. "Financial report comment letters and greenwashing in environmental, social and governance disclosures: Evidence from China," Energy Economics, Elsevier, vol. 127(PB).
    20. Silvia Ruiz-Blanco & Silvia Romero & Belen Fernandez-Feijoo, 2022. "Green, blue or black, but washing–What company characteristics determine greenwashing?," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 24(3), pages 4024-4045, March.
    21. Zhang, Dongyang, 2022. "Environmental regulation and firm product quality improvement: How does the greenwashing response?," International Review of Financial Analysis, Elsevier, vol. 80(C).
    22. Gatti, Lucia & Pizzetti, Marta & Seele, Peter, 2021. "Green lies and their effect on intention to invest," Journal of Business Research, Elsevier, vol. 127(C), pages 228-240.
    23. Christian F. Durach & Joakim Kembro & Andreas Wieland, 2017. "A New Paradigm for Systematic Literature Reviews in Supply Chain Management," Journal of Supply Chain Management, Institute for Supply Management, vol. 53(4), pages 67-85, October.
    24. Célia Santos & Arnaldo Coelho & Alzira Marques, 2024. "A systematic literature review on greenwashing and its relationship to stakeholders: state of art and future research agenda," Management Review Quarterly, Springer, vol. 74(3), pages 1397-1421, September.
    25. Wei Li & Weining Li & Veikko Seppänen & Timo Koivumäki, 2023. "Effects of greenwashing on financial performance: Moderation through local environmental regulation and media coverage," Business Strategy and the Environment, Wiley Blackwell, vol. 32(1), pages 820-841, January.
    26. Christian Fisch & Joern Block, 2018. "Six tips for your (systematic) literature review in business and management research," Management Review Quarterly, Springer, vol. 68(2), pages 103-106, April.
    27. Jerry Cao & Robert Faff & Jing He & Yong Li, 2022. "Who's Greenwashing Via the Media and What are the Consequences? Evidence From China," Abacus, Accounting Foundation, University of Sydney, vol. 58(4), pages 759-786, December.
    28. Hao Liang & Lin Sun & Melvyn Teo, 2022. "Responsible Hedge Funds [Role of managerial incentives and discretion in hedge fund performance]," Review of Finance, European Finance Association, vol. 26(6), pages 1585-1633.
    29. Peter Seele & Lucia Gatti, 2017. "Greenwashing Revisited: In Search of a Typology and Accusation‐Based Definition Incorporating Legitimacy Strategies," Business Strategy and the Environment, Wiley Blackwell, vol. 26(2), pages 239-252, February.
    30. Zheng, Jinlin & Jiang, Yaohui & Cui, Yadong & Shen, Yue, 2023. "Green bond issuance and corporate ESG performance: Steps toward green and low-carbon development," Research in International Business and Finance, Elsevier, vol. 66(C).
    31. Matthew J Page & Joanne E McKenzie & Patrick M Bossuyt & Isabelle Boutron & Tammy C Hoffmann & Cynthia D Mulrow & Larissa Shamseer & Jennifer M Tetzlaff & Elie A Akl & Sue E Brennan & Roger Chou & Jul, 2021. "The PRISMA 2020 statement: An updated guideline for reporting systematic reviews," PLOS Medicine, Public Library of Science, vol. 18(3), pages 1-15, March.
    32. Birindelli, Giuliana & Chiappini, Helen & Jalal, Raja Nabeel-Ud-Din, 2024. "Greenwashing, bank financial performance and the moderating role of gender diversity," Research in International Business and Finance, Elsevier, vol. 69(C).
    33. Zhang, Dongyang, 2023. "Subsidy expiration and greenwashing decision: Is there a role of bankruptcy risk?," Energy Economics, Elsevier, vol. 118(C).
    34. Yasser Eliwa & Ahmed Aboud & Ahmed Saleh, 2023. "Board gender diversity and ESG decoupling: Does religiosity matter?," Business Strategy and the Environment, Wiley Blackwell, vol. 32(7), pages 4046-4067, November.
    35. Zhang, Dongyang, 2023. "Does green finance really inhibit extreme hypocritical ESG risk? A greenwashing perspective exploration," Energy Economics, Elsevier, vol. 121(C).
    36. Elizabeth Demers & Jurian Hendrikse & Philip Joos & Baruch Lev, 2021. "ESG did not immunize stocks during the COVID‐19 crisis, but investments in intangible assets did," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 48(3-4), pages 433-462, March.
    37. Lu, Zhenye & Lin, Yongjia & Li, You, 2023. "Does corporate engagement in digital transformation influence greenwashing? Evidence from China," Finance Research Letters, Elsevier, vol. 58(PD).
    38. Gu, Yu & Dai, Jun & Vasarhelyi, Miklos A., 2023. "Audit 4.0-based ESG assurance: An example of using satellite images on GHG emissions," International Journal of Accounting Information Systems, Elsevier, vol. 50(C).
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Sneideriene, Agne & Legenzova, Renata, 2025. "Greenwashing prevention in environmental, social, and governance (ESG) disclosures: A bibliometric analysis," Research in International Business and Finance, Elsevier, vol. 74(C).
    2. Yang, Zhonghai & Song, Pingting & Xu, Meng, 2025. "Nearer means better? CSRC proximity and ESG greenwashing," International Review of Financial Analysis, Elsevier, vol. 106(C).
    3. Xiong, Jiacai & Yang, Zelin & Wang, Qing Sophie, 2025. "Can non-punitive regulation curb corporate greenwashing?Evidence from a word embedding model," Research in International Business and Finance, Elsevier, vol. 76(C).
    4. Liu, Guangrui & Fang, Ying & Qian, Hao & Ding, Zhigang & Zhang, Alex & Zhang, Songlin, 2025. "Incentive or catering effect of environmental subsidies? Evidence from ESG reports on greenwashing," International Review of Financial Analysis, Elsevier, vol. 103(C).
    5. Zhang, Hua & Lai, Jie & Guo, Zheng, 2025. "When greenwashing meets ESG: Exploring the role of third-party ESG ratings in corporate greenwashing behavior," Journal of Business Research, Elsevier, vol. 200(C).
    6. Song, Zenglu & Lu, Jinjing & Xu, Xinkuo, 2025. "Virtue over Deception: Confucian Culture and Corporate Greenwashing Behavior," Economic Analysis and Policy, Elsevier, vol. 86(C), pages 1569-1591.
    7. Yin, Lei & Yang, Yuanyuan, 2024. "How does digital finance influence corporate greenwashing behavior?," International Review of Economics & Finance, Elsevier, vol. 93(PB), pages 359-373.
    8. Xiang, Yilin & Chen, Lu & Zhang, Zhenya & Sun, Xinyu, 2024. "Does perceived greenwashing promote or inhibit ethical voice? Effects of moral disengagement and perceived competitive pressure," Journal of Business Research, Elsevier, vol. 182(C).
    9. Gong, Qi & Kong, Zhaoyang & Li, Liang & Dong, Xiucheng & Li, Yang, 2026. "The consequences of hypocrisy: how ESG greenwashing undermines green total factor productivity," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 106(C).
    10. Francesca Bernini & Fabio La Rosa, 2024. "Research in the greenwashing field: concepts, theories, and potential impacts on economic and social value," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 28(2), pages 405-444, June.
    11. Cheng, Zhonghua & Yan, Xueqin, 2025. "Environmental management system certification and corporate ESG greenwashing," Energy Economics, Elsevier, vol. 149(C).
    12. Xu, Morong & Wang, Yaopeng, 2025. "Beyond the green facade: Evidence of a nonlinear link between greenwashing and financing efficiency," Global Finance Journal, Elsevier, vol. 68(C).
    13. Li, Weiping & Mao, Zhuowei & Ren, Xiaohang & Liang, Jing, 2025. "Retail investor attention: Guardian of corporate ESG integrity or catalyst for greenwashing?," Energy Economics, Elsevier, vol. 144(C).
    14. Kiran, Madiha & Chughtai, Sumayya & Naeem, Muhammad Abubakr, 2024. "Navigating greenwashing in the G8: Insights into family-owned firms, technology innovation, and economic policy uncertainty," Research in International Business and Finance, Elsevier, vol. 71(C).
    15. Wang, Yuxi & Hu, Fangjia & Wang, Yunyun, 2024. "Analyst coverage and greenwashing: Evidence from Chinese A-Share listed corporations," International Review of Economics & Finance, Elsevier, vol. 94(C).
    16. Gao, Yuhang & Zhang, Mimi & Nasir, Muhammad Ali & Hao, Yan & Wu, Jinghui & Zhang, Lixiao, 2025. "ESG greenwashing behaviour in the electric vehicle supply chain: Insights from evolutionary game theory," International Journal of Production Economics, Elsevier, vol. 289(C).
    17. Tian, Lulu & Song, Xinyang & Du, Meng & Xu, Baochang, 2025. "The disciplinary impact of capital market internationalization on corporate ESG greenwashing: A study of A-shares' inclusion in the MSCI index," International Review of Financial Analysis, Elsevier, vol. 103(C).
    18. Guangrui Liu & Hao Qian & Yong Shi & Deli Yuan & Ming Zhou, 2024. "How do firms react to capital market liberalization? Evidence from ESG reporting greenwashing," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(5), pages 4329-4344, September.
    19. Jiang, Cuixia & Li, Xiuxiu & Xu, Qifa & Liu, Junhang, 2024. "Does environmental protection tax impact corporate ESG greenwashing? A quasi-natural experiment in China," Economic Analysis and Policy, Elsevier, vol. 84(C), pages 774-786.
    20. Liu, Changyu & Gong, Wanrong & Dong, Guanglong & Ji, Qiang, 2024. "Regulation of environmental, social and governance disclosure greenwashing behaviors considering the risk preference of enterprises," Energy Economics, Elsevier, vol. 135(C).

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:pacfin:v:93:y:2025:i:c:s0927538x25001830. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/pacfin .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.