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Analyzing the Interconnection Between Environmental, Social, and Governance (ESG) Criteria and Corporate Corruption: Revealing the Significant Impact of Greenwashing

Author

Listed:
  • Eleni Poiriazi

    (Department of Business Administration, University of Western Macedonia, GR51 100 Grevena, Greece)

  • Georgia Zournatzidou

    (Department of Accounting and Finance, University of Western Macedonia, GR50 100 Kozani, Greece)

  • George Konteos

    (Department of Business Administration, University of Western Macedonia, GR51 100 Grevena, Greece)

  • Nikolaos Sariannidis

    (Department of Accounting and Finance, University of Western Macedonia, GR50 100 Kozani, Greece)

Abstract

Greenwashing undermines the trustworthiness and integrity of environmental, social, and governance (ESG) reporting. It undermines disclosure quality, confuses decision making, destabilizes financial markets, and reduces the probability that people will trust the supplied information. This research utilizes a comprehensive literature review and bibliometric analysis to investigate the scholarly dialogue around ESG disclosure and strategies to counteract corporate “greenwashing”. This study’s objectives were achieved by bibliometric analysis, using the statistical programming tools R Studio R 3.6.0 +, Biblioshiny 4.2.0 , and VOSviewer 1.6.20. We acquired bibliometric data from the Scopus database for the period 2012–2024. We established the optimal sample size via the PRISMA methodology, including both inclusion and exclusion criteria. Greenwashing is a multifaceted issue that manifests in many forms, shapes, and intensities, as seen by the data. This obstructs the advancement of apparatus for prevention, quantification, and detection. Moreover, the results indicate that sustainable finance is adversely affected by greenwashing, particularly for green loans and green bonds. Moreover, the findings indicate that corporate greenwashing is a distinct kind of greenwashing.

Suggested Citation

  • Eleni Poiriazi & Georgia Zournatzidou & George Konteos & Nikolaos Sariannidis, 2025. "Analyzing the Interconnection Between Environmental, Social, and Governance (ESG) Criteria and Corporate Corruption: Revealing the Significant Impact of Greenwashing," Administrative Sciences, MDPI, vol. 15(3), pages 1-18, March.
    • Handle: RePEc:gam:jadmsc:v:15:y:2025:i:3:p:100-:d:1611530
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    References listed on IDEAS

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    1. Galletta, Simona & Mazzù, Sebastiano & Naciti, Valeria & Paltrinieri, Andrea, 2024. "A PRISMA systematic review of greenwashing in the banking industry: A call for action," Research in International Business and Finance, Elsevier, vol. 69(C).
    2. Li, Menghan & Chen, Qi, 2024. "Executive pay gap and corporate ESG greenwashing: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 95(PA).
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    Cited by:

    1. Ana Lorena Jiménez-Preciado & Miguel Ángel Martínez-García & José Carlos Trejo-García & Francisco Venegas-Martínez, 2025. "Short- and Long-Term Assessments of ESG Risk in Mexican Mortgage Institutions: Combining Expert Surveys, Radar Plot Visualization, and Cluster Analysis," Sustainability, MDPI, vol. 17(12), pages 1-29, June.
    2. Anna Borcuch, 2025. "A Quality of ESG (Environment, Social, Governance) Reporting by Financial Groups in the Insurance Sector: Evidence from Poland," European Research Studies Journal, European Research Studies Journal, vol. 0(3), pages 674-681.

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