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The Media Freedom Paradox: A Global Study of Corporate Greenwashing

Author

Listed:
  • Imane El Ouadghiri

    (PULV - Pôle Universitaire Léonard de Vinci)

  • Jonathan Peillex

    (ICD International Business School Paris, LEFMI - Laboratoire d’Économie, Finance, Management et Innovation - UR UPJV 4286 - UPJV - Université de Picardie Jules Verne)

  • Federico Platania

    (ISG - ISG International Business School [Paris])

  • Celina Toscano Hernandez

    (ISC Paris - Institut Supérieur du Commerce de Paris)

Abstract

Media freedom is widely regarded as a disciplining force that constrains corporate misconduct. We challenge this view in the environmental domain by developing the concept of the media freedom paradox . While a free media environment may deter greenwashing by raising the expected costs of exposure ( the watchdog effect ), it simultaneously amplifies normative pressures on firms to appear environmentally responsible, incentivizing symbolic disclosure over substantive action ( the symbolic compliance effect ). Using a sample of 3956 publicly listed firms across 46 countries over 2015–2025, we show that higher media freedom is associated with significantly higher levels of corporate greenwashing, supporting the symbolic compliance effect . This counterintuitive finding reflects the fact that media freedom intensifies normative pressure on firms to appear responsible faster than it improves the verifiability of their claims. This effect is amplified where environmental regulation is weak and where media markets are more privatized. A free press appears as a necessary but insufficient condition for credible environmental governance.

Suggested Citation

  • Imane El Ouadghiri & Jonathan Peillex & Federico Platania & Celina Toscano Hernandez, 2026. "The Media Freedom Paradox: A Global Study of Corporate Greenwashing," Post-Print hal-05837121, HAL.
    • Handle: RePEc:hal:journl:hal-05837121
    DOI: 10.1002/bse.71699
    as

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