Public Funding, ESG Strategies, and the Risk of Greenwashing: Evidence from Greek Financial and Public Institutions

Kyriaki Efthalitsidou (), Vasileios Kanavas, Paschalis Kagias and Nikolaos Sariannidis
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Kyriaki Efthalitsidou: Department of Business Administration, University of Western Macedonia, 50100 Kozani, Greece
Vasileios Kanavas: Department of International European and Economic Studies, University of Western Macedonia, 50100 Kozani, Greece
Paschalis Kagias: Department of Accounting and Finance, University of Western Macedonia, 50100 Kozani, Greece
Nikolaos Sariannidis: Department of Accounting and Finance, University of Western Macedonia, 50100 Kozani, Greece

Risks, 2025, vol. 13, issue 8, 1-16

Abstract: The increasing pressure for environmental, social, and governance (ESG) accountability in publicly funded institutions has raised concerns about the authenticity and efficiency of ESG implementation. This study investigates the relationship between public ESG funding, disclosure quality, and organizational efficiency across Greek public and financial entities. Using a mixed-methods approach—data envelopment analysis (DEA), qualitative ESG content scoring, and bibliometric mapping—we reveal that symbolic compliance remains prevalent, often decoupled from actual sustainability outcomes. Our DEA findings show that technical efficiency is strongly associated with reporting clarity, the use of verifiable metrics, and governance integration, rather than the mere volume of funding. The qualitative analysis further confirms that many disclosures reflect reputational signaling rather than impact-oriented transparency. Bibliometric results highlight a systemic underrepresentation of the public sector in ESG scholarship, particularly in Southern Europe, underscoring the need for regionally grounded empirical studies. This study provides practical implications for improving ESG accountability in publicly funded institutions and contributes a novel approach that integrates efficiency, content, and bibliometric analysis in the ESG context.

Keywords: ESG performance; public funding; data envelopment analysis; bibliometric analysis; Greek public sector; sustainability governance (search for similar items in EconPapers)
JEL-codes: C G0 G1 G2 G3 K2 M2 M4 (search for similar items in EconPapers)
Date: 2025
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