Greenwashing in the Indian corporate landscape: an empirical assessment of ESG disclosures of NIFTY 50 companies

Mithilesh Gidage (), Shilpa Bhide () and Yuriy Bilan ()
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Mithilesh Gidage: Savitribai Phule Pune University
Shilpa Bhide: Savitribai Phule Pune University
Yuriy Bilan: Czech University of Life Sciences Prague

Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, 2025, vol. 27, issue 9, No 61, 21885 pages

Abstract: Abstract This study investigates ESG (Environmental, Social, and Governance) reporting in India, focusing on greenwashing among companies listed on the National Stock Exchange’s NIFTY 50 index. Utilizing available ESG scores and assessments, we assess the extent of greenwashing and identify factors influencing this behavior within the Indian corporate environment. Our research employs regression analysis with a comprehensive set of variables, including cross-listing status, inclusion in ESG-focused investment funds, presence of independent directors, and board size, to examine key factors impacting greenwashing scores. Findings reveal that 47% of sampled companies exhibit greenwashing characteristics, with a concentration in manufacturing and energy sectors. Notably, cross-listing status and inclusion in ESG-focused investment funds show an inverse relationship with greenwashing scores. Moreover, the presence of independent directors and board size significantly impacts greenwashing tendencies. This research contributes to the field by offering novel insights into the determinants of greenwashing behavior in India’s corporate landscape, with implications for practitioners, policymakers, and academics. Practitioners can utilize these insights to enhance corporate governance practices and promote genuine sustainability efforts, policymakers can refine regulatory frameworks, and academics can further advance research in this field.

Keywords: Greenwashing; Environmental; social; and governance (ESG); NIFTY 50; Sustainable investing; Cross-listing status; Corporate social responsibility (CSR); ESG disclosures (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1007/s10668-024-05191-3

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