Examining the Relationship Between ESG Standards and Corporate Corruption: Greenwashing’s Substantial Impact

Konstantina Ragazou (), Constantin Zopounidis (), Emilios Galariotis (), Nikolaos Sariannidis () and Georgia Zournatzidou ()
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Konstantina Ragazou: University of Western Macedonia
Constantin Zopounidis: Technical University of Crete
Emilios Galariotis: KIMEP University
Nikolaos Sariannidis: University of Western Macedonia
Georgia Zournatzidou: University of Western Macedonia

Chapter 4 in Transparency and Corporate Washing in the Age of Sustainability, 2025, pp 77-95 from Springer

Abstract: Abstract Greenwashing undermines the credibility of environmental, social, and governance (ESG) reporting and diminishes its integrity. This diminishes the probability that people will trust the information presented, complicates decision-making processes, destabilizes financial markets, and undermines the quality of disclosures. This research utilizes a comprehensive literature review and bibliometric analysis to investigate the academic discourse around ESG disclosure and strategies to address corporate “greenwashing.” The study’s aims were accomplished using bibliometric analysis, employing the statistical programming tools R Studio, Biblioshiny, and VOSviewer. We obtained bibliometric data from the Scopus database for the period 2012–2024. We used the PRISMA (Preferred Reporting Items for Systematic reviews and Meta-Analyses) methodology, including both inclusion and exclusion criteria, to ascertain the optimal sample size. The research indicates that greenwashing is a multifaceted issue that may manifest in many forms, shapes, and intensities. This obstructs the advancement of technologies for prevention, measurement, and detection. Furthermore, the results indicate that greenwashing adversely affects sustainable finance, particularly green loans and bonds. Furthermore, the findings indicate that corporate greenwashing is a distinct kind of greenwashing.

Keywords: ESG Standards; Corporate Corruption; Greenwashing; Corporate Ethics; Sustainability Governance (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1007/978-3-031-96821-1_4

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