Praktik Greenwashing dalam pengungkapan ESG: A Systematic Literature Review
DOI:
https://doi.org/10.29407/nusamba.v10i2.20494Keywords:
ESG, Greenwashing, Disclosure, Systematic Literature ReviewAbstract
Research Aim: This study aims to identify current Environmental, Social, and Governance (ESG) practices and evaluate whether company disclosures genuinely reflect sustainability performance or merely highlight favorable aspects.
Design/Method/Approach: The research applies a Systematic Literature Review (SLR) approach by reviewing previous studies related to ESG disclosure, corporate performance, and greenwashing behavior from various international journals.
Research Finding: The findings reveal that ESG implementation significantly influences a company’s financial performance and the valuation of intangible assets. However, some companies engage in greenwashing to attract investors by overstating their ESG achievements.
Theoretical Contribution/Originality: This study contributes to the academic discussion on ESG disclosure by mapping research trends and synthesizing insights from reputable scholars, providing a conceptual understanding of the link between ESG and corporate value.
Practitioner/Policy Implication: The results imply that regulators and corporate managers must strengthen transparency and reporting standards to prevent misleading ESG disclosures.
Research Limitation: The limitation of this study lies in the restricted number of reviewed articles, which may constrain the comprehensiveness of the analysis.
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References
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4. Lee MT, Raschke RL. Stakeholder legitimacy in firm greening and financial performance: What about greenwashing temptations?☆. J Bus Res. 2023 Jan 1;155. Doi: 10.1016/j.jbusres.2022.113393
5. Cerciello M, Busato F, Taddeo S. The effect of sustainable business practices on profitability. Accounting for strategic disclosure. Corp Soc Responsib Environ Manag. 2023 Mar 1;30(2):802–19. Doi: 10.1002/csr.2389
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7. Larcker DF, Tayan B, Watts EM. Seven myths of ESG. European Financial Management. 2022 Sep 1;28(4):869–82. Doi: 10.1111/eufm.12378
8. Amir AZ, Serafeim G. Why and how investors use ESG information: Evidence from a global survey. Financial Analysts Journal. 2018;74(3):87–103. Doi: https://doi.org/10.2469/faj.v74.n3.2
9. Drempetic S, Klein C, Zwergel B. The Influence of Firm Size on the ESG Score: Corporate Sustainability Ratings Under Review. Journal of Business Ethics. 2020 Nov 1;167(2):333–60.
10. PRI. The Principles for Responsible Investment-report on Progress 2015. . https://www.unpri.org/download?ac=1919. 2015;
11. PRI. Principles for Responsible Investment Annual Report 2017. https://www.unpri.org/download?ac=3976. 2017;
12. Schroders. Institutional perspective on sustainable investing . Schroders Institutional Investor Study. 2017;
13. Khan M, Serafeim G, Yoon A. Corporate Sustainability: First Evidence on Materiality. The Accounting Review. 2016 Nov 1;91(6):1697–724. Doi: https://doi.org/10.2308/accr-51383
14. Korbel A, Gray J, Lumsden A, Caldwell Z. Corrs Chambers Westgarts. 2021. Corporate ‘greenwashing’ the latest target for climate change litigation.
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16. ESG Intelligence. ESG Intelligence. 2021. Daftar Perusahaan yang Menerbitkan Sustainability Report.
17. Zerbib OD. The effect of pro-environmental preferences on bond prices: Evidence from green bonds. J Bank Financ. 2019 Jan;98:39–60. Doi: https://doi.org/10.1016/j.jbankfin.2018.10.012
18. Seltzer L, Starks L, Zhu Q. Climate Regulatory Risk and Corporate Bonds. Cambridge, MA; 2022 Apr. Doi: 10.3386/w29994
19. Gregory RP. When is greenwashing an easy fix? Journal of Sustainable Finance & Investment. 2023 Apr 3;13(2):919–42.
20. Popescu IS, Hitaj C, Benetto E. Measuring the sustainability of investment funds: A critical review of methods and frameworks in sustainable finance. J Clean Prod. 2021 Sep;314:128016. Doi: https://doi.org/10.1016/j.jclepro.2021.128016
21. Sensharma S, Sinha M, Sharma D. Do Indian Firms Engage in Greenwashing? Evidence from Indian Firms. Australasian Business, Accounting and Finance Journal. 2022;16(5):67–88. Doi: 10.14453/aabfj.v16i5.06
22. Fender R, Robert Stammers, Urwin R, Preece R. FUTURE OF SUSTAINABILITY IN INVESTMENT MANAGEMENT: FROM IDEAS TO REALITY. 2020.
23. Paul J, Criado AR. The art of writing literature review: What do we know and what do we need to know? International Business Review. 2020 Aug;29(4):101717. Doi: https://doi.org/10.1016/j.ibusrev.2020.101717
24. Bhukya R, Paul J. Social influence research in consumer behavior: What we learned and what we need to learn? – A hybrid systematic literature review. J Bus Res. 2023 Jul;162:113870. Doi: https://doi.org/10.1016/j.jbusres.2023.113870
25. Wang Z, Sarkis J. Corporate social responsibility governance, outcomes, and financial performance. J Clean Prod. 2017 Sep 20;162:1607–16. Doi: 10.1016/j.jclepro.2017.06.142
26. Wang Z, Hsieh TS, Sarkis J. CSR Performance and the Readability of CSR Reports: Too Good to be True? Corp Soc Responsib Environ Manag. 2018 Jan 1;25(1):66–79. Doi: 10.1002/csr.1440
27. de Silva Lokuwaduge CS, De Silva KM. ESG Risk Disclosure and the Risk of Green Washing. Australasian Business, Accounting and Finance Journal. 2022;16(1):146–59. Doi: 10.14453/aabfj.v16i1.10
28. Kim S, Yoon A. Analyzing Active Fund Managers’ Commitment to ESG: Evidence from the United Nations Principles for Responsible Investment. Manage Sci. 2023 Feb 1;69(2):741–58. Doi: 10.1287/mnsc.2022.4394
29. Zhang D. Are firms motivated to greenwash by financial constraints? Evidence from global firms’ data. Journal of International Financial Management and Accounting. 2022 Oct 1;33(3):459–79. Doi: 10.1111/jifm.12153
30. Gu Y, Dai J, Vasarhelyi MA. Audit 4.0-based ESG assurance: An example of using satellite images on GHG emissions. International Journal of Accounting Information Systems [Internet]. 2023 Sep;50:100625. Doi 10.1016/j.accinf.2023.100625.Available from: https://linkinghub.elsevier.com/retrieve/pii/S1467089523000179
31. Eliwa Y, Aboud A, Saleh A. Board gender diversity and ESG decoupling: Does religiosity matter? Bus Strategy Environ. 2023; Doi: 10.1002/bse.3353
32. Gibson Brandon R, Glossner S, Krueger P, Matos P, Steffen T. Do Responsible Investors Invest Responsibly? Rev Financ. 2022 Nov 14;26(6):1389–432.
33. Bodhanwala S, Bodhanwala R. Environmental, social and governance performance: influence on market value in the COVID-19 crisis. Management Decision. 2023; Doi: 10.1108/MD-08-2022-1084
34. Zumente I, Bistrova J, Lace N. ENVIRONMENTAL, SOCIAL, AND GOVERNANCE POLICY INTEGRATION AND IMPLEMENTATION FROM THE PERSPECTIVE OF CORPORATIONS. Intellectual Economics. 2022;16(1):41–57.
35. Jiang L, Gu Y, Dai J. Environmental, social, and governance taxonomy simplification: A hybrid text mining approach. Journal of Emerging Technologies in Accounting. 2023 Mar 1;20(1):305–25. Doi: 10.2308/JETA-2022-041
36. Demers E, Hendrikse J, Joos P, Lev B. ESG did not immunize stocks during the COVID-19 crisis, but investments in intangible assets did. J Bus Finance Account. 2021 Mar 1;48(3–4):433–62. Doi: 10.1111/jbfa.12523
37. Liu Y, Li W, Meng Q. Influence of distracted mutual fund investors on corporate ESG decoupling: evidence from China. Sustainability Accounting, Management and Policy Journal. 2023 Jan 26;14(1):184–215. Doi: 10.1108/SAMPJ-10-2021-0401
38. Nofsinger JR, Varma A. Keeping Promises? Mutual Funds’ Investment Objectives and Impact of Carbon Risk Disclosures. Journal of Business Ethics. 2022;
39. Sheehan NT, Vaidyanathan G, Fox KA, Klassen M. Making the invisible, visible: Overcoming barriers to ESG performance with an ESG mindset. Bus Horiz. 2023 Mar 1;66(2):265–76.
40. Johnstone S, Long FJ, Bin Azhar A. Progress and notions of progress in sustainable finance. Journal of Sustainable Finance and Investment. 2022; Doi: https://doi.org/10.1080/20430795.2022.2148816
41. Liu M, Luo X, Lu WZ. Public perceptions of environmental, social, and governance (ESG) based on social media data: Evidence from China. J Clean Prod. 2023 Feb 10;387. Doi: 10.1016/j.jclepro.2022.135840
42. Liang H, Sun L, Teo M. Responsible Hedge Funds. Rev Financ. 2022 Nov 14;26(6):1585–633. Doi: 10.1093/rof/rfac028
43. Beloskar VD, Haldar A, Rao SVDN. Socially responsible investments: A retrospective review and future research agenda. Bus Strategy Environ. 2023 Mar 7; Doi: 10.1002/bse.3396
44. Cao J, Faff R, He J, Li Y. Who’s Greenwashing Via the Media and What are the Consequences? Evidence From China. Abacus. 2022 Dec 1;58(4):759–86. Doi: 10.1111/abac.12273
2. Yu EP yi, Luu B Van, Chen CH. Greenwashing in environmental, social and governance disclosures. Res Int Bus Finance. 2020 Apr 1;52. Doi: 10.1016/j.ribaf.2020.101192
3. De CS, Lokuwaduge S, Keshara &, De Silva M. ESG Risk Disclosure and the Risk of Green Washing. Doi: 10.14453/aabfj.v16i1.10
4. Lee MT, Raschke RL. Stakeholder legitimacy in firm greening and financial performance: What about greenwashing temptations?☆. J Bus Res. 2023 Jan 1;155. Doi: 10.1016/j.jbusres.2022.113393
5. Cerciello M, Busato F, Taddeo S. The effect of sustainable business practices on profitability. Accounting for strategic disclosure. Corp Soc Responsib Environ Manag. 2023 Mar 1;30(2):802–19. Doi: 10.1002/csr.2389
6. Alareeni BA, Hamdan A. ESG impact on performance of US S&P 500-listed firms. Corporate Governance (Bingley). 2020 Nov 13;20(7):1409–28. https://doi.org/10.1108/CG-06-2020-0258
7. Larcker DF, Tayan B, Watts EM. Seven myths of ESG. European Financial Management. 2022 Sep 1;28(4):869–82. Doi: 10.1111/eufm.12378
8. Amir AZ, Serafeim G. Why and how investors use ESG information: Evidence from a global survey. Financial Analysts Journal. 2018;74(3):87–103. Doi: https://doi.org/10.2469/faj.v74.n3.2
9. Drempetic S, Klein C, Zwergel B. The Influence of Firm Size on the ESG Score: Corporate Sustainability Ratings Under Review. Journal of Business Ethics. 2020 Nov 1;167(2):333–60.
10. PRI. The Principles for Responsible Investment-report on Progress 2015. . https://www.unpri.org/download?ac=1919. 2015;
11. PRI. Principles for Responsible Investment Annual Report 2017. https://www.unpri.org/download?ac=3976. 2017;
12. Schroders. Institutional perspective on sustainable investing . Schroders Institutional Investor Study. 2017;
13. Khan M, Serafeim G, Yoon A. Corporate Sustainability: First Evidence on Materiality. The Accounting Review. 2016 Nov 1;91(6):1697–724. Doi: https://doi.org/10.2308/accr-51383
14. Korbel A, Gray J, Lumsden A, Caldwell Z. Corrs Chambers Westgarts. 2021. Corporate ‘greenwashing’ the latest target for climate change litigation.
15. Gillan SL, Koch A, Starks LT. Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance. 2021 Feb 1;66. Doi: https://doi.org/10.1016/j.jcorpfin.2021.101889
16. ESG Intelligence. ESG Intelligence. 2021. Daftar Perusahaan yang Menerbitkan Sustainability Report.
17. Zerbib OD. The effect of pro-environmental preferences on bond prices: Evidence from green bonds. J Bank Financ. 2019 Jan;98:39–60. Doi: https://doi.org/10.1016/j.jbankfin.2018.10.012
18. Seltzer L, Starks L, Zhu Q. Climate Regulatory Risk and Corporate Bonds. Cambridge, MA; 2022 Apr. Doi: 10.3386/w29994
19. Gregory RP. When is greenwashing an easy fix? Journal of Sustainable Finance & Investment. 2023 Apr 3;13(2):919–42.
20. Popescu IS, Hitaj C, Benetto E. Measuring the sustainability of investment funds: A critical review of methods and frameworks in sustainable finance. J Clean Prod. 2021 Sep;314:128016. Doi: https://doi.org/10.1016/j.jclepro.2021.128016
21. Sensharma S, Sinha M, Sharma D. Do Indian Firms Engage in Greenwashing? Evidence from Indian Firms. Australasian Business, Accounting and Finance Journal. 2022;16(5):67–88. Doi: 10.14453/aabfj.v16i5.06
22. Fender R, Robert Stammers, Urwin R, Preece R. FUTURE OF SUSTAINABILITY IN INVESTMENT MANAGEMENT: FROM IDEAS TO REALITY. 2020.
23. Paul J, Criado AR. The art of writing literature review: What do we know and what do we need to know? International Business Review. 2020 Aug;29(4):101717. Doi: https://doi.org/10.1016/j.ibusrev.2020.101717
24. Bhukya R, Paul J. Social influence research in consumer behavior: What we learned and what we need to learn? – A hybrid systematic literature review. J Bus Res. 2023 Jul;162:113870. Doi: https://doi.org/10.1016/j.jbusres.2023.113870
25. Wang Z, Sarkis J. Corporate social responsibility governance, outcomes, and financial performance. J Clean Prod. 2017 Sep 20;162:1607–16. Doi: 10.1016/j.jclepro.2017.06.142
26. Wang Z, Hsieh TS, Sarkis J. CSR Performance and the Readability of CSR Reports: Too Good to be True? Corp Soc Responsib Environ Manag. 2018 Jan 1;25(1):66–79. Doi: 10.1002/csr.1440
27. de Silva Lokuwaduge CS, De Silva KM. ESG Risk Disclosure and the Risk of Green Washing. Australasian Business, Accounting and Finance Journal. 2022;16(1):146–59. Doi: 10.14453/aabfj.v16i1.10
28. Kim S, Yoon A. Analyzing Active Fund Managers’ Commitment to ESG: Evidence from the United Nations Principles for Responsible Investment. Manage Sci. 2023 Feb 1;69(2):741–58. Doi: 10.1287/mnsc.2022.4394
29. Zhang D. Are firms motivated to greenwash by financial constraints? Evidence from global firms’ data. Journal of International Financial Management and Accounting. 2022 Oct 1;33(3):459–79. Doi: 10.1111/jifm.12153
30. Gu Y, Dai J, Vasarhelyi MA. Audit 4.0-based ESG assurance: An example of using satellite images on GHG emissions. International Journal of Accounting Information Systems [Internet]. 2023 Sep;50:100625. Doi 10.1016/j.accinf.2023.100625.Available from: https://linkinghub.elsevier.com/retrieve/pii/S1467089523000179
31. Eliwa Y, Aboud A, Saleh A. Board gender diversity and ESG decoupling: Does religiosity matter? Bus Strategy Environ. 2023; Doi: 10.1002/bse.3353
32. Gibson Brandon R, Glossner S, Krueger P, Matos P, Steffen T. Do Responsible Investors Invest Responsibly? Rev Financ. 2022 Nov 14;26(6):1389–432.
33. Bodhanwala S, Bodhanwala R. Environmental, social and governance performance: influence on market value in the COVID-19 crisis. Management Decision. 2023; Doi: 10.1108/MD-08-2022-1084
34. Zumente I, Bistrova J, Lace N. ENVIRONMENTAL, SOCIAL, AND GOVERNANCE POLICY INTEGRATION AND IMPLEMENTATION FROM THE PERSPECTIVE OF CORPORATIONS. Intellectual Economics. 2022;16(1):41–57.
35. Jiang L, Gu Y, Dai J. Environmental, social, and governance taxonomy simplification: A hybrid text mining approach. Journal of Emerging Technologies in Accounting. 2023 Mar 1;20(1):305–25. Doi: 10.2308/JETA-2022-041
36. Demers E, Hendrikse J, Joos P, Lev B. ESG did not immunize stocks during the COVID-19 crisis, but investments in intangible assets did. J Bus Finance Account. 2021 Mar 1;48(3–4):433–62. Doi: 10.1111/jbfa.12523
37. Liu Y, Li W, Meng Q. Influence of distracted mutual fund investors on corporate ESG decoupling: evidence from China. Sustainability Accounting, Management and Policy Journal. 2023 Jan 26;14(1):184–215. Doi: 10.1108/SAMPJ-10-2021-0401
38. Nofsinger JR, Varma A. Keeping Promises? Mutual Funds’ Investment Objectives and Impact of Carbon Risk Disclosures. Journal of Business Ethics. 2022;
39. Sheehan NT, Vaidyanathan G, Fox KA, Klassen M. Making the invisible, visible: Overcoming barriers to ESG performance with an ESG mindset. Bus Horiz. 2023 Mar 1;66(2):265–76.
40. Johnstone S, Long FJ, Bin Azhar A. Progress and notions of progress in sustainable finance. Journal of Sustainable Finance and Investment. 2022; Doi: https://doi.org/10.1080/20430795.2022.2148816
41. Liu M, Luo X, Lu WZ. Public perceptions of environmental, social, and governance (ESG) based on social media data: Evidence from China. J Clean Prod. 2023 Feb 10;387. Doi: 10.1016/j.jclepro.2022.135840
42. Liang H, Sun L, Teo M. Responsible Hedge Funds. Rev Financ. 2022 Nov 14;26(6):1585–633. Doi: 10.1093/rof/rfac028
43. Beloskar VD, Haldar A, Rao SVDN. Socially responsible investments: A retrospective review and future research agenda. Bus Strategy Environ. 2023 Mar 7; Doi: 10.1002/bse.3396
44. Cao J, Faff R, He J, Li Y. Who’s Greenwashing Via the Media and What are the Consequences? Evidence From China. Abacus. 2022 Dec 1;58(4):759–86. Doi: 10.1111/abac.12273
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2025-10-22
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How to Cite
Praktik Greenwashing dalam pengungkapan ESG: A Systematic Literature Review. (2025). JURNAL NUSANTARA APLIKASI MANAJEMEN BISNIS, 10(2), 514-533. https://doi.org/10.29407/nusamba.v10i2.20494
