A  Bibliometric Mapping and Research Gap Analysis of Greenwashing Studies in Scopus  (2012–2025)

Inon Listyorini; Bambang Sutopo

doi:10.14421/jai.2025.4.2.081-095

Authors

Inon Listyorini Universitas Teknologi Yogyakarta, Universitas Sebelas Maret
Bambang Sutopo Universitas Sebelas Maret

DOI:

https://doi.org/10.14421/jai.2025.4.2.081-095

Keywords:

Bibliometric Analysis, Scopus Data, Greenwashing, Research Gap

Abstract

Purpose:

This paper aims to formulate research opportunities on greenwashing. It is motivated by the growing prominence of environmental issues in accounting research and the emergence of greenwashing practices, which create the impression that a company’s environmental performance is strong without requiring substantial financial investment.

Method:

This study employs bibliometric analysis based on 138 articles published between 2012 and 2025, sourced from the Scopus database. Frequency analysis was conducted using Microsoft Excel, with the results visualized through VOS viewer and Harzing’s Publish or Perish citation matrix.

Findings:

There are research opportunities on greenwashing in relation to ESG, reporting assurance, SDG washing, CSR decoupling, the circular economy, bank financing, stock price crash risk, sustainable investment, social media, green bonds, transparency, institutional investors, corporate reputation, and environmental disclosure.

Novelty:

There are research opportunities on greenwashing in relation to ESG, reporting assurance, SDG washing, CSR decoupling, the circular economy, bank financing, stock price crash risk, sustainable investment, social media, green bonds, transparency, institutional investors, corporate reputation, and environmental disclosure.

Downloads

Download data is not yet available.

Abstract viewed: 35 times |

PDF downloaded = 33 times

References

Attig, N., Rahaman, M., & Trabelsi, S. (2025). Creditors at the Gate: Effects of Selective Environmental Disclosure on the Cost of Debt. Corporate Governance: An International Review, 33(2), 202–230. https://doi.org/10.1111/corg.12599

Baek, N., & Lee, H. (2025). Understanding Consumer Perception and Behavior Toward Biodegradable Plastic Products Based on the MOA Model. Asia Marketing Journal, 26(4), 269–285. https://doi.org/10.53728/2765-6500.1643

Bhullar, P. S., Joshi, M., Sharma, S., Kaur, A., & Phan, D. (2025). Greenwashing and ESG: Bibliometric analysis and future research agenda. Pacific Basin Finance Journal, 93(June), 102846. https://doi.org/10.1016/j.pacfin.2025.102846

Blome, C., Foerstl, K., & Schleper, M. C. (2017). Antecedents of green supplier championing and greenwashing: An empirical study on leadership and ethical incentives. Journal of Cleaner Production, 152, 339–350. https://doi.org/10.1016/j.jclepro.2017.03.052

Bothello, J., Ioannou, I., Porumb, V.-A., & Zengin-Karaibrahimoglu, Y. (2023). CSR decoupling within business groups and the risk of perceived greenwashing. Strategic Management Journal, 44(13), 3217–3251. https://doi.org/10.1002/smj.3532

Chen, Q., & Duan, Y. (2023). Impact of information disclosure on global supply chain greenwashing: Is more information transparency always better? Transportation Research Part E: Logistics and Transportation Review, 178, 103288. https://doi.org/https://doi.org/10.1016/j.tre.2023.103288

Costa, R., Tiburzi, L., Morales-Alonso, G., Calabrese, A., & Rosati, F. (2025). SDG walking or washing? A cross-sectoral analysis of business contribution to the SDGs. Business Strategy and the Environment, 34(3), 3561–3576. https://doi.org/10.1002/bse.4045

Datt, R., Luo, L., & Segara, R. (2024). Voluntary carbon assurance and the cost of equity capital: International evidence. Australian Journal of Management. https://doi.org/10.1177/03128962241251498

Delmas, M. A., & Burbano, V. C. (2011). The drivers of greenwashing. California Management Review, 54(1), 64–87. https://doi.org/10.1525/cmr.2011.54.1.64

Eliwa, Y., Aboud, A., & Saleh, A. (2023). Board gender diversity and ESG decoupling: Does religiosity matter? Business Strategy and the Environment, 32(7), 4046–4067. https://doi.org/10.1002/bse.3353

Fan, Y., Wang, R., Alkaraan, F., & Wu, W. (2025). Decoding greenwashing practices toward sustainability: The synergistic influence of governance structure and policy-derive rhetorical strategies. Energy Economics, 148(May), 108632. https://doi.org/10.1016/j.eneco.2025.108632

Feghali, K., Najem, R., & Metcalfe, B. D. (2025). Greenwashing in the Era of Sustainability: a Systematic Literature Review. Corporate Governance and Sustainability Review, 9(1), 18–31. https://doi.org/10.22495/cgsrv9i1p2

Fernandez, V. (2025). Corporate greenwashing and green management indicators. Environmental and Sustainability Indicators, 26(August 2024). https://doi.org/10.1016/j.indic.2025.100599

Font, X., Walmsley, A., Cogotti, S., McCombes, L., & Häusler, N. (2012). Corporate social responsibility: The disclosure-performance gap. Tourism Management, 33(6), 1544–1553. https://doi.org/10.1016/j.tourman.2012.02.012

Galletta, S., Mazzù, S., & Naciti, V. (2022). A bibliometric analysis of ESG performance in the banking industry: From the current status to future directions. Research in International Business and Finance, 62, 101684. https://doi.org/https://doi.org/10.1016/j.ribaf.2022.101684

García, C. J., Herrero, B., Miralles-Quirós, J. L., & del Mar Mirallles-Quirós, M. (2023). Exploring the determinants of corporate green bond issuance and its environmental implication: The role of corporate board. Technological Forecasting and Social Change, 189, 122379. https://doi.org/https://doi.org/10.1016/j.techfore.2023.122379

Gov.Uk. (2023). Press Release. Unilever’s ‘green’ claims come under CMA microscope. https://www.gov.uk/government/news/unilevers-green-claims-come-under-cma-microscope

Greiser, W., Hadlock, C. J., & Pierce, J. R. (2021). Doing good when doing well: evidence on real earnings management. Review of Accounting Studies, 26, 906–932.

Guidolin, M., & Magnani, M. (2024). Do US Active Mutual Funds Make Good of Their ESG Promises? Evidence from Portfolio Holdings. Risks, 12(2). https://doi.org/10.3390/risks12020041

Hunter, J. M., & De Giacomo, M. R. (2023). The environmental performance of B Corp SMEs and the occurrence of greenwashing. Sinergie, 41(3), 49–69. https://doi.org/10.7433/s122.2023.03

Hussaini, M., Hussain, N., Nguyen, D. K., & Rigoni, U. (2021). Is corporate social responsibility an agency problem? An empirical note from takeovers. Finance Research Letters, 43(December 2020), 102007. https://doi.org/10.1016/j.frl.2021.102007

Ibrahim Nnindini, S., & Dankwah, J. B. (2024). Describing brown as green: an examination of the relationship between greenwashing and consumer negative emotive outcomes. Cogent Business and Management, 11(1). https://doi.org/10.1080/23311975.2024.2367781

Jo, H., Song, M. H., & Tsang, A. (2016). Corporate social responsibility and stakeholder governance around the world. Global Finance Journal, 29, 42–69. https://doi.org/10.1016/j.gfj.2015.04.003

Kathan, M. C., Utz, S., Dorfleitner, G., Eckberg, J., & Chmel, L. (2025). What you see is not what you get: ESG scores and greenwashing risk. Finance Research Letters, 74(December 2024), 106710. https://doi.org/10.1016/j.frl.2024.106710

Leggett, T., & Edser, N. (2023). Coca-Cola and Nestle accused of misleading eco claims. https://www.bbc.com/news/business-67343893

Li, W., Li, W., Seppänen, V., & Koivumäki, T. (2023). Effects of greenwashing on financial performance: Moderation through local environmental regulation and media coverage. Business Strategy and the Environment, 32(1), 820–841. https://doi.org/10.1002/bse.3177

Liu, G., Qian, H., Shi, Y., Zhang, Y., & Wu, F. (2024). Does ESG report greenwashing increase stock price crash risk? China Journal of Accounting Studies. https://doi.org/10.1080/21697213.2024.2303070

Marquis, C., Hall, S., Toffel, M. W., Hall, M., & Hall, M. (2015). Scrutiny , Norms , and Selective Disclosure : A Global Study of Greenwashing *.

Nguyen, H. T., Phan, H. V., & Vo, H. (2023). Agency problems and corporate social responsibility: Evidence from shareholder-creditor mergers. International Review of Financial Analysis, 90(March), 102937. https://doi.org/10.1016/j.irfa.2023.102937

Nugraha, W. S., Szakos, D., Süth, M., & Kasza, G. (2024). Greenwashing in the food industry: A systematic review exploring the current situation and possible countermeasures. Cleaner and Responsible Consumption, 15(July). https://doi.org/10.1016/j.clrc.2024.100227

Ongsakul, V., Chatjuthamard, P., Chintrakarn, P., Jiraporn, P., & Lee, S. M. (2025). Climate change, managerial ownership, and agency conflicts: insights from the Paris Agreement. Journal of Sustainable Finance and Investment, 0795. https://doi.org/10.1080/20430795.2025.2479554

Poiriazi, E., Zournatzidou, G., Konteos, G., & Sariannidis, N. (2025). Analyzing the Interconnection Between Environmental, Social, and Governance (ESG) Criteria and Corporate Corruption: Revealing the Significant Impact of Greenwashing. Administrative Sciences, 15(3). https://doi.org/10.3390/admsci15030100

Purnamasari, P., & Umiyati, I. (2024). Greenwashing and financial performance of firms: the moderating role of internal audit quality and digital technologies. Cogent Business and Management, 11(1). https://doi.org/10.1080/23311975.2024.2404236

Santos, C., Coelho, A., & Marques, A. (2025). Greenwashing effects inside organizations: How does it affect organizational citizenship behaviours for the environment (OCBEs)? Social Responsibility Journal, 21(1), 35–53. https://doi.org/10.1108/SRJ-05-2023-0303

Shakil, M. H. (2024). Environmental, social and governance controversies: A bibliometric review and research agenda. Finance Research Letters, 70(October), 106325. https://doi.org/10.1016/j.frl.2024.106325

Sneideriene, A., & Legenzova, R. (2025). Greenwashing prevention in environmental, social, and governance (ESG) disclosures: A bibliometric analysis. Research in International Business and Finance, 74, 102720. https://doi.org/10.1016/j.ribaf.2024.102720

Srisathan, W. A., & Naruetharadhol, P. (2025). Exploring moral hazard and adverse selection in the context of greenwashing and organic product consumption. Journal of Retailing and Consumer Services, 84(November 2024), 104203. https://doi.org/10.1016/j.jretconser.2024.104203

Uyar, A., Kuzey, C., & Karaman, A. S. (2023). Does aggressive environmental, social, and governance engagement trigger firm risk? The moderating role of executive compensation. Journal of Cleaner Production, 398(January), 136542. https://doi.org/10.1016/j.jclepro.2023.136542

Vangeli, A., Małecka, A., Mitręga, M., & Pfajfar, G. (2023). From greenwashing to green B2B marketing: A systematic literature review. Industrial Marketing Management, 115, 281–299. https://doi.org/https://doi.org/10.1016/j.indmarman.2023.10.002

Walker, K., & Wan, F. (2012). The Harm of Symbolic Actions and Green-Washing: Corporate Actions and Communications on Environmental Performance and Their Financial Implications. Journal of Business Ethics, 109(2), 227–242. https://doi.org/10.1007/s10551-011-1122-4

Wang, Z., & Sarkis, J. (2017). Corporate social responsibility governance, outcomes, and financial performance. Journal of Cleaner Production, 162, 1607–1616. https://doi.org/10.1016/j.jclepro.2017.06.142

Xu, M., Tse, Y. K., Geng, R., Liu, Z., & Potter, A. (2025). Greenwashing and market value of firms: An empirical study. International Journal of Production Economics, 284. https://doi.org/10.1016/j.ijpe.2025.109606

Xu, X., Li, Z., & Liu, F. (2025). Greenwashing in ESG information disclosure: An intertemporal signaling game approach. International Journal of Production Economics, 287(May), 109674. https://doi.org/10.1016/j.ijpe.2025.109674

Yang, Z., Nguyen, T. T. H., Nguyen, H. N., Nguyen, T. T. N., & Cao, T. T. (2020). Greenwashing behaviours: Causes, taxonomy and consequences based on a systematic literature review. Journal of Business Economics and Management, 21(5), 1486–1507. https://doi.org/10.3846/jbem.2020.13225

Yu, E. P.-Y., Luu, B. V, & Chen, C. H. (2020). Greenwashing in environmental, social and governance disclosures. Research in International Business and Finance, 52. https://doi.org/10.1016/j.ribaf.2020.101192

Zhou, K., Qu, Z., Liang, J., Tao, Y., & Zhu, M. (2024). Threat or shield: Environmental administrative penalties and corporate greenwashing. Finance Research Letters, 61(December 2023), 105031. https://doi.org/10.1016/j.frl.2024.105031

Zhu, N., Aryee, E. N. T., Agyemang, A. O., Wiredu, I., Zakari, A., & Agbadzidah, S. Y. (2024). Addressing environment, social and governance (ESG) investment in China: Does board composition and financing decision matter? Heliyon, 10(10), e30783. https://doi.org/10.1016/j.heliyon.2024.e30783

Zioło, M., Bąk, I., & Spoz, A. (2024). Literature review of greenwashing research: State of the art. Corporate Social Responsibility and Environmental Management, March, 5343–5356. https://doi.org/10.1002/csr.2842