オオタケ トシツグ   OTAKE Toshitsugu   大竹 敏次    所属   立命館アジア太平洋大学  国際経営学部    職種   教授
言語種別	英語
発行・発表の年月	2026/06/30
形態種別	学術論文
査読	査読あり
標題	The Illusion of Sustainable Value: Evidence on Greenwashing
執筆形態	共著
掲載誌名	Journal of Financial Reporting and Accounting
掲載区分	国外
出版社・発行元	Emerald Group Publishing Limited
国際共著	国際共著
概要	This study examines whether greenwashing defined as the discrepancy between environmental disclosure and substantive environmental performance creates shareholder value. Although prior research documents a positive association between ESG engagement and firm value, most studies rely on disclosure-based measures that do not distinguish between operational improvements and symbolic communication. This paper reassesses the ESG performance relation by isolating environmental rhetoric from environmental substance. The evidence indicates that greenwashing does not generate persistent improvements in return on assets, return on equity, Tobins Q, or financial stability. The results remain stable across alternative model specifications and institutional contexts.
DOI	10.1108/JFRA-04-2026-0301