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OTAKE Toshitsugu
Department Ritsumeikan Asia Pacific University College of International Management Position Professor |
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| Language | English |
| Publication Date | 2026/06/30 |
| Type | Research paper |
| Peer Review | Peer reviewed |
| Title | The Illusion of Sustainable Value: Evidence on Greenwashing |
| Contribution Type | Joint Work |
| Journal | Journal of Financial Reporting and Accounting |
| Journal Type | Another Country |
| Publisher | Emerald Group Publishing Limited |
| International coauthorship | International coauthorship |
| Details | 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 |