Main Article Content
Abstract
This study aims to explore global research trends on greenwashing in the context of ESG practices using a bibliometric approach. By examining co-occurrence of keywords and the geographical origin of publications, this research identifies how greenwashing is conceptualized and studied across regions. The analysis uses data from the Scopus database, comprising 1,642 documents across all years, and utilizes VOSviewer to map keyword relations and country distributions. The findings reveal that frequently occurring terms are closely related to corporate ethics, transparency, and sustainability claims, indicating the growing academic concern around deceptive environmental practices. The results also show that most research originates from developed economies such as the United States, China, the United Kingdom, and Germany, reflecting the influence of strict regulatory frameworks and advanced ESG standards. However, emerging countries like India, Malaysia, and Indonesia are also gaining visibility in the field, suggesting an increasing awareness of environmental accountability. Furthermore, the uneven global distribution of studies highlights a lack of harmonized approaches in identifying greenwashing, especially in regions with less regulatory oversight. This study contributes by (1) integrating fragmented theoretical perspectives into a coherent analytical framework, (2) identifying regional and institutional research disparities, and (3) proposing a structured future research agenda and policy implications for ESG regulation and sustainability assurance. The study is limited to Scopus-indexed publications and does not assess empirical firm-level outcomes. Practical implications highlight the need for harmonized ESG standards, mandatory assurance, and the use of digital technologies to mitigate greenwashing.
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References
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- Berrêdo, P. D., dosSantos, O. M., Abdo, H., daSilva Macedo, M. Á., & Losekann, L. D. (2024). Energy transition: Assessing oil companies' compliance with their disclosed environmental strategic positioning. Corporate Social Responsibility and Environmental Management, 31(4), 3517–3534. https://doi.org/10.1002/csr.2760
- Bernini, F., Giuliani, M., & La Rosa, F. (2024). Measuring greenwashing: A systematic methodological literature review. Business ethics, the environment & responsibility, 33(4), 649-667. https://doi.org/10.1111/beer.12631
- Bu, M., Liu, X., Zhang, B., Hazaea, S. A., Fan, R., & Alshahrani, M. S. (2024). Governance of corporate greenwashing through ESG practices. Systems, 12(9), 365. https://doi.org/10.3390/systems12090365
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- Chytis, E., Eriotis, N., & Mitroulia, M. (2024). ESG in business research: A bibliometric analysis. Journal of Risk and Financial Management, 17(10), 460. https://doi.org/10.3390/jrfm17100460
- Cordeiro, J. J., & Sarkis, J. (2007). Why do some U.S. firms link environmental performance to executive compensation? Does it matter? Academy of Management Proceedings, (1), 1–6. https://doi.org/10.5465/ambpp.2007.26536345
- 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
- Dwibedi, P., Pahi, D., & Sahu, A. (2024). Mapping the landscape of environmental, social and governance research: A bibliometric analysis. Corporate Social Responsibility and Environmental Management, 31(5), 3745-3767. https://doi.org/10.1002/csr.2767
- Guo, J., Lin, O., Ye, K., Guan, J., & Lei, X. (2024). Research on regulatory strategies of green finance and optimization of corporate green behavior under the framework of circular economy. Global Nest Journal, 26(4). https://doi.org/10.30955/GNJ.005913
- Harvard Law School Forum on Corporate Governance. (2023). The rise of international ESG disclosure standards. Retrieved from https://corpgov.law.harvard.edu
- Hazaea, S. A., Hael, M., Al-Matari, E. M., Alhebri, A. A., & Alfadhli, A. M. H. (2024). Mapping the landscape of the literature on environmental, social, governance disclosure and firm value: A bibliometric analysis and systematic review. Sustainability, 16(10), 4239. https://doi.org/10.3390/su16104239
- He, Q., Wang, Z., Wang, G., Zuo, J., Wu, G., & Liu, B. (2020). To be green or not to be: How environmental regulations shape contractor greenwashing behaviors in construction projects. Sustainable Cities and Society, 63. https://doi.org/10.1016/j.scs.2020.102462
- Karaman, A. S., Orazalin, N., Uyar, A., & Shahbaz, M. (2021). CSR achievement, reporting, and assurance in the energy sector: Does economic development matter? Energy Policy, 149. https://doi.org/10.1016/j.enpol.2020.112007
- Kiflee, A. K. R., Hasbullah, N. N., Idris, N. H., Harun, H., Bakar, M. H., & Anwar, S. (2024). A bibliometric analysis of environmental, social, governance (ESG) and firm performance: A pathway to advancing sdg movement. Journal of Lifestyle and SDGs Review, 4(2), e01977. https://doi.org/10.47172/2965-730x.sdgsreview.v4.n02.pe01977
- Li, M., & Chen, Q. (2024). Executive pay gap and corporate ESG greenwashing. International Review of Financial Analysis, 82, 102103. https://doi.org/10.1016/j.irfa.2024.102103
- Li, S., Chen, R., Li, Z., & Chen, X. (2024). Can blockchain help curb greenwashing in green supply chains? Finance Research Letters, 50, 104123. https://doi.org/10.1016/j.frl.2024.104123
- Li, W., Shi, C., Xiao, Z., & Zhang, X. (2024). Bridging the green gap: How digital financial innovation mitigates greenwashing. Finance Research Letters, 50, 104123. https://doi.org/10.1016/j.frl.2024.104123
- Lyon, T. P., & Montgomery, A. W. (2015). The means and end of greenwash. Organization & Environment, 28(2), 223–249. https://doi.org/10.1177/1086026615575332
- Ma, Y., Zhao, S., Chen, J., Hu, C., & Qu, J. (2024). Perceived greenwashing and employee green behavior: The roles of green organizational identity and self-serving leadership. Business Ethics, the Environment and Responsibility. https://doi.org/10.1111/beer.12723
- Mahat, M. A., Jaaffar, M. Y., Salleh, J. M., Fatah, M. M. A., Shaharudin, S., & Mustafa, M. A. (2025). Mapping the intellectual structure of green finance and ESG research: A bibliometric review of global trends and emerging themes (2000–2025). International Journal of Research and Innovation in Social Science, 9(7), 5269-5278. https://doi.org/10.47772/ijriss.2025.907000426
- Marquis, C., & Toffel, M. W. (2012). When do firms greenwash? Corporate visibility, civil society scrutiny, and environmental disclosure. Administrative Science Quarterly, 57(3), 482–517. https://doi.org/10.1177/0001839212456535
- Mao, Z., Wang, S., & Lin, Y.-E. (2024). ESG, ESG rating divergence and earnings management: Evidence from China. Corporate Social Responsibility and Environmental Management, 31(4), 3328-3347. https://doi.org/10.1002/csr.2748
- Nguyễn, T. A. (2025). Bibliometric analysis and systematic literature review of environmental, social, and governance risk. Business Strategy and Development, 8(3), e70163. https://doi.org/10.1002/bsd2.70163
- Parguel, B., Benoît-Moreau, F., & Larceneux, F. (2011). How sustainability ratings might deter 'greenwashing': A closer look at ethical corporate communication. Journal of Business Ethics, 102(1), 15–28. https://doi.org/10.1007/s10551-011-0901-2
- Peng, X., Li, J., Tang, Q., Lan, Y.-C., & Cui, X. (2024). Do environmental scores become multinational companies’ stakeholders? Finance Research Letters, 51, 104145. https://doi.org/10.1002/bse.3586
- Pinheiro, A. B., Oliveira, M. C., de Freitas, G. A., & García, M. B. L. (2023). Board attributes and environmental disclosure: What is the nexus in liberal economies? RAE Revista de Administração de Empresas, 63(4). https://doi.org/10.1590/S0034-759020230402
- Plastun, O. L., Makarenko, I. O., Khomutenko, L. I., Osetrova, O., & Shcherbakov, P. (2020). SDGs and ESG disclosure regulation: is there an impact? Evidence from top-50 world economies. Problems and Perspectives in Management, 18(2), 231-245. http://dx.doi.org/10.21511/ppm.18(2).2020.20
- Seele, P., & Gatti, L. (2017). Greenwashing revisited: In search of a typology and accusation-based definition incorporating legitimacy strategies. Business Strategy and the Environment, 26(2), 239-252. https://doi.org/10.1002/bse.1912
- Senadheera, S. S., Gregory, R. P., Rinklebe, J., Farrukh, M. Z., Rhee, J. H., & Ok, Y. S. (2022). The development of research on environmental, social, and governance (ESG): A bibliometric analysis. Sustainable Environment, 8(1), 2125869. https://doi.org/10.1080/27658511.2022.2125869
- Shen, J., & Shen, Y. (2019). Research on greenwashing marketing and consumer behaviors based on perfect Bayesian equilibrium. Ekoloji, 28(107), 1679-1690.
- Siano, A., Vollero, A., Conte, F., & Amabile, S. (2017). “More than words”: Expanding the taxonomy of greenwashing after the Volkswagen scandal. Journal of Business Research, 71, 27–37. https://doi.org/10.1016/j.jbusres.2016.11.002
- Singhania, M., & Saini, N. (2022). Quantification of ESG regulations: a cross-country benchmarking analysis. Vision, 26(2), 163-171.
- Souza, C. L., Kuniyoshi, M. S., & Freitas, A. (2024). Mapping the growth of ESG research: A bibliometric analysis using bradford's, lotka's, and zipf's laws. RGSA: Revista de Gestão Social e Ambiental, 18(10), e09479. https://doi.org/10.24857/rgsa.v18n10-309
- Testa, F., Boiral, O., & Iraldo, F. (2018). Internalization of environmental practices and institutional complexity: Can stakeholder pressures encourage greenwashing? Journal of Business Ethics, 147(2), 287–307. https://doi.org/10.1007/s10551-015-2960-2
- The Times. (2024). Sustainability rules will be a headache for British business. Retrieved from https://www.thetimes.co.uk
- Todaro, D. L., & Torelli, R. (2024). From greenwashing to ESG‐washing: A focus on the circular economy field. Corporate Social Responsibility and Environmental Management, 31(5), 4034-4046.
- Velte, P. (2023). Determinants and consequences of corporate social responsibility decoupling—Status quo and limitations of recent empirical quantitative research. Corporate Social Responsibility and Environmental Management, 30(6), 2695-2717. https://doi.org/10.1002/csr.2538
- 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
- Xiang, Y., Chen, L., Zhang, Z., & Sun, X. (2024). Does perceived greenwashing promote or inhibit ethical voice? Effects of moral disengagement and perceived competitive pressure. Journal of Business Research, 182, Article 114793. https://doi.org/10.1016/j.jbus
- Zhao, D., Ngan, S. L., Jamil, A. H., Salleh, M. F. M., & Yusoff, W. S. (2025). From metrics to strategy: A two-decade bibliometric analysis of ESG integration in corporate finance. International Journal of Innovative Research and Scientific Studies, 8(3), 198-215. https://doi.org/10.53894/ijirss.v8i3.6475
References
Ahuja, K., Rani, E., & Devi, S. (2024). Exploring the dynamic landscape of environmental, social, and governance literature by using bibliometric analysis. The Scientific Temper, 15(1), 1716-1725. https://doi.org/10.58414/scientifictemper.2024.15.1.20
Bennett, P. (2024). Environment, social and governance (ESG): Harnessing principles against greenwashing. In M. Dela Rama & M. Lester (Eds.), Innovation pathways to sustainability: Conversations and collaborations, 27–40. Routledge.
Berrêdo, P. D., dosSantos, O. M., Abdo, H., daSilva Macedo, M. Á., & Losekann, L. D. (2024). Energy transition: Assessing oil companies' compliance with their disclosed environmental strategic positioning. Corporate Social Responsibility and Environmental Management, 31(4), 3517–3534. https://doi.org/10.1002/csr.2760
Bernini, F., Giuliani, M., & La Rosa, F. (2024). Measuring greenwashing: A systematic methodological literature review. Business ethics, the environment & responsibility, 33(4), 649-667. https://doi.org/10.1111/beer.12631
Bu, M., Liu, X., Zhang, B., Hazaea, S. A., Fan, R., & Alshahrani, M. S. (2024). Governance of corporate greenwashing through ESG practices. Systems, 12(9), 365. https://doi.org/10.3390/systems12090365
Chen, Y., Li, Z., Xu, J., Liu, Y., & Meng, Q. (2023). How does the government policy combination prevent greenwashing in green building projects? An evolutionary game perspective. Buildings, 13(4). https://doi.org/10.3390/buildings13040917
Chytis, E., Eriotis, N., & Mitroulia, M. (2024). ESG in business research: A bibliometric analysis. Journal of Risk and Financial Management, 17(10), 460. https://doi.org/10.3390/jrfm17100460
Cordeiro, J. J., & Sarkis, J. (2007). Why do some U.S. firms link environmental performance to executive compensation? Does it matter? Academy of Management Proceedings, (1), 1–6. https://doi.org/10.5465/ambpp.2007.26536345
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
Dwibedi, P., Pahi, D., & Sahu, A. (2024). Mapping the landscape of environmental, social and governance research: A bibliometric analysis. Corporate Social Responsibility and Environmental Management, 31(5), 3745-3767. https://doi.org/10.1002/csr.2767
Guo, J., Lin, O., Ye, K., Guan, J., & Lei, X. (2024). Research on regulatory strategies of green finance and optimization of corporate green behavior under the framework of circular economy. Global Nest Journal, 26(4). https://doi.org/10.30955/GNJ.005913
Harvard Law School Forum on Corporate Governance. (2023). The rise of international ESG disclosure standards. Retrieved from https://corpgov.law.harvard.edu
Hazaea, S. A., Hael, M., Al-Matari, E. M., Alhebri, A. A., & Alfadhli, A. M. H. (2024). Mapping the landscape of the literature on environmental, social, governance disclosure and firm value: A bibliometric analysis and systematic review. Sustainability, 16(10), 4239. https://doi.org/10.3390/su16104239
He, Q., Wang, Z., Wang, G., Zuo, J., Wu, G., & Liu, B. (2020). To be green or not to be: How environmental regulations shape contractor greenwashing behaviors in construction projects. Sustainable Cities and Society, 63. https://doi.org/10.1016/j.scs.2020.102462
Karaman, A. S., Orazalin, N., Uyar, A., & Shahbaz, M. (2021). CSR achievement, reporting, and assurance in the energy sector: Does economic development matter? Energy Policy, 149. https://doi.org/10.1016/j.enpol.2020.112007
Kiflee, A. K. R., Hasbullah, N. N., Idris, N. H., Harun, H., Bakar, M. H., & Anwar, S. (2024). A bibliometric analysis of environmental, social, governance (ESG) and firm performance: A pathway to advancing sdg movement. Journal of Lifestyle and SDGs Review, 4(2), e01977. https://doi.org/10.47172/2965-730x.sdgsreview.v4.n02.pe01977
Li, M., & Chen, Q. (2024). Executive pay gap and corporate ESG greenwashing. International Review of Financial Analysis, 82, 102103. https://doi.org/10.1016/j.irfa.2024.102103
Li, S., Chen, R., Li, Z., & Chen, X. (2024). Can blockchain help curb greenwashing in green supply chains? Finance Research Letters, 50, 104123. https://doi.org/10.1016/j.frl.2024.104123
Li, W., Shi, C., Xiao, Z., & Zhang, X. (2024). Bridging the green gap: How digital financial innovation mitigates greenwashing. Finance Research Letters, 50, 104123. https://doi.org/10.1016/j.frl.2024.104123
Lyon, T. P., & Montgomery, A. W. (2015). The means and end of greenwash. Organization & Environment, 28(2), 223–249. https://doi.org/10.1177/1086026615575332
Ma, Y., Zhao, S., Chen, J., Hu, C., & Qu, J. (2024). Perceived greenwashing and employee green behavior: The roles of green organizational identity and self-serving leadership. Business Ethics, the Environment and Responsibility. https://doi.org/10.1111/beer.12723
Mahat, M. A., Jaaffar, M. Y., Salleh, J. M., Fatah, M. M. A., Shaharudin, S., & Mustafa, M. A. (2025). Mapping the intellectual structure of green finance and ESG research: A bibliometric review of global trends and emerging themes (2000–2025). International Journal of Research and Innovation in Social Science, 9(7), 5269-5278. https://doi.org/10.47772/ijriss.2025.907000426
Marquis, C., & Toffel, M. W. (2012). When do firms greenwash? Corporate visibility, civil society scrutiny, and environmental disclosure. Administrative Science Quarterly, 57(3), 482–517. https://doi.org/10.1177/0001839212456535
Mao, Z., Wang, S., & Lin, Y.-E. (2024). ESG, ESG rating divergence and earnings management: Evidence from China. Corporate Social Responsibility and Environmental Management, 31(4), 3328-3347. https://doi.org/10.1002/csr.2748
Nguyễn, T. A. (2025). Bibliometric analysis and systematic literature review of environmental, social, and governance risk. Business Strategy and Development, 8(3), e70163. https://doi.org/10.1002/bsd2.70163
Parguel, B., Benoît-Moreau, F., & Larceneux, F. (2011). How sustainability ratings might deter 'greenwashing': A closer look at ethical corporate communication. Journal of Business Ethics, 102(1), 15–28. https://doi.org/10.1007/s10551-011-0901-2
Peng, X., Li, J., Tang, Q., Lan, Y.-C., & Cui, X. (2024). Do environmental scores become multinational companies’ stakeholders? Finance Research Letters, 51, 104145. https://doi.org/10.1002/bse.3586
Pinheiro, A. B., Oliveira, M. C., de Freitas, G. A., & García, M. B. L. (2023). Board attributes and environmental disclosure: What is the nexus in liberal economies? RAE Revista de Administração de Empresas, 63(4). https://doi.org/10.1590/S0034-759020230402
Plastun, O. L., Makarenko, I. O., Khomutenko, L. I., Osetrova, O., & Shcherbakov, P. (2020). SDGs and ESG disclosure regulation: is there an impact? Evidence from top-50 world economies. Problems and Perspectives in Management, 18(2), 231-245. http://dx.doi.org/10.21511/ppm.18(2).2020.20
Seele, P., & Gatti, L. (2017). Greenwashing revisited: In search of a typology and accusation-based definition incorporating legitimacy strategies. Business Strategy and the Environment, 26(2), 239-252. https://doi.org/10.1002/bse.1912
Senadheera, S. S., Gregory, R. P., Rinklebe, J., Farrukh, M. Z., Rhee, J. H., & Ok, Y. S. (2022). The development of research on environmental, social, and governance (ESG): A bibliometric analysis. Sustainable Environment, 8(1), 2125869. https://doi.org/10.1080/27658511.2022.2125869
Shen, J., & Shen, Y. (2019). Research on greenwashing marketing and consumer behaviors based on perfect Bayesian equilibrium. Ekoloji, 28(107), 1679-1690.
Siano, A., Vollero, A., Conte, F., & Amabile, S. (2017). “More than words”: Expanding the taxonomy of greenwashing after the Volkswagen scandal. Journal of Business Research, 71, 27–37. https://doi.org/10.1016/j.jbusres.2016.11.002
Singhania, M., & Saini, N. (2022). Quantification of ESG regulations: a cross-country benchmarking analysis. Vision, 26(2), 163-171.
Souza, C. L., Kuniyoshi, M. S., & Freitas, A. (2024). Mapping the growth of ESG research: A bibliometric analysis using bradford's, lotka's, and zipf's laws. RGSA: Revista de Gestão Social e Ambiental, 18(10), e09479. https://doi.org/10.24857/rgsa.v18n10-309
Testa, F., Boiral, O., & Iraldo, F. (2018). Internalization of environmental practices and institutional complexity: Can stakeholder pressures encourage greenwashing? Journal of Business Ethics, 147(2), 287–307. https://doi.org/10.1007/s10551-015-2960-2
The Times. (2024). Sustainability rules will be a headache for British business. Retrieved from https://www.thetimes.co.uk
Todaro, D. L., & Torelli, R. (2024). From greenwashing to ESG‐washing: A focus on the circular economy field. Corporate Social Responsibility and Environmental Management, 31(5), 4034-4046.
Velte, P. (2023). Determinants and consequences of corporate social responsibility decoupling—Status quo and limitations of recent empirical quantitative research. Corporate Social Responsibility and Environmental Management, 30(6), 2695-2717. https://doi.org/10.1002/csr.2538
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
Xiang, Y., Chen, L., Zhang, Z., & Sun, X. (2024). Does perceived greenwashing promote or inhibit ethical voice? Effects of moral disengagement and perceived competitive pressure. Journal of Business Research, 182, Article 114793. https://doi.org/10.1016/j.jbus
Zhao, D., Ngan, S. L., Jamil, A. H., Salleh, M. F. M., & Yusoff, W. S. (2025). From metrics to strategy: A two-decade bibliometric analysis of ESG integration in corporate finance. International Journal of Innovative Research and Scientific Studies, 8(3), 198-215. https://doi.org/10.53894/ijirss.v8i3.6475