A CHRONOLOGICAL REVIEW OF THE IMPACT OF GREENWASHING ON ESG PERFORMANCE
DOI:
https://doi.org/10.35631/AIJBES.828001Keywords:
ESG, Greenwashing, SustainabilityAbstract
This chronological literature review examines the impact of greenwashing on Environmental, Social, and Governance (ESG) research and practice, with emphasis on how scholarly understanding has evolved across recent years. The study is motivated by the growing concern that ESG disclosure, although increasingly important for investors, regulators, and other stakeholders, may be undermined by symbolic sustainability claims that do not reflect actual environmental or social performance. Such a condition weakens the credibility of ESG reporting, creates information asymmetry, and may distort sustainable investment decisions. To address this issue, the review applies a systematic advanced search strategy using the Scopus database, guided by the main keywords greenwashing, ESG, and sustainability. After screening and selection, the final primary dataset comprised 104 documents (n = 104). The selected studies were analysed using a chronological approach and grouped into three temporal phases: Foundational Emergence (2020–2021), Early Development and Consolidation (2022–2023), and Rapid Expansion and Intensification (2024–2026). The results indicate a clear growth in publication activity and conceptual maturity over time. In the first phase, the literature mainly focused on disclosure credibility, governance mechanisms, and the early identification of greenwashing behaviour. In the second phase, the discussion expanded toward financial constraints, regulatory pressures, green finance, assurance, and methodological refinement in detecting symbolic ESG conduct. In the third phase, the literature showed substantial intensification, with stronger attention to artificial intelligence, digital governance, investor reactions, policy intervention, and more advanced measurement frameworks for distinguishing substantive ESG performance from reputational signalling. Overall, the review concludes that greenwashing has become a central challenge in ESG literature, not only as a reporting issue but also as a governance, financial, and regulatory concern. The chronological structure provides a clearer understanding of how the field has progressed and where future research should be directed.
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