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Firma ve ulke faktorlerinin Cevresel-Sosyal ve Kurumsal Yonetim sonuclarini aklama (greenwashing) uzerine etkileri

Yıl 2023, Cilt: 22 Sayı: 46, 683 - 704, 25.06.2023
https://doi.org/10.46928/iticusbe.1200111

Öz

Özet
Surdurulebilir yatirimlar son 10 yilda hizla artarken. sirketlerin surdurulebilirlik ile ilgili yaptiklari beyanlarin dogrulugu ve guvenilirligi de paydaslar tarafindan daha cok sorgulanmaktadir. Yesilaklama (greenwashing) paydaslarin dusuncelerini ya da kararlarini sirket lehine cevirmeyi amaclayan, firmalarin bilincli ve secici sekilde yaptiklari faaliyetler ve aciklamalardir. Yesilaklama sisteme olan guveni zedelediginden, ESG verilerinin yatirimlara entegre edilmesini sinirlandirmaktadir. Surdurulebilirlik ile ilgili raporlarin denetimden gecirilmemesi, ESG verilerinin aciklanmasinda bir standardizasyon olmamasi, ESG ile ilgili bilgilerin dogrulugunu saglayacak global kurumlarin olmamasi greenwashing riskini daha da arttirmaktadir.
Amac: ESG greenwashing'i etkileyebilecek firma ve ulke faktorlerini inceleyerek paydaslarin degerlendirmelerine yardimci olabilmektir.
Yontem: Arastirmada panel data regresyon modeli uygulanmis, STOXX 600 de faaliyet gosteren firmalarin 2009-2020 yili verileri incelenmistir.
Bulgular: Bu analiz sonucunda cevresel, sosyal ve kurumsal yonetim boyutlarindaki yesil aklama risklerinin her birinin firma ve ulke faktorlerden farkli derecede etkilendigi gorulmustur. Kurumsal Sorumluluk ile ilgili komitelerin varligi ve yonetici ucretlendirme politikalarina surdurulebilirlik ile iliskilendirilmesinin greenwashing risklerini her boyutta (E-S-G) dusurdugu gorulmustur. Diger taraftan ulke faktorlerinden ziyade firma faktorlerinin (hem yonetim hem de finansal), greenwashing riski yaratmada daha etkili oldugu bulunmustur.
Ozgunluk: Literatur taramalarimiza gore, yesilaklama (greenwashing) boyutlarini firma ve ulke faktorleri acisindan inceleyen ilk calisma olmasi sebebiyle ozgunluk tasimaktadir.

Destekleyen Kurum

Istanbul Ticaret Universitesi

Kaynakça

  • Baldini, M., Maso, L., Liberatore, G., Mazzi, F., & Terzani, S. (2018). Role of Country- and Firm-Level Determinants in Environmental, Social, and Governance Disclosure. Journal of Business Ethics, 79-98.
  • Berg, F., Fabisik, K., & Sautner, Z. (2021). Rewriting History II: the Unpredictable Past of ESG ratings. European Corporate Governance Institute- Finance Working Paper.
  • Boffo, R., & Patalano, R. (2020). ESG Investing: Practices, Process and Challenges. Paris: OECD. Opgehaald van www.oecd.org/finance/ESG-Investing-Practices-Progress-and-Challenges.pdf
  • Brammer, S. J., & Pavelin, S. (2006). Corporate reputation and social performance: The importance of fit. Journal of management studies, 43(3), 435-455.
  • Broadstock, D. C., Chan, K., Cheng, L. T., & Wang, X. (2021). The role of ESG performance during times of financial crisis: Evidence from COVID-19 in China. Finance Research Letters, 38, 1-11. doi:https://doi.org/10.1016/j.frl.2020.101716.
  • CFA. (2020). Future of Sustainability in Investment Management: From Ideas to Reality. CFA institude. Opgehaald van www.cfainstitute.org
  • Bernardi, C., & Stark, A. W. (2018). Environmental, social and governance disclosure, integrated reporting, and the accuracy of analyst forecasts. The British accounting review, 50(1), 16-31.
  • Chen, J. (2021, may 5). ESG. Opgehaald van Investopedia: https://www.investopedia.com/terms/e/environmental-social-and-governance-esg-criteria.asp).
  • Cheng, B., Ioannou, I., & Serafeim, G. (2014). Corporate social responsibility and access to finance. Strategic management journal, 35(1), 1-23.
  • Delmas, M., & Burbano, V. C. (2011). The Drivers of Greenwashing. California Management Review, 64-87.
  • Devi, S., Ko, Y., & Subramaniam, R. (2019). Does Commitment to Anti Corruption Matter. KNE Social Sciences, 992-1016.
  • Di Miceli, Alexandre; Donaggio, Angela. (2018). Women in Business Leadership Boost ESG Performance : Existing Body of Evidence Makes Compelling Case. Private Sector Opinion;No. 42. International Finance Corporation, Washington, DC. © World Bank. https://openknowledge.worldbank.org/handle/10986/31057 License: CC BY 3.0 IGO.
  • Gatti, L., Seele, P., & Rademacter, L. (2019). Grey zone in – greenwash out. A review of greenwashing research and implications for the voluntary-mandatory transition of CSR. International Journal of Corporate Social Responsibility. doi:https://doi.org/10.1186/s40991-019-0044-9
  • Ghitti , M., Gianfrate, G., & Palma, L. (2020). The Agency of Greenwashing. Skema Business School- university of Cote d' Azur.
  • Haque, F., & Ntim, C. G. (2020). Executive Compensation, Sustainable Compensation Policy, Carbon Performance and Market Value. British Journal of Management, 525-546.
  • Harjoto, M. A., & Wang, Y. (2020). Board of directors network centrality and environmental, social and governance performance. Corporate Governance, 965-985.
  • Ioannou, I., & Serafeim, G. (2012). What drives corporate social performance? The role of nation-level institutions. Journal of International Business Studies, 834-864.
  • Ioannou, I., & Serafeim, G. (2017). The consequences of mandatory corporate sustainability reporting. Harvard Business School research working paper, (11-100).
  • Johnson, C. (2020). The measurement of environmental, social and governance and sustainable investment; developing sustabinable new world for financial services. Journal of Securities Operations & Custody, 336-356.
  • Jong, M. D., Huluba, G., & Beldad, A. D. (2020). Different Shades of Greenwashing: Consumer Reactions to Environmental Lies, half lies and Organizations taking credit for following legal obligations. Journal of Business and Technical Communications, 38-76.
  • Labini, S. S., Iannuzzi, P. A., & D’Apolito, E. (2018). “Responsible” Remuneration Policies in Banks: A Review of Best Practices in Europe. Socially Responsible Investments, 5-36.
  • Lueg, K., & Lueg, R. (2020). Detecting green-washing or substantial organizational communication: A model for testing two-way interaction between risk and sustainability reporting. Sustainability, 12(6), 2520.
  • Lyon, T. P., & Montgomery, A. (2015). The Means and End of Greenwash. Organization& Environment, 1-27.
  • Maas, K. (2016). Do Corporate Social Performance Targets in Executive Compensation Contribute to Corporate Social Performance? Journal of Business Ethics, 573-585.
  • Mahoney, L. S., Thorne, L., Cecil, L., & LaGore, W. (2013). A research note on standalone corporate social responsibility reports: signalling or greenwashing. Critical Perspectives on Accounting, 350-359.
  • Mervelskemper, L., & Streit, D. (2017). Enhancing market valuation of ESG performance: is integrated reporting keeping its promise?. Business Strategy and the Environment, 26(4), 536-549.
  • Nawaiseh, M. E. (2015). Do Firm Size and Financial Performance Affect Corporate Social Responsibility Disclosure: Employees' and Environmental Dimensions?. American Journal of Applied Sciences, 12(12), 967.
  • Ng, T. H., Lye, C. T., Chan, K. H., Lim, Y. Z., & Lim, Y. S. (2020). Sustainability in Asia: The Roles of Financial Development in Environmental, Social and Governance (ESG) Performance. Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, 17-44. doi:DOI: 10.1007/s11205-020-02288-w
  • Olatubosun, P., & Nyazenga, S. (2019). Greenwashing and responsibleinvestment practices: empiricalevidence from Zimbabwe. Qualitative Research in Financial Markets, 1-20. doi:10.1108/QRFM-12-2017-0125
  • Raimo, N., Caragnano, A., Zito, M., Vitolla, F., & Mariani, M. (2021). Extending the benefits of ESG disclosure: The effect on the cost of debt financing. Corp Soc Responsib Environ Management, 1-10.
  • Roulet, T. J., & Touboul, S. (2015). The intention with which the road is paved: the attitudes to liberalism as determinants of Greenwashing. Journal of Business Ethics, 305-320.
  • Schons, L., & Steinmeier, M. (2015). Walk the Talk? How Symbolic and Substantive CSR Actions Affect Firm Performance Depending on Stakeholder Proximity. Corporate Social Responsibility and Environmental Management, 1-15. doi:DOI: IO.I002/csr.1381
  • Sharma, P., Panday, P., & Dangwal, R. C. (2020). Determinants of environmental, social and corporate governance (ESG) disclosure: a study of Indian companies. International Journal of Disclosure and Governance , 208-217.
  • Tamimi, N., & Sebastianelli, R. (2017). Transparency among S & P 500 companies: an analysis of ESG disclosure scores.
  • Emarald Insight, 1660-1680. doi:10.1108/MD-01-2017-0018
  • Torelli, R., Balluchi, F., & Lazzini, A. (2019). Greenwashing and environmental communication: Effects on stakeholders' perceptions. Business Strategy and the Environment , 407-421.
  • Uyar , A., Karaman, A. S., & Kilic, M. (2020). Is corporate social responsibility reporting a tool of signaling or greenwashing? Evidence from the worldwide logistic sector. Journal of Cleaner Production, 1-13.
  • Velte, P. (2017). Does ESG performance have an impact on financial performance? Evidence from Germany. Journal of Global Responsibility, 169-178.
  • Yu, E. P.-y., Luu, B. V., & Chen, C. H. (2020). Greenwashing in environmental, social and governance disclosures. Research in International Business and Finance, 1-23.
  • Zang, D. (2022). Are firms motivated to greenwash by financial constraints? Evidence from global firms' data. Journal of International Financial Management and Accounting. doi:https://doi.org/10.1111/jifm.12153
  • Zhang, L., Li, D., Cao, C., & Huang, S. (2018). The influence of greenwashing perception on green purchasing intentions: The mediating role of green word-of-mouth and moderating role of green concern. Journal of Cleaner Production, 740-750.

The impacts of firm-level and country-level variables on Environmental, social and corporate governance greenwashing

Yıl 2023, Cilt: 22 Sayı: 46, 683 - 704, 25.06.2023
https://doi.org/10.46928/iticusbe.1200111

Öz

Abstract
While ESG investments have increased in the last 10 years, stakeholders are curious about the correctness of the ESG claims of companies. Greenwashing (GW) is a conscious and selective information disclosure of firms to create a positive image in the eyes of the stakeholders. It limits the integration of ESG data into investments as the stakeholders lose their trust in that declarations. Unaudited sustainability reports, lack of standardization in disclosure rules of ESG data, and the absence of a global governance body to ensure the accuracy of reported ESG information increase the risk of GW behaviors.
Purpose: The motivation of this study is to help out stakeholders to determine which company factors (size, profitability, board structure, governance model) and country factors (corruption, unemployment, wealth of the society) impact the ESG greenwashing behaviors within STOXX 600.
Method: We implemented a panel regression model. The dataset covers STOXX 600 firms from 2009-2020.
Findings: The results show that each ESG GW dimension is impacted by a different company and country variables. An increase in CSR committee and embedding sustainable factors into the Executive remuneration are two main factors that decrease all three dimensions of GW behaviors. Company governance and financial factors have more impact on the GW compared to the country factors.
Originality: According to our knowledge, this is the first research that evaluates each greenwashing dimension at the firm and country levels.

Kaynakça

  • Baldini, M., Maso, L., Liberatore, G., Mazzi, F., & Terzani, S. (2018). Role of Country- and Firm-Level Determinants in Environmental, Social, and Governance Disclosure. Journal of Business Ethics, 79-98.
  • Berg, F., Fabisik, K., & Sautner, Z. (2021). Rewriting History II: the Unpredictable Past of ESG ratings. European Corporate Governance Institute- Finance Working Paper.
  • Boffo, R., & Patalano, R. (2020). ESG Investing: Practices, Process and Challenges. Paris: OECD. Opgehaald van www.oecd.org/finance/ESG-Investing-Practices-Progress-and-Challenges.pdf
  • Brammer, S. J., & Pavelin, S. (2006). Corporate reputation and social performance: The importance of fit. Journal of management studies, 43(3), 435-455.
  • Broadstock, D. C., Chan, K., Cheng, L. T., & Wang, X. (2021). The role of ESG performance during times of financial crisis: Evidence from COVID-19 in China. Finance Research Letters, 38, 1-11. doi:https://doi.org/10.1016/j.frl.2020.101716.
  • CFA. (2020). Future of Sustainability in Investment Management: From Ideas to Reality. CFA institude. Opgehaald van www.cfainstitute.org
  • Bernardi, C., & Stark, A. W. (2018). Environmental, social and governance disclosure, integrated reporting, and the accuracy of analyst forecasts. The British accounting review, 50(1), 16-31.
  • Chen, J. (2021, may 5). ESG. Opgehaald van Investopedia: https://www.investopedia.com/terms/e/environmental-social-and-governance-esg-criteria.asp).
  • Cheng, B., Ioannou, I., & Serafeim, G. (2014). Corporate social responsibility and access to finance. Strategic management journal, 35(1), 1-23.
  • Delmas, M., & Burbano, V. C. (2011). The Drivers of Greenwashing. California Management Review, 64-87.
  • Devi, S., Ko, Y., & Subramaniam, R. (2019). Does Commitment to Anti Corruption Matter. KNE Social Sciences, 992-1016.
  • Di Miceli, Alexandre; Donaggio, Angela. (2018). Women in Business Leadership Boost ESG Performance : Existing Body of Evidence Makes Compelling Case. Private Sector Opinion;No. 42. International Finance Corporation, Washington, DC. © World Bank. https://openknowledge.worldbank.org/handle/10986/31057 License: CC BY 3.0 IGO.
  • Gatti, L., Seele, P., & Rademacter, L. (2019). Grey zone in – greenwash out. A review of greenwashing research and implications for the voluntary-mandatory transition of CSR. International Journal of Corporate Social Responsibility. doi:https://doi.org/10.1186/s40991-019-0044-9
  • Ghitti , M., Gianfrate, G., & Palma, L. (2020). The Agency of Greenwashing. Skema Business School- university of Cote d' Azur.
  • Haque, F., & Ntim, C. G. (2020). Executive Compensation, Sustainable Compensation Policy, Carbon Performance and Market Value. British Journal of Management, 525-546.
  • Harjoto, M. A., & Wang, Y. (2020). Board of directors network centrality and environmental, social and governance performance. Corporate Governance, 965-985.
  • Ioannou, I., & Serafeim, G. (2012). What drives corporate social performance? The role of nation-level institutions. Journal of International Business Studies, 834-864.
  • Ioannou, I., & Serafeim, G. (2017). The consequences of mandatory corporate sustainability reporting. Harvard Business School research working paper, (11-100).
  • Johnson, C. (2020). The measurement of environmental, social and governance and sustainable investment; developing sustabinable new world for financial services. Journal of Securities Operations & Custody, 336-356.
  • Jong, M. D., Huluba, G., & Beldad, A. D. (2020). Different Shades of Greenwashing: Consumer Reactions to Environmental Lies, half lies and Organizations taking credit for following legal obligations. Journal of Business and Technical Communications, 38-76.
  • Labini, S. S., Iannuzzi, P. A., & D’Apolito, E. (2018). “Responsible” Remuneration Policies in Banks: A Review of Best Practices in Europe. Socially Responsible Investments, 5-36.
  • Lueg, K., & Lueg, R. (2020). Detecting green-washing or substantial organizational communication: A model for testing two-way interaction between risk and sustainability reporting. Sustainability, 12(6), 2520.
  • Lyon, T. P., & Montgomery, A. (2015). The Means and End of Greenwash. Organization& Environment, 1-27.
  • Maas, K. (2016). Do Corporate Social Performance Targets in Executive Compensation Contribute to Corporate Social Performance? Journal of Business Ethics, 573-585.
  • Mahoney, L. S., Thorne, L., Cecil, L., & LaGore, W. (2013). A research note on standalone corporate social responsibility reports: signalling or greenwashing. Critical Perspectives on Accounting, 350-359.
  • Mervelskemper, L., & Streit, D. (2017). Enhancing market valuation of ESG performance: is integrated reporting keeping its promise?. Business Strategy and the Environment, 26(4), 536-549.
  • Nawaiseh, M. E. (2015). Do Firm Size and Financial Performance Affect Corporate Social Responsibility Disclosure: Employees' and Environmental Dimensions?. American Journal of Applied Sciences, 12(12), 967.
  • Ng, T. H., Lye, C. T., Chan, K. H., Lim, Y. Z., & Lim, Y. S. (2020). Sustainability in Asia: The Roles of Financial Development in Environmental, Social and Governance (ESG) Performance. Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, 17-44. doi:DOI: 10.1007/s11205-020-02288-w
  • Olatubosun, P., & Nyazenga, S. (2019). Greenwashing and responsibleinvestment practices: empiricalevidence from Zimbabwe. Qualitative Research in Financial Markets, 1-20. doi:10.1108/QRFM-12-2017-0125
  • Raimo, N., Caragnano, A., Zito, M., Vitolla, F., & Mariani, M. (2021). Extending the benefits of ESG disclosure: The effect on the cost of debt financing. Corp Soc Responsib Environ Management, 1-10.
  • Roulet, T. J., & Touboul, S. (2015). The intention with which the road is paved: the attitudes to liberalism as determinants of Greenwashing. Journal of Business Ethics, 305-320.
  • Schons, L., & Steinmeier, M. (2015). Walk the Talk? How Symbolic and Substantive CSR Actions Affect Firm Performance Depending on Stakeholder Proximity. Corporate Social Responsibility and Environmental Management, 1-15. doi:DOI: IO.I002/csr.1381
  • Sharma, P., Panday, P., & Dangwal, R. C. (2020). Determinants of environmental, social and corporate governance (ESG) disclosure: a study of Indian companies. International Journal of Disclosure and Governance , 208-217.
  • Tamimi, N., & Sebastianelli, R. (2017). Transparency among S & P 500 companies: an analysis of ESG disclosure scores.
  • Emarald Insight, 1660-1680. doi:10.1108/MD-01-2017-0018
  • Torelli, R., Balluchi, F., & Lazzini, A. (2019). Greenwashing and environmental communication: Effects on stakeholders' perceptions. Business Strategy and the Environment , 407-421.
  • Uyar , A., Karaman, A. S., & Kilic, M. (2020). Is corporate social responsibility reporting a tool of signaling or greenwashing? Evidence from the worldwide logistic sector. Journal of Cleaner Production, 1-13.
  • Velte, P. (2017). Does ESG performance have an impact on financial performance? Evidence from Germany. Journal of Global Responsibility, 169-178.
  • Yu, E. P.-y., Luu, B. V., & Chen, C. H. (2020). Greenwashing in environmental, social and governance disclosures. Research in International Business and Finance, 1-23.
  • Zang, D. (2022). Are firms motivated to greenwash by financial constraints? Evidence from global firms' data. Journal of International Financial Management and Accounting. doi:https://doi.org/10.1111/jifm.12153
  • Zhang, L., Li, D., Cao, C., & Huang, S. (2018). The influence of greenwashing perception on green purchasing intentions: The mediating role of green word-of-mouth and moderating role of green concern. Journal of Cleaner Production, 740-750.
Toplam 41 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Bölüm Tez Özeti
Yazarlar

Duygu Erol 0000-0003-0252-4855

Serkan Çankaya 0000-0003-3010-0697

Yayımlanma Tarihi 25 Haziran 2023
Gönderilme Tarihi 6 Kasım 2022
Kabul Tarihi 15 Haziran 2023
Yayımlandığı Sayı Yıl 2023 Cilt: 22 Sayı: 46

Kaynak Göster

APA Erol, D., & Çankaya, S. (2023). The impacts of firm-level and country-level variables on Environmental, social and corporate governance greenwashing. İstanbul Ticaret Üniversitesi Sosyal Bilimler Dergisi, 22(46), 683-704. https://doi.org/10.46928/iticusbe.1200111