The Risks and Returns of “Greenwashing”
A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Risk".
Deadline for manuscript submissions: 1 November 2025 | Viewed by 4518
Special Issue Editor
Special Issue Information
Dear Colleagues,
The study of the effects of greenwashing, where firms "advertise" that they follow better environmental, social, and corporate governance policies than they in fact enact, on the financial aspects of firms is a relatively new and exciting field of finance. When studying this field, the dearth of examination of the financial outcomes of greenwashing and the financial factors that can make greenwashing a rational decision by the corporation is striking. While researchers such as Baldi, Pandimiglio (2022), De Silva Lokuwaduge, and De Silva (2022) and Gregory (2023) have made some initial attempts at determining the returns and risks of greenwashing as a corporate strategy, much remains to be examined. This Special Issue of JRFM is an attempt to bring together recent research in the area of finance and risk management on greenwashing as a corporate strategy.
This Special Issue is aimed at reconciling the dynamic high prices that firms and their managers often pay in being found to be conducting greenwashing and the fact that many surveys show that greenwashing is a very common corporate strategy. We seek contributions on novel approaches to the following questions: What are the risks of a greenwashing strategy? What are the risks of different types of greenwashing strategies? How do the risks of greenwashing vary over country and industry? What financial factors increase or decrease the risk of being found out?
We encourage possibly controversial papers, both theoretical and empirical.
References
- Baldi, Francesco, and Alessandro Pandimiglio.(2022). The role of ESG scoring and greenwashing risk in explaining the yields of green bonds: A conceptual framework and an econometric analysis. Global Finance Journal, 52, 100711.
- De Silva Lokuwaduge, Chitra S., and Keshara M. De Silva. (2022). ESG risk disclosure and the risk of green washing. Australasian Accounting, Business and Finance Journal, 16(1), 146-159.
- Gregory, Richard Paul. (2023). When is greenwashing an easy fix?. Journal of Sustainable Finance & Investment, 13(2), 919-942.
Prof. Dr. Richard P. Gregory
Guest Editor
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Keywords
- risk
- return
- finance
- greenwashing
- ESG
- sustainability
- risk management
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