This document provides a literature review and systematic analysis of academic articles on the topic of greenwashing. It begins with the methodology used, which is a systematic literature review of articles from 2000-2020 in relevant databases. 67 articles were identified and categorized. The review finds that definitions and taxonomy of greenwashing have evolved over time. A variety of topics are examined in the literature, with the most common being the relationship between greenwashing and marketing, as well as public policy and environmental management issues. The review provides an overview of the key findings and discussions on greenwashing behaviors found in the academic literature.
How does capital structure affect firm s market competitiveness.pdfNghiên Cứu Định Lượng
Các quyết định về vốn hiệu quả không chỉ làm tăng hiệu quả hoạt động của doanh nghiệp mà còn mang tính chiến lược để mang lại lợi thế cạnh tranh của doanh nghiệp trên thị trường. Sử dụng một tỷ lệ nợ phù hợp giúp doanh nghiệp cân bằng giữa nguồn lực bên trong và bên ngoài để cạnh tranh với các doanh nghiệp trong ngành. Nghiên cứu này nhằm tìm ra ảnh hưởng của cấu trúc vốn thông qua hệ số nợ (DR) đến năng lực cạnh tranh của doanh nghiệp (HHI) ở Việt Nam. Một mẫu gồm 574 công ty niêm yết trên sàn giao dịch chứng khoán của Việt Nam từ năm 2010–2018 được nghiên cứu bằng phần mềm STATA. Kết quả cho thấy cấu trúc vốn ảnh hưởng đến năng lực cạnh tranh của doanh nghiệp hình chữ U ngược. Đồng thời, DR ảnh hưởng đến HHI dưới dạng hàm hình chữ U trong các sản phẩm công nghiệp, thông tin và viễn thông và hàng tiêu dùng. Trong khi đó, DR ảnh hưởng đến HHI theo hình chữ U ngược trong các lĩnh vực dịch vụ tiêu dùng, nguyên vật liệu và tiện ích cộng đồng. Với kết quả của phân tích này, nghiên cứu cũng cung cấp các thảo luận cũng như các hàm ý chính sách đối với doanh nghiệp sử dụng tối ưu cơ cấu vốn để tạo lợi thế cạnh tranh trên thị trường.
The literature shows little evidence on the effects of the business model upon the volatility of banks in developing and fast growing economies. Hence, this study examines the effects of busi-ness model choice on bank’s stability in ASEAN countries. Using GMM and other robust econo-metric methods on the sample of 99 joint stock commercial banks, we find significant and nega-tive impacts of diversification model in which bank shifts toward non – interest and fee – based activities. We also find that the impacts are different between two groups of countries. For Vi-etnam, Indonesia and the Philippines, the diversification entails negative impacts on the stability while demonstrating positive impacts for Thailand and Malaysia. Upon the findings, we draw policy implications for a more sustainable development in ASEAN banking business.
Effect of social capital on agribusiness diversification intention in the eme...Nghiên Cứu Định Lượng
This is the first study to explore the comprehensive effect of the facets of social capital on behavioral intention through behavioral goals and determinants of the TPB under the premises of the RBV. The findings will help emerging economies, for example, Vietnam, where most farmers are family business owners or microscaled entrepreneurs in agriculture.
factors affecting enterprises' access to formal credit in can tho city, vietnamijtsrd
The objective of the study is to identify factors affecting the formal credit accessibility of enterprises in Can Tho City. Research data were collected using a quota sampling with a sample size of 300 active enterprises. The binary logistic regression was adopted. The study showed that factors influencing the access to formal credit of enterprises are the managers level of education, management experience, operation time, business size, fixed asset, and social capital. In which, the business size is the most powerful factor affecting the formal credit accessibility of enterprises. Nguyen Quoc Nghi | La Nguyen Thuy Dung "Factors Affecting Enterprises' Access to Formal Credit in Can Tho City, Vietnam" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-5 , August 2020, URL: https://www.ijtsrd.com/papers/ijtsrd32911.pdf Paper Url :https://www.ijtsrd.com/economics/finance/32911/factors-affecting-enterprises-access-to-formal-credit-in-can-tho-city-vietnam/nguyen-quoc-nghi
How does capital structure affect firm s market competitiveness.pdfNghiên Cứu Định Lượng
Các quyết định về vốn hiệu quả không chỉ làm tăng hiệu quả hoạt động của doanh nghiệp mà còn mang tính chiến lược để mang lại lợi thế cạnh tranh của doanh nghiệp trên thị trường. Sử dụng một tỷ lệ nợ phù hợp giúp doanh nghiệp cân bằng giữa nguồn lực bên trong và bên ngoài để cạnh tranh với các doanh nghiệp trong ngành. Nghiên cứu này nhằm tìm ra ảnh hưởng của cấu trúc vốn thông qua hệ số nợ (DR) đến năng lực cạnh tranh của doanh nghiệp (HHI) ở Việt Nam. Một mẫu gồm 574 công ty niêm yết trên sàn giao dịch chứng khoán của Việt Nam từ năm 2010–2018 được nghiên cứu bằng phần mềm STATA. Kết quả cho thấy cấu trúc vốn ảnh hưởng đến năng lực cạnh tranh của doanh nghiệp hình chữ U ngược. Đồng thời, DR ảnh hưởng đến HHI dưới dạng hàm hình chữ U trong các sản phẩm công nghiệp, thông tin và viễn thông và hàng tiêu dùng. Trong khi đó, DR ảnh hưởng đến HHI theo hình chữ U ngược trong các lĩnh vực dịch vụ tiêu dùng, nguyên vật liệu và tiện ích cộng đồng. Với kết quả của phân tích này, nghiên cứu cũng cung cấp các thảo luận cũng như các hàm ý chính sách đối với doanh nghiệp sử dụng tối ưu cơ cấu vốn để tạo lợi thế cạnh tranh trên thị trường.
The literature shows little evidence on the effects of the business model upon the volatility of banks in developing and fast growing economies. Hence, this study examines the effects of busi-ness model choice on bank’s stability in ASEAN countries. Using GMM and other robust econo-metric methods on the sample of 99 joint stock commercial banks, we find significant and nega-tive impacts of diversification model in which bank shifts toward non – interest and fee – based activities. We also find that the impacts are different between two groups of countries. For Vi-etnam, Indonesia and the Philippines, the diversification entails negative impacts on the stability while demonstrating positive impacts for Thailand and Malaysia. Upon the findings, we draw policy implications for a more sustainable development in ASEAN banking business.
Effect of social capital on agribusiness diversification intention in the eme...Nghiên Cứu Định Lượng
This is the first study to explore the comprehensive effect of the facets of social capital on behavioral intention through behavioral goals and determinants of the TPB under the premises of the RBV. The findings will help emerging economies, for example, Vietnam, where most farmers are family business owners or microscaled entrepreneurs in agriculture.
factors affecting enterprises' access to formal credit in can tho city, vietnamijtsrd
The objective of the study is to identify factors affecting the formal credit accessibility of enterprises in Can Tho City. Research data were collected using a quota sampling with a sample size of 300 active enterprises. The binary logistic regression was adopted. The study showed that factors influencing the access to formal credit of enterprises are the managers level of education, management experience, operation time, business size, fixed asset, and social capital. In which, the business size is the most powerful factor affecting the formal credit accessibility of enterprises. Nguyen Quoc Nghi | La Nguyen Thuy Dung "Factors Affecting Enterprises' Access to Formal Credit in Can Tho City, Vietnam" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-5 , August 2020, URL: https://www.ijtsrd.com/papers/ijtsrd32911.pdf Paper Url :https://www.ijtsrd.com/economics/finance/32911/factors-affecting-enterprises-access-to-formal-credit-in-can-tho-city-vietnam/nguyen-quoc-nghi
Not only in Vietnam’s bond market, but in the world, green bond is considered to be a useful tool for
the businesses to mobilize capital for the benefits of the environment and society. According to opinions from
experts
Idiosyncratic Effect of Corporate Solvency Management Strategies on Corporate...IOSR Journals
The study identifies and evaluates the association among corporate solvency management strategies and the corporate performance valuation in Chemical industry of Pakistan. The study uses purposive sampling or judgmental sampling for selecting 30 sample companies from the sector; covering 10 years financial statements data ranging from year 2002 to 2011. Balanced panel data is taken for the purpose of study. Levin, Lin & Chu test is used to check the stationarity of data whereas White Test is used to check the heteroskedasticity of data. Panel Least square technique with fixed effects is used to generalize the relationship between studied variables. The study observed that the performance of the chemical sector in terms of market to book value is affected by internal firm and industry specific factors related to solvency management strategic decisions. Findings of the study provide with the overview of historic performance and the potential performance of the selected sector to help policy makers including finance, economics and industry experts for creating value through the idiosyncratic resources.
Bangladesh is one of the fastest growing economies among the countries with similar nature. The country has made a notable progress during the MDG era despite several political and environmental challenges. At the end of MDG a new era has just begun with much more diversified targets called Sustainable Development Goals (SDGs). SDG is a transformative, universal agenda with an overarching imperative of ‘leaving no one behind’ and requires each country to commit to her own agenda and priorities with a monitoring and reporting mechanism. At the same time the SDG also puts massive challenges to all countries to ensure financing and effective implementation by incorporating SDG in to the national policies. This document tries to identify what important role Bangladesh Parliament, as the supreme law making and oversight body of the executives, can play to i) identify national priorities for the country and ii) ensure effective monitoring and implementation of these global targets. The SDG has just begun as well as many analysis and activities of the world community.
Influence of Debt Equity Financing on Growth of Craft Micro Enterprises in Kenyapaperpublications3
Abstract: Craft industry contributes greatly to the economy of a country for it provides income for not only micro enterprises but also small and medium enterprises. The main objective of the study was to determine the influence of debt financing on growth of craft micro enterprises in Kenya, to determine the influence of retained earnings on growth of craft micro enterprises in Kenya. The study covered the soapstone micro enterprises registered by Tabaka Town Council and the woodcarving micro enterprises registered by Wote Town Council. This study adopted descriptive research designs. The target population for the study constituted all the soapstone micro enterprises in Tabaka Town which are registered by Tabaka Town Council, Kisii County, and all the woodcarving micro enterprises of Wamunyu Location, Machakos County, which are registered by Wote Town Council. From this population of 2334 respondents, a sample of 330 respondents was divided proportionately between the two regions according to the proportion of their craft micro enterprises under study, using stratified random sampling. The study gathered data using a semi-structured questionnaire, and the data collected were analyzed by use of descriptive and inferential type of statistics using the Statistical Package for Social Science (SPSS) version 21.The results were then summarized in tables, charts and graphs. The findings of the study revealed that debt financing has a significant influence on the growth of craft microenterprises.
Keywords: Debt, Craft, Equity, Financing, Growth, Microenterprise.
Title: Influence of Debt Equity Financing on Growth of Craft Micro Enterprises in Kenya
Author: Steve Ondieki Nyanamba, Dr. Florence Sigara Memba, Dr. Willy Mwangi Muturi, Electrin Teresa Maswari
ISSN 2349-7807
International Journal of Recent Research in Commerce Economics and Management (IJRRCEM)
Paper Publications
Audit Committee Characteristics and Financial Performance of Deposit Money Ba...AkashSharma618775
The purpose of this study was to assess the predictive power of audit committee features on the financial
performance of listed Deposit Money Banks (DMBs) in Nigeria between 2009 and 2018. Thirteen (13) banks were
used over 10 years making a total of 130 firm year observation. The independent variable was audit committee
size, while the dependent variable was DMB financial performance measured by return on capital employed
(ROCE). The study used an ex-post factor research approach to address the research questions and the nature of
the study data. The study used the panel fixed effect approach (and the estimates were obtained using E-views 9).
The results show that audit committee size does not significantly predict ROCE nor does audit committee financial
skill and frequency of audit committee meetings. None of the independent variables have significant predictive
power on the performance of Deposit Money Banks in Nigeria. Thus, instead of DMBs focusing on expanding the
members of Audit committee, they should instead consider other things that can be done to have an effective audit
committee, such as gender, religion, region, ownership, etc that could possibly influence the performance of banks
in Nigeria.
FACTORS AFFECTING THE COLLABORATION IN SUPPLY CHAIN OF MECHANICAL ENTERPRISES...ijmvsc
In the context of international economic integration, enterprises need to participate in the global supply
chain to take advantage of assets, talents and other capability. Base on the Structure Equation Model (SEM-PLS) using primary data collected from 205 mechanical enterprises in Vietnam, the research result shows that there are nine direct factors affecting the collaboration in supply chain including: (i) trust; (ii) power; (iii) maturity; (iv) frequency; (v) distance; (vi) culture; (vii) strategy; (viii) policy; (ix) commitment. Results of the research give strong evidences for policy makers and enterprises for management the supply chain collaboration in mechanical sector in particular and other sectors in
general as well as its contribution to literature review of supply chain management
Exposure to financial distress in businesses adversely affects the groups related to the business and
the general economic structure. Financial distress, which is one of the most important research topics in the
recent finance literature, has always been important in economies with high cyclical fluctuations such as Turkey
and has turned into an area where intensive studies are carried out
The Workshop on Data4Impact methodology and indicators took place on 24 June 2019 at the premises of the Research Executive Agency in Brussels. The goal of this hands-on, interactive workshop was to gather feedback on the chosen methodology, coverage and latency/timeliness of the developed indicators, to maximise the relevance for all stakeholders involved (particularly for funding agencies and policymakers).
This workshop report summarises the key sessions which took place during the event, including the introduction to Data4Impact, our conceptual framework, and the development of a series of indicators on the performance and societal impact of 40+ research programmes in the health domain. Furthermore, the report summarises the key group/panel discussion outcomes and suggestions for further steps. The list of workshop participants is annexed to the report.
Strengthening Supply Chains for a Sustainable Housing Sector in Nepal : Facto...ijmvsc
EU’s main approach to sustainable housing is promoting green practices/products within the building
construction sectors SCs. EU Switch Asia program financed research conducted in Nepal, 2015, to
understand the organization of SCs, identify factors/barriers affecting SCM and existing relationships, the
reasons to adopt green concepts/approaches and recommend support for SMEs to strengthen the sector’s
management and sustainability. 109 companies, non-probabilistic snowball sampling and semi-closed
questionnaires used in the survey. Conclusions: Companies create SCs to increase customer satisfaction,
maintain long-term sales and retain clients. Size of company influences SCs organisation, SCM and
using/producing green products/services; majority of participants had a person in the company to manage
SC’s and had very good knowledge of SC, SCM and greening issues. SMEs need support with:
information/communication technology, promotion and improvement/development of green
products/services. Government should: increases awareness of green building products/services; develop
financial green incentives and simplify administrative procedures to buy solar products.
Not only in Vietnam’s bond market, but in the world, green bond is considered to be a useful tool for
the businesses to mobilize capital for the benefits of the environment and society. According to opinions from
experts
Idiosyncratic Effect of Corporate Solvency Management Strategies on Corporate...IOSR Journals
The study identifies and evaluates the association among corporate solvency management strategies and the corporate performance valuation in Chemical industry of Pakistan. The study uses purposive sampling or judgmental sampling for selecting 30 sample companies from the sector; covering 10 years financial statements data ranging from year 2002 to 2011. Balanced panel data is taken for the purpose of study. Levin, Lin & Chu test is used to check the stationarity of data whereas White Test is used to check the heteroskedasticity of data. Panel Least square technique with fixed effects is used to generalize the relationship between studied variables. The study observed that the performance of the chemical sector in terms of market to book value is affected by internal firm and industry specific factors related to solvency management strategic decisions. Findings of the study provide with the overview of historic performance and the potential performance of the selected sector to help policy makers including finance, economics and industry experts for creating value through the idiosyncratic resources.
Bangladesh is one of the fastest growing economies among the countries with similar nature. The country has made a notable progress during the MDG era despite several political and environmental challenges. At the end of MDG a new era has just begun with much more diversified targets called Sustainable Development Goals (SDGs). SDG is a transformative, universal agenda with an overarching imperative of ‘leaving no one behind’ and requires each country to commit to her own agenda and priorities with a monitoring and reporting mechanism. At the same time the SDG also puts massive challenges to all countries to ensure financing and effective implementation by incorporating SDG in to the national policies. This document tries to identify what important role Bangladesh Parliament, as the supreme law making and oversight body of the executives, can play to i) identify national priorities for the country and ii) ensure effective monitoring and implementation of these global targets. The SDG has just begun as well as many analysis and activities of the world community.
Influence of Debt Equity Financing on Growth of Craft Micro Enterprises in Kenyapaperpublications3
Abstract: Craft industry contributes greatly to the economy of a country for it provides income for not only micro enterprises but also small and medium enterprises. The main objective of the study was to determine the influence of debt financing on growth of craft micro enterprises in Kenya, to determine the influence of retained earnings on growth of craft micro enterprises in Kenya. The study covered the soapstone micro enterprises registered by Tabaka Town Council and the woodcarving micro enterprises registered by Wote Town Council. This study adopted descriptive research designs. The target population for the study constituted all the soapstone micro enterprises in Tabaka Town which are registered by Tabaka Town Council, Kisii County, and all the woodcarving micro enterprises of Wamunyu Location, Machakos County, which are registered by Wote Town Council. From this population of 2334 respondents, a sample of 330 respondents was divided proportionately between the two regions according to the proportion of their craft micro enterprises under study, using stratified random sampling. The study gathered data using a semi-structured questionnaire, and the data collected were analyzed by use of descriptive and inferential type of statistics using the Statistical Package for Social Science (SPSS) version 21.The results were then summarized in tables, charts and graphs. The findings of the study revealed that debt financing has a significant influence on the growth of craft microenterprises.
Keywords: Debt, Craft, Equity, Financing, Growth, Microenterprise.
Title: Influence of Debt Equity Financing on Growth of Craft Micro Enterprises in Kenya
Author: Steve Ondieki Nyanamba, Dr. Florence Sigara Memba, Dr. Willy Mwangi Muturi, Electrin Teresa Maswari
ISSN 2349-7807
International Journal of Recent Research in Commerce Economics and Management (IJRRCEM)
Paper Publications
Audit Committee Characteristics and Financial Performance of Deposit Money Ba...AkashSharma618775
The purpose of this study was to assess the predictive power of audit committee features on the financial
performance of listed Deposit Money Banks (DMBs) in Nigeria between 2009 and 2018. Thirteen (13) banks were
used over 10 years making a total of 130 firm year observation. The independent variable was audit committee
size, while the dependent variable was DMB financial performance measured by return on capital employed
(ROCE). The study used an ex-post factor research approach to address the research questions and the nature of
the study data. The study used the panel fixed effect approach (and the estimates were obtained using E-views 9).
The results show that audit committee size does not significantly predict ROCE nor does audit committee financial
skill and frequency of audit committee meetings. None of the independent variables have significant predictive
power on the performance of Deposit Money Banks in Nigeria. Thus, instead of DMBs focusing on expanding the
members of Audit committee, they should instead consider other things that can be done to have an effective audit
committee, such as gender, religion, region, ownership, etc that could possibly influence the performance of banks
in Nigeria.
FACTORS AFFECTING THE COLLABORATION IN SUPPLY CHAIN OF MECHANICAL ENTERPRISES...ijmvsc
In the context of international economic integration, enterprises need to participate in the global supply
chain to take advantage of assets, talents and other capability. Base on the Structure Equation Model (SEM-PLS) using primary data collected from 205 mechanical enterprises in Vietnam, the research result shows that there are nine direct factors affecting the collaboration in supply chain including: (i) trust; (ii) power; (iii) maturity; (iv) frequency; (v) distance; (vi) culture; (vii) strategy; (viii) policy; (ix) commitment. Results of the research give strong evidences for policy makers and enterprises for management the supply chain collaboration in mechanical sector in particular and other sectors in
general as well as its contribution to literature review of supply chain management
Exposure to financial distress in businesses adversely affects the groups related to the business and
the general economic structure. Financial distress, which is one of the most important research topics in the
recent finance literature, has always been important in economies with high cyclical fluctuations such as Turkey
and has turned into an area where intensive studies are carried out
The Workshop on Data4Impact methodology and indicators took place on 24 June 2019 at the premises of the Research Executive Agency in Brussels. The goal of this hands-on, interactive workshop was to gather feedback on the chosen methodology, coverage and latency/timeliness of the developed indicators, to maximise the relevance for all stakeholders involved (particularly for funding agencies and policymakers).
This workshop report summarises the key sessions which took place during the event, including the introduction to Data4Impact, our conceptual framework, and the development of a series of indicators on the performance and societal impact of 40+ research programmes in the health domain. Furthermore, the report summarises the key group/panel discussion outcomes and suggestions for further steps. The list of workshop participants is annexed to the report.
Strengthening Supply Chains for a Sustainable Housing Sector in Nepal : Facto...ijmvsc
EU’s main approach to sustainable housing is promoting green practices/products within the building
construction sectors SCs. EU Switch Asia program financed research conducted in Nepal, 2015, to
understand the organization of SCs, identify factors/barriers affecting SCM and existing relationships, the
reasons to adopt green concepts/approaches and recommend support for SMEs to strengthen the sector’s
management and sustainability. 109 companies, non-probabilistic snowball sampling and semi-closed
questionnaires used in the survey. Conclusions: Companies create SCs to increase customer satisfaction,
maintain long-term sales and retain clients. Size of company influences SCs organisation, SCM and
using/producing green products/services; majority of participants had a person in the company to manage
SC’s and had very good knowledge of SC, SCM and greening issues. SMEs need support with:
information/communication technology, promotion and improvement/development of green
products/services. Government should: increases awareness of green building products/services; develop
financial green incentives and simplify administrative procedures to buy solar products.
Social innovation practices in sustainable waste management case study of suc...Ambati Nageswara Rao
This paper aims to understand the role of social enterprise engagement in social innovations that facilitate, promote or challenge the environmental sustainability in Ahmedabad city.
The current study investigates the impact of environmental sustainability government initiatives (ESGI), social platform influence (SPI), environment awareness (EA), and environment consciousness (EC) on green practices (GP). Data were collected using a self-administered survey targeting Gen Z consumers. A total of 354 responses were analyzed using the partial least square structural equational modeling (PLS-SEM). The results reveal that SPI, EA, and EC have a significant positive impact on GP, while ESGI does not affect GP. The study also examines the mediating role of EC and EA in the adoption/implementation of green practices. Further, the moderating influence of gender was also found in the model. The study highlights the importance of SPI and its effect on the green practices of Gen Z, which will guide businesses and marketers in promoting their green initiative.
The current study investigates the impact of environmental sustainability government initiatives (ESGI), social platform influence (SPI), environment awareness (EA), and environment consciousness (EC) on green practices (GP). Data were collected using a self-administered survey targeting Gen Z consumers. A total of 354 responses were analyzed using the partial least square structural equational modeling (PLS-SEM). The results reveal that SPI, EA, and EC have a significant positive impact on GP, while ESGI does not affect GP. The study also examines the mediating role of EC and EA in the adoption/implementation of green practices. Further, the moderating influence of gender was also found in the model. The study highlights the importance of SPI and its effect on the green practices of Gen Z, which will guide businesses and marketers in promoting their green initiative.
Identifying Structures in Social Conversations in NSCLC Patients through the ...IJERA Editor
The exploration of social conversations for addressing patient’s needs is an important analytical task in which
many scholarly publications are contributing to fill the knowledge gap in this area. The main difficulty remains
the inability to turn such contributions into pragmatic processes the pharmaceutical industry can leverage in
order to generate insight from social media data, which can be considered as one of the most challenging source
of information available today due to its sheer volume and noise. This study is based on the work by Scott
Spangler and Jeffrey Kreulen and applies it to identify structure in social media through the extraction of a
topical taxonomy able to capture the latent knowledge in social conversations in health-related sites. The
mechanism for automatically identifying and generating a taxonomy from social conversations is developed and
pressured tested using public data from media sites focused on the needs of cancer patients and their families.
Moreover, a novel method for generating the category’s label and the determination of an optimal number of
categories is presented which extends Scott and Jeffrey’s research in a meaningful way. We assume the reader is
familiar with taxonomies, what they are and how they are used.
Identifying Structures in Social Conversations in NSCLC Patients through the ...IJERA Editor
The exploration of social conversations for addressing patient’s needs is an important analytical task in which
many scholarly publications are contributing to fill the knowledge gap in this area. The main difficulty remains
the inability to turn such contributions into pragmatic processes the pharmaceutical industry can leverage in
order to generate insight from social media data, which can be considered as one of the most challenging source
of information available today due to its sheer volume and noise. This study is based on the work by Scott
Spangler and Jeffrey Kreulen and applies it to identify structure in social media through the extraction of a
topical taxonomy able to capture the latent knowledge in social conversations in health-related sites. The
mechanism for automatically identifying and generating a taxonomy from social conversations is developed and
pressured tested using public data from media sites focused on the needs of cancer patients and their families.
Moreover, a novel method for generating the category’s label and the determination of an optimal number of
categories is presented which extends Scott and Jeffrey’s research in a meaningful way. We assume the reader is
familiar with taxonomies, what they are and how they are used.
Similar to Managerial overconfidence and dividend policy in Vietnamese enterprises (20)
How does hotel employees’ satisfaction with the organization’s COVID-19 respo...Nghiên Cứu Định Lượng
Bài nghiên cứu của thành viên Trung tâm Nghiên cứu Định lượng tham gia trong dự án về Covid-19
This research examines the role of hotel employees’ satisfaction with their organization’s COVID-19 responses in reducing their perceived job insecurity (PJI) and maintaining their job performance (JP). We conducted two studies using an explanatory sequential mixed-methods design. The results indicated that employees’ satisfaction with organization COVID-19 responses (SOCV19R) positively influences JP and moderates (1) the positive association between perceived health risk associated with COVID-19 (PHRCV19) and PJI and (2) the negative link between PJI and JP. Unexpectedly, PHRCV19 was found to positively affect JP, and the moderating effect of SOCV19R on the relationship between PHRCV19 and JP was significant and positive. We also found that PJI has a mediating role in the PHRCV19–JP relationship. This study fills a significant gap in hospitality research by exploring the role of the organization’s crisis responses in tempering the impact of perceived health risk of a global health crisis on hotel employees. Theoretically, this research revealed that employees’ SOCV19R helps raise JP, mitigate the positive influence of PHRCV19 on PJI and the negative impact of PJI on JP, and strengthen the positive effect of PHRCV19 on JP.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
2. Journal of Business Economics and Management, 2020, 21(5): 1486–1507 1487
dou & Skarmeas, 2015). Chen and Chang (2013) argued that green purchasing power forces
business organisations to innovate or change their business strategies. Many food companies
use greenwashing to appear to be environmentally friendly (Nguyen et al., 2019). Parguel
et al. (2011) considered greenwashing as “The act of misleading consumers regarding the
environmental practices of a company or the environmental benefits of a product or service”.
Greenwashing is a well-known way for firms to perform better than their rivals (Parguel
et al., 2011). However, almost all critics have agreed that greenwashing is disadvantageous
for the environment and consumers’ health. For instance, some authors showed the effects of
increase in greenwashing and argued that it can negatively affect the confidence of sharehold-
ers and consumers in green products (Delmas & Burbano, 2011; Guo et al., 2018; Pizzetti
et al., 2019). Additionally, Ramus and Montiel (2005) and Horiuchi et al. (2009) argued that
greenwashing prevents customers from understanding the consequences of their acquisi-
tion behaviour when trying to choose between reliable and non-reliable claims. Dahl (2010)
suggested that greenwashing is not just a marketing ethic. Perceived greenwashing not only
has a negative effect on a company’s base channel (Davis, 1992; Du et al., 2018), but green
marketing is a market with significant effects. Most recently, Wang et al. (2019) demonstrated
the relationship between greenwashing perception of the entire industry and purchase inten-
tion of green products from other brands is negatively moderated by brand attitudes towards
other brands in the industry. As such, greenwashing has become a hot topic because of its
practical importance, increased challenges and research opportunities in different disciplines.
Although previous work has paid attention to issues relevant to greenwashing, few studies
to date have focused on greenwashing in MNCs in developing markets, particularly in Asia.
The studies of Zhu et al. (2008), Du (2015) and Sun and Zhang (2019) in case of China and
Nelson and Robertson (2010) in case of Brazil are typical examples, while almost all other
studies have been conducted in Europe or North America. Therefore, this paper attempts to
answer the following research questions:
1) What are the conceptual definitions of greenwashing and their evolution over time?
2) What is the taxonomy of greenwashing?
3) How does greenwashing affect behaviour?
4) How to understand and mitigate the causes of greenwashing by MNCs in host develop-
ing markets, particularly in Asia?
To this end, the paper is organised as follows. Section 1 presents the methodology. Sec-
tion 2 highlights the latest definitions and the taxonomy of greenwashing. Section 3 describes
greenwashing focusing on MNCs’ behaviours. Finally, last Section makes conclusions and
directions for future research.
1. Methodology
1.1. Systematic literature review (SLR) method
This paper used a structured literature review, defined as a systematic, explicit and reproduc-
ible design for identifying, evaluating and interpreting the current body of recorded docu-
ments (Fink, 2010). A systematic review is an appropriate way to collect a large amount of
information (Rodgers et al., 2009) by narrowing down the literature to a particular research
3. 1488 Z. Yang et al. Greenwashing behaviours: causes, taxonomy and consequences based on a systematic...
question. This approach enables reviewers to gain more insight and an in-depth understand-
ing of a topic compared with automatic filtering (Centobelli et al., 2017). Practically, the
following steps were conducted:
Step 1: Material collection: identify a list of scientific journals. A literature search was
conducted using keywords and established bibliographic database systems.
Step 2: Descriptive analysis: assess the different aspects of the materials, e.g., the distribu-
tion over time.
Step 3: Material evaluation: analyse the sample of studies by category. Identify the main
issues, results and discussion on directions for future research.
1.2. Choice of suitable databases and search strategy
The literature review was performed with articles published in peer-reviewed journals dur-
ing 2000–2020 period from the ScienceDirect, Emerald Insight, SpringerLink and Web of
Science databases. The first search used the term “greenwashing” as a keyword, returning
1,203 articles. Subsequently, it was narrowed down by type of “article” using “greenwashing”
keyword, returning 669 articles. Duplicate articles from the databases were ignored. Finally,
using advanced search in keywords, article topics, titles and abstracts, 67 potentially relevant
articles were obtained when searching for full-text articles. They were carefully analysed and
included in the systematic review report analysis. Table 1 shows the search options and the
results returned for each database examined.
Table 1. Search options and returned results for each database examined
Search options
Databases
By keyword
“greenwashing”
1. By keyword
“greenwashing”
2. Document type:
Article
1. By keyword “greenwashing”
2. Document type: Article
3. Advanced search: Article topics,
titles, abstracts and keywords
ScienceDirect 635 451 18
Emerald Insight 106 58 6
SpringerLink 409 126 7
Web of Science 53 34 36
Total 1,203 669 67
1.3. Characteristics of the studies
In this step, 67 academic articles were selected and carefully categorised by keyword search.
Subsequently, the researcher conducted a descriptive analysis to assess the different aspects
of the materials. Specifically, concept development and conceptual analysis were evaluated,
while focusing on the quantitative methods used in empirical research. The last step was to
analyse the sample to identify key issues, empirical methods, results and discussion of re-
search directions in the future. Table 2 shows the number and sources of the retrieved articles
and Figure 1 illustrates the progression of the number of studies during the study period.
4. Journal of Business Economics and Management, 2020, 21(5): 1486–1507 1489
Table 2 reports the journals titles in which articles reviewed were published. As shown,
the Journal of Business Ethics published the most studies on greenwashing, followed by the
Journal of Cleaner Production. The 67 articles retrieved were published in 38 journals.
Table 2. Number of retrieved articles
Journal title Quantity
Business Horizons 1
California Management Review 1
Corporate Governance: The International Journal of Business in Society 1
Development 1
Energy Policy 1
Environment and Planning 1
Environmental and Resource Economics 2
Environmental Health Perspectives 1
Environmental History 1
Environmental Sciences Europe 1
Global Environmental Change 1
Industrial and Commercial Training 1
International Journal of Contemporary Hospitality Management 1
International Journal of Global Environmental Issues 1
International Journal of Hospitality Management 2
International Political Sociology 1
Journal of Global Responsibility 1
Journal of Business Ethics 16
Journal of Business Research 1
Journal of Cleaner Production 8
Journal of Economics and Management Strategy 1
Journal of Environmental Economics and Management 1
Figure 1. Progression of the number of articles or studies during our study period
0
2
4
6
8
10
12
5. 1490 Z. Yang et al. Greenwashing behaviours: causes, taxonomy and consequences based on a systematic...
Journal title Quantity
Journal of European Public Policy 1
Journal of Organizational Change Management 1
Journal of Regulatory Economics 2
Journal of Sustainable Tourism 1
Marine Policy 1
Marketing Intelligence and Planning 3
Meditari Accountancy Research 1
Organization and Environment 3
Organization Science 1
Portland International Conference on Management of Engineering and Technology 1
Quality and Quantity 1
Research in International Business and Finance 1
Review of Agricultural Economics 1
Social Responsibility Journal 1
Sustainability 1
Tourism Management 1
Total 67
Previous researchers reviewed and analysed articles published until 2000. There was no
study in our databases in the following four years: 2001, 2002, 2005 and 2006. In 2010, the
number of articles started to increase, reaching the maximum number of 10 articles in 2017.
Figure 2 shows the different countries involved. We found that various authors conducted
an investigation in Western, United States and multiple countries, but few studies focused
on emerging Asian economies.
Table 3 provides a summary of the topic and related description of the articles. One third
focused on the perceived importance of marketing. They discussed the relationship between
greenwashing and a variety of specific topics as green confidence, brand image, eco-labels,
green brand loyalty, green scepticism and green word-of-mouth (Ulusoy & Barretta, 2016;
Lin et al., 2017; Zhang et al., 2018; Nguyen et al., 2019). Public policies and environmental
Figure 2. Countries studied and number of articles on greenwashing
End of Table 2
0
5
10
15
20
25
6. Journal of Business Economics and Management, 2020, 21(5): 1486–1507 1491
management were the second major topic. Most discussions focused on greenwashing in
corporate environmentalism practices and the issue of politics (Luke, 2008; Coates et al.,
2011; Harris, 2015; Alons, 2017; Sun & Zhang, 2019). Besides, a variety of other topics were
examined as corporate communication, environmental issues, corporate social responsibil-
ity (CSR), accounting and finance, business ethics and education (Ackers, 2009; Jones, 2012;
Ariztía et al., 2014; Kim & Lyon, 2015; Rahman et al., 2015; Du et al., 2018; Uyar et al., 2020;
Yu et al., 2020).
Table 3. Summary of identified topics and related description
Area of study
Number of
articles
Authors Related description
Marketing 23 Lim (2011), Delmas and Burbano
(2011), Chen and Chang (2013),
Chan (2013), Smith and Font (2014),
Chen et al. (2014), Nyilasy et al.
(2014), Leonidou and Skarmeas
(2015), Lyon and Montgomery
(2015), Ulusoy and Barretta (2016),
Blome et al. (2017), Siano et al.
(2017), Chen et al. (2017), Lin et al.
(2017), Brécard (2017), Guo et al.
(2018), Zhang et al. (2018), Akturan
(2018), Pizzetti et al. (2019), Chen
et al. (2019), Nguyen et al. (2019),
Wang et al. (2019), De Freitas Netto
et al. (2020)
The relationship between
greenwashing and a
variety of specific topics,
such as green confidence,
brand image, eco-labels,
green brand loyalty, green
skepticism, green word-of-
mouth, green purchasing
intention and in the supply-
chain
Corporate
commu
nication
8 Kim and Lyon (2011), Parguel et al.
(2011), Walker and Wan (2012), Lyon
and Montgomery (2013), Bowen and
Aragon-Correa (2014), Kim and Lyon
(2015), Du (2015), Yu et al. (2020)
Corporate environmental
practices and sustainability
disclosure
Public
policies and
environmental
management
14 Kirchhoff (2000), Cliath (2007), Luke
(2008), Solomon and Rhianon Pel
Edgley (2008), Coates et al. (2011),
Matisoff (2012), Matejek and Gössling
(2014), Berrone et al. (2015), Harris
(2015), Guo et al. (2017), Ramesh and
Rai (2017), Alons (2017), Testa et al.
(2018), Sun and Zhang (2019)
The issue of politics and
environmental actions, the
government regulation of
companies’ greenwashing
behaviours
Environmental
issues
7 Lightfoot and Burchell (2004), Nelson
and Robertson (2010), Stephenson
et al. (2012), Mccrory and Langvardt
(2012), Gamper-Rabindran and
Finger (2013), Geerts (2014), Rahman
et al. (2015)
Sustainable development and
greenwashing actions
Corporate
social
responsibility
8 Hamann and Kapelus (2004), Ackers
(2009), Holme (2010), Font et al.
(2012), Roulet and Touboul (2015),
Wang and Sarkis (2017), Gosselt et al.
(2017), Uyar et al. (2020)
Corporate sustainability and
ethics issue
7. 1492 Z. Yang et al. Greenwashing behaviours: causes, taxonomy and consequences based on a systematic...
Area of study
Number of
articles
Authors Related description
Accounting
and finance
4 Laufer (2003), Relaño (2011), Lyon
and Maxwell (2011), Du et al. (2018)
Financial greenwashing and
corporate environmental
performance
Business ethics 2 Dahl (2010), Ariztía et al. (2014) The effect of greenwashing
on marketing ethics
Education and
sustainable
development
1 Jones (2012) Sustainable universities’
greenwashing behaviour
2. Definitions and taxonomy of greenwashing
2.1. Definitions
The term “greenwashing” was coined by New York environmentalist Jay Westervelt in 1986
(Romero, 2008). Few authors subsequently referred to greenwashing and the term only be-
came popular after 1996 when the concept was introduced in a book on environmental mar-
keting (Greer & Bruno, 1996). Then, the literature on this issue has significantly increased.
Some scholars have derived this term from the Oxford English Dictionary as ‘disinformation
disseminated by an organisation so as to present an environmentally responsible public image
(Ramus & Montiel, 2005; Gillespie, 2008; Mitchell & Ramey, 2011; Wang & Sarkis, 2017).
The general use of the term, and even the academic debate about it, seems to be broad and
vague. International scholars and experts have found different definitions of greenwashing in
different fields. To facilitate this interdisciplinary debate, Table 4 presents some main defini-
tions of greenwashing. Delmas and Burbano (2011) defined the term as poor environmental
performance and positive communication about environmental performance. This definition
assumes that it is possible to summarise a firm’s environmental performance and to classify
it as negative or positive. Similarly, a firm’s communication can be summarised as positive
or negative. Lyon and Maxwell (2011) proposed a clearer explanation, suggesting that green-
washing refers to the selective disclosure of positive information about a company’s social or
environmental actions, without a complete negative revelation, to produce an overly positive
corporate image. However, this understanding is strictly related to the ‘hard’ disclosure of
confirmable information on environmental performance and ignores phenomena such as
image advertising, visual imagery and vague claims. Walker and Wan (2012) defined green-
washing as a gap between “symbolic” and “substantive” corporate social actions. Management
scholars have for long contrasted different forms of corporation social actions: to respond to
institutional pressure, firms can substantively comply with imposed norms, or pretend to do
so. Other academics have used the definition proposed by Greenpeace, defining greenwash-
ing as “the act of misleading consumers regarding the environmental practices of a company
or the environmental benefits of a product or service” (Romero, 2008). Mitchell and Ramey
(2011) indicated that the “act” of greenwashing must be deliberate. Thus, greenwashing is
an intentional deceit (Nyilasy et al., 2014). Bowen and Aragon-Correa (2014) considered
End of Table 3
8. Journal of Business Economics and Management, 2020, 21(5): 1486–1507 1493
greenwashing as “a specific subset of symbolic corporate environmentalism in which the
changes are both ‘merely symbolic’ and deliberately so”. A new challenge is to go beyond cur-
rent conceptions of greenwashing to analyse environmentally symbolic corporations (Rivera
et al., 2014; Roulet & Touboul, 2015). Previous studies have often assumed that greenwashing
involves aspects such as information disclosure decision that are deliberate and initiated by
companies and beneficial for them, but costly to society. This understanding is useful as it
helps researchers model and measure greenwashing in empirical studies (Lyon & Maxwell,
2011; Barrage et al., 2014; Du, 2015).
Table 4. Some main definitions
Definitions Authors Year
“Selective disclosure of positive information about a company’s
environmental or social performance without full disclosure of
negative information on these dimensions, so as to create an overly
positive corporate image”.
Lyon and
Maxwell
2011, p. 9
“The act of misleading consumers regarding the environmental
practices of a company or the environmental benefits of a product or
service”.
Parguel et al.,
Chen and
Chang
2011, p.15
2013, p. 489
“Poor environmental performance and positive communication about
environmental performance”.
Delmas and
Burbano
2011, p. 65
“Symbolic information emanating from within an organization
without substantive actions”.
Walker and
Wan
2012, p. 231
“A specific subset of symbolic corporate environmentalism in which
the changes are both ‘merely symbolic’ and deliberately so”.
Bowen and
Aragon-
Correa
2014, p. 3
2.2. The taxonomy of greenwashing
Besides four known types of greenwashing (firm-level executional, firm-level claim, product-
level executional, and product-level claim) (De Freitas Netto et al., 2020), this paper identi-
fied six types of greenwashing, using academic work as examples. There is no confirmation
that the provided list is complete, as previous studies are not developed enough to ensure
all variations are recognised. In addition, the list appears to be mutually exclusive because
the content of the report published annually by a firm can contain selective disclosure of
confirmable information, a story and pictures. Nevertheless, these types of greenwashing are
theoretically different.
2.2.1. Selective disclosure
This type of greenwashing has been the most studied in greenwashing research. Surpris-
ingly, the conflicting outcomes are mainly due to the way a firm discloses information (Font
et al., 2012; Zhang et al., 2018; Nguyen et al., 2019; Wang et al., 2019). Corporations with
poor environmental performance based on toxic emissions tended to disclosure at higher
levels (Patten, 2002). In contrast, few authors indicated that firms disclosed more if they had
better environmental performance (Clarkson et al., 2008; Du et al., 2018; Uyar et al., 2020).
9. 1494 Z. Yang et al. Greenwashing behaviours: causes, taxonomy and consequences based on a systematic...
Philippe and Durand (2011) concluded that a firm’s reputation improved immediately after
the publication of a sustainability report, even though it did not come into effect in practice,
except in case of environmentally friendly firms whose reputation might be improved if
substantial improvements were reported (Philippe & Durand, 2011). Kim and Lyon (2011)
pointed out that a firm’s emissions disclosure was a type of greenwashing, as corporations
did not disclose a decrease in their carbon footprint, while they usually disclosed an increase
in their carbon footprint.
2.2.2. Decoupling
Meyer and Rowan (1977) extended these early studies by conceptualising a more institutional
account of decoupling. Decoupling occurs when companies claim to meet the expectations
of their shareholders, without really changing their practices. It usually happens when an
organisation encourages ambitious justifiable projects without the support of sufficient sus-
tainable units or sufficient funds to achieve the desired corporate objectives (Meyer & Rowan,
1977; Bromley & Powell, 2012; Ariztía et al., 2014). Therefore, greenwashing is a decoupling
strategy to achieve legitimacy and indicate compliance without strictly conforming (Delmas
& Burbano, 2011; Berrone et al., 2015). In addition, in recent studies, Guo et al. (2017) sug-
gested that the term “decoupling” comes from organisational theory.
2.2.3. Attention deflection
Attention deflection refers to symbolic activities designed to deflect the attention of stake-
holders to hide corrupt business actions (Brown & Dacin, 1997; Lightfoot & Burchell, 2004;
Marquis & Toffel, 2012; Guo et al., 2018). It involves various communication strategies that
include selective and incorrect disclosure (Cho & Patten, 2007; Lyon & Maxwell, 2011; Mc-
crory & Langvardt, 2012; Geerts, 2014), as unfinished assessments or vague and incorrect
statements (TerraChoice, 2009). In addition, another method of diverting attention in CSR
communication is undefined disclosure, which occurs when corporations highlight the im-
portance of a product, without explanation (Snyder, 1989; Relaño, 2011; Gamper-Rabindran
& Finger, 2013) or in the absence of detailed information and trustworthy accreditations,
approved by a third party (Matejek & Gössling, 2014; Yu et al., 2020).
2.2.4. Deceptive manipulation
The fourth type of greenwashing is also called deceptive handling. It implies misleading con-
duct in which sustainable communication creates a deliberate operation of business practices
to promote the perception that a firm’s products, aims and/or policies are environmentally
friendly (Blome et al., 2017; Siano et al., 2017; Pizzetti et al., 2019).
2.2.5. Dubious authorisations and labels
Authorisation to external parties that define standards is usually considered as greenwashing,
replacing the trustworthiness of a third-party authoriser with a firm’s own rights. However,
while authorisations at the product and company levels are designed to control greenwash-
ing, they cannot prevent the phenomenon themselves. Firms lobby for the introduction of
a third-party eco-labelling system or stricter labelling rules (Smart, 1992). One possible
10. Journal of Business Economics and Management, 2020, 21(5): 1486–1507 1495
problem is that eco-labels can be susceptible to fraud by dishonest manufacturers (Hamilton
& Zilberman, 2006; Stephenson et al., 2012; Chan, 2013; Nguyen et al., 2019). Therefore, un-
der certain conditions, the environmental authorisations of companies can take the form of
greenwashing (Kirchhoff, 2000; Brécard, 2017; Lin et al., 2017; De Freitas Netto et al., 2020).
2.2.6. Inefficient public voluntary programmes
Companies contribute to government-funded voluntary programmes for many reasons, but
their contribution alone cannot bring about environmental improvements (Hamann & Kape-
lus, 2004; Matisoff, 2012; Smith & Font, 2014). For example, early contributors to the Energy
Policy Act of the Climate Leaders programme reduced their carbon 19 footprint more than
non-contributors, but those who joined later did not (Delmas & Montes-Sancho, 2010). This
suggests that those who joined later contributed in the form of greenwashing. The efficiency
of public voluntary programmes depends on strict regulations and the imposition of fines on
newcomers who do not comply with the standards (Henriques et al., 2013).
3. Greenwashing behaviours
3.1. Causes of greenwashing
State-owned enterprises (SOEs), private firms and MNCs are three types of businesses op-
erating in emerging markets, as shown in Figure 3. Among them, the role of MNCs is very
important as being partners in investment capital and technology transfer. The overall effect
of MNCs on emerging markets has been overwhelmingly positive, despite the persistence of
policies with negative or unintended consequences.
One of the main positive effects of MNCs on host markets is to improve living standard,
benefitting to consumers by lowering prices, increasing product quality and expanding selec-
tion range. Additionally, MNCs have a significant effect on domestic firms’ business practices
and help developing economies to participate in the globalisation process. However, their
behaviours represent an implicit threat of greenwashing, as external environmental factors
are not strong enough to deal with. Greenwashing is currently increasing around the world,
raising the question of how to mitigate this negative trend. To this end, we should examine
three main causes of greenwashing.
3.1.1. Governmental policies
In recent years, environmental safety rules have been put in place. However, environmental
regulations are not well applied (Du, 2015) and many firms misuse greenwashing to look
environmentally friendly. Government rules related to environment may contain governance
strategies and principles that range from strategic facts involving environmental specialists
(Zhu et al., 2008; Walls & Hoffman, 2013) to operational issues, as the integration of environ-
mental accounting, management systems, green supply chains (Henri & Journeault, 2010),
the government punishment and government tax subsidy mechanisms (Sun & Zhang, 2019).
Companies can apply these government mechanisms for many reasons, including meeting
environmental regulatory requirements, exceeding competitive benchmarks and improving
11. 1496 Z. Yang et al. Greenwashing behaviours: causes, taxonomy and consequences based on a systematic...
the company’s reputation (Holme, 2010; Archel et al., 2011; Contrafatto, 2014). Nevertheless,
these authorised resource allocations cannot guarantee the development of more environ-
mentally friendly products (Christmann & Taylor, 2006; Boiral & Henri, 2012). The govern-
ment plays a major role in business operations. The extent of this role varies from country to
country and industry to industry. In host emerging markets, there are restricted regulations
on greenwashing but uncertain implementation. Therefore, MNCs can use greenwashing if
their operations are governed by profit maximisation.
3.1.2. Competitive pressure
In fact, many firms apply greenwashing to project an environmentally friendly reputation
or/and image. Therefore, greenwashing is a general technique that allows institutions to get
ahead of their opponents (Parguel et al., 2011). Firms often interact with their rivals in prod-
uct market to win over consumers and increase their market share or even fight for their
survival (Testa et al., 2018). The behaviour of a firm is affected by competitive pressure via
certain channels through actions undertaken by other firms to reach the same group of con-
sumers in the market. Greenwashing is a phenomenon linked to scandals that often occur at
the supply-chain level (Pizzetti et al., 2019). Remarkably, MNCs often face lower competitive
pressure when operating in host emerging markets in the early stage for following reasons.
Figure 3. The sources of greenwashing
Business
ethics
Social
responsibility
Honesty
Truth
Never
misleading
Follow
the law
Good
behaviour
MNCs
Private
firms
SOEs
Greenwashing
External marketing
environment
Micro
– Market
– Industry
– Competitors
– Suppliers
– Government policies
specific to businesses
Macro
– Technology
– Culture
– Economy
– Politics
– Nature
– Demography
– Government policies
– Other
12. Journal of Business Economics and Management, 2020, 21(5): 1486–1507 1497
First, host countries open their markets to welcome foreign investors to solve the shortage of
domestic investments. Second, MNCs have great comparative advantages over domestic firms
in terms of technology, capital investment, labour quality and management skills.
3.1.3. Market opportunities
Market opportunities are identified by a new demand that a firm can meet, as it is not sup-
plied by competitors. MNCs have great market opportunities as they often produce products
that either serve a new market or respond to a growing demand from domestic market seg-
ment that is not satisfied by others. Due to growing concern over global warming, customers
have become more environmentally aware (Lu et al., 2008; Chen & Chang, 2012). Corpora-
tions use greenwashing to attract green consumers and increase positive word-of-mouth
(Laufer, 2003; Parguel et al., 2011). Greenwashing has become common for corporations to
take advantage of these market opportunities (Horiuchi et al., 2009).
In summary, Figure 3 illustrates the causes of greenwashing used by three types of corpo-
rations in host emerging markets. As discussed above, the business environment of MNCs is
characterised by clear market opportunities, low competitive pressure and restricted regula-
tions on greenwashing. In other words, MNCs do not strictly adhere to the six sins of busi-
ness ethics, leading to greenwashing. If this is the case, the disadvantages will not only fall
on consumers, but also on society as a whole, and MNCs will benefit from greenwashing in
an unfair way. The following sections further analyse the consequences of greenwashing on
different market players.
3.2. Consequences of greenwashing
If corporations practise CSR, it will increase their attractiveness to specific stakeholders,
leading to positive consumer orientation and purchase intentions (Jamali & Karam, 2018).
However, corporate greenwashing, especially that of MNCs, has a negative effect not only
on consumers, but also on potential stakeholders. However, the effect on stakeholders is
more complex because there are two types of stakeholders, namely existing and potential
stakeholders. For existing stakeholders, greenwashing will have a positive effect through
additional profits (Solomon & Rhianon Pel Edgley, 2008). But in this case, greenwashing
negatively affects society as a whole, which is demonstrated by the deadweight loss in
welfare economics. The second group consists of determined potential stakeholders, as
investors who wish to participate in the production of real green products and the imple-
mentation of CSR. Greenwashing prevents potential stakeholders from investing in a firm
that produces environmentally friendly products. After greenwashing, brand trust between
green brands and their stakeholders can suffer a great deal of damage (Guo et al., 2018). If
greenwashing is not prevented in time, its consequences become extreme in the long term,
as fewer investors or stakeholders are willing to invest in production of green products for
a market. In turn, it encourages firms to engage in harmful behaviours. This means that
behaviours have negative externalities and thus negatively affect social welfare. The paper
outlines the consequences of greenwashing for consumers, corporations, stakeholders and
society in details hereafter.
13. 1498 Z. Yang et al. Greenwashing behaviours: causes, taxonomy and consequences based on a systematic...
3.2.1. Consumers
Greenwashing has become commonplace among firms, with a strong negative effect on con-
sumers of green products (Delmas & Burbano, 2011; Lim, 2011). Greenwashing behaviour of
one brand even negatively affects consumers’ purchase intention of the green products from
other brands in the industry (Wang et al., 2019). First, greenwashing leads to information
overload, making it difficult for customers to evaluate products (Walsh et al., 2007; Gosselt
et al., 2017). Second, consumers may behave in a dubious way as they realise the difference
between a firm’s performance and its green advertising (Nyilasy et al., 2014). Consumers may
negatively understand the reasons behind a company’s secret motives (Cliath, 2007). There-
fore, consumers are becoming increasingly sceptical about companies taking advantage of the
environmental trend (Pomering & Johnson, 2009; Nguyen et al., 2019). Finally, Nyilasy et al.
(2014) argued that greenwashing is not just a moral issue. Consumers have some knowledge
of greenwashing, which significantly affects their brand attitude, green branding equity and
buying intent (Akturan, 2018; Zhang et al., 2018; Nguyen et al., 2019).
3.2.2. Corporations
Corporations often benefit from greenwashing. Under the cumulative pressure of sharehold-
ers and environmentalists, some corporations adopt greenwashing behaviour to develop an
environmentally friendly image and/or reputation. However, greenwashing can change the
role of corporate performance in the environmental inspection process as well as the associa-
tion between CSR performance and CSR reporting (Uyar et al., 2020). Therefore, greenwash-
ing behaviours may lead workers to lose confidence in their company based of unconfirmed
claims, making them nervous as indisposed participants (Walker & Wan, 2012). Further-
more, it can lead to a loss of confidence among consumers, investors and non-governmental
organisations (Painter-Morland, 2006; Jahdi & Acikdilli, 2009; Lyon & Montgomery, 2015).
Greenwashing produces a crisis of belief and can even result in a loss of brand equity (Guo
Figure 4. The consequences of greenwashing
Greenwasher Greenwashing
Existing
Stakeholders
(+)
Consumers
(-)
Society
(-)
Potential
Stakeholders
(-)
14. Journal of Business Economics and Management, 2020, 21(5): 1486–1507 1499
et al., 2017). Greenwashing is an obstacle to expanding green marketing approaches, also
negatively associated with green brand image, green satisfaction and green brand equity
(Chen et al., 2017).
3.2.3. Stakeholders
Greenwashing has become a common practice in the circumstance of marketing and cor-
porate communication strategies, in order to fulfil the promises made to stakeholders and
meet their expectations (Delmas & Burbano, 2011; Seele & Gatti, 2015; Guo et al., 2018).
First, greenwashing is tactical in the way of misinforming shareholders about the real social
performance of a company. This strategy can activate stakeholder support, but with little
investment in corporate social actions (Husted & Allen, 2009). Stakeholders often lack suf-
ficient information to assess the environmental footprint of different companies (Busch &
Hoffmann, 2009; Lyon & Maxwell, 2011; Pizzetti et al., 2019). Second, investors and the
community rely on advertising, but greenwashing behaviours betray their belief. Addition-
ally, other corporations may lose confidence in a greenwashing firm (King & Lenox, 2000),
reducing their likelihood of cooperating and exchanging resources with this firm. By forming
a partnership with a greenwashing company, they may fear being identified as greenwash-
ers themselves, further increasing their desire to avoid this company. The outcome is that
greenwashing endangers investor confidence and provokes negative market feedback. Finally,
if the environmental, social, and governance information disclosed by firms is not reliable,
a firm’s greenwashing behaviour can be a barrier to integrating the environmental, social,
and governance factors into investment decisions (Yu et al., 2020). The effect of greenwash-
ing on the relationships with these stakeholders will eventually lead to a decline in financial
performance, detrimental to investment (Pizzetti et al., 2019).
3.2.4. Society
Greenwashing can undermine confidence in a firm’s environmental effects (Hsu, 2011). Some
studies suggested that exposure to greenwashing can lead to increased consumer cynicism
and mistrust (Jahdi & Acikdilli, 2009; Chen et al., 2019; Nguyen et al., 2019). Parguel et al.
(2011) argued that exposure also confuses consumers about a firm’s claims and its motives
for making such claims. Figure 4 indicates that greenwashing negatively affects consumer
benefits while increasing shareholders’ interest in most cases. Even if shareholder benefits
outweigh the loss of consumers, the benefits of society as a whole will be reduced, which can
clearly be seen from the perspective of resource allocation and social welfare (Ramesh & Rai,
2017). This further demonstrates that regulators need to intervene to mitigate the negative
consequences of greenwashing for society as a whole (Sun & Zhang, 2019; Yu et al., 2020;
Uyar et al., 2020).
Discussion
Due to the contradictions between environmental protection and profit maximization, many
companies use greenwashing to appear to be environmentally friendly. This paper argues
15. 1500 Z. Yang et al. Greenwashing behaviours: causes, taxonomy and consequences based on a systematic...
that the definitions of greenwashing given by Lyon and Maxwell (2011) and Parguel et al.
(2011) are the most relevant to what is happening in emerging Asian economies. Among six
sins of greenwashing, selective disclosure seems to be a preferred way to describe MNCs’
greenwashing in host emerging market. Thus, this broad view of greenwashing encourages
further discussion of this phenomenon in these countries.
This article pays special attention on analyzing the causes and consequences of gre-
enwashing among MNCs in host developing markets, particularly in Asia. With regard
to the causes of greenwashing, while the effects of MNCs on emerging markets has been
overwhelmingly positive, their behaviours represent an implicit threat of greenwashing,
as external environmental factors are not strong enough to deal with. The clear market
opportunities, low competitive pressure and restricted regulations lead to greenwashing
is currently increasing around the world. This is increasingly severe problem needs to
be solved urgently. Further, the recent of Volkswagen scandal and a phenomenon that is
linked to scandals that often occur at the supply-chain level, suggesting that greenwashing
behaviour is very subtle and diffused (Siano et al., 2017; Pizzetti et al., 2019; Wang et al.,
2019). In this circumstance, a more effort need to study the causes of greenwashing and its
different steps. Concerning the consequences of greenwashing, some aspects have not been
dealt with and should be deepened. The effect of greenwashing behaviours on stakeholders
is more complex because there are existing and potential stakeholders, and stakeholders
at all the supply-chain level. This review highlights that future research should be deeply
understanding about the consequences of greenwashing in various industries from differ-
ence aspects.
Conclusions
The paper identifies the risk of greenwashing by MNCs in host emerging markets, partic-
ularly in Asia. Greenwashing can occur immediately when MNCs do not strictly follow
business ethics because of the immature legal framework in host countries. The business
environment of Asian host economies is characterised by clear market opportunities and
low competitive pressure, especially in the early stage of industrialization. This is the time
when greenwashing is most likely to appear. Greenwashing always hurts society’s benefits,
even if it brings significant interests to existing stakeholders. In this case, the main role of the
government or authorities is to protect customers. Therefore, the paper emphasised on the
decisive role of micro and macro policies and/or regulations made by host governments and
their strict implementation by the competent authorities in practice to mitigate the negative
consequences of greenwashing.
Similar to others, this paper has some limitations. We analysed many social science ar-
ticles based on developed Western countries. This limitation provides an opportunity to ex-
tend research to developing countries in the world and in Asia where greenwashing is likely
to appear, especially in the early phase of industrialization. Certainly, this important work
should be pursued by researchers in the future.
16. Journal of Business Economics and Management, 2020, 21(5): 1486–1507 1501
References
Ackers, B. (2009). Corporate social responsibility assurance: How do South African publicly listed compa-
nies compare? Meditari Accountancy Research, 17, 1–17. https://doi.org/10.1108/10222529200900009
Akturan, U. (2018) How does greenwashing affect green branding equity and purchase intention? An
empirical research. Marketing Intelligence & Planning, 36, 809–824.
https://doi.org/10.1108/MIP-12-2017-0339
Alons, G. (2017). Environmental policy integration in the EU’s common agricultural policy: Greening
or greenwashing? Journal of European Public Policy, 24(11), 1604–1622.
https://doi.org/10.1080/13501763.2017.1334085
Archel, P., Husillos, J., & Spence, C. (2011). The institutionalisation of unaccountability: Loading the
dice of Corporate Social Responsibility discourse. Accounting Organizations & Society, 36, 327–343.
https://doi.org/10.1016/j.aos.2011.06.003
Ariztía, T., Kleine, D., Brightwell, M. D. G. S. L., Agloni, N., Afonso, R., & Bartholo, R. (2014). Ethical
consumption in Brazil and Chile: institutional contexts anddevelopment trajectories. Journal of
Cleaner Production, 63, 84–92. https://doi.org/10.1016/j.jclepro.2013.04.040
Barrage, L., Chyn, E., & Hastings, J. (2014). Advertising, reputation, and environmental stewardship:
Evidence from the BP oil spill. Social Science Electronic Publishing. https://doi.org/10.3386/w19838
Berrone, P., Fosfuri, A., & Gelabert, L. (2015). Does greenwashing pay off? Understanding the relation-
ship between environmental actions and environmental legitimacy. Journal of Business Ethics, 144,
1–17. https://doi.org/10.1007/s10551-015-2816-9
Blome, C., Kai, F., & Schleper, M. C. (2017). Antecedents of green supplier championing and green-
washing: An empirical study on leadership and ethical incentives. Journal of Cleaner Production,
152, 339–350. https://doi.org/10.1016/j.jclepro.2017.03.052
Boiral, O., & Henri, J. F. (2012). Modelling the impact of ISO 14001 on environmental performance: a
comparative approach. Journal of Environmental Management, 99, 84–97.
https://doi.org/10.1016/j.jenvman.2012.01.007
Bowen, F., & Aragon-Correa, J. A. (2014). Greenwashing in corporate environmentalism research and
practice: The importance of what we say and do. Organization & Environment, 27, 107–112.
https://doi.org/10.1177/1086026614537078
Brécard, D. (2017). Consumer misperception of eco-labels, green market structure and welfare. Journal
of Regulatory Economics, 51, 340–364. https://doi.org/10.1007/s11149-017-9328-8
Bromley, P.,& Powell, W. W. (2012). From smoke and mirrors to walking the talk: Decoupling in the
contemporary world. Academy of Management Annals, 6, 483–530.
https://doi.org/10.5465/19416520.2012.684462
Brown, T. J., & Dacin, P. A. (1997). The company and the product: Corporate associations and consum-
er product responses. Journal of Marketing, 61, 68–84. https://doi.org/10.1177/002224299706100106
Busch, T., & Hoffmann, V. H. (2009). Ecology-driven real options: An investment framework for incor-
porating uncertainties in the context of the natural environment. Journal of Business Ethics, 90(2),
295–310. https://doi.org/10.1007/s10551-009-0043-y
Centobelli, P., Cerchione, R., & Esposito, E. (2017). Environmental sustainability in the service industry
of transportation and logistics service providers: Systematic literature review and research direc-
tions. Transportation Research Part D Transport & Environment, 53, 454–470.
https://doi.org/10.1016/j.trd.2017.04.032
Chan, E. S. W. (2013). Managing green marketing: Hong Kong hotel managers’ perspective. Interna-
tional Journal of Hospitality Management, 34, 442–461. https://doi.org/10.1016/j.ijhm.2012.12.007
17. 1502 Z. Yang et al. Greenwashing behaviours: causes, taxonomy and consequences based on a systematic...
Chen, H., Bernard, S., & Rahman, I. (2019). Greenwashing in hotels: A structural model of trust and
behavioral intentions. Journal of Cleaner Production, 206, 326–335.
https://doi.org/10.1016/j.jclepro.2018.09.168
Chen, Y. S., & Chang, C. H. (2012). Enhance green purchase intentions: The roles of green perceived
value, green perceived risk, and green trust. Management Decision, 50, 502–520.
https://doi.org/10.1108/00251741211216250
Chen, Y. S., & Chang, C. H. (2013). Greenwash and green trust: The mediation effects of green con-
sumer confusion and green perceived risk. Journal of Business Ethics, 114, 489–500.
https://doi.org/10.1007/s10551-012-1360-0
Chen, Y. S., Lin, C. L., & Chang, C. H. (2014). The influence of greenwash on green word-of-mouth
(green WOM): the mediation effects of green perceived quality and green satisfaction. Quality &
Quantity, 48, 2411–2425. https://doi.org/10.1007/s11135-013-9898-1
Chen, Y. S., Tien, W. P., Lee, Y. I., & Tsai, M. N. (2017). Greenwash and green brand equity. In Portland
International Conference on Management of Engineering and Technology (pp. 1797–1803).
https://doi.org/10.1109/PICMET.2016.7806783
Cho, C. H., & Patten, D. M. (2007). The role of environmental disclosures as tools of legitimacy: A
research note. Accounting Organizations & Society, 32, 639–647.
https://doi.org/10.1016/j.aos.2006.09.009
Christmann, P., & Taylor, G. (2006). Firm self-regulation through international certifiable standards:
determinants of symbolic versus substantive implementation. Journal of International Business Stud-
ies, 37, 863–878. https://doi.org/10.1057/palgrave.jibs.8400231
Clarkson, P. M., Li, Y., Richardson, G. D., & Vasvari, F. P. (2008). Revisiting the relation between envi-
ronmental performance and environmental disclosure: An empirical analysis. Accounting Organiza-
tions & Society, 33(4–5), 303–327. https://doi.org/10.1016/j.aos.2007.05.003
Cliath, A. G. (2007). Seeing shades: Ecological and socially just labeling. Organization & Environment,
20, 413–439. https://doi.org/10.1177/1086026607309406
Coates, P., Cole, T., Dudley, M., & Pearson, C. (2011). Defending nation, defending nature? Militarized
landscapes and military environmentalism in Britain, France, and the United States. Environmental
History, 16(3), 456–491. https://doi.org/10.1093/envhis/emr038
Contrafatto, M. (2014). The institutionalization of social and environmental reporting: An Italian nar-
rative. Accounting Organizations & Society, 39, 414–432. https://doi.org/10.1016/j.aos.2014.01.002
Dahl, R. (2010). Green washing: Do you know what you’re buying? Environmental Health Perspectives,
118, A246. https://doi.org/10.1289/ehp.118-a246
Dangelico, R. M., & Vocalelli, D. (2017). “Green Marketing”: An analysis of definitions, strategy steps,
and tools through a systematic review of the literature. Journal of Cleaner Production, 165, 1263–
1279. https://doi.org/10.1016/j.jclepro.2017.07.184
Davis, J. J. (1992). Ethics and environmental marketing. Journal of Business Ethics, 11, 81–87.
https://doi.org/10.1007/BF00872314
De Freitas Netto, S. V., Sobral, M. F. F., Ribeiro, A. R. B., & Soares, G. R. D. L. (2020) Concepts and
forms of greenwashing: a systematic review. Environmental Sciences Europe, 32, 19.
https://doi.org/10.1186/s12302-020-0300-3
Delmas, M. A., & Burbano, V. C. (2011). The drivers of greenwashing. California Management Review,
54, 64–87. https://doi.org/10.1525/cmr.2011.54.1.64
Delmas, M. A., & Montes-Sancho, M. J. (2010). Voluntary agreements to improve environmental qual-
ity: symbolic and substantive cooperation. Strategic Management Journal, 31, 575–601.
https://doi.org/10.1002/smj.826
Du, X. (2015). How the market values greenwashing? Evidence from China. Journal of Business Ethics,
128, 547–574. https://doi.org/10.1007/s10551-014-2122-y
18. Journal of Business Economics and Management, 2020, 21(5): 1486–1507 1503
Du, X., Jian, W., Zeng, Q., & Chang, Y. (2018). Do auditors applaud corporate environmental perfor-
mance? Evidence from China. Journal of Business Ethics, 151, 1049–1080.
https://doi.org/10.1007/s10551-016-3223-6
Fink, A. (2010). Conducting research literature reviews: from the Internet to paper. Journal of Advanced
Nursing, 55, 792–792. https://doi.org/10.1111/j.1365-2648.2006.04033.x
Font, X., Walmsley, A., Cogotti, S., McCombes, L., & Häusler, N. (2012). Corporate social responsibility:
the disclosure-performance gap. Tourism Management, 33(6), 1544–1553.
https://doi.org/10.1016/j.tourman.2012.02.012
Gamper-Rabindran, S., & Finger, S. R. (2013). Does industry self-regulation reduce pollution? Respon-
sible Care in the chemical industry. Journal of Regulatory Economics, 43, 1–30.
https://doi.org/10.1007/s11149-012-9197-0
Geerts, W. (2014). Environmental certification schemes: hotel managers’ views and perceptions. Inter-
national Journal of Hospitality Management, 39, 87–96. https://doi.org/10.1016/j.ijhm.2014.02.007
Gillespie, E. (2008). Stemming the tide of ‘Greenwash’. Consumer Policy Review, 18(3), 79–83.
Gosselt, J. F., Rompay, T. V., & Haske, L. (2017). Won’t get fooled again: The effects of internal and exter-
nal CSR eco-labeling. Journal of Business Ethics, 2, 1–12. https://doi.org/10.1007/s10551-017-3512-8
Greer, J., & Bruno, K. (1996). Greenwash: the reality behind corporate environmentalism. Multinational
Monitor, 30(9).
Guo, R., Tao, L., Li, C. B., & Wang, L. (2017). A path analysis of greenwashing in a trust crisis among
Chinese energy companies: The role of brand legitimacy and brand loyalty. Journal of Business Eth-
ics, 140, 523–536. https://doi.org/10.1007/s10551-015-2672-7
Guo, R., Zhang, W., Wang, T., Li, C. B., & Tao, L. (2018). Timely or considered? Brand trust repair
strategies and mechanism after greenwashing in China-from a legitimacy perspective. Industrial
Marketing Management, 72, 127–137. https://doi.org/10.1016/j.indmarman.2018.04.001
Hamann, R., & Kapelus, P. (2004). Corporate social responsibility in mining in Southern Africa: Fair
accountability or just greenwash? Development, 47, 85–92.
https://doi.org/10.1057/palgrave.development.1100056
Hamilton, S. F., & Zilberman, D. (2006). Green markets, eco-certification, and equilibrium fraud. Jour-
nal of Environmental Economics & Management, 52, 627–644.
https://doi.org/10.1016/j.jeem.2006.05.002
Harris, P. (2015). Militarism in environmental disguise: The greenwashing of an overseas military base.
International Political Sociology, 9, 19–36. https://doi.org/10.1111/ips.12074
Henri, J. F., & Journeault, M. (2010). Eco-control: The influence of management control systems on
environmental and economic performance. Accounting Organizations & Society, 35, 63–80.
https://doi.org/10.1016/j.aos.2009.02.001
Henriques, I., Husted, B. W., & Montiel, I. (2013). Spillover Effects of voluntary environmental pro-
grams on greenhouse gas emissions: Lessons from Mexico. Journal of Policy Analysis & Manage-
ment, 32, 296–322. https://doi.org/10.1002/pam.21675
Holme, C. (2010). Corporate social responsibility: a strategic issue or a wasteful distraction? Industrial
& Commercial Training, 42, 179–185. https://doi.org/10.1108/00197851011048528
Horiuchi, R., Schuchard, R., Shea, L., & Townsend, S. (2009). Understanding and preventing greenwash.
A business guide. Business for Social Responsibility, London, UK.
Hsu, T. (2011). Skepticism grows over products touted as eco-friendly. Los Angeles Times.
http://articles.latimes.com/2011/may/21/business/la-fi-greenwash-20110521
Husted, B. W., & Allen, D. B. (2009). Strategic corporate social responsibility and value creation: A study
of multinational enterprises in Mexico. Management International Review, 49, 781–799.
https://doi.org/10.1007/s11575-009-0016-5
19. 1504 Z. Yang et al. Greenwashing behaviours: causes, taxonomy and consequences based on a systematic...
Jahdi, K. S., & Acikdilli, G. (2009). Marketing communications and Corporate Social Responsibil-
ity (CSR): Marriage of convenience or shotgun wedding? Journal of Business Ethics, 88, 103–113.
https://doi.org/10.1007/s10551-009-0113-1
Jamali, D., & Karam, C. (2018). Corporate social responsibility in developing countries as an emerging
field of study. International Journal of Management Reviews, 20, 32–61.
https://doi.org/10.1111/ijmr.12112
Jones, D. R. (2012). Looking through the “greenwashing glass cage” of the green league table towards
the sustainability challenge for UK universities. Journal of Organizational Change Management, 25,
630–647. https://doi.org/10.1108/09534811211239263
Kim, E. H., & Lyon, T. P. (2011). Strategic environmental disclosure: Evidence from the DOE’s voluntary
greenhouse gas registry. Journal of Environmental Economics & Management, 61, 311–326.
https://doi.org/10.1016/j.jeem.2010.11.001
Kim, E. H., & Lyon, T. P. (2015). Greenwash vs. brownwash: Exaggeration and undue modesty in cor-
porate sustainability disclosure. Organization Science, 26, 705–723.
https://doi.org/10.1287/orsc.2014.0949
King, A. A., & Lenox, M. J. (2000). Industry self-regulation without sanctions: The chemical industry’s
responsible care program. Academy of Management Journal, 43, 698–716.
https://doi.org/10.2307/1556362
Kirchhoff, S. (2000). Green business and blue angels. Environmental & Resource Economics, 15, 403–420.
https://doi.org/10.1023/A:1008303614250
Laufer, W. S. (2003). Social accountability and corporate greenwashing. Journal of Business Ethics, 43,
253–261. https://doi.org/10.1023/A:1022962719299
Leonidou, C. N., & Skarmeas, D. (2015). Gray shades of green: Causes and consequences of green
skepticism. Journal of Business Ethics, 144, 401–415. https://doi.org/10.1007/s10551-015-2829-4
Lightfoot, S., & Burchell, J. (2004). Green hope or greenwash? The actions of the European Union at the
World Summit on sustainable development. Global Environmental Change, 14, 337–344.
https://doi.org/10.1016/j.gloenvcha.2004.07.002
Lim, W. M. (2011). Green marketing: issues, developments and avenues for future research. International
Journal of Global Environmental Issues, 11, 139–156. https://doi.org/10.1504/IJGENVI.2011.043509
Lin, J., Lobo, A., & Leckie, C. (2017). Green brand benefits and their influence on brand loyalty. Market-
ing Intelligence & Planning, 35, 425–440. https://doi.org/10.1108/MIP-09-2016-0174
Lu, J., Chen, G., & Frierson, D. (2008). Response of the zonal mean atmospheric circulation to El Nino
versus global warming. Journal of Climate, 21, 5835. https://doi.org/10.1175/2008JCLI2200.1
Luke, T. W. (2008). The politics of true convenience or inconvenient truth: struggles over how to sustain
capitalism, democracy, and ecology in the 21st century. Environment & Planning A, 40, 1811–1824.
https://doi.org/10.1068/a40158
Lyon, T. P., & Maxwell, J. W. (2011). Greenwash: Corporate environmental disclosure under threat
of audit. Journal of Economics & Management Strategy, 20, 3–41. https://doi.org/10.1111/j.1530-
9134.2010.00282.x
Lyon, T. P., & Montgomery, A. W. (2013). Tweetjacked: The impact of social media on corporate green-
wash. Journal of Business Ethics, 118, 747–757. https://doi.org/10.1007/s10551-013-1958-x
Lyon, T. P., & Montgomery, A. W. (2015). The means and end of greenwash. Organization & Environ-
ment, 28, 21–36. https://doi.org/10.1177/1086026615575332
Marquis, C., & Toffel, M. W. (2012). When do firms greenwash? Corporate visibility, civil society scrutiny,
and environmental disclosure. Social Science Electronic Publishing.
Matejek, S., & Gössling, T. (2014). Beyond legitimacy: A case study in BP’s “green lashing”. Journal of
Business Ethics, 120, 571–584. https://doi.org/10.1007/s10551-013-2006-6
20. Journal of Business Economics and Management, 2020, 21(5): 1486–1507 1505
Matisoff, D. C. (2012). Privatizing climate change policy: Is there a public benefit? Environmental &
Resource Economics, 53, 409–433. https://doi.org/10.1007/s10640-012-9568-0
Mccrory, M. A., & Langvardt, K. T. (2012). Cutting out the middle-man: The case for direct business
involvement in environmental justice. Business Horizons, 55, 357–362.
https://doi.org/10.1016/j.bushor.2012.02.005
Meyer, J. W., & Rowan, B. (1977). Institutionalized organizations: Formal structure as myth and cer-
emony. American Journal of Sociology, 83, 340–363. https://doi.org/10.1086/226550
Mitchell, L. D., & Ramey, W. D. (2011). Look how green i am! An Individual-level explanation for
greenwashing. Journal of Applied Business & Economics, 12, 40–45.
Nelson, G. C., & Robertson, R. D. (2010). Green gold or green wash: Environmental consequences of
biofuels in the developing world. Review of Agricultural Economics, 30, 517–529.
https://doi.org/10.1111/j.1467-9353.2008.00426.x
Nguyen, T. T. H., Yang, Z., Nguyen, N., Johnson, L. W., & Cao, T. K. (2019). Greenwash and green
purchase intention: The mediating role of green skepticism. Sustainability, 11, 2653.
https://doi.org/10.3390/su11092653
Nyilasy, G., Gangadharbatla, H., & Paladino, A. (2014). Perceived greenwashing: The interactive effects
of green advertising and corporate environmental performance on consumer reactions. Journal of
Business Ethics, 125, 693–707. https://doi.org/10.1007/s10551-013-1944-3
Painter-Morland, M. (2006). Triple bottom-line reporting as social grammar: integrating corporate so-
cial responsibility and corporate codes of conduct. Business Ethics A European Review, 15, 352–364.
https://doi.org/10.1111/j.1467-8608.2006.00457.x
Parguel, B., Benoît-Moreau, F., & Larceneux, F. (2011). How sustainability ratings might deter ‘green-
washing’: A closer look at ethical corporate communication. Journal of Business Ethics, 102, 15–28.
https://doi.org/10.1007/s10551-011-0901-2
Patten, D. M. (2002). The relation between environmental performance and environmental disclosure:
a research note. Accounting Organizations & Society, 27, 763–773.
https://doi.org/10.1016/S0361-3682(02)00028-4
Philippe, D., & Durand, R. (2011). The impact of norm – conforming behaviors on firm reputation.
Strategic Management Journal, 32, 969–993. https://doi.org/10.1002/smj.919
Pizzetti, M., Gatti, L., & Seele, P. (2019). Firms Talk, suppliers walk: Analyzing the locus of greenwash-
ing in the blame game and introducing ‘vicarious greenwashing’. Journal of Business Ethics.
https://doi.org/10.1007/s10551-019-04406-2
Pomering, A., & Johnson, L. W. (2009). Constructing a corporate social responsibility reputation using
corporate image advertising. Australasian Marketing Journal, 17, 106–114.
https://doi.org/10.1016/j.ausmj.2009.05.006
Rahman, I., Park, J. D., & Chi, G. Q. C. (2015). Consequences of “greenwashing”: consumer’s reac-
tions to hotel’s green initiatives. International Journal of Contemporary Hospitality Management, 27,
1054–1081. https://doi.org/10.1108/IJCHM-04-2014-0202
Ramesh, M., & Rai, N. D. (2017). Trading on conservation: A marine protected area as an ecological
fix. Marine Policy, 82, 25–31. https://doi.org/10.1016/j.marpol.2017.04.020
Ramus, C. A., & Montiel, I. (2005). When are corporate environmental policies a form of greenwash-
ing? Business & Society, 44, 377–414. https://doi.org/10.1177/0007650305278120
Relaño, F. (2011). Maximizing social return in the banking sector. Corporate Governance International
Journal of Business in Society, 11, 274–284. https://doi.org/10.1108/14720701111138698
Rivera, J., Bowen, F. E., Delmas, M., et al. (2014). After greenwashing: New directions on the symbol
and substance of environmental responsiveness. Academy of Management Annual Meeting Proceed-
ings, 2014, 11858–11858. https://doi.org/10.5465/ambpp.2014.11858symposium
21. 1506 Z. Yang et al. Greenwashing behaviours: causes, taxonomy and consequences based on a systematic...
Rodgers, M., Sowden, A., Petticrew, M., Arai, L., Roberts, H., Britten, N., & Popay, J. (2009). Testing
methodological guidance on the conduct of narrative synthesis in systematic reviews effectiveness
of interventions to promote smoke alarm ownership and function. Evaluation, 15(1), 49–73.
https://doi.org/10.1177/1356389008097871
Romero, P. (2008). Beware of green marketing, warns Greenpeace exec. ABS-CBN. www.abs-cbnnews.
com/special-report/09/16/08/beware-green-marketing-warns-greenpeace-exec
Roulet, T. J., & Touboul, S. (2015). The intentions with which the road is paved: Attitudes to liberalism
as determinants of greenwashing. Journal of Business Ethics, 128, 305–320.
https://doi.org/10.1007/s10551-014-2097-8
Seele, P., & Gatti, L. (2015). Greenwashing revisited: In search of a typology and accusation-based
definition incorporating legitimacy strategies. Business Strategy & the Environment, 26(2).
https://doi.org/10.1002/bse.1912
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
Smart, B. (1992). Beyond compliance – a new industry view of the environment. World Resources In-
stitute.
Smith, V. L., & Font, X. (2014). Volunteer tourism, greenwashing and understanding responsible mar-
keting using market signalling theory. Journal of Sustainable Tourism, 22, 942–963.
https://doi.org/10.1080/09669582.2013.871021
Snyder, R. (1989). Misleading characteristics of implied-superiority claims. Journal of Advertising, 18,
54–61. https://doi.org/10.1080/00913367.1989.10673167
Solomon, J. F., & Rhianon Pel Edgley, C. (2008). The abandoned mandatory OFR: a lost opportunity for
SER? Social Responsibility Journal, 4, 324–348. https://doi.org/10.1108/17471110810892848
Stephenson, E., Doukas, A., & Shaw, K. (2012). “Greenwashing gas: Might a ‘transition fuel’ label legiti-
mize carbon-intensive natural gas development?”. Energy Policy, 46, 452–459.
https://doi.org/10.1016/j.enpol.2012.04.010
Sun, Z., & Zhang, W. (2019). Do government regulations prevent greenwashing? An evolutionary game
analysis of heterogeneous enterprises. Journal of Cleaner Production, 231, 1489–1502.
https://doi.org/10.1016/j.jclepro.2019.05.335
TerraChoice. (2009). The seven sins of greenwashing. TerraChoice Environmental Marketing Inc., Ot-
tawa, ON.
Testa, F., Boiral, O., & Iraldo, F. (2018). Internalization of environmental practices and institutional
complexity: Can stakeholders pressures encourage greenwashing? Journal of Business Ethics, 147,
287–307. https://doi.org/10.1007/s10551-015-2960-2
Ulusoy, E., & Barretta, P. G. (2016). How green are you, really? Consumers’ skepticism toward brands
with green claims. Journal of Global Responsibility, 7. https://doi.org/10.1108/JGR-11-2015-0021
Uyar, A., Karaman, A. S., & Kilic, M. (2020). Is corporate social responsibility reporting a tool of signal-
ing or greenwashing? Evidence from the worldwide logistics sector. Journal of Cleaner Production,
253, 119997. https://doi.org/10.1016/j.jclepro.2020.119997
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 Busi-
ness Ethics, 109, 227–242. https://doi.org/10.1007/s10551-011-1122-4
Walls, J. L., & Hoffman, A. J. (2013). Exceptional boards: Environmental experience and positive devi-
ance from institutional norms. Journal of Organizational Behavior, 34, 253–271.
https://doi.org/10.1002/job.1813
22. Journal of Business Economics and Management, 2020, 21(5): 1486–1507 1507
Walsh, G., Hennig-Thurau, T., & Mitchell, V. (2007). Consumer confusion proneness: scale develop-
ment, validation, and application. Journal of Marketing Management, 23, 697–721.
https://doi.org/10.1362/026725707X230009
Wang, H., Ma, B., & Bai, R. (2019). The spillover effect of greenwashing behaviours: An experimental
approach. Marketing Intelligence & Planning, 38(3), 283–295.
https://doi.org/10.1108/MIP-01-2019-0006
Wang, Z., & Sarkis, J. (2017). Corporate social responsibility governance, outcomes, and financial perfor-
mance. Journal of Cleaner Production, 162, 1607–1616. https://doi.org/10.1016/j.jclepro.2017.06.142
Yu, E. P.-y., Luu, B. V., & Chen, C. H. (2020). Greenwashing in environmental, social and governance
disclosures. Research in International Business and Finance, 52, 101192.
https://doi.org/10.1016/j.ribaf.2020.101192
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, 187, 740–750. https://doi.org/10.1016/j.jclepro.2018.03.201
Zhu, Q., Sarkis, J., Cordeiro, J. J., & Lai, K.-H. (2008). Firm-level correlates of emergent green supply
chain management practices in the Chinese context. Omega, 36, 577–591.
https://doi.org/10.1016/j.omega.2006.11.009