Развитие таксономии гринвошинга как инструмент управления международными ESG рисками / Development of greenwashing taxonomy as a tool for managing international ESG risks
Аннотация
ESG issues are becoming important for international companies, however, greenwashing practices are increasingly being observed, which imply false statements about the sustainability of the company. Therefore, the purpose of this research is to investigate how greenwashing as ESG risk of international companies impacts their financial performance. The object of the study is projects in 8 industries of international business included in the greenwashing taxonomy. The subject: the relationship between greenwashing and the financial performance of international firms in the framework of ESG risk hedging. The research provides the study of the taxonomy of “green” projects and the classification of the main types, drivers, and the potential impacts of greenwashing on a company's performance. The practical part includes the analysis of ESG strategies of 84 companies from 8 climate-sensitive industries and identification of possible manifestations of greenwashing in 2022 based on the analysis of non-financial statements of companies and news sources through text-mining techniques. The regression analysis includes the study of the relationship between greenwashing practices in 8 industries and the financial performance of 84 international firms from 2017 to 2023.
This study sheds light on the problems that companies face when dealing with ESG risks, as well as reveals the tactics and consequences of greenwashing for international companies. Understanding the aspects disclosed by the author can help in making informed decisions and holding companies accountable for their false statements about sustainable development. Results obtained indicate that there are differences in ESG strategies among industries, with a greater focus on social aspects. Furthermore, the analysis of greenwashing practices reveals that companies in the oil and gas and food and beverage industries exhibit greenwashing tendencies in 2022. The results of the regression analysis indicate that there is a negative impact for firms that conduct unfair practices.
This study sheds light on the problems that companies face when dealing with ESG risks, as well as reveals the tactics and consequences of greenwashing for international companies. Understanding the aspects disclosed by the author can help in making informed decisions and holding companies accountable for their false statements about sustainable development. Results obtained indicate that there are differences in ESG strategies among industries, with a greater focus on social aspects. Furthermore, the analysis of greenwashing practices reveals that companies in the oil and gas and food and beverage industries exhibit greenwashing tendencies in 2022. The results of the regression analysis indicate that there is a negative impact for firms that conduct unfair practices.