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Взаимосвязь гринвошинга и финансовых показателей компаний
In today’s world, nature conservation and environmental sustainability are becoming increasingly critical for maintaining a business’s competitive advantage. Many companies leverage these factors to enhance their reputation and attract new customers. However, some engage in greenwashing by making misleading or false claims about their environmental achievements. This study aims to analyze the impact of greenwashing practices on the key financial indicators of companies suspected of such behavior. To achieve this, the Greenwashing Index (GWI) was calculated, reflecting the degree of discrepancy between declared environmental initiatives and actual business actions. Econometric models were built using a sample of 100 companies from various industries, with return on assets (ROA) as the dependent variable. Analyzing the relationship between ROA, the GWI, and other related variables allowed for an assessment of how the GWI affects a company’s financial performance. Academic literature indicates that the financial implications of greenwashing are ambiguous. Most research either examines the effect of greenwashing on specific business performance indicators or focuses on the legal consequences of violating environmental regulations. This article contributes to the literature by evaluating the financial performance implications of greenwashing through the calculation of the GWI. The findings reveal that greenwashing practices positively impact financial performance of businesses. Even negative media coverage of greenwashing did not adversely affect the financial outcomes of the companies analyzed. This study significantly advances the understanding of the relationship between greenwashing and financial performance. However, further research is needed to deepen this understanding. Future studies should expand the time horizon (this study covered the 2020–2022 period), include a broader range of industries (this research focused on those most frequently associated with greenwashing), and consider additional control variables. These steps will provide a more comprehensive understanding of greenwashing dynamics and their impact on sustainable business development.