Symbolic or Substantive? Greenwashing and Environmental Disclosure Misalignment in Indonesian Banking
DOI:
https://doi.org/10.32534/jpk.v12i3.7473Kata Kunci:
Environmental Disclosure, ESG Reporting, Greenhouse Gas Emissions, Greenwashing, Sustainable BankingAbstrak
Tujuan Utama - Penelitian ini bertujuan untuk menguji apakah skor pengungkapan lingkungan (Environmental Disclosure Score/EDS) mencerminkan kinerja lingkungan aktual pada sektor perbankan di Indonesia.
Metode - Penelitian ini menggunakan data panel dari 16 bank yang terdaftar di Bursa Efek Indonesia selama periode 2009–2023. Analisis dilakukan dengan regresi efek acak, serta pembangunan Indeks Greenwashing (Greenwashing Index/GWI) berbasis selisih antara EDS dan emisi gas rumah kaca (GRK) aktual.
Temuan Utama - Hasil penelitian menunjukkan bahwa EDS tidak berpengaruh signifikan terhadap penurunan emisi GRK, yang mengindikasikan bahwa pengungkapan ESG cenderung bersifat simbolik. Bank dengan ukuran lebih besar cenderung menghasilkan emisi lebih tinggi namun lebih kecil kemungkinannya untuk melakukan greenwashing karena adanya pengawasan publik dan regulasi yang lebih ketat. Sebaliknya, bank dengan profitabilitas tinggi lebih rentan terhadap pengungkapan ESG simbolik, sedangkan rasio kecukupan modal (RBCR) yang tinggi menurunkan kemungkinan terjadinya greenwashing.
Implikasi Teori dan Kebijakan - Hasil penelitian ini menunjukkan perlunya pengungkapan ESG berbasis kinerja nyata, bukan hanya narasi atau kepatuhan administratif. Regulator seperti OJK perlu mendorong audit lingkungan independen dan menerapkan kerangka evaluasi ESG berbasis hasil.
Kebaruan Penelitian - Penelitian ini memperkenalkan Indeks Greenwashing dengan pendekatan ganda serta memberikan bukti empiris tentang ketidaksesuaian antara pengungkapan ESG dan kinerja lingkungan aktual di sektor perbankan negara berkembang.
Unduhan
Referensi
Alazzani, A., Wan?Hussin, W. N., Jones, M., & Al?Hadi, A. (2021). ESG Reporting and Analysts’ Recommendations in GCC: The Moderation Role of Royal Family Directors. Journal of Risk and Financial Management, 14(2), 72. https://doi.org/10.3390/jrfm14020072
Albuquerque, R., Koskinen, Y., Yang, S., & Zhang, C. (2020). Resiliency of Environmental and Social Stocks: An Analysis of the Exogenous COVID-19 Market Crash. The Review of Corporate Finance Studies, 9(3), 593–621. https://doi.org/10.1093/rcfs/cfaa011
Angir, P., & Weli, W. (2024). The Influence of Environmental, Social, and Governance (ESG) Disclosure on Firm Value: An Asymmetric Information Perspective in Indonesian Listed Companies. Binus Business Review, 15(1), 29–40. https://doi.org/10.21512/bbr.v15i1.10460
Athanasoglou, P. P., Brissimis, S. N., & Delis, M. D. (2008). Bank-specific, industry-specific and macroeconomic determinants of bank profitability. Journal of International Financial Markets, Institutions and Money, 18(2), 121–136. https://doi.org/10.1016/j.intfin.2006.07.001
Basel Committee on Banking Supervision. (2011). Basel III: A global regulatory framework for more resilient banks and banking systems.
Ben?David, I., Franzoni, F., & Moussawi, R. (2018). Do ETFs Increase Volatility? The Journal of Finance, 73(6), 2471–2535. https://doi.org/10.1111/jofi.12727
Berger, A. N., & Bouwman, C. H. S. (2009). Bank Liquidity Creation. Review of Financial Studies, 22(9), 3779–3837. https://doi.org/10.1093/rfs/hhn104
Biju, A. V. N., Kodiyatt, S. J., Krishna, P. P. N., & Sreelekshmi, G. (2023). ESG sentiments and divergent ESG scores: suggesting a framework for ESG rating. SN Business & Economics, 3(12), 209. https://doi.org/10.1007/s43546-023-00592-4
Bowen, F., & Aragon-Correa, J. A. (2014). Greenwashing in Corporate Environmentalism Research and Practice. Organization & Environment, 27(2), 107–112. https://doi.org/10.1177/1086026614537078
Campbell, J. L. (2007). Why would corporations behave in socially responsible ways? an institutional theory of corporate social responsibility. Academy of Management Review, 32(3), 946–967. https://doi.org/10.5465/amr.2007.25275684
Chih, H.-L., Chih, H.-H., & Chen, T.-Y. (2010). On the Determinants of Corporate Social Responsibility: International Evidence on the Financial Industry. Journal of Business Ethics, 93(1), 115–135. https://doi.org/10.1007/s10551-009-0186-x
Cho, C. H., Laine, M., Roberts, R. W., & Rodrigue, M. (2015). Organized hypocrisy, organizational façades, and sustainability reporting. Accounting, Organizations and Society, 40, 78–94. https://doi.org/10.1016/j.aos.2014.12.003
Cho, C. H., & Patten, D. M. (2007). The role of environmental disclosures as tools of legitimacy: A research note. Accounting, Organizations and Society, 32(7–8), 639–647. https://doi.org/10.1016/j.aos.2006.09.009
Clarkson, P. M., Li, Y., Richardson, G. D., & Vasvari, F. P. (2008). Revisiting the relation between environmental performance and environmental disclosure: An empirical analysis. Accounting, Organizations and Society, 33(4–5), 303–327. https://doi.org/10.1016/j.aos.2007.05.003
Colin Cameron, A., & Miller, D. L. (2015). A Practitioner’s Guide to Cluster-Robust Inference. Journal of Human Resources, 50(2), 317–372. https://doi.org/10.3368/jhr.50.2.317
Cornett, M. M., Erhemjamts, O., & Tehranian, H. (2016). Greed or good deeds: An examination of the relation between corporate social responsibility and the financial performance of U.S. commercial banks around the financial crisis. Journal of Banking & Finance, 70, 137–159. https://doi.org/10.1016/j.jbankfin.2016.04.024
Deegan, C. (2002). Introduction: The legitimising effect of social and environmental disclosures – a theoretical foundation. Accounting, Auditing & Accountability Journal, 15(3), 282–311. https://doi.org/10.1108/09513570210435852
Delmas, M. A., & Burbano, V. C. (2011). The Drivers of Greenwashing. California Management Review, 54(1), 64–87. https://doi.org/10.1525/cmr.2011.54.1.64
Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting. The Accounting Review, 86(1), 59–100. https://doi.org/10.2308/accr.00000005
Dietrich, A., & Wanzenried, G. (2011). Determinants of bank profitability before and during the crisis: Evidence from Switzerland. Journal of International Financial Markets, Institutions and Money, 21(3), 307–327. https://doi.org/10.1016/j.intfin.2010.11.002
Drempetic, S., Klein, C., & Zwergel, B. (2020). The Influence of Firm Size on the ESG Score: Corporate Sustainability Ratings Under Review. Journal of Business Ethics, 167(2), 333–360. https://doi.org/10.1007/s10551-019-04164-1
Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The Impact of Corporate Sustainability on Organizational Processes and Performance. Management Science, 60(11), 2835–2857. https://doi.org/10.1287/mnsc.2014.1984
Fatemi, A., Fooladi, I., & Tehranian, H. (2015). Valuation effects of corporate social responsibility. Journal of Banking & Finance, 59, 182–192. https://doi.org/10.1016/j.jbankfin.2015.04.028
Flammer, C. (2021). Corporate green bonds. Journal of Financial Economics, 142(2), 499–516. https://doi.org/10.1016/j.jfineco.2021.01.010
Goss, A., & Roberts, G. S. (2011). The impact of corporate social responsibility on the cost of bank loans. Journal of Banking & Finance, 35(7), 1794–1810. https://doi.org/10.1016/j.jbankfin.2010.12.002
Griggs, D., Stafford-Smith, M., Gaffney, O., Rockström, J., Öhman, M. C., Shyamsundar, P., Steffen, W., Glaser, G., Kanie, N., & Noble, I. (2013). Sustainable development goals for people and planet. Nature, 495(7441), 305–307. https://doi.org/10.1038/495305a
Gunawan, J., Permatasari, P., & Sharma, U. (2022). Exploring sustainability and green banking disclosures: a study of banking sector. Environment, Development and Sustainability, 24(9), 11153–11194. https://doi.org/10.1007/s10668-021-01901-3
Hao, X., Tian, T., Dong, L., Wong, C. W. Y., & Lai, K. (2025). Unmasking greenwashing in ESG disclosure: insights from evolutionary game analysis. Annals of Operations Research. https://doi.org/10.1007/s10479-025-06538-3
Hauke, J., & Kossowski, T. (2011). Comparison of Values of Pearson’s and Spearman’s Correlation Coefficients on the Same Sets of Data. QUAGEO, 30(2), 87–93. https://doi.org/10.2478/v10117-011-0021-1
Hausman, J. A. (1978). Specification Tests in Econometrics. Econometrica, 46(6), 1251. https://doi.org/10.2307/1913827
Huang, C.-L., & Kung, F.-H. (2010). Drivers of Environmental Disclosure and Stakeholder Expectation: Evidence from Taiwan. Journal of Business Ethics, 96(3), 435–451. https://doi.org/10.1007/s10551-010-0476-3
Husted, B. W., & Sousa-Filho, J. M. de. (2017). The impact of sustainability governance, country stakeholder orientation, and country risk on environmental, social, and governance performance. Journal of Cleaner Production, 155, 93–102. https://doi.org/10.1016/j.jclepro.2016.10.025
Ioannou, I., & Serafeim, G. (2015). The impact of corporate social responsibility on investment recommendations: Analysts’ perceptions and shifting institutional logics. Strategic Management Journal, 36(7), 1053–1081. https://doi.org/10.1002/smj.2268
Jang, G.-Y., Kang, H.-G., & Kim, W. (2022). Corporate executives’ incentives and ESG performance. Finance Research Letters, 49, 103187. https://doi.org/10.1016/j.frl.2022.103187
Jiraporn, P., Jiraporn, N., Boeprasert, A., & Chang, K. (2014). Does Corporate Social Responsibility (CSR) Improve Credit Ratings? Evidence from Geographic Identification. Financial Management, 43(3), 505–531. https://doi.org/10.1111/fima.12044
Jung, J., Herbohn, K., & Clarkson, P. (2018). Carbon Risk, Carbon Risk Awareness and the Cost of Debt Financing. Journal of Business Ethics, 150(4), 1151–1171. http://www.jstor.org/stable/45022620
Kathan, M. C., Utz, S., Dorfleitner, G., Eckberg, J., & Chmel, L. (2025). What you see is not what you get: ESG scores and greenwashing risk. Finance Research Letters, 74, 106710. https://doi.org/10.1016/j.frl.2024.106710
Khan, M., Serafeim, G., & Yoon, A. (2016). Corporate Sustainability: First Evidence on Materiality. The Accounting Review, 91(6), 1697–1724. https://doi.org/10.2308/accr-51383
K?l?ç, M., & Kuzey, C. (2019). Determinants of climate change disclosures in the Turkish banking industry. International Journal of Bank Marketing, 37(3), 901–926. https://doi.org/10.1108/IJBM-08-2018-0206
Kolk, A., Levy, D., & Pinkse, J. (2008). Corporate Responses in an Emerging Climate Regime: The Institutionalization and Commensuration of Carbon Disclosure. European Accounting Review, 17(4), 719–745. https://doi.org/10.1080/09638180802489121
Kotsantonis, S., Pinney, C., & Serafeim, G. (2016). ESG Integration in Investment Management: Myths and Realities. Journal of Applied Corporate Finance, 28(2), 10–16. https://doi.org/10.1111/jacf.12169
Kutner, M. H., Nachtsheim, C. J., & Neter, J. (2004). Applied Linear Regression Models. McGraw-Hill/Irwin.
Lins, K. V., Servaes, H., & Tamayo, A. (2017). Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility during the Financial Crisis. The Journal of Finance, 72(4), 1785–1824. https://doi.org/10.1111/jofi.12505
Liu, Z., Zheng, R., Qiu, Z., & Jiang, X. (2022). Stakeholders and ESG disclosure strategies adoption: The role of goals compatibility and resources dependence. Elementa: Science of the Anthropocene, 10(1). https://doi.org/10.1525/elementa.2022.00044
Lyon, T. P., & Montgomery, A. W. (2015). The Means and End of Greenwash. Organization & Environment, 28(2), 223–249. https://doi.org/10.1177/1086026615575332
Manita, R., Bruna, M. G., ??ng, R., & Houanti, L. (2018). Board Gender Diversity and ESG Disclosure: Evidence From the USA. Journal of Applied Accounting Research, 19(2), 206–224. https://doi.org/10.1108/jaar-01-2017-0024
Marquis, C., & Qian, C. (2014). Corporate Social Responsibility Reporting in China: Symbol or Substance? Organization Science, 25(1), 127–148. https://doi.org/10.1287/orsc.2013.0837
Marquis, C., Toffel, M. W., & Zhou, Y. (2016). Scrutiny, Norms, and Selective Disclosure: A Global Study of Greenwashing. Organization Science, 27(2), 483–504. https://doi.org/10.1287/orsc.2015.1039
Michelon, G., Pilonato, S., & Ricceri, F. (2015). CSR reporting practices and the quality of disclosure: An empirical analysis. Critical Perspectives on Accounting, 33, 59–78. https://doi.org/10.1016/j.cpa.2014.10.003
Mohd Razali, N., & Bee Wah, Y. (2011). Power comparisons of Shapiro-Wilk, Kolmogorov-Smirnov, Lilliefors and Anderson-Darling tests. Journal of Statistical Modeling and Analytics, 2(1), 13–14. https://www.nbi.dk/~petersen/Teaching/Stat2017/Power_Comparisons_of_Shapiro-Wilk_Kolmogorov-Smirn.pdf
Mou, R., & Ma, T. (2023). A Study on the Quality and Determinants of Climate Information Disclosure of A-Share-Listed Banks. Sustainability, 15(10), 8072. https://doi.org/10.3390/su15108072
OECD. (2021). ESG investing and climate transition. OECD Publishing. https://doi.org/10.1787/7b321b7a-en
Oncioiu, I., Popescu, D.-M., Aviana, A. E., ?erban, A., Rotaru, F., Petrescu, M., & Marin-Pantelescu, A. (2020). The Role of Environmental, Social, and Governance Disclosure in Financial Transparency. Sustainability, 12(17), 6757. https://doi.org/10.3390/su12176757
Park, H., & Kim, J. D. (2020). Transition towards green banking: role of financial regulators and financial institutions. Asian Journal of Sustainability and Social Responsibility, 5(1), 5. https://doi.org/10.1186/s41180-020-00034-3
Petersen, M. A. (2009). Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches. Review of Financial Studies, 22(1), 435–480. https://doi.org/10.1093/rfs/hhn053
Pinheiro, A. B., Sampaio, T. S. L., Mazzo, G. G., Carraro, W. B. W. H., & Ribeiro, C. de M. de A. (2024). Effect of the national business system on the disclosure of greenhouse gases emissions: multi-country evidence. Revista de Administração Da UFSM, 17(1), e4. https://doi.org/10.5902/1983465985308
Sneideriene, A., & Legenzova, R. (2025). Greenwashing prevention in environmental, social, and governance (ESG) disclosures: A bibliometric analysis. Research in International Business and Finance, 74, 102720. https://doi.org/10.1016/j.ribaf.2024.102720
Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355. https://doi.org/10.2307/1882010
Suchman, M. C. (1995). Managing Legitimacy: Strategic and Institutional Approaches. Academy of Management Review, 20(3), 571–610. https://doi.org/10.5465/amr.1995.9508080331
Sutrisno, S., Widarjono, A., & Hakim, A. (2024). The Role of Green Credit in Bank Profitability and Stability: A Case Study on Green Banking in Indonesia. Risks, 12(12), 198. https://doi.org/10.3390/risks12120198
Teja, A. (2023). Governance systems and CEO tenure on ESG disclosure scores in the banking industry. Jurnal Keuangan Dan Perbankan, 27(3), 325–338. https://doi.org/10.26905/jkdp.v27i3.11383
Testa, F., Boiral, O., & Iraldo, F. (2018). Internalization of Environmental Practices and Institutional Complexity: Can Stakeholders Pressures Encourage Greenwashing? Journal of Business Ethics, 147(2), 287–307. https://doi.org/10.1007/s10551-015-2960-2
Treepongkaruna, S., Au Yong, H. H., Thomsen, S., & Kyaw, K. (2024). Greenwashing, carbon emission, and ESG. Business Strategy and the Environment, 33(8), 8526–8539. https://doi.org/10.1002/bse.3929
Velte, P. (2017). Does ESG performance have an impact on financial performance? Evidence from Germany. Journal of Global Responsibility, 8(2), 169–178. https://doi.org/10.1108/JGR-11-2016-0029
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 Business Ethics, 109(2), 227–242. https://doi.org/10.1007/s10551-011-1122-4
Wanyan, R., & Zhao, T. (2024). The contradictory impact of ESG performance on corporate competitiveness: Empirical evidence from China’s Capital Market. Journal of Environmental Management, 371, 123088. https://doi.org/10.1016/j.jenvman.2024.123088
Weber, O. (2014). Environmental, Social and Governance Reporting in China. Business Strategy and the Environment, 23(5), 303–317. https://doi.org/10.1002/bse.1785
Wilcox, R. R., & Keselman, H. J. (2003). Modern Robust Data Analysis Methods: Measures of Central Tendency. Psychological Methods, 8(3), 254–274. https://doi.org/10.1037/1082-989X.8.3.254
World Bank Group. (2022). The Role of Green Financial Sector Initiatives in the Low-Carbon Transition : A Theory of Change. https://documents.worldbank.org/en/publication/documents-reports/documentdetail/099548409142222955/idu0881e4d02027f504e120898502121116e2eb7?utm_source=chatgpt.com
Wu, W., Yang, S., Li, A., Chen, Y., & Chen, S. (2024). Does interest rate liberalization affect corporate green investment? Energy Economics, 131(December 2023), 107377. https://doi.org/10.1016/j.eneco.2024.107377
Yoon, B.-H., Lee, J. H., & Byun, R. (2018). Does ESG Performance Enhance Firm Value? Evidence from Korea. Sustainability, 10(10), 3635. https://doi.org/10.3390/su10103635
Zhang, Z., Hou, Y., Li, Z., & Li, M. (2024). From symbolic to substantive green innovation: How does ESG ratings optimize corporate green innovation structure. Finance Research Letters, 63, 105401. https://doi.org/10.1016/j.frl.2024.105401
Unduhan
Diterbitkan
Terbitan
Bagian
Lisensi
Hak Cipta (c) 2025 Netti Natarida Marpaung, Sugeng Wahyudi, Irene Rini Demi Pangestuti
Artikel ini berlisensi Creative Commons Attribution 4.0 International License.
