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Greenwashing and Tax Avoidance

グリーンウォッシングと租税回避 (AI 翻訳)

Heng Zhao, Olayinka Moses, Muhammad Nurul Houqe, FJ Abu Mohaimen

Crossrefプレプリント2026-01-01#グリーンウォッシュOrigin: US経営インパクト: 調達リスク対象セクター: cross_sector
DOI: 10.2139/ssrn.6238086
原典: https://doi.org/10.2139/ssrn.6238086

🤖 gxceed AI 要約

日本語

本研究は、グリーンウォッシング（ESG開示と実績の乖離）が積極的な租税回避と関連するかを、2002〜2022年のS&P500非金融企業パネルで検証。グリーンウォッシング指数（GWI）を構築し、乖離が大きい企業ほど実効税率が低く、現金納税額が減少し、複数年にわたり持続的な税負担軽減が見られることを示した。開示中心のESG制度の限界を指摘し、検証可能な実績ベースの報告と保証の重要性を強調。税務当局にとっては監査対象選定のリスク指標となり得る。

English

This study examines whether greenwashing (divergence between ESG disclosure and realized performance) is associated with aggressive tax avoidance, using a panel of S&P 500 non-financial firms from 2002-2022. Constructing a Greenwashing Index (GWI), they find that firms with higher greenwashing have significantly lower effective tax rates and reduced cash taxes, with persistent effects over multiple years. The findings highlight limitations of disclosure-centric ESG regimes and suggest that disclosure-performance divergence can serve as a risk indicator for tax authorities.

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

📝 gxceed 編集解説 — Why this matters

日本のGX文脈において

日本ではSSBJ開示が始まり、ESG情報の信頼性が問われる中、本研究成果は開示と実態の乖離が税務リスクにもつながることを示し、投資家や監査人にとって重要な示唆を与える。有報や統合報告書の開示実務において、実績ベースの検証可能性の重要性を再認識させる。

In the global GX context

Globally, with ISSB and CSRD emphasizing disclosure, this paper provides empirical evidence that greenwashing is linked to tax avoidance, suggesting that disclosure regimes need to incorporate performance-based metrics and assurance. It offers regulators and tax authorities a potential risk indicator for audit targeting, and cautions investors against equating extensive ESG disclosure with ethical conduct.

👥 読者別の含意

🔬研究者:Provides empirical evidence linking greenwashing to tax avoidance, offering a new dimension for ESG and tax research.

🏢実務担当者:Highlights the risk that greenwashing can attract tax scrutiny, emphasizing the need for substantive ESG performance.

🏛政策担当者:Suggests that disclosure-centric ESG regimes may be insufficient; performance-based reporting and assurance are needed.

📄 Abstract（原文）

This study examines whether greenwashing is systematically associated with more aggressive corporate tax avoidance. Using a panel of non-financial S&P 500 firms from 2002 to 2022, we construct a Greenwashing Index (GWI) that captures the divergence between ESG disclosure and realised ESG performance. The results show that firms exhibiting higher levels of greenwashing report significantly lower effective tax rates and reduced cash tax payments, consistent with more aggressive tax avoidance. Importantly, greenwashing is associated not only with contemporaneous tax outcomes but also with persistently lower tax burdens over a multi-year horizon, indicating sustained tax avoidance strategies rather than short-term tax planning. These findings suggest that greenwashing forms part of a broader opportunistic strategy in which symbolic sustainability narratives accompany substantive financial extraction. The findings have important practical implications. For regulators, they highlight the limitations of disclosure-centric ESG regimes and underscore the need for greater emphasis on verifiable, performance-based reporting and assurance. For tax authorities, pronounced disclosure-performance divergence may serve as a useful risk indicator for audit targeting. Investors and other stakeholders may likewise find these insights valuable as a caution against equating extensive ESG disclosure with ethical conduct, emphasising instead the importance of scrutinising the substance underlying corporate sustainability claims.

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