ESG Greenwashing and Ownership Structure under Information Asymmetry
ESGグリーンウォッシングと情報非対称性下の所有構造 (AI 翻訳)
Luu Thu Quang, Nguyen Dang Hai Yen, Vo Thien Trang, Tran Hoang Vu
🤖 gxceed AI 要約
日本語
本論文は、情報非対称性が所有構造とESGグリーンウォッシングの関係に与える影響を初めて実証した。ベトナム上場企業の年次報告書を分析し、情報非対称性が高い環境では、経営者所有がグリーンウォッシングを促進する一方、国・機関所有は抑制することを発見。
English
This paper is the first to investigate how ownership structure influences ESG greenwashing under information asymmetry, using hand-collected data from Vietnamese listed firms (2020-2024). It finds that under high information asymmetry, managerial ownership increases greenwashing, while state and institutional ownership reduce it, highlighting the importance of ownership identities in opaque environments.
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
日本のESG開示においても、所有構造の違いがグリーンウォッシングに影響する可能性がある。SSBJ基準の実効性を高めるためには、情報非対称性が高い状況での所有構造の監視が重要。ベトナムの事例は、日本企業が新興国で事業展開する際の教訓となる。
In the global GX context
This study adds an emerging-market perspective to the global debate on greenwashing, emphasizing that ownership structure plays a critical role in the credibility of ESG disclosure, especially where information asymmetry is high. It complements TCFD/ISSB frameworks by highlighting that disclosure quality is not just about standards but also about corporate governance and market transparency.
👥 読者別の含意
🔬研究者:Provides a novel empirical framework linking ownership, information asymmetry, and greenwashing, applicable to other emerging markets.
🏢実務担当者:Investors and assurance providers should consider ownership identities when evaluating ESG reports, especially in opaque markets.
🏛政策担当者:Regulators in developing countries should strengthen disclosure requirements and monitor ownership concentration to curb greenwashing.
📄 Abstract（原文）
Purpose: This is the first paper to investigate how ownership structure influences ESG greenwashing, with a focus on the moderating role of information asymmetry. The study is set in Vietnam’s stock market, where state ownership remains significant and disclosure standards are still developing. Design/Methodology/Approach: We construct a unique hand-collected dataset of annual reports from listed firms between 2020 and 2024. Greenwashing is measured using both disclosure–performance gaps and narrative-based textual analysis. Ordinary least squares and two-stage least squares regressions are employed, with robustness checks using alternative proxies for information asymmetry. Findings: Results show that in transparent environments, ownership variables do not significantly affect greenwashing. Under high information asymmetry, managerial ownership increases greenwashing, while state and institutional ownership reduce it. Additional tests confirm that the relationship is one-directional, with ownership shaping greenwashing but not vice versa. Research Limitations/Implications: The study is limited by its focus on Vietnamese listed firms, which may restrict generalizability. Future research could expand to other emerging markets and use longitudinal data on ESG assurance. Practical Implications: Investors and regulators should account for ownership identities when assessing ESG reports, especially in opaque environments where greenwashing risks are greatest. Originality/Value: This paper provides novel evidence from an emerging market, highlighting how ownership structure and information asymmetry jointly shape the credibility of ESG disclosure and greenwashing behaviour.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.7172/2956-7602.111.1first seen 2026-05-23 05:47:33 · last seen 2026-05-27 05:00:58
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