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All Journal J@TI (TEKNIK INDUSTRI) Owner : Riset dan Jurnal Akuntansi
Andy Dwiki Iranda
Universitas Diponegoro
Economics, Econometrics & Finance Industrial & Manufacturing Engineering

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When Stakeholders Constrain or Enable Greenwashing: Evidence from Indonesia Andy Dwiki Iranda; Etna Nur Afri Yuyetta
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 2 (2026): Artikel Research April 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i2.3062

Abstract

This study examines the effect of stakeholder pressure on corporate greenwashing behavior from the perspectives of legitimacy theory and stakeholder theory. The research aims to analyze whether different forms of stakeholder pressure, namely government pressure, environmental pressure, consumer pressure, and creditor pressure, influence firms’ propensity to engage in greenwashing. The population of this study consists of publicly listed non-financial companies, observed over a multi-year period. Using purposive sampling, a total of 238 firm-year observations were obtained based on data availability and completeness of sustainability and financial disclosures. The study employs panel data regression with a random effects model, selected based on model specification tests. Given the presence of non-normal data distribution and autocorrelation, robust standard errors are applied to ensure reliable statistical inference, while diagnostic tests confirm the absence of heteroskedasticity and multicollinearity. The results indicate that government pressure and environmental pressure are negatively and significantly associated with greenwashing, suggesting that stronger regulatory oversight and environmental scrutiny reduce firms’ reliance on symbolic sustainability disclosures. In contrast, consumer pressure exhibits a positive and significant relationship with greenwashing, implying that market-driven sustainability demands may encourage symbolic reporting when verification mechanisms are weak. Creditor pressure shows a negative but statistically insignificant effect on greenwashing. These findings suggest that stakeholder pressure does not uniformly constrain greenwashing; instead, its effectiveness depends on the source and enforcement mechanism of the pressure. Overall, this study concludes that legitimacy-seeking behavior and strategic stakeholder management play a central role in shaping corporate greenwashing practices.
TEXTUAL ANALYSIS OF SUSTAINABILITY REPORTS OF INDONESIAN PUBLIC COMPANIES Andy Dwiki Iranda; M. Mujiya Ulkhaq
J@ti Undip: Jurnal Teknik Industri Vol 21, No 3 (2026): September 2026
Publisher : Departemen Teknik Industri, Fakultas Teknik, Universitas Diponegoro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14710/jati.21.3.225-232

Abstract

This study examines the dominant thematic emphases in the sustainability reports of publicly listed companies in Indonesia using a word frequency analysis approach. A total of 62 sustainability reports for the 2023 fiscal year, published by companies listed on the Indonesia Stock Exchange (IDX), were analyzed. Textual data were processed using Orange Data Mining software to calculate the frequency of sustainability-related terms. These terms were then categorized into four corporate social responsibility (CSR) dimensions: environmental, social–labor, social–human rights, and social–society. The findings show that environmental-related terms are the most frequently represented dimension, accounting for 54.6% of the total sustainability-related terms, followed by social–labor at 28.7%, social–human rights at 9.6%, and social–society at 7.1%. At the sectoral level, energy and basic materials companies show higher frequencies of sustainability-related terms than other sectors. These results indicate that Indonesian public companies give greater textual emphasis to environmental and employee-related issues than to broader human rights and society-related themes. However, the findings should be interpreted as evidence of thematic emphasis rather than as evidence of actual sustainability performance, corporate commitment, or symbolic disclosure.
Co-Authors Etna Nur Afri Yuyetta M. Mujiya Ulkhaq