<![CDATA[This study aims to examine the effect of profit margin, tax ratio, leverage, and ownership status on greenwashing and to investigate the moderating role of board independence in basic material companies listed on the Indonesia Stock Exchange during the 2022–2025 period. This research employed a quantitative approach using a sample of 55 companies, resulting in 220 balanced panel observations. The data were analyzed using Moderated Regression Analysis (MRA) with the Random Effect Model and White robust standard errors to obtain reliable estimation results. Greenwashing was measured using the Green Index, which compares companies’ symbolic and substantive sustainability practices. The findings indicate that profit margin has a negative and significant effect on greenwashing, suggesting that firms with higher profitability are more likely to implement substantive sustainability initiatives rather than merely creating a positive environmental image. State-owned enterprise (SOE) ownership also has a negative and significant effect at the 10 percent significance level, indicating that stronger institutional oversight reduces the likelihood of greenwashing practices. In contrast, tax ratio and leverage do not have a significant effect on greenwashing. The moderation analysis reveals that board independence does not moderate the relationships between profit margin, tax ratio, leverage, ownership status, and greenwashing. These findings suggest that the presence of independent commissioners alone is insufficient to strengthen oversight of corporate sustainability reporting practices. This study recommends that companies allocate resources generated from profitability to support substantive ESG implementation and encourages regulators to strengthen verification and monitoring mechanisms for corporate sustainability disclosures.]]>
