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All Journal JURNAL BISNIS STRATEGI Jurnal Studi Manajemen Organisasi Diponegoro Journal of Management Jurnal Keuangan dan Perbankan Journal of Economics, Business, & Accountancy Ventura Gadjah Mada International Journal of Business Jurnal Penelitian Ekonomi dan Bisnis Jurnal Ilmiah Ekonomi Islam Journal of Indonesian Legal Studies Syntax Literate: Jurnal Ilmiah Indonesia DIJB (Diponegoro International Journal of Business) Jurnal Surya Masyarakat JURNAL MANAJEMEN BISNIS JOURNAL OF GOVERNMENT (Kajian Manajemen Pemerintahan dan Otonomi Daerah) Jurnal Bisnis dan Akuntansi Jurnal Abdimas PHB : Jurnal Pengabdian Masyarakat Progresif Humanis Brainstorming Jurnal Proaksi Journal of Islamic Accounting and Finance Research Jurnal Surya Masyarakat AL-ARBAH: Journal of Islamic Finance and Banking AL-FALAH : Journal of Islamic Economics International Journal of Islamic Education, Research and Multiculturalism (IJIERM) Formosa Journal of Applied Sciences (FJAS) SETARA : Jurnal Ilmu Hukum Indonesian Capital Market Review Maqdis: Jurnal Kajian Ekonomi Islam Innovative: Journal Of Social Science Research Research Horizon
Sugeng Wahyudi, Sugeng
Department Of Management Faculty Of Economics And Business Universitas Diponegoro Jl. Prof. Soedarto SH, Semarang, 50275
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Journal : Jurnal Proaksi

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Symbolic or Substantive? Greenwashing and Environmental Disclosure Misalignment in Indonesian Banking Marpaung, Netti Natarida; Wahyudi, Sugeng; Pangestuti, Irene Rini Demi
Jurnal Proaksi Vol. 12 No. 3 (2025): Juli - September
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Muhammadiyah Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32534/jpk.v12i3.7473

Abstract

Main Purpose - This study investigates whether Environmental Disclosure Scores (EDS) accurately reflect actual environmental performance, as proxied by GHG emissions, in the Indonesian banking sector.Method - The research employs panel data analysis using 16 publicly listed Indonesian banks from 2009 to 2023. A random-effects regression is applied, followed by the construction of a binary Greenwashing Index (GWI) to identify misalignments between EDS and actual greenhouse gas (GHG) emissions.Main Findings - The findings indicate that EDS are not significantly associated with lower GHG emissions, suggesting a symbolic rather than substantive role. Although larger banks tend to emit more GHG, they are less likely to engage in greenwashing, likely due to greater regulatory scrutiny. In contrast, higher profitability increases greenwashing risk, while stronger capital adequacy reduces it.Theory and Practical Implications - The findings suggest that ESG reporting should be based on performance metrics rather than narrative disclosures to ensure accountability. Policymakers are encouraged to enforce independent environmental audits and adopt outcome-based ESG frameworks. Novelty - This study contributes a novel dual-approach Greenwashing Index to identify disclosure–performance misalignment, offering empirical insights for ESG research in emerging markets.
Co-Authors Abdi, Muhammad Nuskan Abdulhamid Ali Abukil Adhi Widyakto Agusta, Anthony Ahyar Yuniawan Ali Djamhuri Astuti, Fitria Yuni Aufa, Alhiqni Raya Catur Surya Perwira Dewi, Dina Rizkia Dinata, Benny Martha Dolly Parlagutan Pulungan Dwijaya, Putra Agung Effendi, Bashid Elly Kristiani Purwendah Erowati, Eti Mul Eva Wulandari Frans Elkana S Depari, Frans Elkana Frendy Akhmad Taufan, Frendy Akhmad Ganang Radityo Primady, Ganang Radityo Goklas, Fernando Harjum Muharam Hersugondo Hetami, Muhammad Nighwan Idris Idris Imam Subekti Indi Djastuti Intan Puspitasari Intan Puspitasari Irene Rini Demi Pangestuti Kirana, Maria Nindya Laras Sitoayu M. Budi Widiyo Iryanto Maria Rio Rita Marpaung, Netti Natarida Misbach Fuady, Misbach Mohammad Sigit Taruna Muhamad Syaichu Nafisah, Fina Raudlotun NIHAYATI, AINI Nisa, Marsya Ainun Nofendi, Deki Nugraha, Arindra Adhi Nugrahaning P, Sarwendah Nurin Widyastuti Sofyani, Nurin Widyastuti NURSATYANI, ANISA Oktavia, Vicky Pandjaitan, Fransiska Lucyana Puji Astuti, Aisyah Intan Riskin Hidayat Robiyanto Santoso, Stevan Adri Satriya, Brian Yuanta Setiyawati, Lia Setyorini, Noni Shalsadilla, Shavira Shibghatalloh, Ahmad Hafiyyan Sinudarsono, Kevin Suharnomo Suharnomo Suherlan, Arda Lintang Marthanda Sukrisno, Heru Thesman, Meilin Tiffani, Irzha Maulya Wardani, Heni Setia Waridin Waridin Wijaya, Chandra Purnama Winari, Ashi Aretha Wisnu Mawardi Woen Cliff Wibowo Yunaidi, Eri