ESG Versus Greenwashing: Identificando Práticas Sustentáveis Enganosas no Ambiente Corporativo / ESG Versus Greenwashing: Identifying Deceptive
Resumen
Este estudo examina a tensão entre a adoção de critérios ESG e a disseminação de greenwashing no ambiente corporativo, associada à divulgação de informações não financeiras e a métricas não uniformes. O objetivo foi analisar como estudos empíricos operacionalizam o greenwashing no nível da empresa e quais efeitos são reportados sobre stakeholders e desempenho. Realizou-se revisão sistemática conforme o PRISMA 2020 nas bases Web of Science, Scopus, ScienceDirect e Engineering Village, com artigos de 2008 a 2025 e coleta entre outubro e dezembro de 2025. Foram recuperados 1334 registros; após remoção de duplicados, verificação de acesso, triagem por critérios e leitura integral, 17 estudos compuseram a síntese, combinando análise bibliométrica (VOSviewer) e análise de conteúdo. Os resultados mostram predominância de medidas de desalinhamento entre divulgação e conduta, além de abordagens textuais e de desacoplamento, com efeitos econômicos e reputacionais negativos, porém condicionados ao contexto, ao tempo e ao escrutínio informacional. Assurance e monitoramento por mídia e investidores ampliam a detecção, enquanto sinais formais de governança podem produzir falsos positivos. Conclui-se que distinguir ESG autêntico de greenwashing exige verificabilidade, comparabilidade e auditoria das alegações e que pesquisas futuras devem ampliar recortes setoriais e regulatórios e triangular métricas, texto e controvérsias.
Palavras-Chave: Esg. Greenwashing. Divulgação não Financeira. Revisão Sistemática. Assimetria Informacional.
ABSTRACT
This study examines the tension between the adoption of ESG criteria and the spread of greenwashing in corporate settings, linked to the expansion of nonfinancial disclosure and to non-uniform metrics. It aims to assess how empirical studies operationalize firm-level greenwashing and what effects are reported for stakeholders and performance. A systematic review was conducted following PRISMA 2020 across Web of Science, Scopus, ScienceDirect, and Engineering Village, covering journal articles published from 2008 to 2025 and collected between October and December 2025. The search retrieved 1,334 records; after duplicate removal, full-text availability checks, eligibility screening, and full reading, 17 studies were included, combining bibliometric mapping (VOSviewer) with content analysis. Findings show a predominance of measures capturing misalignment between disclosure and conduct/performance, alongside textual and decoupling approaches, with generally negative economic and reputational consequences that depend on context, timing, and informational scrutiny, including nonlinear patterns and delayed market responses in crises. External assurance and monitoring by media and investors strengthen detection, whereas formal governance signals may generate false positives. The study concludes that distinguishing authentic ESG from greenwashing requires verifiable, comparable, and auditable claims, and that future research should broaden sectoral and regulatory settings and triangulate metrics, text, and controversies.
Keywords: Esg. Greenwashing. Nonfinancial Disclosure. Systematic Review. Information Asymmetry.
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DOI: http://dx.doi.org/10.12819/2026.23.6.7
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