The Link between Greenwashing, Environmental Corporate Social Responsibility and Corporate Financial Performance: A Comparative Study in the Oil and Gas Industry

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Zhang, Miao (2022) The Link between Greenwashing, Environmental Corporate Social Responsibility and Corporate Financial Performance: A Comparative Study in the Oil and Gas Industry. [Dissertation (University of Nottingham only)]

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Abstract

The environmental corporate social responsibility (ECSR) of oil and gas (O&G) businesses has gained much attention due to environmental pollution accidents by significant O&G companies, such as the Mexican oil disaster. These issues also reveal that some companies are trying to convince stakeholders that they are engaging in corporate social responsibility (CSR) by deliberately disclosing information or promising to mislead stakeholders. This behaviour is known as greenwashing. While some academics have researched the existence of greenwashing by O&G corporations, others have studied the relationship between corporate financial performance (CFP) and CSR in environmental issues for O&G companies. However, an extensive study on the relationship between greenwashing, ECSR and CFP is lacking. This study demonstrates why O&G business needs to concentrate on ECSR and lessen greenwashing in its corporate operations based on stakeholder and legitimacy theories.

Data from 18 O&G companies with headquarters in developed or developing nations for 2019–2020 make up the sample for this study. According to the findings of the regression study, there is a strong positive correlation between greenwashing and ECSR. ECSR positively influences CFP for O&G companies in both developed and developing countries, but greenwashing has a negative impact. It implies that O&G companies may incur a reduction in financial performance due to their involvement in greenwashing, but they may also contribute to financial performance growth through expanded ECSR engagement.

Item Type: Dissertation (University of Nottingham only)
Keywords: Greenwashing, Environmental Corporate Social Responsibility, Corporate Financial Performance, Oil and Gas Industry
Depositing User: Zhang, Miao
Date Deposited: 05 Jul 2023 14:28
Last Modified: 05 Jul 2023 14:28
URI: https://eprints.nottingham.ac.uk/id/eprint/70326

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