Greenwash vs. Brownwash: Exaggeration and Undue Modesty in Corporate Sustainability Disclosure
To truly understand greenwashing, one must understand what motivates corporate disclosure decisions. This article:
Describes and tests factors that motivate environmental, social, and governance (ESG) disclosure. Those factors include output growth, deregulation, profit, and external scrutiny.
Identifies a new phenomenon, called brownwashing, whereby companies are deliberately modest in their ESG disclosure.
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