ETD

• bibliometric analysis
• corporate governance
• disclosure performance gap
• esg reporting
• european supervisory authorities
• financial sector
• greenwashing
• natural language processing
• regulatory framework
• scopus database
• social washing
• stakeholder perception
• sustainable finance

This thesis examines greenwashing as a major challenge to the credibility of sustainable finance and ESG practices. It analyzes how firms can misrepresent their environmental and social commitment through selective disclosure, vague communication, and symbolic reporting that is not supported by real action. Using a bibliometric analysis of fifty six academic articles collected from Scopus, the study outlines the conceptual and methodological development of greenwashing research. It identifies five central areas of inquiry: regulation and institutional context, characteristics of corporate boards, gaps between ESG disclosure and actual performance, financial consequences of misleading sustainability claims, and the rise of social washing. The findings show that weak enforcement, inconsistent reporting standards, and strong demand for sustainable investments have allowed greenwashing to expand across many sectors, especially within financial institutions. Although firms may benefit temporarily from improved reputation and easier access to capital, the practice creates long term risks for investors, stakeholders, and market stability. The study highlights the need for clear standards, reliable data, and advanced analytical tools to support transparency and authentic sustainability practices.