Greenwashing and ESG Disclosure: Challenges and Policy Responses in Emerging Markets
DOI:
https://doi.org/10.65150/EP-jefrr/V2E11/2026-02Keywords:
ESG disclosure, Emerging Markets, green washing, Information Asymmetry, Institutional theory, ESG regulationAbstract
The growing importance of Environmental, Social, and Governance (ESG) disclosure has raised concerns about greenwashing, particularly in emerging markets. This study examines the main forms and drivers of greenwashing and evaluates policy responses in Vietnam, Thailand, and Malaysia, with Singapore as a supplementary policy benchmark. Using qualitative document analysis and comparative policy analysis, the study reviews academic literature, regulatory documents, policy reports, and publicly documented cases from 2018 to October 2026. The findings identify selective disclosure, unsupported environmental claims, and gaps between corporate sustainability commitments and actual practices as key greenwashing risks. Information asymmetry, corporate incentives, inconsistent reporting standards, and limited regulatory oversight may contribute to these risks. The comparison highlights differences in ESG disclosure requirements, independent assurance, and regulatory enforcement across the selected markets. The study concludes that improving ESG disclosure credibility requires stronger reporting standards, independent assurance, effective regulatory monitoring, and clear corporate accountability, while allowing implementation timelines to reflect each market’s capacity.
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