Greenwashing, greenhushing, and the path to green banking

IF 5.5 2区经济学 Q1 BUSINESS, FINANCE

Global Finance Journal Pub Date : 2025-06-13 DOI:10.1016/j.gfj.2025.101147

Gennaro De Novellis , Alessia Pedrazzoli , Daniela Pennetta , Valeria Venturelli

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Abstract

This study investigates how governance characteristics, specifically gender diversity, and bank business models influence the transition from greenwashing and greenhushing to becoming green banks. A balanced panel of 150 listed banks worldwide from 2015 to 2021 is used. Latent Markov models are applied as a methodology capable of explaining the evolution of a group of banks and the characteristics that may affect their transition over time. Key findings reveal a positive correlation between having a female CEO with at least 30 % female board representation and the likelihood of a bank shifting from greenwashing to a green stance. Conversely, a higher proportion of women on the board appears to reduce the likelihood of transitioning from greenhushing to a vocal green position, suggesting a more risk-averse and conservative approach. Additionally, investment-oriented banks are more likely to evolve toward vocal green banking than retail and universal banks. The research advances the literature on greenwashing and greenhushing by highlighting the importance of governance characteristics in supporting environmentally responsible practices.

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洗绿、粉饰和绿色银行之路

本研究探讨了治理特征（特别是性别多样性）和银行业务模式如何影响从“洗绿”和“粉饰绿色”向“绿色银行”的转变。我们使用了2015年至2021年全球150家上市银行的均衡面板。潜在马尔可夫模型是一种能够解释一组银行的演变以及可能影响其随时间过渡的特征的方法。主要调查结果显示，女性CEO在董事会中至少占30%的比例，与银行从“洗绿”转向“绿色”立场的可能性呈正相关。相反，女性在董事会中所占比例较高，似乎降低了从“绿色外壳”转变为直言不讳的绿色立场的可能性，这表明一种更倾向于规避风险和保守的做法。此外，投资导向型银行比零售银行和全能银行更有可能向绿色银行发展。该研究通过强调治理特征在支持环境负责任实践中的重要性，推进了关于绿色清洗和绿色掩饰的文献。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Global Finance Journal BUSINESS, FINANCE-

CiteScore

7.30

自引率

13.50%

发文量

106

审稿时长

53 days

期刊介绍： Global Finance Journal provides a forum for the exchange of ideas and techniques among academicians and practitioners and, thereby, advances applied research in global financial management. Global Finance Journal publishes original, creative, scholarly research that integrates theory and practice and addresses a readership in both business and academia. Articles reflecting pragmatic research are sought in areas such as financial management, investment, banking and financial services, accounting, and taxation. Global Finance Journal welcomes contributions from scholars in both the business and academic community and encourages collaborative research from this broad base worldwide.