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<p>This study investigates the impact of ten major greenwashing scandals between 2000 and 2023 on investor herding behavior. By the combination of Bayesian game theory with econometric models within an event study framework, we distinguished between "productivity booms," characterized by enhanced transparency and accurate information, and "sentiment booms," where manipulated sentiment leads to capital misallocation. Research findings indicates greenwashing scandals intensify investor herding under high volatility and low transparency. Considerably, a notable decrease in stock returns and an increase in trading volumes were observed following these scandals. The findings emphasize the need for sector-specific ESG enforcement, investor education on greenwashing risks, and real-time sustainability data mechanisms to strengthen informed decision-making and safeguard market stability.</p>

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The role of greenwashing scandals on investors’ herding behavior

  • 期刊论文

  • 发表日期：

    2025年6月19日

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  • Amin Shakourloo,
  • Asil Azimli

摘要

This study investigates the impact of ten major greenwashing scandals between 2000 and 2023 on investor herding behavior. By the combination of Bayesian game theory with econometric models within an event study framework, we distinguished between "productivity booms," characterized by enhanced transparency and accurate information, and "sentiment booms," where manipulated sentiment leads to capital misallocation. Research findings indicates greenwashing scandals intensify investor herding under high volatility and low transparency. Considerably, a notable decrease in stock returns and an increase in trading volumes were observed following these scandals. The findings emphasize the need for sector-specific ESG enforcement, investor education on greenwashing risks, and real-time sustainability data mechanisms to strengthen informed decision-making and safeguard market stability.