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<p>This study investigates the impact of the adoption of regulatory technology (RegTech) on greenwashing practices within the European banking sector over the period 2014–2024. Against a backdrop of growing regulatory pressure and increasing scrutiny of ESG disclosures, and in a context marked by persistent ESG rating divergence across major providers, this study examines whether digital compliance technologies constitute an effective mechanism for reducing the gap between banks’ stated sustainability commitments and their actual environmental performance. Using a progressive empirical framework that combines Staggered Difference-in-Differences (DiD), Triple Difference (DDD), and Generalized Random Forest (GRF) estimators applied to a panel of European banks, we provide consistent causal evidence that RegTech adoption is associated with a meaningful reduction in greenwashing behavior, an effect that remains stable across multiple robustness specifications. The DDD analysis further reveals that this effect is moderated by three institutional factors: it is amplified by stricter regulatory frameworks and substantive ESG practices, while larger banks derive stronger greenwashing-reduction benefits owing to their superior technological capabilities and governance structures. GRF analysis uncovers meaningful heterogeneity in treatment effects, indicating that the benefits of RegTech are most pronounced for banks that combine large size, strong regulatory exposure, and genuine ESG involvement, while a non-negligible subset of institutions displays null or limited effects, suggesting that compliance technologies may not operate as a universal anti-greenwashing mechanism. In general, these findings suggest that RegTech acts as a credibilization mechanism whose effectiveness depends on both external institutional pressure and internal governance quality, within the specific regulatory architecture of European sustainable finance characterized by the SFDR, CSRD, and EBA Pillar&#xa0;3 requirements. The external validity of these findings to less harmonized regulatory environments remains an open empirical question, carrying important implications for regulators, bank managers, and investors operating within the European sustainable finance landscape.</p>

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Regtech and greenwashing: a causal and heterogeneous analysis using staggered DiD, DDD, and generalized random forests

  • 期刊论文

  • 发表日期：

    2026年8月4日

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  • Tebessi Mejda,
  • Heni Boubaker

摘要

This study investigates the impact of the adoption of regulatory technology (RegTech) on greenwashing practices within the European banking sector over the period 2014–2024. Against a backdrop of growing regulatory pressure and increasing scrutiny of ESG disclosures, and in a context marked by persistent ESG rating divergence across major providers, this study examines whether digital compliance technologies constitute an effective mechanism for reducing the gap between banks’ stated sustainability commitments and their actual environmental performance. Using a progressive empirical framework that combines Staggered Difference-in-Differences (DiD), Triple Difference (DDD), and Generalized Random Forest (GRF) estimators applied to a panel of European banks, we provide consistent causal evidence that RegTech adoption is associated with a meaningful reduction in greenwashing behavior, an effect that remains stable across multiple robustness specifications. The DDD analysis further reveals that this effect is moderated by three institutional factors: it is amplified by stricter regulatory frameworks and substantive ESG practices, while larger banks derive stronger greenwashing-reduction benefits owing to their superior technological capabilities and governance structures. GRF analysis uncovers meaningful heterogeneity in treatment effects, indicating that the benefits of RegTech are most pronounced for banks that combine large size, strong regulatory exposure, and genuine ESG involvement, while a non-negligible subset of institutions displays null or limited effects, suggesting that compliance technologies may not operate as a universal anti-greenwashing mechanism. In general, these findings suggest that RegTech acts as a credibilization mechanism whose effectiveness depends on both external institutional pressure and internal governance quality, within the specific regulatory architecture of European sustainable finance characterized by the SFDR, CSRD, and EBA Pillar 3 requirements. The external validity of these findings to less harmonized regulatory environments remains an open empirical question, carrying important implications for regulators, bank managers, and investors operating within the European sustainable finance landscape.