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<p>This study investigates how coercive, normative, and mimetic institutional pressures, along with information asymmetry, influence the emergence of ESG-washing behavior. Using Kompas100 and non-Kompas100 Index firms as the sampling frame, a purposive survey was conducted among managers involved in ESG reporting, yielding 327 valid responses. Data were analyzed using partial least squares structural equation modeling (PLS-SEM). The findings indicate that all three forms of institutional pressure significantly drive ESG-washing, with information asymmetry being the most influential. This suggests that limited transparency and inadequate oversight amplify the tendency toward symbolic ESG disclosures rather than substantive ESG disclosure. By integrating institutional theory with the concept of information asymmetry, this study provides a novel empirical perspective on ESG-washing in emerging market setting. This study advances the understanding of how institutional and informational forces interact to shape corporate legitimacy strategies, offering implications for policymakers, regulators, and stakeholders concerned with improving ESG reporting credibility in developing economies.</p>

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Institutional pressures, information asymmetry and ESG-washing behavior: insights from a fast-growing economy

  • 期刊论文

  • 发表日期：

    2026年6月27日

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  • Hersugondo Hersugondo,
  • Ahyar Yuniawan,
  • Idris Idris,
  • Fuad Mas’ud,
  • Dea Adielyani

摘要

This study investigates how coercive, normative, and mimetic institutional pressures, along with information asymmetry, influence the emergence of ESG-washing behavior. Using Kompas100 and non-Kompas100 Index firms as the sampling frame, a purposive survey was conducted among managers involved in ESG reporting, yielding 327 valid responses. Data were analyzed using partial least squares structural equation modeling (PLS-SEM). The findings indicate that all three forms of institutional pressure significantly drive ESG-washing, with information asymmetry being the most influential. This suggests that limited transparency and inadequate oversight amplify the tendency toward symbolic ESG disclosures rather than substantive ESG disclosure. By integrating institutional theory with the concept of information asymmetry, this study provides a novel empirical perspective on ESG-washing in emerging market setting. This study advances the understanding of how institutional and informational forces interact to shape corporate legitimacy strategies, offering implications for policymakers, regulators, and stakeholders concerned with improving ESG reporting credibility in developing economies.