This file was created by the TYPO3 extension publications --- Timezone: CEST Creation date: 2026-05-27 Creation time: 21:34:43 --- Number of references 5 This dissertation examines the credibility of sustainability information in financial markets, with a focus on corporate greenwashing and its economic implications. The objective is to analyze how discrepancies between sustainability communication and actual sustainability performance of companies create information asymmetries and affect market outcomes. The dissertation comprises six empirical studies. It analyzes the role of external verification in green bond markets, develops a company-level framework to measure corporate greenwashing by distinguishing between communicated and realized environmental performance, and examines how ESG ratings relate to greenwashing risk. Building on these analyses, the dissertation studies the determinants of greenwashing, capital market reactions to greenwashing allegations, and the use of machine learning methods to forecast greenwashing risk. The final study extends the analysis to an emerging market by examining ESG performance, financial performance, and the effects of disclosure regulation for public and private companies. Overall, the dissertation contributes to the sustainable finance literature by improving the measurement of greenwashing and clarifying when ESG ratings and sustainability signals in financial markets are informative or misleading. thesis_rgbg 2026 2 18 https://epub.uni-regensburg.de/id/eprint/78430 Jens Eckberg This paper empirically analyzes the determinants of corporate greenwashing behavior to enhance forecasting and mitigation of greenwashing practices, particularly in the context of stakeholder decision-making. Using company-level characteristics from a sample of STOXX Europe 600 constituents, we show that ESG and environmental (E) scores exhibit a U-shaped relationship with greenwashing, indicating that companies with both low and high (E)SG scores are more likely to engage in greenwashing. Additionally, ESG disclosure score, company size, cash-to-assets, and capital intensity are positively associated with greenwashing behavior. Furthermore, greenwashing behavior is more prevalent in consumer-related industries than in other industries. Building on the identified determinants of greenwashing behavior, we develop machine learning models grounded in economic theory to forecast greenwashing risk. Overall, our analyses demonstrate how current and future greenwashing risks can be effectively assessed. This enables stakeholders such as investors and policymakers to better identify corporate greenwashing behavior and incorporate the associated risks into their decision-making. article 2025 12 04 10.1016/j.jebo.2025.107354 Journal of Economic Behavior & Organization 241 Elsevier 107354 https://epub.uni-regensburg.de/id/eprint/78298 Jens Eckberg Gregor Dorfleitner Manuel C. Kathan Sebastian Utz This study examines stock market reactions in response to 296 greenwashing events involving STOXX Europe 600 companies. The results indicate that companies with the lowest total assets in our sample experience negative cumulative abnormal returns. Financially material cases, which are likely to affect company performance through legal and investor-related consequences, also lead to negative market reactions. Compliance-related allegations trigger the most consistent negative market reactions compared to other types of allegations. We also find evidence of moderating effects, with ESG reputation shaping the extent of market reactions. The findings highlight that market reactions to greenwashing are highly context-dependent, reflecting company size, industry, ESG scores, and the characteristics of the allegation. article 2025 10 31 Finance Research Letters 86 Elsevier 108795 Part F https://epub.uni-regensburg.de/id/eprint/78029 Gregor Dorfleitner Jens Eckberg Sebastian Utz Teresa Brehm This paper shows that ESG scores capture a company’s greenwashing behavior. Greenwashing accusations are most prevalent among large companies with high ESG scores. We empirically employ a novel theoretical model that distinguishes between the communication of a company’s environmental efforts (apparent environmental performance) and its actual environmental impact (real environmental performance). The correlation of the apparent (real) environmental performance with ESG scores is significantly positive (negative). Therefore, ESG scores are unsuitable for measuring real environmental impact. Thus, investors focusing on high ESG-rated companies may unknowingly increase their greenwashing risk exposure, and academics may use misleading information to assess greenwashing risk. article 2025 1 07 1544-6131,1544-6123 10.1016/j.frl.2024.106710 Finance Research Letters 74 Elsevier 106710 https://epub.uni-regensburg.de/id/eprint/74584 Manuel Kathan Sebastian Utz Gregor Dorfleitner Jens Eckberg Lea Chmel Using a global panel dataset of 3,496 green bonds and conducting regressions, we find a positive relationship between greenness ratings from second-party opinions (SPOs) and green bond liquidity. Green bonds from corporate and municipal issuers with a greenness rating show higher liquidity than green bonds without a greenness rating. For financial institutions and other public issuers besides municipalities, we find no effect of greenness ratings on green bond liquidity. article 2023 4 10 1544-6123,1544-6131 10.1016/j.frl.2023.103869 Finance Research Letters 55, Part A ACADEMIC PRESS INC ELSEVIER SCIENCE

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103869 https://epub.uni-regensburg.de/id/eprint/54062 Gregor Dorfleitner Jens Eckberg Sebastian Utz