IJARSAI International Journal of Advanced Research Scientific Analysis & Inferences
Volume 2, Issue 2, 2026
A Conceptual Framework on ESG Investing and Greenwashing: Retail Investors’ Perspective
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IJARSAI Int. J. Adv. Res. Sci. Anal. Infer.
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Article Dates: Received: 27 June 2026 | Revised Submission: 30 July 2026 | Accepted: 20 August 2026 | Available Online: 05 September 2026
Abstract
Keywords: ESG Investing, Greenwashing, Theory of Planned Behaviour, Goal Setting Theory
How to Cite:Suvidya V, & Krishnan M. (2026). A Conceptual Framework on ESG Investing and Greenwashing: Retail Investors' Perspective. IJARSAI International Journal of Advanced Research Scientific Analysis & Inferences, 02(02), 75–86. https://doi.org/10.5281/zenodo.22353734
Suvidya V
Research Scholar
Department of Commerce
Sanatana Dharma College, Alappuzha
Affiliated to the University of Kerala, India
ORCID ID: 0009-0001-1278-5795
Email: suvidyav.research@sdcollege.in
Dr. Krishnan M
Assistant Professor
Department of Commerce
Sanatana Dharma College, Alappuzha
Affiliated to the University of Kerala, India
ORCID ID: 0009-0007-0568-1705
Email: krishnanm@sdcollege.in
Article Dates: Received: 27 June 2026 | Revised Submission: 30 July 2026 | Accepted: 20 August 2026 | Available Online: 05 September 2026
Abstract
Environmental, Social and Governance (ESG) investing has emerged as a key component of modern financial markets due to rising demand for ethical business practices and sustainable economic growth. Investors depend on ESG disclosures as they have concerns about the completeness, accuracy and consistency of the sustainability reporting to evaluate long-term risks and performance. The accuracy of ESG data is seriously threatened by the practice of greenwashing, which involves exaggerating sustainability accomplishments, and greenhushing, which involves underreporting real ESG initiatives. This paper combines recent research to examine the concept of ESG investing, greenwashing by integrating Theory of Planned Behavior and Goal Setting Theory to develop a conceptual framework, particularly for individual investors. The framework will help in the need for harmonised reporting requirements and regulatory support for the investors for genuine progress towards sustainability goals. In order to prevent greenwashing and channelise capital towards a sustainable change, ESG investing requires a balance between measurement quality, disclosure integrity and enforcement.
Keywords: ESG Investing, Greenwashing, Theory of Planned Behaviour, Goal Setting Theory
How to Cite:Suvidya V, & Krishnan M. (2026). A Conceptual Framework on ESG Investing and Greenwashing: Retail Investors' Perspective. IJARSAI International Journal of Advanced Research Scientific Analysis & Inferences, 02(02), 75–86. https://doi.org/10.5281/zenodo.22353734
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