Your browser does not support the PubReader view.
Go to this page to see a list of supporting browsers.
Korean Academic Society of Business Administration
[ Article ]
korean management review - Vol. 54, No. 2, pp.345-359
ISSN: 1226-1874 (Print)
Print publication date 30 Apr 2025
Received 14 Dec 2024 Accepted 21 Jan 2025
DOI: https://doi.org/10.17287/kmr.2025.54.2.345

ESG워싱(그린∙소셜∙거버넌스워싱)이 소비자의 기업평가에 미치는 영향: 기업명성의 조절효과

허종호 ; 안희경
(주저자) 서울여자대학교 경영학과 교수
(교신저자) 한양대학교 경영학부 부교수
Impact of ESG Washing(Green, Social, and Governance Washing) on Consumer Evaluation of Companies: The Moderating Effect of Corporate Reputation
Jong-Ho Huh ; Hee-Kyung Ahn
(First Author) Seoul Women’s University hjh@swu.ac.kr
(Corresponding Author) Hanyang University hkahn@hanyang.ac.kr


Copyright 2025 THE KOREAN ACADEMIC SOCIETY OF BUSINESS ADMINISTRATION
This is an open access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted, distribution, and reproduction in any medium, provided the original work is properly cited.

초록

ESG워싱은 기업이 실제로는 ESG(환경∙사회∙지배구조) 경영을 실천하지 않으면서 이를 위장해 소비자에게 잘못된 이미지를 제공하는 행위이다. 최근 기업의 ESG 중요성이 증가함에 따라 ESG워싱 문제도 심각해지고 있으며, 이는 소비자 신뢰에 부정적인 영향을 미칠 수 있다. 이에, 본 연구에서는 3(ESG워싱 유형: 그린워싱, 소셜워싱, 거버넌스워싱) × 2(기업명성: 고명성, 저명성) 실험설계를 통해 ESG워싱이 소비자의 기업평가에 미치는 영향과 기업명성의 조절효과를 분석하였다. 분석결과, ESG워싱(그린워싱, 소셜워싱, 거버넌스워싱)은 소비자의 기업평가에 부정적인 영향을 미쳤다. 다만, ESG워싱 유형에 따른 부정적 영향에는 차이가 없었다. 또한, 기업명성은 ESG워싱의 부정적 영향을 조절하는 역할을 하며, 고명성 기업일수록 ESG워싱의 부정적 영향을 더 크게 받는 것으로 나타났다. 본 연구는 ESG워싱을 그린워싱, 소셜워싱, 거버넌스워싱으로 세분화하여 각 유형이 기업평가에 미치는 영향을 체계적으로 분석함으로써, 마케팅 및 소비자 연구분야에 중요한 이론적 기반과 새로운 연구방향을 제시했다는 점에서 의의가 있다.

Abstract

ESG washing refers to the practice of companies misrepresenting their environmental, social, and governance (ESG) activities to create a false impression for consumers, without implementing such practices. As ESG has gained significant importance, the issue of ESG washing has become more pronounced and can negatively impact consumer trust. This study examines the effects of ESG washing on consumer evaluations of companies, with a focus on the moderating role of corporate reputation, using a 3 (ESG washing type: green washing, social washing, governance washing) × 2 (corporate reputation: high, low) experimental design. The results indicate that all types of ESG washing negatively affect consumer evaluations. Notably, the impact of ESG washing does not differ by type. Furthermore, corporate reputation moderates the negative effects of ESG washing, with companies of higher reputation being more negatively affected. This study contributes by categorizing ESG washing into three types and analyzing their impact on corporate evaluations, providing new theoretical insights and directions for marketing and consumer research.

Keywords:

ESG washing (green washing, social washing, governance washing), Corporate reputation, Corporate evaluation

키워드:

ESG워싱(그린워싱∙소셜워싱∙거버넌스워싱), 기업명성, 기업평가

Acknowledgments

This work was funded by a research grant from Seoul Women’s University(2025-0005) and revised from a paper that received the Best Paper Award at the 2024 Integrated Marketing Conference.

References

  • 강영기(2023), “상호주 보유, 거버넌스 워싱인가,” 한국ESG연구소 Issue Report, Retrieved from http://www.kesgresearch.com/?pages=research&sub=research3011&m=read&IDX=6675, .
    Kang, Y. G.(2023), “Inter-shareholding: Governance washing?,” Korea ESG Research Institute Issue Report, Retrieved from http://www.kesgresearch.com/?pages=research&sub=research3011&m=read&IDX=6675, .
  • 강윤지, 김상훈(2022), “기업의 ESG경영에 대한 소비자 인식에 관한 연구: MZ세대를 중심으로,” 광고학연구, 제33권 3호, pp.7-39.
    Kang, Y. J., and Kim, S. H.(2022), “Consumer perception of ESG management of corporation: Focusing on the MZ generation,” Korean Journal of Advertising, 33(3), pp.7-39. [ https://doi.org/10.14377/KJA.2022.4.15.7 ]
  • 김가람, 신별, 조수영(2023), “ESG 워싱에 대한 위기관리 전략 탐색: ESG 워싱 유형과 ESG에 대한 공중의 중요성 인식을 중심으로,” 홍보학연구, 제27권 3호, pp.189-226.
    Kim, G. R., Shin, B., and Cho, S. Y.(2023), “Exploring crisis management strategies for ESG washing: Focusing on types of ESG washing and perceptions of ESG importance,” Journal of Public Relations, 27(3), pp.189-226.
  • 김리아, 김태민, 허종호(2022), “ESG경영과 직무만족, 재무성과 간 구조적 관계 분석,” 윤리경영연구, 제22권 2호, pp.27-47.
    Kim, R., Kim, T. M., and Huh, J. H.(2022), “Analysis of the structural relationship between ESG management, job satisfaction, and financial performance,” Journal of Business Ethics, 22(2), pp.27-47.
  • 김용섭(2022), ESG 2.0: 자본주의가 선택한 미래 생존 전략, 퍼블리오.
    Kim, Y. S.(2022). ESG 2.0: The future survival strategy chosen by capitalism, Publio.
  • 사회적가치연구원(2022.3.7.), ESG 잘하는 기업 특징, Retrieved from https://futurechosun.com/archives/62820
    CSES(2022.3.7), Characteristics of Companies Excelling in ESG, Retrieved from https://futurechosun.com/archives/62820
  • 신별, 김가람, 조수영(2023), “ESG 리스크 유형에 따른 기업 커뮤니케이션 전략 탐색,” 한국광고홍보학보, 제25권 4호, pp.78-116.
    Shin, B., Kim, G. R., and Cho, S. Y.(2023), “Exploring corporate communication strategies for ESG risk types,” Korean Journal of Advertising and Public Relations,” 25(4), pp.78-116. [ https://doi.org/10.16914/kjapr.2023.25.4.78 ]
  • 신해원(2023.11.6.), 친환경의 탈을 쓴 Greenwashing, <창원대신문>, Retrieved from https://press.changwon.ac.kr/news/articleView.html?idxno=3050937, .
    Shin, H. W.(2023, November 6). Greenwashing in the guise of eco-friendliness, Changwon University Newspaper, Retrieved from https://press.changwon.ac.kr/news/articleView.html?idxno=3050937, .
  • 유현경, 이성호, 남정민(2021), “소비자의 ESG경영요구가 ESG경영지지에 미치는 영향,” Entrpreneurship&ESG 연구, 제1권, pp.1-24.
    Yoo, H. K., Lee, S. H., and Nam, J. M.(2021), “The effect of consumer’s demand for ESG management on ESG management support,” Entrepreneurship&ESG Research, 1, pp.1-24. [ https://doi.org/10.54794/enesg.2021.1.2.1 ]
  • 전국경제인연합회, 모너리서치(2023.2.15.), 매출 500대 기업 조사 2023 ESG 경영 트렌드, Retrieved from https://www.fki.or.kr/main/news/statement_detail.do?bbs_id=00034868&category=ST
    Federation of Korean Industries, Monori Research (February 15, 2023), 2023 ESG Management Trends Survey of the Top 500 Companies by Sales, Retrieved from https://www.fki.or.kr/main/news/statement_detail.do?bbs_id=00034868&category=ST
  • 차희원(2004), “기업명성의 개념 정립과 한국형 명성지수개발에 관한 연구,” 광고연구, 제64권, pp.259-289.
    Cha, H. W.(2004), “A study on the development of korean corporate reputation index,” Korean Journal of Advertising, 64, pp.259-289.
  • 최남수(2023.12.15.), [최남수의 열린경제] 갈 길 먼 ESG경영 …규제로만 보면 기업가치 창출 못한다, <아주경제>, Retrieved from https://www.ajunews.com/view/20231211165449123, .
    Choi, N. S.(2023, December 15). [Choi nam-soo's open economy] The long road of ESG management: Corporate value cannot be created solely through regulation, Aju Business Daily, Retrieved from https://www.ajunews.com/view/20231211165449123, .
  • 최순화(2023.1.27.), 착한 척, 공감하는 척 ‘워싱 전략’ 끌리시나요, <매일경제>, Retrieved from https://www.mk.co.kr/economy/view/2023/76153, .
    Choi, S. H.(2023, January 27). Pretending to be nice, pretending to empathize: Are you attracted to ‘washing strategies’?, Maeil Business Newspaper, Retrieved from https://www.mk.co.kr/economy/view/2023/76153, .
  • 허종호, 김태민, 이세리, 이채린(2022), “ESG와 브랜드자산과의 관계: 혼합연구법의 활용,” 경영연구, 제37권 1호, pp.1-20.
    Huh, J. H., Kim, T. M., Lee, S. R., and Lee, C. L. (2022), “The relationship between ESG and brand equity: A mixed method approach,” Journal of Business Research, 37(1), pp. 1-20.
  • 허종호, 박병규, 김리아, 김태민(2022), “ESG경영과 기업명성, 재무성과 간 구조적 관계 분석: 실험데이터와 현장데이터의 통합적 활용,” 생산성연구, 제36권 3호, pp.5-31.
    Huh, J. H., Park, B. K., Kim, R., and Kim, T. M. (2022), “The analysis of structural relationship among ESG management, corporate reputation, and financial performance: Integrated use of experimental and field data,” Productivity Research, 36(3), pp.5-31. [ https://doi.org/10.15843/kpapr.36.3.2022.8.5 ]
  • 허종호, 이가은, 김소연, 김윤, 박지민, 최고은(2024), “마케팅 분야 ESG 연구 동향 및 향후 연구 방향: 체계적 문헌고찰과 텍스트마이닝 분석의 통합 활용,” Enterpreneurship&ESG연구, 제4권 1호, pp.1-25.
    Huh, J. H., Lee, G. E., Kim, S. Y., Kim, Y., Park, J. M., and Choi, G. E.(2024), “ESG research trends and future research directions in marketing: Integrating systematic literature review and text mining analysis,” Entrepreneurship&ESG Research, 4(1), pp.1-25. [ https://doi.org/10.54794/enesg.2024.4.1.1 ]
  • 허종호, 이가은, 전희수, 조현수, 황서정(2023), “고객가치창출을 위한 ESG경영활동의 전략적 관리방안에 관한 연구: 현장데이터 및 IPA기법의 활용,” 기술금융연구, 제12권 3호, pp.45-66.
    Huh, J. H., Lee, G. E., Jeon, H. S., Cho, H. S., and Hwang, S. J.(2023), “A study on the strategic management of ESG management activities for creating customer value: Using of field data and IPA techniques,” Journal of technology Finance, 12(3), pp.45-66.
  • 허종호, 이가은, 전희수, 조현수, 황서정(2024), “컨조인트 분석을 활용한 ESG경영활동의 전략적 설계방안에 관한 연구,” 마케팅연구, 제39권 1호, pp.107-123.
    Huh, J. H., Lee, G. E., Jeon, H. S., Cho, H. S., and Hwang, S. J.(2024), “A study on the strategic design of ESG management activities using conjoint analysis,” Korea Marketing Review, 39(1), pp.107-123. [ https://doi.org/10.15830/kjm.2024.39.1.107 ]
  • 후즈굿(2023.12.21.), AI가 말해주는 ESG 사건사고 (2023년 12월), Retrieved from https://kdoctor.kosmes.or.kr/esgplatform/board/board6View.do?idx=1147, .
    Who's Good.(2023, December 21). ESG incidents and accidents explained by AI (December 2023), Retrieved from https://kdoctor.kosmes.or.kr/esgplatform/board/board6View.do?idx=1147, .
  • Amores-Salvadó, J., Martin-de Castro, G., and Albertini, E.(2023), “Walking the talk, but above all, talking the walk: Looking green for market stakeholder engagement,” Corporate Social Responsibility and Environmental Management, 30(1), pp.431-442. [https://doi.org/10.1002/csr.2364]
  • Attig, N., and Boshanna, A.(2023), “ESG washing: when cheap talk is not cheap!,” Available at SSRN 4672511. [https://doi.org/10.2139/ssrn.4672511]
  • Balluchi, F., Lazzini, A., and Torelli, R.(2020), CSR and greenwashing: A matter of perception in the search of legitimacy, In M. Del Baldo, J. Dillard, M. G. Baldarelli, & M. Ciambotti (Eds.), Accounting, accountability and society (pp.151-166). Springer. Retrieved from. [https://doi.org/10.1007/978-3-030-41142-8_8]
  • Bernardino, P.(2021), “Responsible CSR Communications: Avoid “Washing” Your Corporate Social Responsibility(CSR) Reports and Messages,” Journal of Leadership, Accountability & Ethics, 18(1), pp.102-113. [https://doi.org/10.33423/jlae.v18i1.4007]
  • Bloomberg Law(2023.2.15), Analysis: New year, new ESG-related litigation?, Retrieved from https://news.bloomberglaw.com/bloomberg–law-analysis/analysis-new-year-new-esg-related-litigation, .
  • Candelon, B., Hasse, J. B., and Lajaunie, Q.(2021), “ESG-washing in the mutual funds industry? from information asymmetry to regulation,” Risks, 9(11), p.199. [https://doi.org/10.3390/risks9110199]
  • Dawar, N., and Pillutla, M. M. (2000), “Impact of product-harm crises on brand equity: The moderating role of consumer expectations,” Journal of Marketing Research, 37(2), pp. 215-226. [https://doi.org/10.1509/jmkr.37.2.215.18729]
  • de Jong, M. D., Huluba, G., and Beldad, A. D. (2019), “Different shades of greenwashing: Consumers’ reactions to environmental lies, half-lies, and organizations taking credit for following legal obligations,” Journal of Business and Technical Communication, 34(1), pp.38-76. [https://doi.org/10.1177/1050651919874105]
  • Diligent Institute and SpencerStuart(2023.6.), “Sustainability in the spotlight: Has ESG lost momentum in the boardroom?,” Diligent Institute and SpencerStuart Report, 1-27, Retrieved from https://www.spencerstuart.com/-media/2023/june/diligentesg2023/2023-sustainability-in-the-spotlight.pdf, .
  • Fombrun, C. J., and Van Riel, C. B. M.(1997), “The reputational landscape,” Corporate Reputation Review, 1, pp.5-13. [https://doi.org/10.1057/palgrave.crr.1540024]
  • Huang, K. J., Bui, D. G., Hsu, Y. T., and Lin, C. Y.(2024), “The ESG washing in banks: Evidence from the syndicated loan market,” Journal of International Money and Finance, 142, p.103043. [https://doi.org/10.1016/j.jimonfin.2024.103043]
  • Lim, S., and Kwon, K. H.(2024), “Effect of consumer perception on formation of cosmetic brand attitudes in environmental, social, and governance management,” Transnational Marketing Journal, 12(1), pp.14-27.
  • Lyon, T. P., and Montgomery, A. W.(2015), “The means and end of greenwash,” Organization and Environment, 28(2), pp.223-249. [https://doi.org/10.1177/1086026615575332]
  • Nassos, G., and Avlonas, N.(2020), Green marketing and communication and how to avoid green and blue washing, In Practical sustainability strategies: How to gain a competitive advantage, John Wiley & Sons.Wiley. [https://doi.org/10.1002/9781119561132]
  • Oliver, R. L.(1980), “A cognitive model of the antecedents and consequences of satisfaction decisions,” Journal of Marketing Research, 17(4), pp.460-469. [https://doi.org/10.1177/002224378001700405]
  • Oliver, R. L.(1993), “Cognitive, affective, and attribute bases of the satisfaction response get access arrow,” Journal of Consumer Research, 20(3), pp.418-430. [https://doi.org/10.1086/209358]
  • Pinto, M. A. A. M.(2023), Impact of ESG washing on financial and market performance (Master's thesis), Universidade do Porto, Porto, Portugal.
  • RepRisk(2023.10), On the rise: Navigating the wave of greenwashing and social washing, Retrieved from https://www.reprisk.com/news-research/reports/on-the-rise-navigating-the-wave-of-greenwashing-and-social-washing, .
  • Testa, F., Boiral, O., and Iraldo, F.(2018), “Internalization of environmental practices and institutional complexity: Can stakeholders pressures encourage greenwashing?,” Journal of Business Ethics, 147, pp.287-307. [https://doi.org/10.1007/s10551-015-2960-2]
  • Todaro, D. L., and Torelli, R.(2024), “From greenwashing to ESG-washing: A focus on the circular economy field,” Corporate Social Responsibility and Environmental Management. [https://doi.org/10.1002/csr.2786]
  • Yoo, J. S., Song, W. J., and Ku, J. E.(2024), “CEO turnover, ESG-washing, and firm value,” Managerial and Decision Economics, 45(5), pp.2801-2819. [https://doi.org/10.1002/mde.4123]
  • Yu, E. P., van Luu, B., and Chen, C. H.(2020), “Greenwashing in environmental, social and governance disclosures,” Research in international Business and Finance, 52, p.101192. [https://doi.org/10.1016/j.ribaf.2020.101192]

∙저자 허종호는 서울여자대학교 경영학과 마케팅 전공 교수로 재직 중이다. 서강대학교에서 마케팅 전공으로 박사학위를 취득하였으며, 서울여자대학교 부임 전 경상국립대학교 경영대학 조교수로 재직하였다. 주요 연구분야는 마케팅, 브랜드전략, 행동경제학, ESG 등이다.

∙저자 안희경은 한양대학교 경영학부 마케팅 전공 부교수로 재직 중이다. 토론토대학(Rotman School of Management, University of Toronto)에서 마케팅 전공으로 박사학위를 취득하였으며, 학계에 들어오기 전 제일제당 주식회사 (현 CJ 제일제당) 생활화학 마케팅팀에서 근무하였다. 주요 연구 분야는 소비자의 선택과 판단, 행동경제학, 마케팅커뮤니케이션, 친사회적 소비자행동, 소비자 행복 등이다.