This file was created by the TYPO3 extension publications --- Timezone: CEST Creation date: 2025-07-21 Creation time: 14:42:12 --- Number of references 2 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 Elsevier 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