Journal of Management Research and Review (JMRR) · Research article · Open access
Corporate Governance, Market Structure, And Greenwashing: Evidence from A Two-Part Model in an Emerging Market
Sinara Silva Pinheiro Lopes, Luiz Cláudio Louzada
8 September 2026 · Vol. 2, Issue 9, pp. 733-746
DOI: 10.65150/EP-jmrr/V2E9/2026-03
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What is this article about?
Objective: To examine whether corporate governance and product-market structure are associated with greenwashing among Brazilian firms and whether climate policy uncertainty conditions these relationships, distinguishing the occurrence of disclosure-performance misalignment from its conditional intensity. Methodology: We use a canonical panel of 970 firm-year observations from 105 firms over 2010–2023.
Article at a glance
- Published
- 8 September 2026
- Volume / issue / pages
- Vol. 2, Issue 9, pp. 733-746
- ISSN
- 3051-3588 (online) · 3051-357X (print)
- Licence
- CC BY 4.0 — free to read and reuse with attribution
- Peer review
- Double-blind, at least two independent reviewers
- Publisher
- EP Journals Group
Abstract
Objective: To examine whether corporate governance and product-market structure are associated with greenwashing among Brazilian firms and whether climate policy uncertainty conditions these relationships, distinguishing the occurrence of disclosure-performance misalignment from its conditional intensity. Methodology: We use a canonical panel of 970 firm-year observations from 105 firms over 2010–2023. Greenwashing is measured as the relative gap between Bloomberg® ESG Disclosure and LSEG Data & Analytics® environmental performance. The common sample includes 942 observations for the extensive margin and 516 observations with GW > 0 for the intensive margin. Preferred specifications use Logit and OLS with NAICS-3 and year fixed effects, NAICS-3 clustered standard errors, firm size measured as ln(total assets), a horse-race specification, and robustness tests. Findings: Corporate governance is not significant in the extensive margin (β = 0.007; p = 0.981) or intensive margin (β = -0.053; p = 0.683). HHI is likewise not significant (β = -0.350; p = 0.838; and β = -0.386; p = 0.354, respectively). Interactions with CCPU remain non-significant, and the inference is unchanged by winsorization, excluding market share from the HHI model, or reconstructing governance with seven empirically unique dimensions. Significance: The findings show that inferences about governance, competition, and greenwashing depend critically on simultaneous observability of disclosure and performance, sample comparability, and separation of occurrence from intensity.
Keywords: Greenwashing, Corporate Governance, Market Structure, ESG Disclosure, Climate Policy Uncertainty, Emerging Markets
Cite this article
Sinara Silva Pinheiro Lopes, & Luiz Cláudio Louzada (2026). Corporate Governance, Market Structure, And Greenwashing: Evidence from A Two-Part Model in an Emerging Market. Journal of Management Research and Review, 2(9), 733-746. https://doi.org/10.65150/EP-jmrr/V2E9/2026-03
@article{Sinara2026,
title = {Corporate Governance, Market Structure, And Greenwashing: Evidence from A Two-Part Model in an Emerging Market},
author = {Sinara Silva Pinheiro Lopes and Luiz Cláudio Louzada},
journal = {Journal of Management Research and Review},
year = {2026},
volume = {2},
number = {9},
pages = {733-746},
doi = {10.65150/EP-jmrr/V2E9/2026-03},
url = {https://doi.org/10.65150/EP-jmrr/V2E9/2026-03}
}Questions about this article
Who wrote this article?
Sinara Silva Pinheiro Lopes, Luiz Cláudio Louzada.
Where and when was it published?
In Journal of Management Research and Review, Volume 2, Issue 9, pages 733-746, published by EP Journals Group on 8 September 2026.
Is this article free to read?
Yes. It is open access under a Creative Commons Attribution 4.0 (CC BY 4.0) licence, so anyone can read, share and reuse it with attribution.
What is the DOI of this article?
10.65150/EP-jmrr/V2E9/2026-03 (https://doi.org/10.65150/EP-jmrr/V2E9/2026-03).
How do I cite this article?
APA: Sinara Silva Pinheiro Lopes, & Luiz Cláudio Louzada (2026). Corporate Governance, Market Structure, And Greenwashing: Evidence from A Two-Part Model in an Emerging Market. Journal of Management Research and Review, 2(9), 733-746. https://doi.org/10.65150/EP-jmrr/V2E9/2026-03
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