The influence of corporate social responsibility on ESG perception and sustainable development goals achievement: The mediating role of greenwashing in Indonesian energy companies

Abstract

This study examines the effect of Corporate Social Responsibility (CSR) on Environmental, Social, and Governance (ESG) perception and Sustainable Development Goals (SDGs) achievement, with grìeìenwashing as a mìediating variablìe. Thìe study focusìes on ìenìergy sìector companiìes listìed on thìe Indonìesia Stock Exchangìe during thìe 2021–2025 pìeriod. Using purposivìe sampling, thìe final samplìe consists of 82 companiìes with 410 firm-yìear obsìervations. Thìe data wìerìe analyzìed using panìel data rìegrìession with EViìews 13. Modìel sìelìection tìests indicatìe that thìe random ìeffìects modìel is thìe most appropriatìe ìestimation modìel. Thìe findings show that CSR has no significant ìeffìect on ESG pìercìeption, but has a positivìe and significant ìeffìect on SDGs achiìevìemìent. CSR also has no significant ìeffìect on grìeìenwashing. Furthìermorìe, grìeìenwashing has a nìegativìe and significant ìeffìect on both ESG pìercìeption and SDGs achiìevìemìent. Howìevìer, thìe Sobìel tìest rìesults indicatìe that grìeìenwashing doìes not mìediatìe thìe rìelationship bìetwìeìen CSR and ESG pìercìeption, nor thìe rìelationship bìetwìeìen CSR and SDGs achiìevìemìent. Thìesìe findings suggìest that grìeìenwashing acts morìe as a dirìect factor that wìeakìens sustainability outcomìes rathìer than as a mìediating mìechanism bìetwìeìen CSR and ESG or SDGs. This study contributìes to thìe CSR, ESG, SDGs, and grìeìenwashing litìeraturìe by providing ìempirical ìevidìencìe from thìe Indonìesian ìenìergy sìector.