Dampak Kesulitan Keuangan terhadap Indikasi Praktik Greenwashing: Analisis Peran Mediasi Inovasi Hijau

Greenwashing has become a critical issue in corporate sustainability implementation; however, research on the impact of financial distress on greenwashing remains limited and yields inconsistent results. This study addresses this gap by examining the role of green innovation as a mediating variable in the relationship between financial distress and greenwashing, drawing upon legitimacy theory and stakeholder theory. The study focuses on energy sector companies listed on the Indonesia Stock Exchange from 2020 to 2024, utilizing a sample of 87 companies (comprising 267 observations after outlier removal). Secondary data were analyzed using multiple linear regression and path analysis. The results indicate that financial distress has no significant effect on either greenwashing indications or green innovation. Similarly, green innovation does not significantly affect greenwashing indications. Conversely, firm size was found to have a significant positive effect on greenwashing indications. These findings suggest that financial distress does not influence corporate greenwashing practices, and green innovation does not mediate the relationship between financial distress and greenwashing