Assessment of the Impact of Greenwashing on the EV/EBITDA Market Multiplier: Analysis of Data from BRICS Companies

The relevance of this study is driven by the growing importance of the ESG agenda for investors: as of 2023, 89 per cent of investors take ESG factors into account when selecting investment targets, while approximately 85 per cent believe that the problem of greenwashing became more acute in 2024 than it was five years earlier. The purpose of this study is to identify the relationship between greenwashing and the market valuation of companies from BRICS countries as reflected in the EV/EBITDA multiple. It is hypothysed that companies use declarative environmental practices due to a lower multiplier. The scientific novelty of the study lies in the development of a methodological framework for analysing the impact of greenwashing on corporate market valuation. Practical implications of the research may be of interest to investors, corporate analysts, public authorities, and international organizations involved in the development of financial and non-financial reporting standards.

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