The Concept of Green Taxonomy in Strengthening the Financial Performance of The Islamic Banking Sector in Indonesia in Mitigating Greenwashing
DOI:
https://doi.org/10.30741/assets.v10i2.1943Keywords:
Green Taxonomy, Greenwashing, Financial PerformanceAbstract
In 2022, the G20 promoted green banking to support sustainable growth and balance. However, companies may engage in greenwashing to maintain their image. As regulated by the Indonesian Financial Services Authority (OJK), Islamic banking is expected to implement the green taxonomy through sustainable financing and transparent CSR practices. This explanatory study examines the effect of green taxonomy components on financial performance, with greenwashing as a mediating variable. Path analysis was applied to data from 132 Islamic Commercial Banks in Indonesia during 2010–2020. The results show that environmental and social dimensions significantly improve financial performance, proxied by ROA, supporting legitimacy theory, whereas governance has no significant effect. Greenwashing mediates only the relationship between social factors and financial performance but does not mediate the effects of environmental and governance factors. These findings highlight the importance of prioritizing green financing in accordance with OJK standards and implementing CSR programs that create measurable social and environmental benefits, such as community economic empowerment and validated environmental initiatives.
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