+7 925 966 4690, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»






Regional Economics: Theory and Practice

Greenwashing as an institutional trap

Vol. 22, Iss. 6, JUNE 2024

Received: 25 March 2024

Received in revised form: 21 April 2024

Accepted: 14 May 2024

Available online: 17 June 2024


JEL Classification: Q54, R11

Pages: 1096–1109


Ekaterina O. VEGNER-KOZLOVA Institute of Economics of Ural Branch of RAS, Yekaterinburg, Russian Federation


Polina D. KOLOTOVKINA Institute of Economics of Ural Branch of RAS, Yekaterinburg, Russian Federation


Subject. This article considers the mechanisms for regulating harmful transformations that arise in the course of cyclical changes and slow down the achievement of sustainable development goals.
Objectives. The article aims to determine the position of greenwashing in the institutional economic theory.
Methods. For the study, we used the comparative and causal analyses.
Results. The article finds that greenwashing is characterized by an increase in the impact on economic systems. It is necessary to form an alternative institution to reduce the negative long-term consequences of greenwashing.
Conclusions. Being an institutional trap, greenwashing has a negative impact on the relationship between economic agents at all levels, hindering the achievement of sustainable development goals and the real greening of the economy.

Keywords: greenwashing, sustainable development, institutional theory, institutional trap, environmental legislation


  1. Pearson J. Turning Point. Are We Doing the Right Thing? Leadership and Prioritisation for Public Benefit. Journal of Corporate Citizenship, 2010, no. 37, pp. 37–40. URL: Link
  2. Bennis W.G., Nanus B. Leaders: The Strategies for Taking Charge. New York, Harper & Row, 1985, 244 p.
  3. North D.C. Institutions, Institutional Change and Economic Performance. Cambridge University Press, 1990, 152 p.
  4. Popov E.V., Lesnykh V.V. Institutsional'nye lovushki Polterovicha i transaktsionnye izderzhki: monografiya [Polterovich's institutional traps and transaction costs: a monograph]. Yekaterinburg, Institute of Economics of Ural Branch of Russian Academy of Sciences Publ., 2006, 459 p.
  5. Popov E.V. Instituty mini-ekonomiki [Mini-economics institutions]. Moscow, Ekonomika Publ., 2005, 636 p.
  6. Dement'ev V.V. [What do we investigate during the investigation of institutes?]. Terra Economicus, 2009, vol. 7, no. 1, pp. 13–30. URL: Link (In Russ.)
  7. Kanapukhin P.A., Voronin V.P., Karibov S.T. [Analysis of the economic basis of institutional traps in small business]. Sovremennaya ekonomika: problemy i resheniya = Modern Economics: Problems and Solutions, 2021, no. 6, pp. 145–155. URL: Link (In Russ.)

View all articles of issue


ISSN 2311-8733 (Online)
ISSN 2073-1477 (Print)

Journal current issue

Vol. 22, Iss. 7
July 2024