Die Auswirkungen von Greenwashing auf das Markenvertrauen im nachhaltigen Finanzsektor am Beispiel der KEPLER Fonds KAG

Abstract

1.4 Motivation and problem definition Sustainable investments have become increasingly important in recent years. The increased social and political interest in ecological and social aspects of investments has led to ESG funds increasingly becoming the standard in financial sales. At the same time, there is a growing number of critical voices questioning the actual impact of sustainable products. The accusation of greenwashing, i.e. the deliberate or negligent misrepresentation of the sustainability of financial products, is a particular focus. Such practices not only jeopardise the credibility of individual fund providers, but also the trust of investors in the entire sustainable financial market. Against this backdrop, the paper examines the question of how greenwashing affects brand trust and which measures are suitable for securing trust. 1.5 Content structure and methodology The thesis is divided into six chapters. The introduction is followed by a theoretical discussion of the concepts of sustainability, greenwashing and brand trust in the financial context. Both historical developments and regulatory frameworks such as the EU taxonomy and ESG ratings are analysed. In a third step, brand trust is discussed as a central prerequisite for sustainable investment decisions. The empirical investigation is based on a qualitative research design in the form of a case study. Six guided expert interviews were conducted with employees of KEPLER Fonds KAG who work in various departments. The interviews were transcribed and analysed using Mayring's qualitative content analysis method. The aim was to gain practice-relevant perspectives on greenwashing and trust. 1.6 Concrete results of the work The analysis shows that greenwashing allegations have a significant impact on market confidence. Sustainability-oriented investors in particular react sensitively to inconsistencies between communication and actual fund content. Trust is strongly supported by transparency, comprehensible ESG criteria and established sustainability seals such as the FNG seal or the Austrian Ecolabel. At the same time, weaknesses are evident in the regulatory implementation - particularly with regard to the EU taxonomy and ESG ratings, which are perceived to be less practical or not comparable in practice. The Gartner Hype Cycle was used to categorise the current development of interest in sustainability. The results suggest that the market is currently in a phase of disillusionment. Although sustainability remains a relevant topic, especially with regard to the legal requirements of the EU Green Deal, investor confidence depends largely on credible communication and practised responsibility, not on mere marketing promises.

Date of Award	2025
Original language	German (Austria)
Supervisor	Michael Ehrengruber (Supervisor)