This paper examines how family financial socialization in adulthood is linked to the development of investment literacy among individual family members within the context of innovative financial services, specifically peer-to-peer (P2P) lending. Our findings revealed that P2P lending investors engage in a moderate level family financial socialization suggesting that family, as a key financial socialization agent in childhood and adolescence, maintains its role in adulthood. Additionally, such investors possess a high-level investment knowledge, skills, and attitudes. Explicit family financial socialization has a significant and positive effect on the individuals’ investment knowledge, skills, and attitudes, while the effect of implicit financial socialization is significant but negative for knowledge and attitudes. Such findings suggest that family discussion among adult members result in higher, while observations of family members’ investment behavior led to lower investment literacy. Our study found no significant moderating effect of the strength of social ties indicating that dynamics of family relations neither strengthen nor weaken proximal socialization outcomes. The analysis of differences across demographic groups unveiled statistically significant distinctions concerning respondents’ gender, income, and education. These results provide important insights for stakeholders, underscoring the significant role family socialization in adulthood plays in shaping individuals’ investment literacy, particularly of those investing on P2P lending platforms.

Greenwashing in environmental, social, and governance reporting poses a significant threat to corporate accountability and stakeholder trust. This article provides a comprehensive synthesis of existing research to evaluate the role and effectiveness of sustainability assurance as a primary mechanism to combat greenwashing and proposes a framework for it. Based on a systematic literature review, this paper consolidates empirical findings indicating that sustainability assurance has a significant inhibitory effect on corporate greenwashing and is positively valued by capital markets, as evidenced by lower equity capital costs. However, the analysis also reveals that the effectiveness of assurance is not uniform; it is moderated by contextual factors such as the strength of the national legal environment and, in particular, regulatory environments, which can be exploited to legitimize overstated disclosures. This paper proposes a conceptual framework for anti-greenwashing assurance that integrates five interconnected pillars (regulatory, stakeholder engagement, third-party verification, corporate culture and internal controls, and technologies), forming a synergistic ecosystem of deterrents which collectively shape the integrity and credibility of sustainability reporting practices. To enhance the effectiveness of greenwashing mitigation, the proposed framework must be further strengthened by integrating the core principles of transparency, materiality, and verifiability across all its pillars.

The current study examined the impression management gap between sustainability and management reports, which in this study serves as a proxy for greenwashing in sustainability reporting. The study sample comprised 192 reports from 24 companies, covering the period 2020–2023. Impression management gaps were estimated across four dimensions—tone, analytical thinking, authenticity, and clout—using textual analysis with the Linguistic Inquiry Word Count software. Our findings reveal significant impression management gaps for tone, clout, and analytics dimensions throughout the entire research sample, confirming a more pronounced use of impression management techniques in sustainability reporting. Despite increasing regulatory pressure during the study period, the calculated gaps did not show signs of decreasing. The results further indicate a high likelihood of greenwashing in the Services and Manufacturing sectors, and a lower likelihood in the Utilities sector. Such gaps risk misleading stakeholders by shaping perceptions that diverge from a company’s actual sustainability practices. Our findings suggest that greenwashing can be effectively detected through textual analysis of disclosures, particularly when conducting comparative studies between different reports. Building on these results, we argue that targeted reporting standards, advanced assurance methodologies, and clearer boundaries for impression management are essential to curbing greenwashing and strengthening the integrity of sustainability communication.

The Analysis of Dividend Announcement Impact on Stock Prices of Baltic Companies