Many companies finance numerous green innovation and renewable energy initiatives to pursue ESG objectives. This research investigates whether these investments and practices result from a genuine shift in the business strategy or are rebranding efforts. In the last case, we can consider that the companies are engaging in greenwashing practices. We want to assess the greenwashing practices and analyze the relationship with cultural values. This relationship is empirically examined in three phases: (1) identification of a homogeneous dataset of Italian power enterprises; (2) assessment of greenwashing score by comparing the efficiency scores calculated with the data envelopment analysis (DEA) method with and without ESG variables; and (3) examination of the relation between the greenwashing score and cultural dimensions. The results show that the probability of greenwashing is higher when the companies operate in areas with high masculinity and power distance. This finding is noteworthy and has practical implications for scholars and professionals, especially regarding stakeholder engagement and the valuation of strategic and decision-making procedures concerning the interaction effects of cultural values with ecological commitment.