Global Research Trends on Environmental, Social and Governance: A Bibliometric Analysis

Nur Isna Inayati, Wikan Isthika, Umi Sulistiyanti

Abstract


Companies engage in ESG activities to achieve higher financial returns and to signal compliance in the market. The link between ESG and corporate financial performance is still not well established because much of the literature contains conflicting results and paradoxes. Through bibliometric analysis and meta-analysis, this research seeks to synthesize the literature on ESG performance and its impact on performance. Bibliometric analysis highlights leading scholars in the field, leading journals, institutions, countries, and an overview of highly cited articles in the field of sustainable finance. This study presents research trends and a future research framework is proposed based on the research gaps identified in this review.


Keywords


Environmental, Social and Governance, Global Research Trend, Bibliometric Analysis

References


Aboud, A., & Diab, A. (2018). The impact of social, environmental, and corporate governance disclosures on firm value: Evidence from Egypt. Journal of Accounting in Emerging Economies, 8(4), 442–458. https://doi.org/10.1108/JAEE-08-2017-0079

Alareeni, B. A., & Hamdan, A. (2020). ESG impact on performance of US S&P 500-listed firms. Corporate Governance (Bingley), 20(7), 1409–1428. https://doi.org/10.1108/CG-06-2020-0258

Albitar, K., Hussainey, K., Kolade, N., & Gerged, A. M. (2020). ESG disclosure and firm performance before and after IR: The moderating role of governance mechanisms. International Journal of Accounting and Information Management, 28(3), 429–444. https://doi.org/10.1108/IJAIM-09-2019-0108

Alduais, F. (2023). Unravelling the intertwined nexus of firm performance, ESG practices, and capital cost in the Chinese business landscape. Cogent Economics and Finance, 11(2), 1–36. https://doi.org/10.1080/23322039.2023.2254589

Alsayegh, M. F., Rahman, R. A., & Homayoun, S. (2020). Corporate economic, environmental, and social sustainability performance transformation through ESG disclosure. Sustainability (Switzerland), 12(9). https://doi.org/10.3390/su12093910

Anwer, Z., Goodell, J. W., Migliavacca, M., & Paltrinieri, A. (2023). Does ESG impact systemic risk? Evidencing an inverted U-shape relationship for major energy firms. Journal of Economic Behavior and Organization, 216(October), 10–25. https://doi.org/10.1016/j.jebo.2023.10.011

Arayssi, M., Jizi, M., & Tabaja, H. H. (2020). The impact of board composition on the level of ESG disclosures in GCC countries. Sustainability Accounting, Management and Policy Journal, 11(1), 137–161. https://doi.org/10.1108/SAMPJ-05-2018-0136

Brogi, M., & Lagasio, V. (2019). Environmental, social, and governance and company profitability: Are financial intermediaries different? Corporate Social Responsibility and Environmental Management, 26(3), 576–587. https://doi.org/10.1002/csr.1704

Buallay, A. (2019). Is sustainability reporting (ESG) associated with performance? Evidence from the European banking sector. Management of Environmental Quality: An International Journal, 30(1), 98–115. https://doi.org/10.1108/MEQ-12-2017-0149

Camilleri, M. A. (2018). Theoretical insights on integrated reporting: The inclusion of non-financial capitals in corporate disclosures. Corporate Communications, 23(4), 567–581. https://doi.org/10.1108/CCIJ-01-2018-0016

Chouaibi, J., Benmansour, H., Ben Fatma, H., & Zouari-Hadiji, R. (2023). Does environmental, social, and governance performance affect financial risk disclosure? Evidence from European ESG companies. Competitiveness Review. https://doi.org/10.1108/CR-07-2023-0181

Eliwa, Y., Aboud, A., & Saleh, A. (2021). ESG practices and the cost of debt: Evidence from EU countries. Critical Perspectives on Accounting, 79, 102097. https://doi.org/10.1016/j.cpa.2019.102097

Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45–64. https://doi.org/10.1016/j.gfj.2017.03.001

Firmansyah, E. A., Umar, U. H., & Jibril, R. S. (2023). Investigating the effect of ESG disclosure on firm performance: The case of Saudi Arabian listed firms. Cogent Economics and Finance, 11(2). https://doi.org/10.1080/23322039.2023.2287923

Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance and Investment, 5(4), 210–233. https://doi.org/10.1080/20430795.2015.1118917

Fukuda-Parr, S., & Muchhala, B. (2020). The Southern origins of sustainable development goals: Ideas, actors, aspirations. World Development, 126(September 2015). https://doi.org/10.1016/j.worlddev.2019.104706

Fusco, F., & Ricci, P. (2019). What is the stock of the situation? A bibliometric analysis on social and environmental accounting research in public sector. International Journal of Public Sector Management, 32(1), 21–41. https://doi.org/10.1108/IJPSM-05-2017-0134

Hoang, H. V. (2023). Environmental, social, and governance disclosure in response to climate policy uncertainty: Evidence from US firms. In Environment, Development and Sustainability (Issue 0123456789). Springer Netherlands. https://doi.org/10.1007/s10668-022-02884-5

Kim, Y., & Lee, J. (2023). Do firms manage corporate social responsibility strategically? Evidence from ESG ratings of Korean firms. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3914419

Landi, G., & Sciarelli, M. (2019). Towards a more ethical market: the impact of ESG rating on corporate financial performance. Social Responsibility Journal, 15(1), 11–27. https://doi.org/10.1108/SRJ-11-2017-0254

Lin, P. T., Jin, Y., Gao, F., Yang, R., & Lin, Q. (2023). Institutional Investors, CSR Report Readability, and the Moderating Role of ESG Performance. SAGE Open, 13(4), 1–15. https://doi.org/10.1177/21582440231208514

Lu, J., & Wang, J. (2021). Corporate governance, law, culture, environmental performance, and CSR disclosure: A global perspective. Journal of International Financial Markets, Institutions and Money, 70, 101264. https://doi.org/10.1016/j.intfin.2020.101264

Ma, A. K. F., & Chen, Y. (2023). Board attributes, ownership structure, and corporate social responsibility: evidence from A-share listed technological companies in China. Society and Business Review. https://doi.org/10.1108/SBR-08-2022-0225

Manita, R., Bruna, M. G., Dang, R., & Houanti, L. (2018). Board gender diversity and ESG disclosure: evidence from the USA. Journal of Applied Accounting Research, 19(2), 206–224. https://doi.org/10.1108/JAAR-01-2017-0024

Naseer, M. M., Guo, Y., & Zhu, X. (2023). ESG trade-off with risk and return in Chinese energy companies. International Journal of Energy Sector Management. https://doi.org/10.1108/IJESM-07-2023-0027

Nie, M., Chen, C., Song, C., & Qin, C. (2023). Does capital market liberalization promote ESG disclosure? Empirical evidence from the mainland-HK stock-connect. Frontiers in Environmental Science, 11(March), 1–18. https://doi.org/10.3389/fenvs.2023.1131607

Qureshi, M. A., Kirkerud, S., Theresa, K., & Ahsan, T. (2020). The impact of sustainability (environmental, social, and governance) disclosure and board diversity on firm value: The moderating role of industry sensitivity. Business Strategy and the Environment, 29(3), 1199–1214. https://doi.org/10.1002/bse.2427

Rezaee, Z., & Tuo, L. (2019). Are the quantity and quality of sustainability disclosures associated with the innate and discretionary earnings quality? Journal of Business Ethics, 155(3), 763–786. https://doi.org/10.1007/s10551-017-3546-y

Shakil, M. H. (2021). Environmental, social and governance performance and financial risk: Moderating role of ESG controversies and board gender diversity. Resources Policy, 72(May), 102144. https://doi.org/10.1016/j.resourpol.2021.102144

Siwei, D., & Chalermkiat, W. (2023). An analysis on the relationship between ESG information disclosure and enterprise value: A case of listed companies in the energy industry in China. Cogent Business and Management, 10(3), 1–21. https://doi.org/10.1080/23311975.2023.2207685

Syed, A. M., & Bawazir, H. S. (2021). Recent trends in business financial risk–A bibliometric analysis. Cogent Economics and Finance, 9(1). https://doi.org/10.1080/23322039.2021.1913877

Taliento, M., Favino, C., & Netti, A. (2019). Impact of environmental, social, and governance information on economic performance: Evidence of a corporate “sustainability advantage” from Europe. Sustainability (Switzerland), 11(6). https://doi.org/10.3390/su11061738

Umar, U. H., Firmansyah, E. A., Danlami, M. R., & Al-Faryan, M. A. S. (2023). Revisiting the relationship between corporate governance mechanisms and ESG disclosures in Saudi Arabia. Journal of Accounting and Organizational Change. https://doi.org/10.1108/JAOC-01-2023-0011

Xie, J., Nozawa, W., Yagi, M., Fujii, H., & Managi, S. (2019). Do environmental, social, and governance activities improve corporate financial performance? Business Strategy and the Environment, 28(2), 286–300. https://doi.org/10.1002/bse.2224

Yu, E. P. yi, Guo, C. Q., & Luu, B. Van. (2018). Environmental, social and governance transparency and firm value. Business Strategy and the Environment, 27(7), 987–1004. https://doi.org/10.1002/bse.2047

Yu, E. P. yi, Luu, B. Van, & Chen, C. H. (2020). Greenwashing in environmental, social and governance disclosures. Research in International Business and Finance, 52(September 2019), 101192. https://doi.org/10.1016/j.ribaf.2020.101192


Full Text: PDF

DOI: 10.30595/kompartemen.v22i1.20837

Copyright (c) 2024 Kompartemen : Jurnal Ilmiah Akuntansi

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

ISSN: 2579-8928