From metrics to strategy: A two-decade bibliometric analysis of ESG integration in corporate finance

Donghui Zhao (), Sue Lin Ngan (), Ainul Huda Jamil (), Mohd Fairuz Md Salleh () and Wan Sallha Yusoff ()

International Journal of Innovative Research and Scientific Studies, 2025, vol. 8, issue 3, 198-215

Abstract: This study aims to systematically explore the development of Environmental, Social, and Governance (ESG) integration in corporate finance over the past two decades, addressing gaps in thematic coherence, geographic representation, and strategic alignment. The study employs bibliometric analysis on 633 peer-reviewed ESG-related publications indexed in the Web of Science (2004–2024). It utilizes VOSviewer and Biblioshiny to conduct citation analysis, co-authorship network mapping, and keyword co-occurrence analysis. The Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) framework was applied to ensure transparency in data selection. The results reveal four distinct phases of ESG evolution: foundational ethics (2004–2013), strategic integration (2014–2018), expansion into performance and governance (2019–2021), and maturity with a focus on resilience and risk management (2022–2024). Key contributors, dominant journals, thematic clusters, and regional disparities were identified. Emerging opportunities include digital transformation, greenwashing detection, and inclusive ESG adoption in developing markets. ESG has transitioned from a peripheral ethical concern to a strategic framework for corporate financial decision-making. While developed countries lead in scholarly output, emerging markets offer untapped potential for innovation in ESG implementation. The study provides actionable insights for scholars, corporate practitioners, and policymakers to enhance ESG alignment with long-term value creation, transparency, and global sustainability goals. It also proposes future research pathways to address existing geographic and thematic imbalances in ESG literature.

Keywords: Bibliometric analysis; corporate governance; ESG integration; sustainable finance; thematic evolution. (search for similar items in EconPapers)
Date: 2025
References: Add references at CitEc
Citations:

Downloads: (external link)
https://ijirss.com/index.php/ijirss/article/view/6475/1243 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:aac:ijirss:v:8:y:2025:i:3:p:198-215:id:6475

Access Statistics for this article

International Journal of Innovative Research and Scientific Studies is currently edited by Natalie Jean

More articles in International Journal of Innovative Research and Scientific Studies from Innovative Research Publishing
Bibliographic data for series maintained by Natalie Jean ().