From Metrics to Meaning: Research Trends and AHP-Driven Insights into Financial Performance in Sustainability Transitions

Ionela Munteanu (), Liliana Ionescu-Feleagă, Bogdan Ștefan Ionescu, Elena Condrea and Mauro Romanelli
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Ionela Munteanu: The Bucharest University of Economic Studies, 010374 Bucharest, Romania
Liliana Ionescu-Feleagă: Department Accounting, The Bucharest University of Economic Studies, 010374 Bucharest, Romania
Bogdan Ștefan Ionescu: Department Accounting, The Bucharest University of Economic Studies, 010374 Bucharest, Romania
Elena Condrea: Faculty of Economic Studies, Ovidius University of Constanta, Aleea Universitatii no. 1, 900470 Constanta, Romania
Mauro Romanelli: Department of Business and Economics, University of Naples Parthenope, 80133 Naples, Italy

Sustainability, 2025, vol. 17, issue 14, 1-28

Abstract: Evaluating performance is a necessary and specific process across all sectors and organizational levels, shaped by context, indicators, and purpose. Considering global sustainability transitions, understanding financial performance entails a deeper perspective on technical accuracy, conceptual clarity, and systemic integration. This study investigates how financial performance is assessed and interpreted in sustainability-focused research, drawing on a bibliometric analysis of 490 articles indexed in the Web of Science from 2007 to 2023. Using SciMAT, we traced thematic evolutions and revealed a fragmented research landscape marked by competing theoretical, methodological, and practical orientations. To address this conceptual dispersion, we applied the Analytic Hierarchy Process (AHP) to evaluate five key alternatives to financial-performance assessment (quantitative measurement, definition-oriented reasoning, theoretical frameworks, experiential comparison, and integration with sustainability and ethics) against three conceptual criteria (philosophical depth, holistic scope, and multidisciplinary relevance). The results highlight a strong preference for holistic and integrative models of financial performance, with quantitative measurement ranking highest in practical terms, followed by experiential and sustainability-driven approaches. These results underscore the need to align financial evaluation more closely with sustainability values, bridging short-term metrics with long-term societal impact. By combining diachronic thematic mapping with structured decision analysis, this study advances a more reflective and forward-looking framework for performance research. It contributes to sustainability research by identifying underexplored epistemological pathways and supporting the development of financial evaluation models that are inclusive, ethically grounded, and aligned with sustainable development goals.

Keywords: sustainability; financial performance; philosophy; holistic approach; multidisciplinary; bibliometric analysis; SciMAT; analytic hierarchy process (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2025
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