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Bibliometric analysis of environmental, social and corporate governance (ESG) articles published in the Scopus database

Year 2025, Volume: 8 Issue: 2, 297 - 314, 30.06.2025

Ümran Bulut Su , Yasemin Ertan

https://doi.org/10.35208/ert.1504755

Abstract

The aim of this study is to examine the literature on environmental, social and governance (ESG) studies using bibliometric analysis methods, to analyze authors, documents, sources and country performance, and to reveal the conceptual structure of the field. For this purpose, 2,055 articles published in the Scopus database between 2007 and 2024 were analyzed. As a result of the study, it was revealed that Khaled Hussainey is the most productive and influential author in the field. The article, entitled “Firms and Social Responsibility: A Review of ESG and CSR Research in Corporate Finance”, published by S. Gillan et al. in 2021, is the most influential document, the journal with the highest number of publications is Sustainability (Switzerland), and the country where the most recent studies are conducted is China. In addition, the study found that the articles published in this field were grouped into 6 clusters and the most recent keywords were “green innovation” and digital transformation.

Keywords

Bibliometric analysis ESG sustainability

References

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Year 2025, Volume: 8 Issue: 2, 297 - 314, 30.06.2025

Ümran Bulut Su , Yasemin Ertan

https://doi.org/10.35208/ert.1504755

Abstract

References

  • T.-T. Li, K. Wang, T. Sueyoshi, and D. D. Wang, "ESG: Research Progress and Future Prospects," Sustainability, vol. 13, no. 21, p. 11663, Oct. 2021.
  • G. Dorfleitner, G. Halbritter, and M. Nguyen, "Measuring the level and risk of corporate responsibility – An empirical comparison of different ESG rating approaches," Journal of Asset Management, vol. 16, no. 7, pp. 450–466, Dec. 2015.
  • B. A. Alareeni and A. Hamdan, "ESG impact on performance of US S&P 500-listed firms," Corporate Governance: The International Journal of Business in Society, vol. 20, no. 7, pp. 1409–1428, Nov. 2020.
  • T. Elbasha and E. Avetisyan, "A framework to study strategizing activities at the field level: The example of CSR rating agencies," European Management Journal, vol. 36, no. 1, pp. 38–46, Feb. 2018.
  • M. Cappucci, "The ESG Integration Paradox," Journal of Applied Corporate Finance, vol. 30, no. 2, pp. 22–28, Spring/Summer 2018.
  • A. Buallay, "Is sustainability reporting (ESG) associated with performance? Evidence from the European banking sector," Management of Environmental Quality: An International Journal, vol. 30, no. 1, pp. 98–115, Jan. 2019.
  • G. T. Garvey, J. Kazdin, R. LaFond, J. Nash, and H. Safa, "A Pitfall in Ethical Investing: ESG Disclosures Reflect Vulnerabilities, Not Virtues," Journal of Investment Management, vol. 15, no. 2, pp. 51–64, 2017.
  • E. Avetisyan and K. Hockerts, "The Consolidation of the ESG Rating Industry as an Enactment of Institutional Retrogression," Business Strategy and the Environment, vol. 26, no. 3, pp. 316–330, Mar. 2017.
  • Y. Tan and Z. Zhu, "The effect of ESG rating events on corporate green innovation in China: The mediating role of financial constraints and managers’ environmental awareness," Technology in Society, vol. 68, p. 101906, Feb. 2022.
  • R. Atan, F. A. Razali, J. Said, and S. Zainun, "Environmental, Social and Governance (ESG) Disclosure and Its Effect on Firm’s Performance: A Comparative Study," International Journal of Economics and Management, vol. 10, no. S2, pp. 355–375, 2016.
  • J. Feng, J. W. Goodell, and D. Shen, "ESG rating and stock price crash risk: Evidence from China," Finance Research Letters, vol. 46, p. 102476, May 2022.
  • B. Cheng, I. Ioannou, and G. Serafeim, "Corporate social responsibility and access to finance," Strategic Management Journal, vol. 35, no. 1, pp. 1–23, Jan. 2014.
  • G. Friede, T. Busch, and A. Bassen, "ESG and financial performance: aggregated evidence from more than 2000 empirical studies," Journal of Sustainable Finance and Investment, vol. 5, no. 4, pp. 210–233, Oct. 2015.
  • J. Xie, W. Nozawa, M. Yagi, H. Fujii, and S. Managi, "Do environmental, social, and governance activities improve corporate financial performance?," Business Strategy and the Environment, vol. 28, no. 2, pp. 286–300, Feb. 2019.
  • D. Y. Tang and Y. Zhang, "Do shareholders benefit from green bonds?," Journal of Corporate Finance, vol. 61, p. 101427, Apr. 2020.
  • H. G. Gündoğdu, A. Aytekin, Ş. Toptancı, S. Korucuk, and Ç. Karamaşa, "Environmental, social, and governance risks and environmentally sensitive competitive strategies: A case study of a multinational logistics company," Business Strategy and the Environment, vol. 32, no. 7, pp. 4874–4906, Nov. 2023.
  • A. Azimli and K. Cek, "Can sustainability performance mitigate the negative effect of policy uncertainty on the firm valuation?," Sustainability Accounting, Management and Policy Journal, vol. 15, no. 3, pp. 752–775, Apr. 2024.
  • Ç. Vural‐Yavaş, "Economic policy uncertainty, stakeholder engagement, and environmental, social, and governance practices: The moderating effect of competition," Corporate Social Responsibility and Environmental Management, vol. 28, no. 1, pp. 82–102, Jan. 2021.
  • T. S. Legendre, A. Ding, and K.-J. Back, "A bibliometric analysis of the hospitality and tourism environmental, social, and governance (ESG) literature," Journal of Hospitality and Tourism Management, vol. 58, pp. 309–321, Mar. 2024.
  • M. S. Khamisu and A. R. Paluri, "What’s past is prologue: reminiscing research on environment social governance (ESG) disclosures," International Journal of Disclosure and Governance, vol. 22, pp. 320-340, 2025. X. Zhao, D. Nan, C. Chen, S. Zhang, S. Che, and J. H. Kim, "Bibliometric study on environmental, social, and governance research using CiteSpace," Frontiers in Environmental Science, vol. 10, p. 1087493, Jan. 2023.
  • K. Jain and P. S. Tripathi, "Mapping the environmental, social and governance literature: a bibliometric and content analysis," Journal of Strategy and Management, vol. 16, no. 3, pp. 397–428, Aug. 2023.
  • G. Wan, A. Y. Dawod, S. Chanaim, and S. S. Ramasamy, "Hotspots and trends of environmental, social and governance (ESG) research: a bibliometric analysis," Data Science and Management, vol. 6, no. 2, pp. 65–75, Jun. 2023.
  • G. Wan, Y. D. Ahmad, and C. Nopasit, "A Bibliometric and Visual Analysis in the Field of Environment Social and Governance (ESG) Between 2004 and 2021," International Journal of Information Science and Management, vol. 21, no. 2, Apr. 2023.
  • S. S. Senadheera, R. Gregory, J. Rinklebe, M. Farrukh, J. H. Rhee, and Y. S. Ok, "The development of research on environmental, social, and governance (ESG): A bibliometric analysis," Sustainable Environment, vol. 8, no. 1, p. 2125869, Dec. 2022.
  • S. Galletta, S. Mazzù, and V. Naciti, "A bibliometric analysis of ESG performance in the banking industry: From the current status to future directions," Research in International Business and Finance, vol. 62, p. 101684, Dec. 2022.
  • N. O. D. Ellili, "Bibliometric analysis and systematic review of environmental, social, and governance disclosure papers: current topics and recommendations for future research," Environmental Research Communications, vol. 4, no. 9, p. 092001, Sep. 2022.
  • H.-J. Siao, S.-H. Gau, J.-H. Kuo, M.-G. Li, and C.-J. Sun, "Bibliometric Analysis of Environmental, Social, and Governance Management Research from 2002 to 2021," Sustainability, vol. 14, no. 23, p. 16121, Dec. 2022.
  • S. Gao, F. Meng, Z. Gu, Z. Liu, and M. Farrukh, "Mapping and Clustering Analysis on Environmental, Social and Governance Field: A Bibliometric Analysis Using Scopus," Sustainability, vol. 13, no. 13, p. 7304, Jun. 2021.
  • P. Dzikowski, "A bibliometric analysis of born global firms," Journal of Business Research, vol. 85, pp. 281–294, Apr. 2018, doi: 10.1016/j.jbusres.2017.12.054.Governance, Mar. 2024.
  • N. Donthu, S. Kumar, D. Mukherjee, N. Pandey, and W. M. Lim, "How to conduct a bibliometric analysis: An overview and guidelines," Journal of Business Research, vol. 133, pp. 285–296, Sep. 2021.
  • R. N. Broadus, "Toward a definition of ‘bibliometrics’," Scientometrics, vol. 12, no. 5–6, pp. 373–379, Nov. 1987.
  • M. Visser, N. J. Van Eck, and L. Waltman, "Large-scale comparison of bibliographic data sources: Scopus, Web of Science, Dimensions, Crossref, and Microsoft Academic," Quantitative Science Studies, vol. 2, no. 1, pp. 20–41, Apr. 2021.
  • J. E. Hirsch, "An index to quantify an individual’s scientific research output," Proceedings of the National Academy of Sciences, vol. 102, no. 46, pp. 16569–16572, Nov. 2005.
  • H. K. Baker, S. Kumar, and N. Pandey, "Forty years of the Journal of Futures Markets: A bibliometric overview," Journal of Futures Markets, vol. 41, no. 7, pp. 1027–1054, Jul. 2021.
  • M. A. Khan, D. Pattnaik, R. Ashraf, I. Ali, S. Kumar, and N. Donthu, "Value of special issues in the journal of business research: A bibliometric analysis," Journal of Business Research, vol. 125, pp. 295–313, Mar. 2021.
  • N. J. Van Eck and L. Waltman, "Software survey: VOSviewer, a computer program for bibliometric mapping," Scientometrics, vol. 84, no. 2, pp. 523–538, Aug. 2010.
  • Y.-D. Liang, Y. Li, J. Zhao, X.-Y. Wang, H.-Z. Zhu, and X.-H. Chen, "Study of acupuncture for low back pain in recent 20 years: a bibliometric analysis via CiteSpace," Journal of Pain Research, vol. 10, pp. 951–964, Apr. 2017.
  • D. Chen, Z. Liu, Z. Luo, M. Webber, and J. Chen, "Bibliometric and visualized analysis of emergy research," Ecological Engineering, vol. 90, pp. 285–293, May 2016.
  • S. L. Gillan, A. Koch, and L. T. Starks, "Firms and social responsibility: A review of ESG and CSR research in corporate finance," Journal of Corporate Finance, vol. 66, p. 101889, Feb. 2021.
  • S. Drempetic, C. Klein, and B. Zwergel, "The Influence of Firm Size on the ESG Score: Corporate Sustainability Ratings Under Review," Journal of Business Ethics, vol. 167, no. 2, pp. 333–360, Nov. 2020.
  • L. H. Pedersen, S. Fitzgibbons, and L. Pomorski, "Responsible investing: The ESG-efficient frontier," Journal of Financial Economics, vol. 142, no. 2, pp. 572–597, Nov. 2021.
  • L. Pastor, R. F. Stambaugh, and L. A. Taylor, "Sustainable Investing in Equilibrium," unpublished manuscript.
  • A. S. Garcia, W. Mendes-Da-Silva, and R. J. Orsato, "Sensitive industries produce better ESG performance: Evidence from emerging markets," Journal of Cleaner Production, vol. 150, pp. 135–147, May 2017.
  • N. Cucari, S. Esposito De Falco, and B. Orlando, "Diversity of Board of Directors and Environmental Social Governance: Evidence from Italian Listed Companies," Corporate Social Responsibility and Environmental Management, vol. 25, no. 3, pp. 250–266, May 2018.
  • A. K. Singh, Y. Zhang, and Anu, "Understanding the Evolution of Environment, Social and Governance Research: Novel Implications From Bibliometric and Network Analysis," Evaluation Review, vol. 47, no. 2, pp. 350–386, Apr. 2023.
  • M. J. Muñoz‐Torres, M. Á. Fernández‐Izquierdo, J. M. Rivera‐Lirio, and E. Escrig‐Olmedo, "Can environmental, social, and governance rating agencies favor business models that promote a more sustainable development?," Corporate Social Responsibility and Environmental Management, vol. 26, no. 2, pp. 439–452, Mar. 2019.
  • L. Huang, "Green bonds and ESG investments: Catalysts for sustainable finance and green economic growth in resource-abundant economies," Resources Policy, vol. 91, p. 104806, Apr. 2024.
  • M. Arayssi, M. Dah, and M. Jizi, "Women on boards, sustainability reporting and firm performance," Sustainability Accounting, Management and Policy Journal, vol. 7, no. 3, pp. 376–401, Sep. 2016.
  • F. Bravo and N. Reguera‐Alvarado, "Sustainable development disclosure: Environmental, social, and governance reporting and gender diversity in the audit committee," Business Strategy and the Environment, vol. 28, no. 2, pp. 418–429, Feb. 2019.
  • I. Zumente and N. Lāce, "Understanding Corporate Sustainability Drivers Across Corporate Life Cycle," presented at the 14th International Multi-Conference on Complexity, Informatics and Cybernetics (IMCIC), Virtual Conference, Mar. 2023, pp. 168–175, 2023.
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There are 68 citations in total.

Details

Primary Language English
Subjects Environmentally Sustainable Engineering
Journal Section Research Articles
Authors

Ümran Bulut Su 0000-0002-9451-711X

Yasemin Ertan 0000-0002-9193-3396

Publication Date June 30, 2025
Submission Date June 25, 2024
Acceptance Date August 28, 2024
Published in Issue Year 2025 Volume: 8 Issue: 2

Cite

APA Bulut Su, Ü., & Ertan, Y. (2025). Bibliometric analysis of environmental, social and corporate governance (ESG) articles published in the Scopus database. Environmental Research and Technology, 8(2), 297-314. https://doi.org/10.35208/ert.1504755
AMA Bulut Su Ü, Ertan Y. Bibliometric analysis of environmental, social and corporate governance (ESG) articles published in the Scopus database. ERT. June 2025;8(2):297-314. doi:10.35208/ert.1504755
Chicago Bulut Su, Ümran, and Yasemin Ertan. “Bibliometric Analysis of Environmental, Social and Corporate Governance (ESG) Articles Published in the Scopus Database”. Environmental Research and Technology 8, no. 2 (June 2025): 297-314. https://doi.org/10.35208/ert.1504755.
EndNote Bulut Su Ü, Ertan Y (June 1, 2025) Bibliometric analysis of environmental, social and corporate governance (ESG) articles published in the Scopus database. Environmental Research and Technology 8 2 297–314.
IEEE Ü. Bulut Su and Y. Ertan, “Bibliometric analysis of environmental, social and corporate governance (ESG) articles published in the Scopus database”, ERT, vol. 8, no. 2, pp. 297–314, 2025, doi: 10.35208/ert.1504755.
ISNAD Bulut Su, Ümran - Ertan, Yasemin. “Bibliometric Analysis of Environmental, Social and Corporate Governance (ESG) Articles Published in the Scopus Database”. Environmental Research and Technology 8/2 (June 2025), 297-314. https://doi.org/10.35208/ert.1504755.
JAMA Bulut Su Ü, Ertan Y. Bibliometric analysis of environmental, social and corporate governance (ESG) articles published in the Scopus database. ERT. 2025;8:297–314.
MLA Bulut Su, Ümran and Yasemin Ertan. “Bibliometric Analysis of Environmental, Social and Corporate Governance (ESG) Articles Published in the Scopus Database”. Environmental Research and Technology, vol. 8, no. 2, 2025, pp. 297-14, doi:10.35208/ert.1504755.
Vancouver Bulut Su Ü, Ertan Y. Bibliometric analysis of environmental, social and corporate governance (ESG) articles published in the Scopus database. ERT. 2025;8(2):297-314.
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