Abstract
Financial sustainability has become a multidimensional concept that has gained importance at academic and corporate levels within companies' capacity to create long-term value and sustain their operations. In this study, the research trends of the existing literature were revealed by analyzing academic publications on financial sustainability according to their number, subject, and citation density. In this study, which was conducted using the bibliometric analysis method, 975 studies published in the Web of Science database between 2001 and 2025 containing the keyword “financial sustainability” were evaluated. VOSviewer software was used in the analysis. According to the findings, the most publications were made in 2021, and the most cited authors were Wai Fong Chua, Roger Simnett, and Ann Vanstraelen (822 citations each). The most frequently used keywords were “financial sustainability” (260 occurrences), “sustainability” (80 occurrences), and “microfinance” (32 occurrences), with the highest number of citations and publications coming from the UK (2,947 citations) and the US (115 publications). Authors such as David C. Wilson, Rodic, and Velis are in central thematic clusters in the bibliographic matching analysis. In contrast, in the inter-institutional analysis, Imperial College London is the structure with the highest scientific connection strength. The study aims to reveal the current state of the literature by analyzing the thematic clusters, geographical distribution, and basic research networks of academic production on financial sustainability in a holistic manner.
References
- Ahlin, C., Lin, J., & Maio, M. (2011). Where does microfinance flourish? Microfinance institution performance in macroeconomic context. Journal of Development Economics, 95(2), 105–120.
- Ali, J., Hussain, K. N., Alnoor, A., Muhsen, Y. R., & Atiyah, A. G. (2024). Benchmarking methodology of banks based on financial sustainability using CRITIC and RAFSI techniques. Decision Making: Applications in
- Management and Engineering, 7(1), 315–341.
- Ayayi, A. G., & Sene, M. (2010). What drives microfinance institution's financial sustainability. The Journal of Developing Areas, 44(1), 303–324.
- Bogan, V. L. (2012). Capital structure and sustainability: An empirical study of microfinance institutions. The Review of Economics and Statistics, 94(4), 1045–1058.
- Cao, Y., Alfadhli, A. M. H., Jaradat, M., Lile, R., Gadoiu, M., Banuta, M., ... & Shabbir, M. S. (2024). The impact of accounting practices on financial sustainability: A study of external block-holders and institutional ownership. Review of Managerial Science, 18(7), 1945–1961.
- Carroll, A. B. (1979). A three-dimensional conceptual model of corporate performance. Academy of Management Review, 4(4), 497–505.
- Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233.
- Gleißner, W., Günther, T., & Walkshäusl, C. (2022). Financial sustainability: Measurement and empirical evidence. Journal of Business Economics, 92(3), 467–516.
- Gómez-Bezares, F., Przychodzen, W., & Przychodzen, J. (2017). Bridging the gap: How sustainable development can help companies create shareholder value and improve financial performance. Business Ethics: A European Review, 26(1), 1–17.
- Gregory, A., Tharyan, R., & Whittaker, J. (2014). Corporate social responsibility and firm value: Disaggregating the effects on cash flow, risk and growth. Journal of Business Ethics, 124(4), 633–657.
- Henock, M. S. (2019). Financial sustainability and outreach performance of saving and credit cooperatives: The case of Eastern Ethiopia. Asia Pacific Management Review, 24(1), 1–9.
- Le, T.-H., Chuc, A. T., & Taghizadeh-Hesary, F. (2019). Financial inclusion and its impact on financial efficiency and sustainability: Empirical evidence from Asia. Borsa Istanbul Review, 19(4), 310–322.
- Li, K., Rollins, J., & Yan, E. (2018). Web of Science use in published research and review papers 1997–2017: A selective, dynamic, cross-domain, content-based analysis. Scientometrics, 115(1), 1–20.
- Lu, W., & Taylor, M. E. (2016). Which factors moderate the relationship between sustainability performance and financial performance? A meta-analysis study. Journal of International Accounting Research, 15(1), 1–15.
- Margolis, J. D., Elfenbein, H. A., & Walsh, J. P. (2009). Does it pay to be good... and does it matter? A meta-analysis of the relationship between corporate social and financial performance. Working Paper, Harvard University.
- Ng, A. C., & Rezaee, Z. (2015). Business sustainability performance and cost of equity capital. Journal of Corporate Finance, 34, 128–149.
- Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003). Corporate social and financial performance: A meta-analysis. Organization Studies, 24(3), 403–441.
- Simnett, R., Vanstraelen, A., & Chua, W. F. (2009). Assurance on sustainability reports: An international comparison. The Accounting Review, 84(3), 937–967.
- Soppe, A. (2004). Sustainable corporate finance. Journal of Business Ethics, 53(1–2), 213–224. van Eck, N. J., & Waltman, L. (2010). Software survey: VOSviewer, a computer program for bibliometric mapping. Scientometrics, 84(2), 523–538.
- Wan, K., Cao, L., & Xu, Q. (2025). Extreme weather and the financial sustainability of rural commercial banks: Evidence from China. Applied Economics, 1–16.
- Wijesiri, M., Viganò, L., & Meoli, M. (2015). Efficiency of microfinance institutions in Sri Lanka: A two-stage double bootstrap DEA approach. Economic Modelling, 47, 74–83.
- World Bank. (2020). Financial sustainability: Capital investment planning and management – Output 4.1.1. International Bank for Reconstruction and Development.
- Zabolotnyy, S., & Wasilewski, M. (2019). The concept of financial sustainability measurement: A case of food companies from Northern Europe. Sustainability, 11(18), 5139.
Abstract
Finansal sürdürülebilirlik, şirketlerin uzun vadeli değer yaratma ve faaliyetlerini sürdürebilme kapasiteleri çerçevesinde, günümüzde hem akademik hem de kurumsal düzeyde önem kazanan çok boyutlu bir kavram hâline gelmiştir. Bu çalışmada, finansal sürdürülebilirlik konusundaki akademik yayınların sayı, konu ve atıf yoğunluklarına göre analiz edilerek mevcut literatürün araştırma eğilimleri ortaya konulmuştur. Bibliyometrik analiz yöntemi kullanılarak gerçekleştirilen bu araştırmada, Web of Science veri tabanında 2001–2025 yılları arasında yayımlanmış olan ve “financial sustainability” anahtar sözcüğünü içeren 975 çalışma değerlendirmeye alınmıştır. Analizlerde VOSviewer yazılımı kullanılmıştır. Elde edilen bulgulara göre, en çok yayın 2021 yılında yapılmış; en çok atıf alan yazarlar arasında Wai Fong Chua, Roger Simnett ve Ann Vanstraelen (her biri 822 atıf) yer almıştır. En sık kullanılan anahtar sözcükler “financial sustainability” (260 tekrar), “sustainability” (80 tekrar) ve “microfinance” (32 tekrar) olurken; en yüksek atıf ve yayın sayısı sırasıyla İngiltere (2.947 atıf) ve ABD (115 yayın) tarafından gerçekleştirilmiştir. Bibliyografik eşleşme analizlerinde David C. Wilson, Rodic ve Velis gibi yazarlar merkezî tematik kümelerde yer alırken; kurumlar arası analizde Imperial College London, en yüksek bilimsel bağlantı gücüne sahip yapı olarak öne çıkmıştır. Çalışma, finansal sürdürülebilirliğe ilişkin akademik üretimin tematik kümelerini, coğrafi dağılımını ve temel araştırma ağlarını bütüncül biçimde analiz ederek, literatürün mevcut durumunu ortaya koymayı amaçlamaktadır.
References
- Ahlin, C., Lin, J., & Maio, M. (2011). Where does microfinance flourish? Microfinance institution performance in macroeconomic context. Journal of Development Economics, 95(2), 105–120.
- Ali, J., Hussain, K. N., Alnoor, A., Muhsen, Y. R., & Atiyah, A. G. (2024). Benchmarking methodology of banks based on financial sustainability using CRITIC and RAFSI techniques. Decision Making: Applications in
- Management and Engineering, 7(1), 315–341.
- Ayayi, A. G., & Sene, M. (2010). What drives microfinance institution's financial sustainability. The Journal of Developing Areas, 44(1), 303–324.
- Bogan, V. L. (2012). Capital structure and sustainability: An empirical study of microfinance institutions. The Review of Economics and Statistics, 94(4), 1045–1058.
- Cao, Y., Alfadhli, A. M. H., Jaradat, M., Lile, R., Gadoiu, M., Banuta, M., ... & Shabbir, M. S. (2024). The impact of accounting practices on financial sustainability: A study of external block-holders and institutional ownership. Review of Managerial Science, 18(7), 1945–1961.
- Carroll, A. B. (1979). A three-dimensional conceptual model of corporate performance. Academy of Management Review, 4(4), 497–505.
- Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233.
- Gleißner, W., Günther, T., & Walkshäusl, C. (2022). Financial sustainability: Measurement and empirical evidence. Journal of Business Economics, 92(3), 467–516.
- Gómez-Bezares, F., Przychodzen, W., & Przychodzen, J. (2017). Bridging the gap: How sustainable development can help companies create shareholder value and improve financial performance. Business Ethics: A European Review, 26(1), 1–17.
- Gregory, A., Tharyan, R., & Whittaker, J. (2014). Corporate social responsibility and firm value: Disaggregating the effects on cash flow, risk and growth. Journal of Business Ethics, 124(4), 633–657.
- Henock, M. S. (2019). Financial sustainability and outreach performance of saving and credit cooperatives: The case of Eastern Ethiopia. Asia Pacific Management Review, 24(1), 1–9.
- Le, T.-H., Chuc, A. T., & Taghizadeh-Hesary, F. (2019). Financial inclusion and its impact on financial efficiency and sustainability: Empirical evidence from Asia. Borsa Istanbul Review, 19(4), 310–322.
- Li, K., Rollins, J., & Yan, E. (2018). Web of Science use in published research and review papers 1997–2017: A selective, dynamic, cross-domain, content-based analysis. Scientometrics, 115(1), 1–20.
- Lu, W., & Taylor, M. E. (2016). Which factors moderate the relationship between sustainability performance and financial performance? A meta-analysis study. Journal of International Accounting Research, 15(1), 1–15.
- Margolis, J. D., Elfenbein, H. A., & Walsh, J. P. (2009). Does it pay to be good... and does it matter? A meta-analysis of the relationship between corporate social and financial performance. Working Paper, Harvard University.
- Ng, A. C., & Rezaee, Z. (2015). Business sustainability performance and cost of equity capital. Journal of Corporate Finance, 34, 128–149.
- Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003). Corporate social and financial performance: A meta-analysis. Organization Studies, 24(3), 403–441.
- Simnett, R., Vanstraelen, A., & Chua, W. F. (2009). Assurance on sustainability reports: An international comparison. The Accounting Review, 84(3), 937–967.
- Soppe, A. (2004). Sustainable corporate finance. Journal of Business Ethics, 53(1–2), 213–224. van Eck, N. J., & Waltman, L. (2010). Software survey: VOSviewer, a computer program for bibliometric mapping. Scientometrics, 84(2), 523–538.
- Wan, K., Cao, L., & Xu, Q. (2025). Extreme weather and the financial sustainability of rural commercial banks: Evidence from China. Applied Economics, 1–16.
- Wijesiri, M., Viganò, L., & Meoli, M. (2015). Efficiency of microfinance institutions in Sri Lanka: A two-stage double bootstrap DEA approach. Economic Modelling, 47, 74–83.
- World Bank. (2020). Financial sustainability: Capital investment planning and management – Output 4.1.1. International Bank for Reconstruction and Development.
- Zabolotnyy, S., & Wasilewski, M. (2019). The concept of financial sustainability measurement: A case of food companies from Northern Europe. Sustainability, 11(18), 5139.
Details
| Primary Language | English |
|---|---|
| Subjects | International Finance |
| Journal Section | Research Articles |
| Authors | |
| Publication Date | June 25, 2025 |
| Submission Date | April 14, 2025 |
| Acceptance Date | May 20, 2025 |
| Published in Issue | Year 2025 Volume: 14 Issue: 1 |
