Mapping ESG, Green Finance, and Sustainable Financial Performance Research: Trends, Challenges, and Prospects

Abstract

The study employed a quantitative bibliometric methodology, analyzing data from the Scopus database covering the period 1990 to 2024. A total of 2,952 documents were processed using OpenRefine, RStudio, and VOSviewer. The results demonstrate significant growth, with the majority of contributions originating from China, the United States, and the United Kingdom. China is identified as the most influential contributor, with 296 articles, 8,980 citations, and leadership in international collaborations, with 111 multi-country publications. Leading journals in this area include the Journal of Cleaner Production and Business Strategy and the Environment. Major research themes include corporate social responsibility, integrated reporting, environmental accountability, and green finance. However, the literature remains geographically concentrated, with minimal representation from emerging economies. To address this limitation, it is necessary to expand ESG strategies beyond regulatory compliance by adopting innovative practices. Enhancing research capacity and sustainability infrastructure in developing economies is also required to support global policy objectives. Civil society and advocacy organizations should promote broader participation and equity in financial decision-making. Furthermore, increasing diversity in authorship and research topics is essential to reflect the complexities of sustainability in finance. Future research should explore innovative topics, including the connections between biodiversity finance and inclusive finance.