Environmental, Social And Governance (ESG): A Bibliometric Review Study
DOI:
https://doi.org/10.37497/2965-7393.SDGs-Countries.v4.n00.27Palabras clave:
Environmental, Social, and Governance (ESG), Bibliometric Analysis, Theoretical Trends in ESG, Co-Citation Analysis, Frontier Research StreamsResumen
Objective: This study aims to systematically map and analyze the established and emerging theoretical trends in international Environmental, Social, and Governance (ESG) research. It focuses on identifying the foremost authors, journals, and contributing countries in the field.
Method: Employing bibliometric analysis, this research utilizes co-citation and bibliographic coupling analysis, complemented by exploratory factor analysis and graphical mapping through clustering. The study analyzes 405 articles published up to December 2021, all indexed in the Web of Science database.
Results: Our co-citation analysis uncovered five principal research streams: a) Influence of Organizational Theories on ESG; b) Organizational Competitiveness; c) ESG's Impact on Financial Performance; d) Corporate Social Responsibility; and e) Stakeholder Theory. The bibliographic coupling analysis further identified six cutting-edge theoretical trends: a) Sustainable Investments; b) Transparency and Governance; c) Effects of ESG; d) Interplay between Financial and Corporate Social Performance; e) Shareholders and ESG Relationship; and f) ESG and Risk Management.
Originality: This study is distinguished as the most comprehensive bibliometric analysis of ESG research to date, uniquely covering both foundational and frontier theoretical dimensions.
Theoretical/Methodological Contributions: Our work delineates five foundational theoretical streams that have historically shaped the field of ESG research, and highlights six emerging trends, providing valuable insights into the current evolution and future direction of ESG scholarship.
Citas
Aboud, A., & Diab, A. (2018). The impact of social, environmental and corporate governance disclosures on firm value: evidence from Egypt. Journal of Accounting in Emerging Economies, 8 (4), 442-458. https://doi.org/10.1108/JAEE-08-2017-0079
Aguilera, R. V., Rupp, D. E., Williams, C. A., & Ganapathi, J. (2007). Putting the S Back in Corporate Social Responsibility: A Multilevel Theory of Social Change in Organizations. The Academy of Management Review, 32(3), 836–863. http://www.jstor.org/stable/20159338
Alareeni, B. A., & Hamdan, A. (2020). ESG impact on performance of US S&P 500-listed firms. Corporate Governance: The International Journal of Business in Society, 20(7), 1409-1428. https://doi.org/10.1108/CG-06-2020-0258
Albuquerque, R., Koskinen, Y., & Zhang, C. (2019). Corporate social responsibility and firm risk: Theory and empirical evidence. Management Science, 65(10), 4451-4469. https://doi.org/10.1287/mnsc.2018.3043
Ansong, A. (2017). Corporate social responsibility and firm performance of Ghanaian SMEs: The role of stakeholder engagement. Cogent Business & Management, 4(1), 1333704.
Aouadi, A., & Marsat, S. (2018). Do ESG controversies matter for firm value? Evidence from international data. Journal of Business Ethics, 151(4), 1027-1047. https://doi.org/10.1007/s10551-016-3213-8
Arayssi, M., Dah, M., & Jizi, M. (2016). Women on boards, sustainability reporting and firm performance. Sustainability Accounting, Management and Policy Journal, 7(3), 376-401. https://doi.org/10.1108/SAMPJ-07-2015-0055
Arayssi, M., Jizi, M., & Tabaja, H. H. (2020). The impact of board composition on the level of ESG disclosures in GCC countries. Sustainability Accounting, Management and Policy Journal, 11(1), 137–161. https://doi.org/10.1108/SAMPJ-05-2018-0136
Barney, J. B., Hesterly; (2017). Administração estratégica e vantagem competitiva. Pearson.
Baumgartnerm R. (2013). Managing Corporate Sustainability and CSR: A Conceptual Framework Combining Values, Strategies and Instruments Contributing to Sustainable Development. Corporate Social Responsibility and Environmental Management,21(5), 258-271. http://dx.doi.org/10.1002/csr.1336
Bénabou, R., & Tirole, J. (2010). Individual and corporate social responsibility. Economica, 77(305),1-19.https://doi.org/10.1080/2331975.2017.1333704
Bhagat, S., & Bolton, B. (2008). Corporate governance and firm performance. Journal of Corporate Finance, 14(3), 257–273. https://doi:10.1016/j.jcorpfin.2008.03.006
Bhaskaran, R. K., Ting, I. W. K., Sukumaran, S. K., & Sumod, S. D. (2020). Environmental, social and governance initiatives and wealth creation for firms: An empirical examination. Managerial and Decision Economics, 41(5), 710-729. https://doi.org/10.1002/mde.3131
Bhattacharya, S., & Sharma, D. (2019). Do environment, social and governance performance impact credit ratings: a study from India. International Journal of Ethics and Systems, 35(3), 466-484. https://doi.org/10.1108/IJOES-09-2018-0130
Boaventura, J. M. G., Silva, R. S. D., & Bandeira-de-Mello,R. (2012). Performance Financeira Corporativa e Performance Social Corporativa: desenvolvimento metodológico e contribuição teórica dos estudos empíricos. Revista Contabilidade & Finanças, 23, 232-245. https://doi.org/10.1590/S1519-70772012000300008
Bofinger, Y., Heyden, K. J., & Rock, B. (2022). Corporate social responsibility and market efficiency: Evidence from ESG and misvaluation measures. Journal of Banking & Finance, 134, 106322. https://doi.org/10.1016/j.jbankfin.2021.106322
Börner, K., Chen, C., & Boyack, K. W. (2003). Visualizing knowledge domains. Annual Review of Information Science and Technology, 37(1), 179-255.
Brammer, S., & Pavelin, S. (2008). Factors influencing the quality of corporate environmental disclosure. Business Strategy and the Environment, 17(2), 120–136. https://doi.org/10.1002/bse.506
Brooks, C., & Oikonomou, I. (2018) The effects of environmental, social and governance disclosures and performance on firm value: A review of the literature in accounting and finance. The British Accounting Review, 50(1), 1-15. https://doi.org/10.1016/j.bar.2017.11.005
Buallay, A., Fadel, S. M., Alajmi, J., & Saudagaran, S. (2020). Sustainability reporting and bank performance after financial crisis: evidence from developed and developing countries. Competitiveness Review: An International Business Journal, 31(4), 747-770. https://doi.org/10.1108/CR-04-2019-0040
Busch, T., Bauer, R., & Orlitzky, M. (2016). Sustainable development and financial markets: Old paths and new avenues. Business & Society, 55(3), 303-329. https://doi.org/10.1177/0007650315570701
Camilleri, M. A. (2015). Environmental, social and governance disclosures in Europe. Sustainability Accounting, Management and Policy Journal, 6(2), 224-242. https://doi.org/10.1108/SAMPJ-10-2014-0065
Camilleri, M. A. (2018). Theoretical insights on integrated reporting: The inclusion of non-financial capitals in corporate disclosures. Corporate Communications: An International Journal, 23(4), 567-581. https://doi.org/10.1108/CCIJ-01-2018-0016
Carroll, A. B. (1979). A three-dimensional conceptual model of corporate performance. Academy of Management Review, 4(4), 497-505. https://doi.org/10.5465/amr.1979.4498296
Carroll, A. B. (1991). The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business Horizons, 34(4), 39-48. http://dx.doi.org/10.1016/0007-6813(91)90005-G
Cheng, B., Ioannou, I., & Serafeim, G. (2014). Corporate social responsibility and access to finance. Strategic Management Journal, 35(1), 1-23. https://doi.org/10.1002/smj.2131
Choi, J., & Wang, H. (2009). Stakeholder relations and the persistence of corporate financial performance. Strategic Management Journal, 30(8), 895-907. https://doi.org/10.1002/smj.759
Clarkson, P. M., Li, Y., Richardson, G. D., & Vasvari, F. P. (2008). Revisiting the relation between environmental performance and environmental disclosure: An empirical analysis. Accounting, Organizations and Society, 33(4-5), 303-327. https://doi.org/10.1016/j.aos.2007.05.003
Coluccia, D., Dabić, M., Del Giudice, M., Fontana, S., & Solimene, S. (2020). R&D innovation indicator and its effects on the market. An empirical assessment from a financial perspective. Journal of Business Research, 119, 259-271. https://doi.org/10.1016/j.jbusres.2019.04.015
Conca, L., Manta, F., Morrone, D., & Toma, P. (2021). The impact of direct environmental, social, and governance reporting: Empirical evidence in European‐listed companies in the agri‐food sector. Business Strategy and the Environment, 30(2), 1080-1093. https://doi.org/10.1002/bse.2672
Crifo, P., Diaye, M. A., & Oueghlissi, R. (2017). The effect of countries’ ESG ratings on their sovereign borrowing costs. The Quarterly Review of Economics and Finance, 66, 13-20. https://doi.org/10.1016/j.qref.2017.04.011
da Rocha, R. E., de Carvalho, R. B., & Filho, A. S. de A. (2021). Inteligência Competitiva na Tomada de Decisão: Estudo de Caso em Startups de Belo Horizonte. Revista Inteligência Competitiva, 11, e0377. https://doi.org/10.24883/IberoamericanIC.v11i.377
Di Tommaso, C., & Thornton, J. (2020). Do ESG scores effect bank risk taking and value? Evidence from European banks. Corporate Social Responsibility and Environmental Management, 27(5), 2286-2298. https://doi.org/10.1002/csr.1964
Dinu, V. (2010). Commercial Activity And The Sustainable Development. Amfiteatru Economic, 12(27), 5-7. https://econpapers.repec.org/RePEc:aes:amfeco:v:12:y:2010:i:27:p:5-7
Donaldson, T., & Preston, L. E. (1995). The stakeholder theory of the corporation: Concepts, evidence, and implications. Academy of Management Review, 20(1), 65-91. https://doi.org/10.5465/amr.1995.9503271992
Duuren, E., Plating, A., Scholtens, B. (2016). ESG Integration and the Investment Management Process: Fundamental Investing Reinvented. Journal of Business Ethics, 138, 525-533. https://doi.org/10.1007/s10551-015-2610-8
Eccles, N. S., & Viviers, S. (2011). The origins and meanings of names describing investment practices that integrate a consideration of ESG issues in the academic literature. Journal of Business Ethics, 104(3), 389-402. https://doi.org/10.1007/s10551-011-0917-7
Eccles, R. G., Krzus, M. P., Rogers, J., & Serafeim, G. (2012). The need for sector‐specific materiality and sustainability reporting standards. Journal of Applied Corporate Finance, 24(2), 65-71. https://doi.org/10.1111/j.1745-6622.2012.00380.x
El Ghoul, S., Guedhami, O., Kwok, C. C., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital?. Journal of Banking & Finance, 35(9), 2388-2406. https://doi.org/10.1016/j.jbankfin.2011.02.007
Edmans, A., & Manso, G. (2011). Governance through trading and intervention: A theory of multiple blockholders. The Review of Financial Studies, 24(7), 2395-2428. https://doi.org/10.1093/rfs/hhq145
El Ghoul, S., Guedhami, O., Kwok, C. C., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital?. Journal of Banking & Finance, 35(9), 2388-2406. https://doi.org/10.1016/j.jbankfin.2011.02.007
Eliwa, Y., Aboud, A., & Saleh, A. (2021). ESG practices and the cost of debt: Evidence from EU countries. Critical Perspectives on Accounting, 79, 102097. https://doi.org/10.1016/j.cpa.2019.102097
Fahad, P., & Busru, S. A. (2021). CSR disclosure and firm performance: evidence from an emerging market. Corporate Governance: The International Journal of Business in Society, 21(4), 553-568. https://doi.org/10.1108/CG-05-2020-0201
Freeman, R. (1984). Strategic management: a stakeholder approach. Pitman, Boston.
Freeman, R. E. (1994). The Politics of Stakeholder Theory: Some Future Directions. Business Ethics Quarterly, 4(4), 409–421. https://doi.org/10.2307/3857340
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. https://doi.org/10.1080/20430795.2015.1118917
García, F., González-Bueno, J., Guijarro, F., & Oliver, J. (2020). Forecasting the environmental, social, and governance rating of firms by using corporate financial performance variables: A rough set approach. Sustainability, 12(8), 3324. https://doi.org/10.3390/su12083324
Gao, S., Meng, F., Gu, Z., Liu, Z., & Farrukh, M. (2021). Mapping and Clustering Analysis on Environmental, Social and Governance Field a Bibliometric Analysis Using Scopus. Sustainability, 13(13), 7304. http://dx.doi.org/10.3390/su13137304
Hair, H. J. (2005). Outcomes for children and adolescents after residential treatment: A review of research from 1993 to 2003. Journal of Child and Family Studies, 14(4), 551-575. https://doi.org/10.1007/s10826-005-7188-9
Hammami, A., & Zadeh, M. H. (2020). Audit quality, media coverage, environmental, social, and governance disclosure and firm investment efficiency: Evidence from Canada. International Journal of Accounting & Information Management, 28(1), 45-72. https://doi.org/10.1108/IJAIM-03-2019-0041
Harrison, J. S., & Wicks, A. C. (2013). Stakeholder theory, value, and firm performance. Business Ethics Quarterly, 23(1), 97-124. https://doi.org/10.5840/beq20132314
Helfat, C. E., Finkelstein, S., Mitchell, W., Peteraf, M., Singh, H., Teece, D., & Winter, S. G. (2009). Dynamic capabilities: Understanding strategic change in organizations. John Wiley & Sons.
Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2008). Administração estratégica: competitividade e globalização. São Paulo: Cengage Learning.
Jacobs, B. I., & Levy, K. N. (2022). The Challenge of Disparities in ESG Ratings. The Journal of Impact and ESG Investing, 2(3), 107-111. https://doi.org/10.3905/jesg.2022.1.040
Jensen, M. C., & Meckling, W. H. (2008). Teoria da firma: comportamento dos administradores, custos de agência e estrutura de propriedade. Revista de Administração de Empresas, 48, 87-125.
Jo, H., & Harjoto, M. A. (2012). The causal effect of corporate governance on corporate social responsibility. Journal of Business Ethics, 106(1), 53-72. https://doi.org/10.1007/s10551-011-1052-1
Krüger, P. (2015). Corporate goodness and shareholder wealth. Journal of financial economics, 115(2), 304-329. https://doi.org/10.1016/j.jfineco.2014.09.008
Kujala, J., Sachs, S., Leinonen, H., Heikkinen, A., & Laude, D. (2022). Stakeholder engagement: Past, present, and future. Business & Society, 00076503211066595. https://doi.org/10.1177/00076503211066595
Lamoureux, E. L., Pallant, J. F., Pesudovs, K., Rees, G., Hassell, J. B., & Keeffe, J. E. (2007). The impact of vision impairment questionnaire: an assessment of its domain structure using confirmatory factor analysis and Rasch analysis. Investigative Ophthalmology & Visual Science, 48(3), 1001-1006. https://doi.org/10.1167/iovs.06-0361
Li, J., & Wu, D. (2020). Do corporate social responsibility engagements lead to real environmental, social, and governance impact?. Management Science, 66(6), 2564-2588. https://doi.org/10.1287/mnsc.2019.3324
Viana, L., Gaio, L., Belli, M., & Cunha, C. (2022). Investimento em Sustentabilidade e o impacto mercadológico: uma avaliação a partir do score ESG. Desafio online, 10(1), 77-100. https://doi.org/10.55028/don.v10i1.12320
Lins, K. V., Servaes, H., & Tamayo, A. (2017). Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis. The Journal of Finance, 72(4), 1785-1824.
Lo, K. Y., & Kwan, C. L. (2017). The effect of environmental, social, governance and sustainability initiatives on stock value–Examining market response to initiatives undertaken by listed companies. Corporate Social Responsibility and Environmental Management, 24(6), 606-619. https://doi.org/10.1002/csr.1431
Lopez, M. S., & Fecteau, F. (2019). From ESG 2005 to ESG 2015: The Tightening of a Cognitive Framework. The Online Journal of Quality in Higher Education, 6(4), 124-133.
Luffarelli, J., Markou, P., Stamatogiannakis, A., & Gonçalves, D. (2019). The effect of corporate social performance on the financial performance of business‐to‐business and business‐to‐consumer firms. Corporate Social Responsibility and Environmental Management, 26(6), 1333-1350. https://doi.org/10.1002/csr.1750
Lokuwaduge, C. S. D. S., & Heenetigala, K. (2017). Integrating environmental, social and governance (ESG) disclosure for a sustainable development: An Australian study. Business Strategy and the Environment, 26(4), 438–450. https://doi.org/10.1002
McCain, K. W. (1990). Mapping authors in intellectual space: a technical overview. Journal of the American Society for Information Science, 41(6), 433-443.
Manetti, G., & Toccafondi, S. (2012). The role of stakeholders in sustainability reporting assurance. Journal of Business Ethics, 107(3), 363-377. https://doi.org/10.1007/s10551-011-1044-1
Marshakova, I. (1981). Citation networks in information science. Scientometrics, 3(1), 13-25. https://doi.org/10.1007/bf02021861
Mitchell, R. K., Agle, B. R., & Wood, D. J. (1997). Toward a theory of stakeholder identification and salience: Defining the principle of who and what really counts. Academy of Management Review, 22(4), 853-886. https://doi.org/10.5465/amr.1997.9711022105
Nitescu, D., & Cristea, M. (2020). Environmental, Social and Governance Risks – New Challenges for the Banking Business Sustainability. Amfiteatru Economic, 22(55), 692-706. https://ideas.repec.org/a/aes/amfeco/v22y2020i55p692.html
Nollet, J., Filis, G., & Mitrokostas, E. (2016). Corporate social responsibility and financial performance: A non-linear and disaggregated approach. Economic Modelling, 52(b), 400-407. https://doi.org/10.1016/j.econmod.2015.09.019
Rossignoli, M., Castilho, V. R., & Oliveira, B. B. de. (2020). Sustentabilidade fiscal do estado e desenvolvimento econômico: discussões para o estabelecimento da competitividade e desenvolvimento. Revista Inteligência Competitiva, 9(4), 163–174. https://doi.org/10.24883/IberoamericanIC.v9i4.360
Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003). Corporate social and financial performance: A meta-analysis. Organization Studies, 24(3),4 03-441. https://doi.org/10.1177/0170840603024003910
Qiu, J., & Lv, H. (2014). An overview of knowledge management research viewed through the web of science (1993-2012). Aslib Journal of Information Management, 66(4), 424-442. https://doi.org/10.1108/AJIM-12-2013-0133
Renneboog, L., Ter Horst, J., & Zhang, C. (2008). Socially responsible investments: Institutional aspects, performance, and investor behavior. Journal Of Banking & Finance, 32(9), 1723-1742. https://doi.org/10.1016/j.jcorpfin.2008.03.009
Shane, P. B., Spicer, B. H., Shane, P. B., & Spicer, B. H. (1983). Market response to environmental information produced outside the firm. The Accounting Review, 58(3), 521–538. https://doi.org/10.2307/246532
Siew, R. Y., Balatbat, M. C., & Carmichael, D. G. (2016). The impact of ESG disclosures and institutional ownership on market information asymmetry. Asia-Pacific Journal of Accounting & Economics, 23(4), 432-448. https://doi.org/10.1080/16081625.2016.1170100
Small, H. (1973). Co‐citation in the scientific literature: a new measure of the relationship between two documents. Journal of the American Society for information Science, 24(4), 265-269.
Stocker, F., de Arruda, M. P., de Mascena, K. M., & Boaventura, J. M. (2020). Stakeholder engagement in sustainability reporting: a classification model. Corporate Social Responsibility and Environmental Management, 27(5), 2071-2080. https://doi.org/10.1002/csr.1947
Tampakoudis, I., & Anagnostopoulou, E. (2020). The effect of mergers and acquisitions on environmental, social and governance performance and market value: Evidence from EU acquirers. Business Strategy and the Environment, 29(5), 1865-1875. https://doi.org/10.1002/bse.2475
Van Eck, N. J., & Waltman, L. (2018). Manual for VOSviewer version 1.6. 8. CWTS Meaningful Metrics. Universiteit Leiden.
Vanhulst, J., & Beling, A. E. (2021). Mapping Environmental/Sustainable Governance Research in Chile: A Bibliometric and Network Analysis. Sustainability, 13(11), 6484. http://dx.doi.org/10.3390/su13116484
Velte, P. (2019). Does CEO power moderate the link between ESG performance and financial performance? A focus on the German two-tier system. Management Research Review, 43(5), 497-520. https://doi.org/10.1108/MRR-04-2019-0182
Waddock, S. A., & Graves, S. B. (1997). Quality of management and quality of stakeholder relations: Are they synonymous?. Business & Society, 36(3), 250-279. https://doi.org/10.1177/000765039703600303
Xie, J., Nosawa, W., Yagi, M., Fujii, H., & Managi, S. (2018) Do environmental, social, and governance activities improve corporate financial performance?. Business Strategy and the Environment, 28(2), 1-15. http://dx.doi.org/10.1002/bse.2224
Zhu, X., Hu, J., Deng, S., Tan, Y., Qiu, C., Zhang, M., ... & Wen, Y. (2021). Bibliometric and visual analysis of research on the links between the gut microbiota and depression from 1999 to 2019. Frontiers Psychiatry, 11, 587670. https://doi.org/10.3389/fpsyt.2020.587670
Zupic, I., & Čater, T. (2015). Bibliometric methods in management and organization. Organizational Research Methods, 18(3), 429-472. https://doi.org/10.1177/1094428114562629.
Publicado
Cómo citar
Número
Sección
