Bibliometric Analysis of Research on ESG

Authors

DOI:

https://doi.org/10.18778/2391-6478.2.46.03

Keywords:

ESG, CSR, bibliometric analysis, sustainable finance, corporate governance, disclosure, firm performance, risk management

Abstract

The purpose of the article. The aim of this article is to provide a comprehensive bibliometric analysis of the academic literature on Environmental, Social, and Governance (ESG) topics within the domains of economics, business, and finance. By examining 4,499 documents indexed in the Web of Science (WoS) database from 2006 to 2024, the study aims to identify key trends, research clusters, influential publications, and knowledge gaps in ESG-related research.

Methodology. The methodology involves the use of the Bibliometrix package and its graphical interface Biblioshiny, which enabled advanced science mapping techniques, including co-citation, co-authorship, and keyword co-occurrence analyses. Data were filtered based on relevant WoS categories, and analytical metrics included publication growth rates, citation statistics, authorship patterns, and thematic clustering.

Results of the research. The results reveal a rapidly growing interest in ESG, with an annual publication growth rate of 38.83% and an increasing focus on topics such as corporate performance, cost efficiency, disclosure practices, and governance structures. Four major thematic clusters were identified: ESG disclosure and firm performance, CSR and sustainability, corporate financial management, and emerging markets. The analysis highlights a growing integration of ESG into investment strategies and corporate governance, though the causal mechanisms linking ESG performance to financial outcomes remain insufficiently explained. The study concludes that ESG has evolved into a multidimensional and strategic framework, surpassing CSR in conceptual precision and regulatory relevance.

Downloads

Download data is not yet available.

References

Ademi, B., & Klungseth, N.J. (2022). Does it pay to deliver superior ESG performance? Evidence from US S&P 500 companies. Journal of Global Responsibility, 13(4), 421–449.
Google Scholar DOI: https://doi.org/10.1108/JGR-01-2022-0006

Aria, M., & Cuccurullo, C. (2017). bibliometrix: An R-tool for comprehensive science mapping analysis. Journal of Informetrics, 11(4), 959–975. https://doi.org/10.1016/j.joi.2017.08.007
Google Scholar DOI: https://doi.org/10.1016/j.joi.2017.08.007

Bagh, T., Fuwei, J., & Khan, M.A. (2024). Corporate ESG investments and firm's value under the real-option framework: Evidence from two world-leading economies. Borsa Istanbul Review, 24(2), 324–340.
Google Scholar DOI: https://doi.org/10.1016/j.bir.2024.01.002

Bagh, T., Zhou, B., Alawi, S.M., & Azam, R.I. (2024). ESG resilience: Exploring the non-linear effects of ESG performance on firms' sustainable growth. Research in International Business and Finance, 70, 102305. https://doi.org/10.1016/j.ribaf.2024.102305
Google Scholar DOI: https://doi.org/10.1016/j.ribaf.2024.102305

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.
Google Scholar DOI: https://doi.org/10.1002/mde.3131

Bissoondoyal-Bheenick, E., Brooks, R., & Do, H.X. (2023). ESG and firm performance: The role of size and media channels. Economic Modelling, 121, 106203. https://doi.org/10.1016/j.econmod.2023.106203
Google Scholar DOI: https://doi.org/10.1016/j.econmod.2023.106203

Blowfield, M. (2005). Corporate social responsibility – The failing discipline and why it matters for international relations. International Relations, 19(2), 173–191. https://doi.org/10.1177/0047117805052812
Google Scholar DOI: https://doi.org/10.1177/0047117805052812

Bolognesi, E., & Burchi, A. (2023). The impact of the ESG disclosure on sell-side analysts’ target prices: The new era post Paris agreements. Research in International Business and Finance, 64, 101827. https://doi.org/10.1016/j.ribaf.2022.101827
Google Scholar DOI: https://doi.org/10.1016/j.ribaf.2022.101827

Bowen, H.R. (1953). The social responsibilities of the businessman. Harper & Brothers.
Google Scholar

Carroll, A.B. (2016). Carroll’s pyramid of CSR: Taking another look. International Journal of Corporate Social Responsibility, 1(1), 2–8. https://doi.org/10.1186/s40991-016-0004-6
Google Scholar DOI: https://doi.org/10.1186/s40991-016-0004-6

Chiaramonte, L., Dreassi, A., Girardone, C., & Piserà, S. (2022). Do ESG strategies enhance bank stability during financial turmoil? Evidence from Europe. The European Journal of Finance, 28(12), 1173–1211. https://doi.org/10.1080/1351847X.2021.1964556
Google Scholar DOI: https://doi.org/10.1080/1351847X.2021.1964556

Cicirko, M. (2022). Znaczenie czynników środowiskowego, społecznego i ładu korporacyjnego (ESG) we współczesnej gospodarce. Percepcja inwestycji ESG wśród studentów uczelni ekonomicznej. Ubezpieczenia Społeczne. Teoria i Praktyka, 1, 117–139.
Google Scholar DOI: https://doi.org/10.5604/01.3001.0015.8055

De Villiers, C., Jia, J. & Li, Z. (2022). Corporate social responsibility: A review of empirical research using Thomson Reuters Asset4 data. Accounting & Finance, 62(4), 4523–4568.
Google Scholar DOI: https://doi.org/10.1111/acfi.13004

Domańska-Szaruga, B. (2011). Rola czynników ESG w budowaniu wartości przedsiębiorstwa. Contemporary Management Quarterly / Współczesne Zarządzanie, 3, 141–151.
Google Scholar

Drempetic, S., Klein, C., & Zwergel, B. (2020). The influence of firm size on the ESG score: Corporate sustainability ratings under review. Journal of Business Ethics, 167(2), 333–360. https://doi.org/10.1007/s10551-019-04164-1
Google Scholar DOI: https://doi.org/10.1007/s10551-019-04164-1

Dymowski, J., & Szymańska, M. (2009). CSR raport specjalny. Społeczna odpowiedzialność biznesu. Brief, 2.
Google Scholar

Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45–64. https://doi.org/10.1016/j.gfj.2017.03.001
Google Scholar DOI: https://doi.org/10.1016/j.gfj.2017.03.001

Feng, X., & Mohd Saleh, N. (2024). Managerial Ability and ESG Risks: The Moderating Effect of Internal Control Quality. Sustainability, 16(22), 9838. https://doi.org/10.3390/su16229838
Google Scholar DOI: https://doi.org/10.3390/su16229838

Freeman, R.E. (1984). Strategic management: A stakeholder approach. Pitman.
Google Scholar

Gillan, S.L., Koch, A., & Starks, L.T. (2021). Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance, 66, 101889. https://doi.org/10.1016/j.jcorpfin.2021.101889
Google Scholar DOI: https://doi.org/10.1016/j.jcorpfin.2021.101889

Guo, K., Bian, Y., Zhang, D., & Ji, Q. (2024). ESG performance and corporate external financing in China: The role of rating disagreement. Research in International Business and Finance, 69, 102236. https://doi.org/10.1016/j.ribaf.2024.102236
Google Scholar DOI: https://doi.org/10.1016/j.ribaf.2024.102236

Hąbek, P. (2009). Społeczna odpowiedzialność przedsiębiorstw jako koncepcja firmy zorientowanej na interesariuszy. Organizacja i Zarządzanie, 2(6), 69–86.
Google Scholar

Jain, K., & Tripathi, P.S. (2023). Mapping the environmental, social and governance literature: A bibliometric and content analysis. Journal of Strategy and Management, 16(3), 397–428.
Google Scholar DOI: https://doi.org/10.1108/JSMA-05-2022-0092

Kiśluk, K., & Wiśniewski, T.K. (2022). Wpływ czynników ESG na decyzje inwestycyjne [Raport]. Giełda Papierów Wartościowych w Warszawie. https://www.gpw.pl/pub/GPW/files/PDF/Raport_badanie_ESG_2022.pdf
Google Scholar

KPMG. (2023). Badanie raportowania zrównoważonego rozwoju [Raport]. https://kpmg.com/pl/pl/home/insights/2023/01/badanie-raportowania-zrownowazonego-rozwoju-sprawozdawczosc-w-dobie-nowych-przepisow.html
Google Scholar

Król, P. (2023). Polska bankowość spółdzielcza w obliczu wyzwań ESG i CSR. W: M. Miśniakiewicz (red.), Innowacje w nauce i praktyce: Preferencje i oczekiwania konsumenta (s. 48–58). Małopolska Szkoła Administracji Publicznej Uniwersytetu Ekonomicznego w Krakowie. https://msap.uek.krakow.pl/wp-content/uploads/2024/12/INNOWACJE-W-NAUCE-I-PRAKTYCE-sklad-mk-kolor-korekta.pdf
Google Scholar

Kudłak, R. (2010). Wpływ ochrony środowiska na konkurencyjność. Gospodarka Narodowa. The Polish Journal of Economics, 237(1–2), 109–125.
Google Scholar DOI: https://doi.org/10.33119/GN/101182

Lewis, A. (2023). A risk-based approach to ESG: Why organisations must embrace proactive sustainability. LinkedIn. https://www.linkedin.com/pulse/risk-based-approach-esg-why-organisations-must-andy-lewis-msc/
Google Scholar

MacNeil, I., & Esser, I.M. (2022). From a financial to an entity model of ESG. European Business Organization Law Review, 23(1), 1–29. https://doi.org/10.1007/s40804-021-00234-y
Google Scholar DOI: https://doi.org/10.1007/s40804-021-00234-y

Matos, P. (2020). ESG and responsible institutional investing around the world: A critical review. CFA Institute Research Foundation. https://www.cfainstitute.org/en/research/foundation/2020/esg-and-responsible-institutional-investing
Google Scholar DOI: https://doi.org/10.2139/ssrn.3668998

McWilliams, A., Siegel, D.S., & Wright, P.M. (2006). Corporate social responsibility: Strategic implications. Journal of Management Studies, 43(1), 1–18. https://doi.org/10.1111/j.1467-6486.2006.00580.x
Google Scholar DOI: https://doi.org/10.1111/j.1467-6486.2006.00580.x

Misztal, A. (2024). Zrównoważony rozwój przedsiębiorstw, CSR i ESG w dobie kryzysu makroekonomicznego i geopolitycznego. Kwartalnik Nauk o Przedsiębiorstwie, 68, 87–99.
Google Scholar DOI: https://doi.org/10.33119/KNoP.2023.68.2.6

Mongeon, P., & Paul-Hus, A. (2015). The journal coverage of Web of Science and Scopus: A comparative analysis. arXiv. https://doi.org/10.48550/arXiv.1511.08096
Google Scholar DOI: https://doi.org/10.1007/s11192-015-1765-5

Nam, H.J., Bilgin, M.H., & Ryu, D. (2024). Firm value, ownership structure, and strategic approaches to ESG activities. Eurasian Business Review, 14(1), 187–226. https://doi.org/10.1007/s40821-024-00252-z
Google Scholar DOI: https://doi.org/10.1007/s40821-024-00252-z

Polskie Stowarzyszenie ESG. (2024). Raport ESG – szanse i ryzyka. https://polskiestowarzyszenieesg.pl/raport-szanse-i-ryzyka-esg/
Google Scholar

PwC. (2025). ESG w zarządzaniu ryzykiem [Raport]. https://www.pwc.pl/pl/artykuly/esg-w-zarzadzaniu-ryzykiem-organizacji.html
Google Scholar

Rau, P.R., & Yu, T. (2024). A survey on ESG: Investors, institutions and firms. China Finance Review International, 14(1), 3–33. https://doi.org/10.1108/CFRI-12-2022-0260
Google Scholar DOI: https://doi.org/10.1108/CFRI-12-2022-0260

Soin, M. (2016). Filozoficzne trudności teorii interesariuszy. Annales. Etyka w Życiu Gospodarczym, 19(3), 7–16.
Google Scholar DOI: https://doi.org/10.18778/1899-2226.19.3.01

Szczepankowski, P. (2023). Rola ESG w kształtowaniu wartości przedsiębiorstw na przykładzie spółek giełdowych w Polsce. Przegląd Organizacji, (7), 195–204.
Google Scholar DOI: https://doi.org/10.33141/po.2023.04.20

Tsang, A., Frost, T., & Cao, H. (2023). Environmental, social, and governance (ESG) disclosure: A literature review. The British Accounting Review, 55(1), 101149. https://doi.org/10.1016/j.bar.2022.101149
Google Scholar DOI: https://doi.org/10.1016/j.bar.2022.101149

Ustawa z dnia 6 grudnia 2024 r. o zmianie ustawy o rachunkowości, ustawy o biegłych rewidentach, firmach audytorskich oraz nadzorze publicznym oraz niektórych innych ustaw, Dz.U. 2024, poz. 1863. https://isap.sejm.gov.pl/isap.nsf/DocDetails.xsp?id=WDU20240001863
Google Scholar

Wood, D.J. (1991). Corporate social performance revisited. Academy of Management Review, 16(4), 691–718. https://doi.org/10.5465/amr.1991.4279616
Google Scholar DOI: https://doi.org/10.2307/258977

Wójcik-Karpacz, A. (2018). Implikacje praktyczne teorii interesariuszy: Czego mniejsze firmy mogą się nauczyć od większych względem interesariuszy wewnętrznych? Studia Ekonomiczne, 348, 7–25.
Google Scholar

Zadroga, A. (2013). Człowiek – społeczeństwo – gospodarka. Perspektywa odpowiedzialności społecznej. Wydawnictwo KUL.
Google Scholar

Published

2025-06-30

How to Cite

Król, P. J., & Jędrzejewski, P. (2025). Bibliometric Analysis of Research on ESG. Journal of Finance and Financial Law, 2(46), 37–53. https://doi.org/10.18778/2391-6478.2.46.03

Issue

Section

Article