ESG in Business Research: A Bibliometric Analysis

A company’s “value” is increasingly influenced by three criteria: the way it acts to protect the environment, its attitude towards society and the principles of corporate governance it has adopted. That is the Environmental, Social and Governance (ESG) acronym, and it has substantial impact on company value. To further understand the ESG landscape in business research, this article aims to analyze the existing literature and present the current state of knowledge, main trends, and future perspectives. Through the Scopus database, the authors examine a sample of 1034 articles spanning from 2006 to 2022. VOSviewer and Biblioshiny packages are used for performance analysis and visualization of the publication trends, the conceptual structure of the field and the research collaborations. The results suggest that the publication and citation trends of ESG register an upward trend over time. In terms of research institutions, most of the influential ones emanate from the US, while a significant percentage of articles were published in top-tier financial journals. Science mapping via co-authorship analysis bifurcates the sample into six clusters and reveals the major themes and their evolution. Keyword analysis unfolds emerging trends that could be further explored. Given the breadth of the sustainability field and the ever-changing business environment, this paper is of great practical importance in motivating companies to engage in ESG activities. To the authors’ knowledge, no other study has attempted a comprehensive and detailed BA covering multiple aspects and dimensions of ESG in the corporate research field. The theoretical framework of this paper fills this gap and offers an in-depth synthesis of all published papers, providing invaluable insights to scholars, the business community and regulatory authorities, and creating alternative research paths for aspiring researchers.