FROM REPORTS TO RETURNS: A BIBLIOMETRIC ANALYSIS OF THE INVESTOR’S ROLE IN SHAPING SUSTAINABILITY DISCLOSURES

This research examines the relationship between investor focus and sustainability disclosures, emphasizing the influence of Environmental, Social, and Governance (ESG) factors on investment decisions. As sustainability reporting gains prominence in corporate strategy, this research aims to identify critical trends, influential aspects, and gaps in the current literature regarding investor behavior toward corporate sustainability disclosures. Through bibliometric analysis of studies conducted between 1999 and 2021, the research highlights the increasing role of sustainability disclosures in shaping investor sentiment and corporate valuation. Specifically, the research identifies three influential streams: the effect of investor relations and corporate governance on sustainability reporting, the role of environmental disclosures in improving firm value, and the growing importance of institutional investors in driving corporate transparency on sustainability issues. The thematic analysis classifies the relationship between investor focus and sustainability disclosures into four categories: niche themes (e.g., financial reporting and information asymmetry), motor themes (e.g., investors, sustainability reporting, and firm value), emerging/declining themes (e.g., climate change and financial reporting), and basic themes (e.g., corporate social responsibility and investor relations). While the research reveals critical insights, it also identifies limitations, such as the exclusion of nonlisted companies and a lack of granularity in measuring investor sentiment. Future research should focus on standardizing reporting frameworks, broadening regional and industry coverage, and exploring the dynamic interaction between investors and managers in shaping CSR disclosure strategies. This research contributes to the growing body of knowledge on the role of investor behavior in fostering corporate responsibility and sustainability.