A Bibliometric Analysis of The Evolution of ESG and Financial Disclosure

This study investigates the differences in Environmental, Social, and Governance (ESG) disclosures and financial disclosures ‎between developed and developing countries, with a focus on the integration of ESG elements into corporate reporting practices. ‎Drawing on key theoretical perspectives—namely Corporate Social Responsibility (CSR), stakeholder theory, and corporate ‎governance—the study also examines the underlying conceptual frameworks guiding ESG and financial reporting. A systematic-‎ic literature review using the PRISMA method was conducted on publications indexed in the Web of Science and Scopus databases up to 2024. From an initial pool of 1,622 ESG-related and 1,423 financial disclosure publications, a final dataset comprising 72 FT50 articles (26 on ESG and 46 on financial disclosure) was analyzed using bibliometric and comparative methods. ‎The findings reveal substantial differences in disclosure practices: developed countries commonly adopt standardized frameworks such as IFRS and EU CSRD, while developing nations rely on fragmented, voluntary reporting. Notably, 21% of ‎reviewed studies lack explicit theoretical grounding. Journals such as Journal of Business Ethics and Management Science dominate financial disclosure discussions, while ESG topics are increasingly explored in Review of Accounting Studies. The analy-‎sis highlights dominant themes and evolving research trends through co-word and thematic mapping. This study provides a ‎unique comparative and bibliometric perspective, identifying current practices, theoretical gaps, and areas for future research. It ‎offers valuable insights for policymakers, investors, and scholars aiming to enhance ESG integration and disclosure quality ‎across diverse economic contexts‎.