Unfolding ESG Research in SMEs: A Comprehensive Systematic Review Integrating SPAR-4-SLR, Bibliometrics, and TCCM Framework

Abstract Environmental, social, and governance (ESG) practices are increasingly vital for small and medium enterprises (SMEs), yet academic research in this field remains fragmented. This study contributes by integrating bibliometric analysis with the theory–context–characteristics–methodology framework to systematically review 51 studies published between 2004 and 2024. Drawing on Web of Science, Scopus, and Google Scholar, and complemented by backward and forward snowballing, this hybrid approach enables a multidimensional assessment that reveals significant theoretical, contextual, and methodological gaps in ESG–SME research. The findings highlight a recent surge in scholarly activity, with strong geographical concentration in Asia-Pacific and Europe and a sectoral focus on manufacturing and logistics. Critical gaps remain in theory integration, non-financial performance measures, and research on underexplored regions and sectors. By identifying persistent challenges in theoretical, contextual, thematic, and methodological domains, the study advances an enriched framework for ESG research in SMEs and offers practical guidance for SMEs, investors, and policymakers. It lays a foundation for future empirical research and policy innovation to foster sustainable SME development aligned with the Sustainable Development Goals.