UNVEILING FUTURE PATHWAYS IN ESG AND SUSTAINABILITY: A BIBLIOMETRIC EXPLORATION OF EMERGING TRENDS AND RESEARCH GAPS
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Published:
Jun 18, 2025
Keywords:
bibliometric analysis, ESG, NRBV, legitimacy theory stakeholder theory
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Abstract
This study aims to identify future research opportunities in the field of sustainability and ESG through a bibliometric analysis of Scopus articles for the period 2014-2024, focusing on the fields of business, management, and accounting. The results show that the dominant topics are sustainable development, CSR, and governance, while ESG investment, financial performance, and new technologies are still under-explored. Driven by stakeholder expectations, regulations, and the need for legitimacy for ESG adoption, in line with stakeholder theory, legitimacy theory, and natural resource-based approach (NRBV). This study highlights the need for the development of standardized ESG metrics, increasing regional diversity, and cross-disciplinary integration to strengthen the understanding and implementation of sustainability. This study contributes to bridging the research gap, identifying emerging trends, developing an ESG roadmap and developing more effective sustainability strategies.
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Lusy, & Ginting, R. (2025). UNVEILING FUTURE PATHWAYS IN ESG AND SUSTAINABILITY: A BIBLIOMETRIC EXPLORATION OF EMERGING TRENDS AND RESEARCH GAPS. Akurasi : Jurnal Studi Akuntansi Dan Keuangan, 8(1), 169-188. https://doi.org/10.29303/akurasi.v8i1.659
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References
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Bellucci, M., Acuti, D., Simoni, L., & Manetti, G. (2021). Hypocrisy and legitimacy in the aftermath of a scandal: an experimental study of stakeholder perceptions of nonfinancial disclosure. Accounting, Auditing and Accountability Journal, 34(9), 151–163. https://doi.org/10.1108/AAAJ-01-2021-5113
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Andersén, J. (2021). A relational natural-resource-based view on product innovation: The Influence of green product innovation and green suppliers on differentiation advantage in small manufacturing Firms. Technovation, 104(February). https://doi.org/10.1016/j.technovation.2021.102254
Aydoğmuş, M., Gülay, G., & Ergun, K. (2022). Impact of ESG performance on firm value and profitability. Borsa Istanbul Review, 22, S119–S127. https://doi.org/10.1016/j.bir.2022.11.006
Azmi, W., Hassan, M. K., Houston, R., & Karim, M. S. (2021). ESG activities and banking performance: International evidence from emerging economies. Journal of International Financial Markets, Institutions, and Money, 70, 101277. https://doi.org/10.1016/j.intfin.2020.101277
Bansal, M., Samad, T. A., & Bashir, H. A. (2021). The sustainability reporting-firm performance nexus: Evidence from a threshold model. Journal of Global Responsibility, 12(4), 491–512. https://doi.org/10.1108/JGR-05-2021-0049
Barka, Z., Hamza, T., & Mrad, S. (2023). Corporate ESG Scores and Equity Market Misvaluation: Toward Ethical Investor Behavior. Economic Modelling, 127(August), 106467. https://doi.org/10.1016/j.econmod.2023.106467
Bellucci, M., Acuti, D., Simoni, L., & Manetti, G. (2021). Hypocrisy and legitimacy in the aftermath of a scandal: an experimental study of stakeholder perceptions of nonfinancial disclosure. Accounting, Auditing and Accountability Journal, 34(9), 151–163. https://doi.org/10.1108/AAAJ-01-2021-5113
Berg, F., Kölbel, J. F., & Rigobon, R. (2022). Aggregate confusion: The divergence of ESG ratings. Review of Finance, 26(6), 1315–1344. https://doi.org/10.1093/rof/rfac033
Branco, M. C. (2024). CSR research in corporate finance: A comment on Gillan et al., "Firms and social responsibility: a Review of ESG and CSR research in corporate finance.” Sustainability Accounting, Management and Policy Journal, 15(1), 85–95. https://doi.org/10.1108/SAMPJ-05-2023-0269
Chen, S., Song, Y., & Gao, P. (2023). Environmental, Social, And Governance (ESG) performance and financial outcomes: Analyzing the impact of ESG on financial performance. Journal of Environmental Management, 345(June). https://doi.org/10.1016/j.jenvman.2023.118829
Citterio, A., & King, T. (2023). The role of Environmental, Social, and Governance (ESG) in predicting bank financial distress. Finance Research Letters, 51(July 2022), 103411. https://doi.org/10.1016/j.frl.2022.103411
Clément, A., Robinot, É., & Trespeuch, L. (2022). Improving ESG scores with sustainability concepts. Sustainability (Switzerland), 14(20). https://doi.org/10.3390/su142013154
Crossley, R. M., Elmagrhi, M. H., & Ntim, C. G. (2021). Sustainability and legitimacy theory: The case of sustainable social and environmental practices of small and medium-sized enterprises. Business Strategy and the Environment, 30(8), 3740–3762. https://doi.org/10.1002/bse.2837
Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management Science, 60(11), 2835–2857. https://doi.org/10.1287/mnsc.2014.1984
Eccles, R. G., & Klimenko, S. (2019). The investor revolution. Harvard Business Review, 2019(May-June), 106–116.
Freudenreich, B., Lüdeke-Freund, F., & Schaltegger, S. (2020). A stakeholder theory perspective on business models: Value creation for sustainability. Journal of Business Ethics, 166(1), 3–18. https://doi.org/10.1007/s10551-019-04112-z
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(January), 101889. https://doi.org/10.1016/j.jcorpfin.2021.101889
Goyal, L. (2022). Stakeholder theory: Revisiting the origins. Journal of Public Affairs, 22(3). https://doi.org/10.1002/pa.2559
Gregory, A., Whittaker, J., & Yan, X. (2016). Corporate social performance, competitive advantage, earnings persistence, and firm value. Journal of Business Finance and Accounting, 43(1–2), 3–30. https://doi.org/10.1111/jbfa.12182
Inês, A., Diniz, A., & Moreira, A. C. (2023). A review of greenwashing and supply chain management: Challenges ahead. Cleaner Environmental Systems, 11(June). https://doi.org/10.1016/j.cesys.2023.100136
Jarraud, M., & Steiner, A. (2012). Summary for policymakers. In Managing the Risks of Extreme Events and Disasters to Advance Climate Change Adaptation: Special Report of the Intergovernmental Panel on Climate Change (Vol. 9781107025). Cambridge University Press, Cambridge. https://doi.org/10.1017/CBO9781139177245.003
Judijanto, L., Ladjin, N., Harsono, I., Amalia, M. M., & Sangaji, J. (2024). Bibliometric analysis of trends and patterns in Sustainable and Responsible Investments (SRI) research from 2000-2024. West Science Journal Economic and Entrepreneurship, 2(02), 168–177. https://doi.org/10.58812/wsjee.v2i02.892
Kalra, P. (2024). Corporate social responsibility and stakeholder theory: An integrated review. Journal of Management & Enterpreneurship, 18 No.I(II(January-March), 30–40. https://doi.org/10.13140/RG.2.2.32886.82243
Klettner, A., Clarke, T., & Boersma, M. (2014). The governance of corporate sustainability: Empirical insights into the development, leadership, and implementation of responsible business strategy. Journal of Business Ethics, 122(1), 145–165. https://doi.org/10.1007/s10551-013-1750-y
Kopnina, H., Zhang, S. R., Anthony, S., Hassan, A., & Maroun, W. (2024). The inclusion of biodiversity into Environmental, Social, and Governance (ESG) framework: A strategic integration of ecocentric extinction accounting. Journal of Environmental Management, 351(November 2023), 119808. https://doi.org/10.1016/j.jenvman.2023.119808
Kotsantonis, S., & Serafeim, G. (2019). Four things no one will tell you about ESG data. Journal of Applied Corporate Finance, 31(2), 50–58. https://doi.org/10.1111/jacf.12346
Lee, M. T., & Suh, I. (2022). Understanding the effects of environment, social, and governance conduct on financial performance: Arguments for a process and integrated modeling approach. Sustainable Technology and Entrepreneurship, 1(1), 100004. https://doi.org/10.1016/j.stae.2022.100004
Martiny, A., Taglialatela, J., Testa, F., & Iraldo, F. (2024). Determinants of Environmental Social and Governance (ESG) performance: A systematic literature review. Journal of Cleaner Production, 456(June 2023), 142213. https://doi.org/10.1016/j.jclepro.2024.142213
Nguyen, N. M., Abu Afifa, M. M., Thi Truc Dao, V., Van Bui, D., & Vo Van, H. (2025). Leveraging artificial intelligence and blockchain in accounting to boost ESG performance: The role of risk management and environmental uncertainty. International Journal of Organizational Analysis. https://doi.org/10.1108/IJOA-07-2024-4652
Nitlarp, T., & Kiattisin, S. (2022). The impact factors of Industry 4.0 on ESG in the energy sector. Sustainability (Switzerland), 14(15). https://doi.org/10.3390/su14159198
Porter, M. E., & Kramer, M. R. (2011). Creating shared value. Harvard Business Review, 89(1–2). https://doi.org/10.2139/ssrn.3683975
Raghavan, K. (2022). ESG reporting impact on accounting, and finance. The Journal of Global Awareness, 3(1), 1–16. https://doi.org/10.24073/jga/3/01/09
Revelli, C. (2017). Socially Responsible Investing (SRI): From mainstream to margin? Research in International Business and Finance, 39, 711–717. https://doi.org/10.1016/j.ribaf.2015.11.003
Roberts, L., Hassan, A., Elamer, A., & Nandy, M. (2021). Biodiversity and extinction accounting for sustainable development: A systematic literature review and future research directions. Business Strategy and the Environment, 30(1), 705–720. https://doi.org/10.1002/bse.2649
Saleem, F., Zhang-Zhang, Y., Malik, M. I., & Allui, A. (2020). Revisiting stakeholder theory and environmentalism: Evidence from an emerging economy. Sustainability (Switzerland), 12(20), 1–20. https://doi.org/10.3390/su12208751
Schaltegger, S., Hörisch, J., & Freeman, R. E. (2019). Business cases for sustainability: A stakeholder theory perspective. Organization and Environment, 32(3), 191–212. https://doi.org/10.1177/1086026617722882
Schaltegger, S., & Wagner, M. (2018). Managing and measuring the business case for sustainability. Managing the Business Case for Sustainability, January, 1–27. https://doi.org/10.4324/9781351280525-1
Sharma, S. (2023). Does ESG risk management ensure better risk management? Evidence from India. Procedia Computer Science, 221, 912–919. https://doi.org/10.1016/j.procs.2023.08.068
Singhania, M., Saini, N., Shri, C., & Bhatia, S. (2024). Cross-country comparative trend analysis in ESG regulatory framework across developed and developing nations. Management of Environmental Quality: An International Journal, 35(1), 61–100. https://doi.org/10.1108/MEQ-02-2023-0056
Steblianskaia, E., Vasiev, M., Denisov, A., Bocharnikov, V., Steblyanskaya, A., & Wang, Q. (2023). Environmental-social-governance concept bibliometric analysis and systematic literature review: Do investors becoming more environmentally conscious? Environmental and Sustainability Indicators, 17(December), 100218. https://doi.org/10.1016/j.indic.2022.100218
Suchman, M. C. (1995). Managing legitimacy: Strategic and institutional approaches. The Academy of Management Review, 20(3), 571–610.
Sun, Q., Li, Y., & Hong, A. (2024). Integrating ESG into corporate strategy: Unveiling the moderating effect of digital transformation on green innovation through employee insights. Systems, 12(5). https://doi.org/10.3390/systems12050148
Sun, Y., Zhao, D., & Cao, Y. (2024). The impact of ESG performance, reporting framework, and reporting assurance on the tone of ESG disclosures: Evidence from Chinese listed firms. Journal of Cleaner Production, 466(October 2023), 142698. https://doi.org/10.1016/j.jclepro.2024.142698
Talan, G., Deep, G., Pareira, V., & Muschert, G. W. (2024). From ESG to holistic value addition : Rethinking sustainable investment from the lens of stakeholder theory. International Review of Economics and Finance, 96(PA), 103530. https://doi.org/10.1016/j.iref.2024.103530
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