The Environmental, Social and Governance (ESG) and Financial Performance: A Bibliometric Analysis using Biblioshiny

Authors

  • Prashant Debnath School of Commerce, Bharathiar University, Coimbatore, 641046 Tamil Nadu, India
  • P. Chellasamy School of Commerce, Bharathiar University, Coimbatore, 641046 Tamil Nadu, India

DOI:

https://doi.org/10.56225/ijfeb.v3i1.284

Keywords:

Environmental, Social, and Governance, Financial performance, Sustainability, Corporate social responsibility

Abstract

This study conducts a bibliometric analysis of the relationship between ESG (Environmental, Social, and Governance) factors and financial performance. The purpose is to gather bibliometric data on citations, scientific publications, authors, sources, affiliations, contributions from different nations, keywords, trending aspects, and potential future research fields. The study collects data from the Scopus research database covering the period from 2013 to 20th May 2023. Biblioshiny in R Studio is used for data evaluation. The analysis includes annual publication output, average citations, influential authors and institutions, commonly used keywords, and country-wise research output. The analysis reveals a consistent and growing interest in ESG and financial performance research, with a significant increase in scientific articles over time. Earlier publications have higher average citations, indicating their impact, while recent ones show lower citation rates. Key focal points include "financial performance" and "ESG." Noteworthy institutions such as the University of Zaragoza, Nord University, New York University, and the Journal of Sustainable Finance and Investment demonstrate high overall impact. The study emphasizes the ongoing research interest in the relationship between financial performance and ESG and the growing importance of sustainability and corporate social responsibility in corporate practices. The findings indicate a recent emphasis on ESG, financial performance, CSR, sustainability, and corporate governance within environmental studies.

References

Allouche, J., & Laroche, P. (2005). A meta-analytical investigation of the relationship between corporate social and financial performance. Revues de Gestion des Ressources Humaines, 57, 18-41.

Amel-Zadeh, A., & Serafeim, G. (2018). Why and how investors use ESG information: Evidence from a global survey. Financial Analysts Journal, 74(3). https://doi.org/10.2469/faj.v74.n3

Arena, C., Liong, R., & Vourvachis, P. (2018). Carrot or stick: CSR disclosures by Southeast Asian companies. Sustainability Accounting, Management and Policy Journal, 9(4), 422–454.

Boone, A., & Uysal, V. B. (2020). Reputational concerns in the market for corporate control. Journal of Corporate Finance, 61. https://doi.org/10.1016/j.jcorpfin.2018.08.010

Brammer, S., Brooks, C., & Pavelin, S. (2006). Corporate social performance and stock returns: UK evidence from disaggregate measures. Financial Management, 35(3), 97-116. https://doi.org/10.1111/j.1755-053X.2006.tb00149.x

Buallay, A., Al-Ajmi, J., & Barone, E. (2021). Sustainability engagement's impact on tourism sector performance: Linear and nonlinear models. Journal of Organizational Change Management. [CrossRef]

Buchanan, B., Cao, C. X., & Chen, C. (2018). Corporate social responsibility, firm value, and influential institutional ownership. Journal of Corporate Finance, 52, 73–95.

Cui, J., Jo, H., & Na, H. (2018). Does corporate social responsibility affect information asymmetry? Journal of Business Ethics, 148(3), 549–572.

Crisóstomo, V., de Souza Freire, F., & Cortes de Vasconcellos, F. (2011). Corporate social responsibility, firm value and financial performance in Brazil. Social Responsibility Journal, 7(2), 295-309. https://doi.org/10.1108/17471111111141549

El Ghoul, S., Guedhami, O., & Kim, Y. (2017). Country-level institutions, firm value, and the role of corporate social responsibility initiatives. Journal of International Business Studies, 48(3), 360-385.

Ellili, N. O. D. (2022). Bibliometric analysis and systematic review of environmental, social, and governance disclosure papers: Current topics and recommendations for future research. Environmental Research Communications, 4(9). https://doi.org/10.1088/2515-7620/ac8b67

Elkington, J. (2011). Enter the triple bottom line. Retrieved from http://www.johnelkington.com/TBL-elkington-chapter.pdf

ESG Data. (2019, September 30). Retrieved from https://www.bloomberg.com/impact/products/esg-data/

Fatemi, A., Glaum, M., & Kaiser, S. (2017). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45-64.

Gao, S., Meng, F., Gu, Z., Liu, Z., & Farrukh, M. (2021). Mapping and clustering analysis on environmental, social and governance field: A bibliometric analysis using Scopus. Sustainability, 13(13). https://doi.org/10.3390/su13137304

Giese, G., Lee, L.-E., Melas, D., Nagy, Z., & Nishikawa, L. (2019). Foundations of ESG investing: How ESG affects equity valuation, risk, and performance. The Journal of Portfolio Management, 45(5), 69-83. https://doi.org/10.3905/jpm.2019.45.5.069

Kengkathran, S. (2018). A literature review on the impact of environmental, social and governance (ESG) disclosure on financial performance of energy companies in ASEAN. Global Business & Management Research, 10(3),1071.

KPMG. (2020). Climate change & sustainability services. Retrieved from https://home.kpmg/xx/en/home/services/advisory/riskconsulting/internal-audit-risk/sustainability-services.html

Nelling, E., & Webb, E. (2009). Corporate social responsibility and financial performance: The "virtuous circle" revisited. Review of Quantitative Finance and Accounting, 32, 197-209. https://doi.org/10.1007/s11156-008-0090-y

Sharma, P., Panday, P., & Dangwal, R. (2020). Determinants of environmental, social and corporate governance (ESG) disclosure: A study of Indian companies. International Journal of Disclosure and Governance, 17, 208-217. https://doi.org/10.1057/s41310-020-00085-y

Su, R., Liu, C., & Teng, W. (2020). The heterogeneous effects of CSR dimensions on financial performance–a new approach for CSR measurement. Journal of Business Economics and Management, 21(4), 987–1009.

Verheyden, T., Eccles, R. G., & Feiner, A. (2016). ESG for all? The impact of ESG screening on return, risk, and diversification. Journal of Applied Corporate Finance, 28(2), 47-55.

Whelan, T., Atz, T. U., Van, H., & Clark, C. (2021). ESG and financial performance: Uncovering the relationship by aggregating evidence from 1,000 plus studies published between 2015-2020. NYU | STERN Report.

Downloads

Published

2024-03-31

How to Cite

Debnath, P., & Chellasamy, P. (2024). The Environmental, Social and Governance (ESG) and Financial Performance: A Bibliometric Analysis using Biblioshiny. International Journal of Finance, Economics and Business, 3(1), 36–52. https://doi.org/10.56225/ijfeb.v3i1.284

Issue

Section

Articles
Abstract viewed = 246 times