ESG investing and the relationship between ESG and financial performance are significant topics in the present scenario (Wan et al., 2023). Companies are shifting their operations from profit maximization to long-term survival without harming society or the environment. Implementing sustainable business practices in organizations is essential nowadays. Sorsa & Bona-Sanchez (2024) showed that ESG factors gained extra attention from stakeholders after the post-COVID period. Sustainability seeks to balance the needs of present and future generations, create long-term value for stakeholders, and minimize risk for every business concern. Sustainability is a broader concept than ESG. The key destination in today’s business world is sustainability, and ESG is an important strategy to achieve it. Mehta & Raval (2023) revealed that stakeholders are gradually coercing businesses to adopt and implement sustainable business practices. ESG is considered one of the important determinants of companies’ financial performance.  Bai & Kim (2024) explored that business organizations can improve their financial position and performance through ESG-related activities. A significant portion of corporate organizations began incorporating ESG into their financing and investment decisions as a strategy for sustainable business practices (Panko & Glova, 2024). Marzuki et al., (2023) found that a country can advance sustainability through a capital market that incorporates ESG factors into financing and investment decisions. Organizations can focus on CSR and ESG investments to support sustainable business practices. ESG management is a crucial tool for developing sustainability planning. Owusu & Ofori-Owusu (2024) noted that sustainability accounting is a rapidly emerging tool for integrating ESG and sustainability into companies’ various activities.

To achieve sustainability goals, companies are improving the quality of their sustainability reports by providing more information about their activities and enhancing transparency among stakeholders. Sustainability report gained too much attention from stakeholders over the last decades, because it informs about the impact of the company’s activities on the environment, social, and governance (Ellili, 2022). Yan et al., (2024) demonstrated that the Sustainable Development Goals can be achieved through ESG investing and ESG reporting. A significant gap exists between the adoption and implementation of sustainability reporting across countries (Paridhi & Arora, 2023). To meet stakeholders’ demands and demonstrate transparency and accountability, most listed companies have begun publishing sustainability reports (Bosi et al., 2022). Developed countries have given more attention to ESG and sustainability-related research and publication (Kaura & Kumar, 2024). Common definitions and standard metrics are significant barriers to the adoption and implementation of sustainability reporting.

Our society exists within an environment, so threats to the environment result in indirect damage to society (Zhang et al., 2024). Climate change-related risks are increasing by the day, and many stakeholders are focusing on adopting sustainability strategies to mitigate them (Siao et al., 2022). Liu et al., (2024) provided comprehensive insights into various policies and regulations related to environmental issues. Business organizations may use ESG investments as a crucial risk-mitigation tool (Tiwari et al., 2023). Top-level management of public organizations has increased attention to the environmental disclosure items.

An increasing number of publications in this field signal importance in today’s business practices (Sundarasen et al., 2025). Wan et al., (2023) identified present and future trends in ESG research. Gradually, the research topic is moving from investing to ESG Investing technology to green technology and emissions to carbon emissions across the globe (Liu et al., 2024). Sustainable finance and climate finance are very close to ESG investment. Bajaj et al., (2022) found that ESG investing plays a pivotal role in assessing credit risk. Sustainable finance and ESG have gained more attention than corporate governance and SRI nowadays. Many organizations worldwide are focusing on sustainable finance rather than traditional finance to minimize various risks and achieve sustainable profits (Wang, et al., 2024). At present, sustainable finance is reshaping the capital market and influencing stakeholders’ financing and investment decisions. Tiwari et al., (2023) showed the development of sustainable investment among various organizations and countries over time. Green finance is another concept closely related to ESG investing. Krastev & Krasteva-Hristova (2024) found that green finance plays a crucial role in supporting the development of renewable energy, energy efficiency, and sustainable growth worldwide. The UK, USA, Australia, and China are the leading countries of green financing research (Krastev & Krasteva-Hristova, 2024; Wang, et al., 2024; Yadav & Saini, 2023; Joshi & Dash, 2023). A few stakeholders believe the concept of CSR will fade as ESG gains prominence. Putzer & Posza (2024) found that both CSR and ESG are interlinked.

Some academics and researchers have begun to examine the relationship between ESG and financial performance. Researchers from developed countries have contributed more to this topic than those from developing countries. Friede et al., (2015), Velte (2017), and Chen & Xie (2022) evidenced a favorable linkage between ESG and firms’ financial performance, whereas an adverse relation has been found between these two variables (Sachin & Rajesh, 2022; Garcia-Blandon et al., 2024; Zahid et al., 2022). A group of researchers also showed a mixed relationship between ESG and financial performance (Ahmed et al., 2021; Hasan et al., 2022; and Li et al., 2020).

Sustainable business practices are not a focus across all industries. Calciolari et al., (2024) showed that the pharmaceutical industry did not focus on publishing sustainability reporting, whereas the chemical industry did so rigorously. Not all ESG pillars are applied with the same weight across sectors. In the tourism industry, environmental factors are considered more important than social and governance factors (Putzer & Posza, 2024). Whereas European firms consider social and governance factors as very important rather than environmental factors (Passas et al., 2022). Legendre et al., (2024) showed that ESG influences overall management and operations in the hospitality industry, and stakeholders in this industry are beginning to consider ESG factors in their decision-making. Apart from profit-seeking organizations, nonprofit-seeking organizations have initiated adopting sustainability strategies into their day-to-day activities. Kobylińska et al., (2024) reported that Bialystok University of Technology, an educational institution, took some initiatives to achieve the Sustainable Development Goals.

Modern investors integrate sustainability and ESG considerations into their decisions due to increasing regulatory requirements and rapid changes in the business environment. Gao et al., (2023) evidenced that stakeholders have given increasing attention to sustainability and ESG-related issues over the last few years.  A link has been found between ESG and financial performance. Makarenko et al., (2022) demonstrated that the financial performance of agricultural companies in Ukraine increased significantly following the incorporation of ESG criteria into investment decision-making. Agribusinesses have increased their attention on sustainability and incorporated ESG factors into their business practices after the Paris Agreement in 2015 (Monteiro et al., 2023). Companies can use electricity generated from renewable energy to promote sustainable business practices. Leopizzi et al., (2023) reported that most electric utilities did not want to disclose sustainability-related matters. As research in the field of ESG disclosure, particularly related to Firm performance, surged massively after COVID-19, the exploration of the topic has become important. Thus, the study analyzes publications to reveal scholarly impact, research quality, and emerging trends through bibliometric analysis. Few studies, such as Marzuki et al., (2023), Pathan & Mohanty (2024), Bai and Kim (2024), and Cunea et al., (2025), have conducted bibliometric analyses. However, none clearly and comprehensively present a global perspective with reference to India

Bibliometric analysis provides a comprehensive quantitative framework for analyzing the published academic literature using statistical methods and network models. It examines citation patterns and frequencies, referencing, publication information, keywords, and abstracts to reduce subjectivity and bias. VOSviewer is one of the most widely used free software tools for bibliometric analysis of any research topic. A graphical representation of a bibliometric analysis makes a topic easier for all stakeholders in a research area to understand. In addition to the VOSviewer tool, we used Excel to prepare some tables and figures for this study.  The Scopus database is a very reliable and important source of data on ESG-related topics. In this study, we used data from the Scopus database from 2010 to 2024. The actual keywords search in "TITLE-ABS-KEY" search tab in the following way: ("ESG" OR "Environmental, Social and Governance") AND TITLE-ABS-KEY ("Financial Performance") AND PUBYEAR > 2006 AND PUBYEAR <2025 AND (LIMIT-TO (SUBJAREA, "BUST") OR LIMIT-TO (SUBJAREA, "ECON") OR LIMIT-TO (SUBJAREA, "SOCI") OR LIMIT-TO (SUBJAREA, "ARTS") OR LIMIT-TO (SUBJAREA, "MULT")) AND (LIMIT-TO (LANGUAGE, "English")).

Publication Trend

This figure represents the publication trend in the research area of ESG and Financial performance during 2010 to 2024. According to the Scopus database, worldwide publications on ESG and Financial Performance began in 2010. A few articles were published up to 2017, but an increasing trend has been observed since 2018, with 365 articles published in 2024 in this area. This consistent upward trend indicates a growing interest among researchers in recent times. At the same time, the first article on ESG and Financial performance in India was published in 2016. An upward trend has been observed in India since 2022.

Figure 1: World and India’s year wise publication trends in ESG & Financial performance

Co-authorship

Influential Authors:

We identified eminent authors using VOSviewer, based on document and citation data. Table 1 represents the top 10 global and Indian leading authors in ESG and Financial Performance. The most eminent authors, as per documents, are Baullay, a (8 documents), followed by Hussainey, Khelad (6 documents)., Chouaibi, Jamel (5 documents) and Camilleri, Mark (5 documents), and, when we consider eminent authors based on citations, Managi, Shunsuke, ranked 1st with 663 citations, followed by Velte, Patrick (636 citations) and Sarkis, Joseph (613 citations).

Indian authors have also made remarkable contributions to this research area. Dasgupta, Ranjan, Saini, Neha, Singhania, Monica, and Kashiramka, Smita, ranked first with three publications. Let us look at Indian authors represented by citations. We see 221 citations by Dasgupta, Ranjan, followed by Saini Neha (122 citations), Dangal R C., Pandey Priyanka, and Sharma Preeti (121 citations) in this research area.

Table 1: Most prominent authors publishing in ESG and Financial Performance

Most Prominent Organisations:

Our study found that 1738 active organizations published 883 articles on ESG and Financial performance. Table 2 demonstrates the top 10 Indian and global organizations based on documents and citations. Ahlia University, Manama, Bahrain, published the seven most important articles on ESG and Financial Performance. The College of Business and Finance from Ahlia University also published four important articles on our study topic.

Two hundred organizations contributed to publishing 94 articles on ESG and Financial Performance in Indian aspects. Jindal Global Business School has contributed the highest number of published articles in India. It is observed that the top 10 Indian organizations published 15 articles, representing 15.96% of the total articles on our study topic.

Table 2: Most prominent organisations publishing articles on ESG and financial performance

Country:

India, China, the US, the UK, and Italy are the leading countries in document publications on ESG and Financial Performance worldwide. 411 documents out of a total of 883 were published by the top 5 countries from 2010 to 2024. The top 10 countries, as per publications and citations, are listed below. India published 94 documents, the highest number in this area during the study period. China, the US, the UK, and Italy are the leading countries in publishing documents on this topic, whereas Germany ranked first with 4128 citations. It indicates that many authors cite Germany’s publications due to the more relevant documents in the research area.

Figure 2: The country co-authorship network of ESG and financial performance

Co-occurrence

The co-occurrence network of keywords identifies and visualizes keywords that co-occur more frequently in the literature. Mainly, bibliometric analysis analyzes three types of keywords, i.e., authors’ keywords, indexed keywords and a combination of both.

Figure 3: Global landscape of the authors keywords in ESG and financial performance

Figures 3 and 4 present the network maps of both authors' keywords for the Global and Indian literature analyses. The authors of publications explicitly identify their keywords, whereas database-generated index keywords are generated algorithmically from an article's content (Bascur, et al., 2023). The network of keywords defined by colours represents a particular set of clusters or common linkages. It is significant because this type of analysis depicts the development in the respective research fields and the linkages within the research area.   It is a scientific representation of existing literature. These keywords were obtained from the articles' titles and abstracts.

Figure 4: Indian landscape of the authors keywords in ESG and financial performance

In both the Global and Indian scenarios, the co-occurrence of the words “financial performance” and “ESG”. In the global scenario, the co-occurrence of the keyword is higher than in the Indian scenario. In the global literature, keywords that co-occur or recur are closely connected to one another, thereby forming strong clusters. Thus, it aligns with well-established literature and prominent research. In the Indian scenario, we see a scattered network with very few keywords. The clusters formed are also diverse, thereby depicting early stages of research and a less cohesive research landscape.

Table 4: Worldwide keywords co-occurrence of ESG and financial performance

Table 5: Indian keywords co-occurrence of ESG and Financial performance

Citation & Bibliographic Coupling

Citation analysis has been conducted to identify the major publications and their authors, and to examine their associations. It helped us identify the leading works of authors and rank them by the number of documents and citations. The documents with citation are presented in Table 6, which characterized the most significant ten documents both globally (Left) & in Indian context (Right) are ranked such as friede (2015) with 1621 citations followed by xie (2019) with 577 citations whereas in Indian context, dasgupta (2022) with 165 citations followed by sharma (2020) with 119 citations.

Table 6:  Prominent Documents with Citation both Worldwide & Indian Scenario

Bibliographic Coupling reveals a significant disparity between worldwide and Indian research impact. Further, there is a substantial citation gap between worldwide and Indian publications: the worldwide average is 527.8 per document, whereas the Indian average is 76.3 per document. Therefore, the impact is 6.9 times higher for worldwide publications.

Indian publications depict more recent research activities, with 60% of the top documents published in 2022-23, whereas worldwide publications reveal a more distributed pattern.

Table 7: Prominent Sources with Citation and no.of documents published Worldwide

Table 8: Prominent Sources with Citation and no.of documents published in India

Co-Citation

Cited Authors:

It means that when we work on a topic and use another author’s name in our work, it is because of their contribution to that topic. Serafeim, G., Freeman, R. E., Busch, T., Ioannou, I., and Buallay, A. are prominent authors in the field of ESG and Financial performance. These authors made a significant contribution in this area, which was very helpful to Indian and global authors at the time of their work.

Figure 5: Cited authors network in ESG and Financial performance

Cited Source:

Journal co-citations indicate the linkage and relatedness among the journals in a research area. A shorter distance between two journals indicates greater relatedness of the topics. The journals “Journal of Business Ethics”, “Sustainability”, “Business Strategy and Management”, and “Strategic Management Journal” are among the most cited globally in the areas of ESG and financial performance, and in the Indian context.

Table 9: Top 10 cited sources from worldwide and Indian prospect

Cited Reference:

Cited references represent the most related papers that are more relevant to a particular study. It refers to the acknowledgment given by an author to another’s works. Figure 6 shows the references cited in our study area. It is observed that the largest nodes are Freeman, R.E., Friede, G., Orlitzky, M., Velte, P., and Fatemi, A. These are among the original publications in the field of ESG and financial performance. Both Global and Indian authors have acknowledged the work of those authors in their studies.

Figure 6: Cited authors network in ESG and Financial performance

Future Research Directions in ESG

We have identified specific gaps in ESG research through bibliometric analysis, which will be helpful to researchers and academicians in future investigations. The following are some of the research directions in this field:

1. Most of the studies in ESG research have explored the relationship between ESG and financial performance, so academicians can concentrate on other parameters to identify the impact of ESG on cost of capital and dividend decisions.
2. Another uncovered area in this field is to identify the impact of ESG in various sectors. A comprehensive sector or industry-wide study needs to be conducted in the future.
3. Some researchers have witnessed that ESG firms enjoy monetary benefits than non-ESG firms. Still, no significant research has been found on the impact of ESG on firms' non-financial activities, i.e., productivity and employee retention.
4. A comparative analysis of the short-term impact and long-term impact of ESG on firms' performance is required.
5. ESG reporting or disclosure is not mandatory for all countries. An extensive comparative study of voluntary and mandatory ESG reporting is attracting the attention of stakeholders worldwide.
6. Measuring the impact of ESG on a firm's value and stock prices on the day of ESG-reporting is essential. It can be another area for future research.
7. Advanced methodologies like DID approaches, Granger causality tests, and instrumental variables approaches are to be used in this area instead of SLRM, due to the substantial methodological implications and robust estimates.
8. An empirical study can be conducted on the calculation of the ESG score through AI, whether it gives a more prominent and significant score than traditional methods or not.
9. ESG research has received extensive attention in developed countries; however, researchers have paid inadequate attention to developing and underdeveloped countries. Therefore, a cross-country analysis or comprehensive research can be done in emerging economies.

In this study, we extracted relevant papers from the prominent publication database, Scopus. We analysed publications spanning from 2010 to 2024 using Vosviewer to derive the co-authorship, co-occurrence, citation-bibliographic coupling, and co-citation analysis. It suggests that extensive publication is depicted in a global perspective, whereas in the Indian context, it is an emerging issue that is evolving rapidly. Citation & bibliographic coupling analysis of publications showed an increasing pattern from 2021 in the global context, and the trend is followed in India only after the COVID-19 period. Co-authorship analysis revealed that India published the most documents among countries, yet ranked 10th in citations; this suggested a lack of quality and comprehensive research in the field, while Germany ranked first in citations. Keyword co-occurrence analysis showed a lack of diversity in research on ESG and Firm performance, both globally and in the Indian context, as the two revealed similar keyword patterns.

So, this bibliometric analysis serves as a basis for a systematic literature review and maps the global context, with reference to India, to help future researchers. The study recommends that future researchers search for diverse avenues in the context of “ESG and Firm Performance.

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