ESG and financial variables: A systematic review

Saini, Mohit, Aggarwal, Vaibhav, Dhingra, Barkha, Kumar, Pankaj and Yadav, Mahender (2023) ESG and financial variables: A systematic review. International Journal of Law and Management. ISSN 1754-243X (In Press)

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The growing trend in environmental, social and governance (ESG) research, along with its relevance to the financial performance of firms, has gained a lot of attraction in academia and industry. This study aims to fill the existing gap in the literature by conducting a thorough systematic review with the latest research articles in this area.

This study adopted a blend of systematic literature review and bibliometric techniques. A proper search string was used to retrieve the data from the Scopus database. The final dataset comprises 296 documents used for science mapping, and the review was done of 60 articles finalised after further refining the documents.

The results of this study indicate that stakeholder, legitimacy and signalling theories are the foundation for ESG and financial performance. Social firms have a lower capital cost because of their low-risk potential. Moreover, this study provides the knowledge structure by framing four clusters, “CSR/ESG determinants and firm performance”, “Moderators and Mediators”, “Investors’ perception” and “CSR in the tourism sector”.

This study has reviewed the literature with both tools, that is, qualitative (systematic review) and quantitative (bibliometric). Moreover, this study presents the latest synthesis of the literature.

Item Type: Article
Keywords: ESG | Corporate Social Responsibility | Financial Performance | Bibliometric | Systematic Literature Review
Subjects: Social Sciences and humanities > Social Sciences > Social Sciences (General)
JGU School/Centre: Jindal Global Business School
Depositing User: Amees Mohammad
Date Deposited: 10 Aug 2023 09:48
Last Modified: 10 Aug 2023 09:48
Official URL:


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