BIBLIOMETRICS-BASED AND SYSTEMATIC LITERATURE ANALYSIS OF ESG PRACTICES AND IMPLICATIONS TO FIRM PERFORMANCE

Abstract

This study focuses on "ESG practices and firm performance" and utilises CiteSpace visualisation software to conduct a bibliometric analysis of 889 articles from the Web of Science core data between 2015 and 2023. The study examines the research status, hotspots, and developmental trajectory in ESG practices and corporate performance while identifying future research trends. The findings indicate an upward trend in annual publications from 2015 to 2023, with a significant surge after 2019. Core authors show limited output, signifying an incomplete research system. Notably, the United Kingdom collaborates most frequently with other nations, whereas China, despite a substantial number of studies, lacks sufficient international cooperation. As capital markets steer towards green investments, bonds, green funds, and innovations, future research in ESG practices and firm performance should delve into the refined manifestations of firm performance and consider the influence of more "green" factors on the relationship between the two. The research conclusions provide valuable reference and practical insights for the academic community to expand the research on the value creation of ESG practices and for companies to embrace ESG initiatives