From metrics to strategy: A two-decade bibliometric analysis of ESG integration in corporate finance

This study aims to systematically explore the development of Environmental, Social, and Governance (ESG) integration in corporate finance over the past two decades, addressing gaps in thematic coherence, geographic representation, and strategic alignment. The study employs bibliometric analysis on 633 peer-reviewed ESG-related publications indexed in the Web of Science (2004–2024). It utilizes VOSviewer and Biblioshiny to conduct citation analysis, co-authorship network mapping, and keyword co-occurrence analysis. The Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) framework was applied to ensure transparency in data selection. The results reveal four distinct phases of ESG evolution: foundational ethics (2004–2013), strategic integration (2014–2018), expansion into performance and governance (2019–2021), and maturity with a focus on resilience and risk management (2022–2024). Key contributors, dominant journals, thematic clusters, and regional disparities were identified. Emerging opportunities include digital transformation, greenwashing detection, and inclusive ESG adoption in developing markets. ESG has transitioned from a peripheral ethical concern to a strategic framework for corporate financial decision-making. While developed countries lead in scholarly output, emerging markets offer untapped potential for innovation in ESG implementation. The study provides actionable insights for scholars, corporate practitioners, and policymakers to enhance ESG alignment with long-term value creation, transparency, and global sustainability goals. It also proposes future research pathways to address existing geographic and thematic imbalances in ESG literature.