Scientific mapping of environmental, social, and governance (ESG) research from the perspective of stakeholders: A content analysis study

PURPOSE: The purpose of this study is to illustrate the thematic evolution and intellectual structure of environmental, social, and governance (ESG) research from the perspective of stakeholders through the scientific mapping of 262 articles published over the past five years. METHODOLOGY: The study employs various techniques, implemented through SciMat software, including bibliometric analysis, scientific mapping, and content analysis of research documents from Scopus. It aims to examine the intellectual structure of ESG research within the context of a stakeholder perspective and traces its evolution over time. FINDINGS: The study reveals specific themes related to stakeholders’ perspectives on ESG issues, such as green innovation, disclosure of sustainability goals, and reputational risk. This highlights areas where ESG performance largely depends on stakeholder engagement. Moreover, findings underscore the bidirectional relationship between ESG performance and stakeholders. On one hand, strong ESG performance can enhance value creation for stakeholders. On the other hand, corporate duties, legal regulations, as well as stakeholders’ expectations may motivate companies to integrate ESG factors into their business strategies. IMPLICATIONS: This study may contribute to the scholarly discourse on ESG research from the stakeholder perspective by mapping its progress, identifying critical gaps, and providing insights that can guide future research. For managers and policymakers, it highlights the multifaceted and interconnected dimensions of ESG, emphasizing its relevance in fostering sustainable development and responsible corporate decision-making. It also underlines the importance of the link between stakeholder engagement and corporate ESG performance, as well as the relevance of ESG reporting. ORIGINALITY AND VALUE: This research is the first to map ESG literature (using SciMAT) specifically from a stakeholder perspective. It extends prior work by reorganizing ESG research thematically around stakeholder-relevant concerns and by capturing their evolution during a period of intensified global attention to sustainability. This stakeholder-centric approach offers new insights into the dynamics of ESG discourse and opens valuable directions for future research.