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Mapping the Intellectual Structure of Green Finance and ESG Research: A Bibliometric Review of Global Trends and Emerging Themes (2000–2025)

Author

Listed:
  • Mohd Amran Mahat

    (Faculty of Accountancy, UiTM Cawangan Melaka, Malaysia)

  • Mohd Yassir Jaaffar

    (Faculty of Accountancy, UiTM Cawangan Melaka, Malaysia)

  • Jismi Md Salleh

    (Faculty of Accountancy, UiTM Cawangan Melaka, Malaysia)

  • Muhammad Mukhlis Abdul Fatah

    (Faculty of Accountancy, UiTM Cawangan Melaka, Malaysia)

  • Shazali Shaharudin

    (Faculty of Accountancy, UiTM Cawangan Melaka, Malaysia)

  • Mohd Ariff Mustafa

    (Faculty of Accountancy, UiTM Cawangan Melaka, Malaysia)

Abstract

The rapid global shift toward sustainability has catalyzed substantial academic interest in green finance and Environmental, Social, and Governance (ESG) frameworks, leading to a significant expansion of research across interdisciplinary domains. This study employs a comprehensive bibliometric analysis to map the intellectual structure, publication dynamics, and emerging themes in green finance and ESG literature between 2000 and 2025. Drawing on 353 peer-reviewed articles indexed in Scopus and analyzed using VOSviewer, the research investigates global publication trends, identifies leading countries and highly cited works, and uncovers thematic hotspots through keyword co-occurrence networks. Results reveal a sharp rise in scholarly output post-2020, with China, the United States, and Malaysia emerging as dominant contributors. Highly cited articles emphasize ESG’s influence on corporate innovation, digital finance, and sustainable performance. Thematic clusters highlight a convergence of green innovation, Islamic finance, ESG measurement, and fintech integration as emergent research frontiers. This study offers critical insights for scholars, policymakers, and financial institutions seeking to navigate and contribute to the evolving discourse on sustainable finance.

Suggested Citation

  • Mohd Amran Mahat & Mohd Yassir Jaaffar & Jismi Md Salleh & Muhammad Mukhlis Abdul Fatah & Shazali Shaharudin & Mohd Ariff Mustafa, 2025. "Mapping the Intellectual Structure of Green Finance and ESG Research: A Bibliometric Review of Global Trends and Emerging Themes (2000–2025)," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 9(7), pages 5269-5278, July.
    • Handle: RePEc:bcp:journl:v:9:y:2025:issue-7:p:5269-5278
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    References listed on IDEAS

    as
    1. Gunnar Friede & Timo Busch & Alexander Bassen, 2015. "ESG and financial performance: aggregated evidence from more than 2000 empirical studies," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 5(4), pages 210-233, October.
    2. Flammer, Caroline, 2021. "Corporate green bonds," Journal of Financial Economics, Elsevier, vol. 142(2), pages 499-516.
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    5. Gillan, Stuart L. & Koch, Andrew & Starks, Laura T., 2021. "Firms and social responsibility: A review of ESG and CSR research in corporate finance," Journal of Corporate Finance, Elsevier, vol. 66(C).
    6. Huang, Lei, 2024. "Green bonds and ESG investments: Catalysts for sustainable finance and green economic growth in resource-abundant economies," Resources Policy, Elsevier, vol. 91(C).
    7. Cao, Mingyao & Duan, Keyi & Ibrahim, Haslindar, 2023. "Green investments and their impact on ESG ratings: An evidence from China," Economics Letters, Elsevier, vol. 232(C).
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    9. Lanlan Liu & Guomin Song, 2023. "Green finance and the synergy of ESGGI performance of Chinese companies: Does green concern matter?," PLOS ONE, Public Library of Science, vol. 18(12), pages 1-19, December.
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