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Decoding the Dynamics of Sustainable Finance: Spillover, Risk, and Connectivity Through a Bibliometric Lens

Author

Listed:
  • Ke Peng

    (School of Economics and Management, Harbin Institute of Technology, Shenzhen 518055, China)

  • Muhammad Munir

    (School of Economics and Management, Harbin Institute of Technology, Shenzhen 518055, China
    Department of Business Administration, University of Sahiwal, Sahiwal 57000, Pakistan)

  • Jifan Ren

    (School of Economics and Management, Harbin Institute of Technology, Shenzhen 518055, China)

  • Mariem Mejri

    (College of Business Administration, Prince Sultan University, Riyadh 12435, Saudi Arabia)

Abstract

The field of sustainable finance has grown rapidly in response to escalating climate and economic challenges, yet its intellectual landscape, especially the connectedness between green and traditional financial systems, remains underexplored. This paper aims to systematically map the evolution, thematic structure, and intellectual linkages of the sustainable finance literature with a specific focus on risk spillovers and connectedness across financial systems. This study employs a comprehensive bibliometric methodology to map 1261 Web of Science-indexed articles (1994–2024) on the connectedness of sustainable finance, using techniques such as citation analysis, bibliographic coupling, co-citation analysis, trend cartography, collaboration network, and keyword trend analysis. The study clarifies the field’s evolution and identifies its key themes, influential authors, institutions, and networks. The findings reveal an exponential surge in sustainable finance research after 2015, coinciding with policy milestones like the Paris Agreement and rising ESG investment interest. Notably, the review uncovers how research clusters have formed around topics such as green bond market spillovers, green technology innovation, and climate risk, highlighting both well-established areas and emerging fronts. The contribution lies in providing a roadmap for future research and policy: the study pinpoints knowledge gaps (e.g., systemic risk transmission between green and conventional assets) and suggests how policymakers and investors can leverage these insights to foster a resilient, sustainable financial system.

Suggested Citation

  • Ke Peng & Muhammad Munir & Jifan Ren & Mariem Mejri, 2025. "Decoding the Dynamics of Sustainable Finance: Spillover, Risk, and Connectivity Through a Bibliometric Lens," IJFS, MDPI, vol. 13(2), pages 1-46, May.
    • Handle: RePEc:gam:jijfss:v:13:y:2025:i:2:p:85-:d:1655423
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    References listed on IDEAS

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    1. 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).
    2. Wenbing Luo & Ziyan Tian & Shihu Zhong & Qinke Lyu & Mingjun Deng, 2022. "Global Evolution of Research on Sustainable Finance from 2000 to 2021: A Bibliometric Analysis on WoS Database," Sustainability, MDPI, vol. 14(15), pages 1-23, August.
    3. Khan, Ashraf & Goodell, John W. & Hassan, M. Kabir & Paltrinieri, Andrea, 2022. "A bibliometric review of finance bibliometric papers," Finance Research Letters, Elsevier, vol. 47(PA).
    4. Pedersen, Lasse Heje & Fitzgibbons, Shaun & Pomorski, Lukasz, 2021. "Responsible investing: The ESG-efficient frontier," Journal of Financial Economics, Elsevier, vol. 142(2), pages 572-597.
    5. Patel, Ritesh & Goodell, John W. & Oriani, Marco Ercole & Paltrinieri, Andrea & Yarovaya, Larisa, 2022. "A bibliometric review of financial market integration literature," International Review of Financial Analysis, Elsevier, vol. 80(C).
    6. Cedric E. Dawkins, 2018. "Elevating the Role of Divestment in Socially Responsible Investing," Journal of Business Ethics, Springer, vol. 153(2), pages 465-478, December.
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