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Sustainable Finance and ESG Importance: A Systematic Literature Review and Research Agenda

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  • Georgios Zairis

    (Grant Thornton Luxembourg, L-1273 Luxembourg, Luxembourg
    Department of Management Science and Technology, University of Peloponnese, 22100 Tripoli, Greece)

  • Panagiotis Liargovas

    (Department of Management Science and Technology, University of Peloponnese, 22100 Tripoli, Greece
    Centre of Planning and Economic Research (KEPE), 10672 Athens, Greece)

  • Nikolaos Apostolopoulos

    (Department of Management Science and Technology, University of Peloponnese, 22100 Tripoli, Greece)

Abstract

Over the last decade, sustainable finance has appeared to be capturing a high level of interest as a crucial pillar of sustainable development. The process of taking environmental, social, and governance (ESG) considerations into account when making investment decisions in the financial sector is expected to play a key role in this framework, and although it has attracted the attention of many scholars and academics, a lack of understanding of the nature of the phenomenon remains. Therefore, on the basis of a systematic literature review of 80 studies, we examine, in detail, the subject areas and emphasize the main points in the existing literature. The findings reveal that there are four main thematic areas attracting research interest, as follows: (1) A shift in value creation; (2) green bonds; (3) ESG ratings and performance; and (4) sustainable finance, banking, and financial risks. Finally, this study outlines future research avenues in the field.

Suggested Citation

  • Georgios Zairis & Panagiotis Liargovas & Nikolaos Apostolopoulos, 2024. "Sustainable Finance and ESG Importance: A Systematic Literature Review and Research Agenda," Sustainability, MDPI, vol. 16(7), pages 1-14, March.
    • Handle: RePEc:gam:jsusta:v:16:y:2024:i:7:p:2878-:d:1366928
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    References listed on IDEAS

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    1. C'esar Pedrosa Soares, 2024. "Leveraging Natural Language and Item Response Theory Models for ESG Scoring," Papers 2407.20377, arXiv.org.

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