ESG, Corporate Governance, and Financial Performance: A Bibliometric and Science Mapping Analysis

Abstract

This study provides a macro-demographic analysis and micro-relational bibliographic mapping of the literature on Environmental, Social, and Governance (ESG) practices, corporate governance, and corporate financial performance (CFP). Evaluating a corpus of 27 documents extracted from Scopus using R’s bibliometrix (biblioshiny) package and VOSviewer, this paper tracks publication trajectories, collaborative networks, and conceptual frameworks of the domain. Findings indicate an exponential surge in scientific production after 2017, peaking between 2023 and 2025, alongside a geographical shift in knowledge production from Western centers toward emerging Asian economies, specifically China and India. Author-level and co-authorship analyses, however, reveal structural fragmentation and limited cross-border integration, with over 90% of authors operating as transient or occasional contributors (Lotka’s Law). Key co-occurrence and co-citation clustering analyses uncover thematic integration around standard frameworks (stakeholder, legitimacy, and resource-based theories), yet indicate conceptual stagnation driven by dependence on static linear models assuming symmetric, net effects. Emerging clusters on green innovation, risk mitigation, and configurational board dynamics highlight a shift toward capturing conditional, non-linear corporate realities. Ultimately, this study exposes research gaps regarding measurement inconsistency, rating divergence, and intra-pillar conflict, and outlines a future research agenda prioritizing transformational capacity and structural modeling (fsQCA) to resolve the field's conflicting empirical evidence.