Exploring the Evolution and Future Directions of ESG Reporting Research in Accounting: A Bibliometric Analysis

Muchamad Rizky Fauzi; Irna Maya Sari

doi:10.59246/muqaddimah.v4i2.1953

Authors

Muchamad Rizky Fauzi Universitas Pamulang
Irna Maya Sari Universitas Pamulang

DOI:

https://doi.org/10.59246/muqaddimah.v4i2.1953

Keywords:

ESG Reporting, Sustainability, Financial Performance

Abstract

Environmental, Social, and Governance (ESG) reporting has become a strategic tool in modern accounting, driven by regulatory pressure and stakeholder demands for greater corporate transparency, yet the literature remains inconsistent on its relationship with financial performance, creating a need for comprehensive field mapping. This study employs a Systematic Literature Review using Scopus data from 2016 to 2025, combining the PRISMA protocol with VOSviewer bibliometric analysis to examine the intellectual structure of ESG accounting research. Analysis of 101 open-access articles confirms strong post-2020 growth, with financial performance, sustainability reporting, and corporate social responsibility as the field’s dominant conceptual anchors, spanning disciplines from accounting and economics to computer science, reflecting the growing role of AI and blockchain in ESG data validation. The field has evolved from descriptive governance studies toward rigorous empirical assessments of ESG performance and SDG alignment, underpinned by stakeholder, legitimacy, and institutional theories. Key gaps remain in areas such as greenwashing detection, SME reporting, and ownership structure. The findings map the current state of ESG knowledge in accounting, expose theoretical and empirical gaps, and offer directions for future research that integrates sustainability with financial reporting to enhance the credibility and strategic value of ESG disclosure for regulators and practitioners.

References

Blay, M. W., Hoeyi, P. K., Badu, E. A., & Jibril, A. B. (2024). Impact of Board Committee Characteristics on Social Sustainability Reporting in Sub-Saharan Africa: The Moderating Role of Institutional Ownership. Journal of Risk and Financial Management, 17(7). https://doi.org/10.3390/jrfm17070302

Buallay, A. (2019). Is sustainability reporting (ESG) associated with performance? Evidence from the European banking sector. Management of Environmental Quality: An International Journal, 30(1), 98–115. https://doi.org/10.1108/MEQ-12-2017-0149

Del Gesso, C., & Lodhi, R. N. (2025). Theories underlying environmental, social and governance (ESG) disclosure: a systematic review of accounting studies. Journal of Accounting Literature, 47(2), 433–461. https://doi.org/10.1108/JAL-08-2023-0143

Gallagher, K. E., Kadokura, E., Eckert, L. O., Miyake, S., Mounier-Jack, S., Aldea, M., Ross, D. A., & Watson-Jones, D. (2016). Factors influencing completion of multi-dose vaccine schedules in adolescents: A systematic review. BMC Public Health, 16(1), 172. https://doi.org/10.1186/s12889-016-2845-z

Gündüz, M., & Gündüz, M. (2025). Environmental Accounting Disclosures and Financial Performance: Evidence from the Banking Sector. Sustainability (Switzerland), 17(8), 1–14. https://doi.org/10.3390/su17083569

Kim, J., & Yang, W. (2026). ESG performance in the regulatory transformation era: a systematic thematic review (2020–2024). Frontiers in Sustainability, 6. https://doi.org/10.3389/frsus.2025.1680398

Kurniati, E., Ibrohim, I., Suryadi, A., & Saefi, M. (2022). International scientific collaboration and research Topics on STEM education: A systematic review. EURASIA Journal of Mathematics, Science and Technology Education, 18(4), em2095. https://doi.org/10.29333/ejmste/11903

Mishra, A., Alsamhi, M. H., Bajaher, M., & Alahdal, W. M. (2025). ESG research unveiled: publication patterns, dominant themes, and future avenues – a bibliometric approach. Cogent Business & Management, 12(1). https://doi.org/10.1080/23311975.2025.2538711

Modrzyński, P., & Voss, G. (2025). The Role and Significance of EU Guidelines on Non-financial Reporting for SMEs. Comparative Economic Research. Central and Eastern Europe, 28(3), 89–111. https://doi.org/10.18778/1508-2008.28.22

Monazzam, A., & Nilsson, F. (2025). The role of sustainability reporting in strategic management. Journal of Applied Accounting Research, 26(4), 811–828. https://doi.org/10.1108/JAAR-04-2024-0155

Muneer, S., Singh, A., Choudhary, M. H., Alshammari, A. S., & Butt, N. A. (2025). Does Environmental Disclosure and Corporate Governance Ensure the Financial Sustainability of Islamic Banks? Administrative Sciences, 15(2), 1–25. https://doi.org/10.3390/admsci15020054

Owino, F. J. O., Mathuva, D. M., & Mangena, M. (2025). Integrating environmental, social and governance disclosures factors in investment efficiency: a systematic literature review. Journal of Applied Accounting Research, 1–20. https://doi.org/10.1108/JAAR-03-2025-0099

Radin, D. N., Shaharuddin, N., Bujang, I., & Rijanto, I. F. (2024). The Interaction of Maqasid Al-Shariah in the Relationship Between ESG and Firm Financial Performance. ASEAN Journal on Science and Technology for Development, 41(2), 210–216. https://doi.org/10.61931/2224-9028.1580

Schneider, A., Kayser, C., Retsch, B. T., Thun, T. W., & Zülch, H. (2025). Sustainability integration matters! A German perspective on financial top and bottom line performance. Journal of Cleaner Production, 501(March). https://doi.org/10.1016/j.jclepro.2025.145309

Schwartz, J. (2025). Transnational ESG: The Impact of EU Sustainability Directives on US Law and Policy. Journal of Law and Political Economy, 5(2). https://doi.org/10.5070/LP60065151

Seow, R. Y. C. (2024). Determinants of environmental, social, and governance disclosure: A systematic literature review. Business Strategy and the Environment, 33(3), 2314–2330. https://doi.org/10.1002/bse.3604

Serdar Raković, T. (2024). The Impact of Corporate Sustainability Reporting Regulation on Business and Financial Performances of Companies in Bosnia and Herzegovina. Croatian Economic Survey, 26(2), 63–93. https://doi.org/10.15179/ces.26.2.3

Sneideriene, A., & Legenzova, R. (2025). Greenwashing prevention in environmental, social, and governance (ESG) disclosures: A bibliometric analysis. Research in International Business and Finance, 74, 102720. https://doi.org/10.1016/j.ribaf.2024.102720

Snyder, H. (2019). Literature review as a research methodology: An overview and guidelines. Journal of Business Research, 104(July), 333–339. https://doi.org/10.1016/j.jbusres.2019.07.039

Sundarasen, S., Zyznarska-Dworczak, B., & Mahmood, N. A. (2026). Understanding ESG reporting drivers: governance mechanisms, firm attributes, and regulatory roles. Cogent Business & Management, 13(1). https://doi.org/10.1080/23311975.2026.2622212

Vijaya, A., Qadri, F. D., Angreani, L. S., & Wicaksono, H. (2025). ESGOnt: An ontology-based framework for Enhancing Environmental, Social, and Governance (ESG) assessments and aligning with Sustainable Development Goals (SDG). Resources, Environment and Sustainability, 22, 100262. https://doi.org/10.1016/j.resenv.2025.100262

Wan, G., Dawod, A. Y., Chanaim, S., & Ramasamy, S. S. (2023). Hotspots and trends of environmental, social and governance (ESG) research: a bibliometric analysis. Data Science and Management, 6(2), 65–75. https://doi.org/10.1016/j.dsm.2023.03.001

Xiao, Y., & Watson, M. (2019). Guidance on Conducting a Systematic Literature Review. Journal of Planning Education and Research, 39(1), 93–112. https://doi.org/10.1177/0739456X17723971

Zervoudi, E. K., Moschos, N., & Christopoulos, A. G. (2025). From the Corporate Social Responsibility (CSR) and the Environmental, Social and Governance (ESG) Criteria to the Greenwashing Phenomenon: A Comprehensive Literature Review About the Causes, Consequences, and Solutions of the Phenomenon with Specific Case. Sustainability, 17(5), 2222. https://doi.org/10.3390/su17052222