The Relationship of ESG to Financial Performance in a Bibliometric Review

Abstract

Empirical studies on the relationship between ESG and Financial Performance have been numerous and interesting, but there is still a literature gap related to a brief review of the importance of ESG for improving financial performance. This study attempts to summarize the literature on the relationship between ESG and Financial Performance. In this study, the authors used the PRISMA and VOSViewer protocols, to be applied to the scopus database for the period 2015 to 2025. As a result, a significant increase in research occurred in 2024 & 2025. This is due to the development of sustainability standards, and easily accessible ESG information. Especially in developing Asian countries with developing markets, ESG is one way to increase competitiveness and attract investors. These bibliometric results show that the relationship between ESG and financial performance is one of the themes in the financial accounting and sustainability literature which is characterized by the abundance of literature on this topic.

Keywords:  ESG, ROA, ROE, Tobin’s Q, Bibliometric