Peran ESG dalam keuangan hijau: Pemetaan bibliometrik global

Authors

  • Azam Asykarulloh Fakultas Ekonomi, Universitas Tidar
  • Muh Syaiful Bakhri Fakultas Ekonomi, Universitas Tidar
  • Muhammad Isbad Addainuri Fakultas Ekonomi dan Bisnis Islam, Universitas Islam Negeri Sunan Kalijaga

DOI:

https://doi.org/10.53088/jerps.v6i1.2389

Keywords:

ESG, Green Finance, Sustainable Development, Bibliometric Analysis, Scopus Database

Abstract

The study maps the developments, trends, and directions of global research in Environmental, Social, and Governance (ESG) and Green Finance during the period 2018–2025. This study uses a quantitative bibliometric approach to analyze 573 publications indexed in the Scopus database, identified by title, abstract, and keywords. The data are processed using the Bibliometrix software (R package). The analysis was carried out through several bibliometric techniques, including analysis of publication performance (annual growth, sources, and productive countries), keyword and co-occurrence analysis to identify conceptual structures, topic trend analysis to map research dynamics, and analysis of author and country collaboration to describe global scientific networks. The results show that ESG and Green Finance-related publications experienced significant growth, with an annual growth rate of 51.86%. The three most dominant themes are green finance, ESG, and sustainable development. China is emerging as a leading country in both publication output and international collaboration. In addition, the study identified several research gaps, including limited empirical evidence from developing countries, inconsistencies in ESG assessment indicators, and a lack of studies on real environmental impacts.

References

Amole, O. O., & Emedo, M. (2025). Integrating Environmental, Social and Governance (ESG) Principles into Financial Planning for Sustainable Corporate Growth. Asian Journal of Advanced Research and Reports, 19(1), 56–64. https://doi.org/10.9734/ajarr/2025/v19i1861

Arshad Javed, Younas Iqbal Qazi, Mezhar Hussain, & Ehsan Ullah. (2024). Raising Green Finance Allocation Through Robust Governance: Evidence from Pakistani Corporations. Administrative and Management Sciences Journal, 3(1), 25–36. https://doi.org/10.59365/amsj.3(1).2024.106

Bani, P., & Wilis, R. A. (2025). Green Insurance untuk Masa Depan Berkelanjutan : Tinjauan Literatur tentang Inovasi, Tantangan dan Regulasi. Premium Insurance Business Journal, 12(1), 63–81. https://doi.org/10.35904/premium.v12i1.206

Budiarso, A. (2019). Kebijakan Pembiayaan Perubahan Iklim: Suatu Pengantar. IPB Press.

Carè, R. (2023). Climate-related financial risks: exploring the known and charting the future. Current Opinion in Environmental Sustainability, 65, 101385. https://doi.org/10.1016/j.cosust.2023.101385

Chen, R. (2024). The Impact of ESG Performance on Corporate Value. 2nd International Conference on Economics, Mathematical Finance and Risk Management (EMFRM 2023), 24, 2219–2225. https://doi.org/10.54097/fpnkcn28

Chen, W. (2023). Research on Green Finance Facilitating Enterprise ESG Development. Advances in Economics, Management and Political Sciences. https://doi.org/10.54254/2754-1169/50/20230588

Deng, Z., Tang, D. Y., & Zhang, Y. (2020). Is “Greenness” Priced in the Market? Evidence from Green Bond Issuance in China. The Journal of Alternative Investments, 23(1), 57–70. https://doi.org/10.3905/jai.2020.1.097

Denisa, S. E., & Sulfitri, V. (2024). Pengaruh ESG, CSR, dan Keputusan Investasi terhadap Nilai Perusahaan 1,2. Ekonomi Digital, 3(2), 117–126. https://doi.org/10.55837/ed.v3i2.125

Ding, H. (2024). Green finance and firm’s ESG behaviors: Bridge the gap between the sustainability and responsibility for financial investment. Finance & Economics, 1(8). https://doi.org/10.61173/k2jt3j86

Doan, T. H. N., & Trinh, T. T. H. (2024). Research on Green Finance: A Bibliometric Analysis. Research Review International Journal of Multidisciplinary, 9(7), 1–7. https://doi.org/10.31305/rrijm.2024.v09.n07.001

Eliza, E. (2024). Sustainable Investment Practices: Assessing the Influence of ESG Factors on Financial Performance. Global International Journal of Innovative Research, 2(7), 1445–1454. https://doi.org/10.59613/global.v2i7.228

Fang, W. (2024). A Study of the Impact of ESG on Corporate Performance and Firm Valuation. 3rd International Conference on Financial Technology and Market Management (FTMM 2024), 40, 1071–1076. https://doi.org/10.54097/qzxk2b75

Galdikaitė, A., & Budrionytė, R. (2023). Aplinkosaugos, socialinės atsakomybės ir valdysenos (ESG) atskleidimai įmonės vertės ir finansinių rezultatų kontekste: konceptualusis požiūris. Buhalterinės Apskaitos Teorija Ir Praktika. https://doi.org/10.15388/batp.2023.56

Hachenberg, B., & Schiereck, D. (2018). Are Green Bnds Priced Differently From Conventional Bonds? Jurnal Asset Manag, 19, 371–383. https://doi.org/10.1057/s41260-018-0088-5

Herlina, H., Dewayanto, T. (2024). Relationship between green bonds and other financial assets: a bibliometric analysis. Ultimaccounting: Jurnal Ilmu Akuntansi, 16(2), 217–232. https://doi.org/10.31937/akuntansi.v16i2.3710

Hu, S., Wang, S., & Wu, F. (2024). Analyzing the Impact of Green Finance Development on the Transformation of Commercial Banks from an ESG Perspective. Highlights in Business, Economics and Management, 45, 38–42. https://doi.org/10.54097/1xyd9y82

Hunjra, A. I., & Hussainey, K. (2024). Integrating ESG With Corporate Investment Decision-Making. In The Emerald Handbook of Ethical Finance and Corporate Social Responsibility: A Framework for Sustainable Development (pp. 329–350). Emerald Publishing Limited. https://doi.org/10.1108/978-1-80455-406-720241014

İri, R., & Ünal, E. (2024). Bibliometric Analysis Bibliometric Analysis of Research (1980-2023). Ahi Evran Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 10(2), 386–403. https://doi.org/10.31592/aeusbed.1446738

Jaya, O. S. (2024). Nexus between Impact Investing and Green Finance in Driving Sustainable Development. Advances in Applied Accounting Research, 2(1), 26–38. https://doi.org/10.60079/aaar.v2i1.229

Kappal, J. M., & Doifode, A. (2023). Green Finance : A Catalyst for Sustainable Future. 2023 International Conference on Sustainable Islamic Business and Finance (SIBF), 265–270. https://doi.org/10.1109/sibf60067.2023.10379962

Kłoczko, A. (2025). The Concept of ESG in A Systematic Analysis Of Literature, Mapping and Keyword Clusters. Scientific Papers of Silesian University of Technology Organization and Management Series, 2025(226), 507–522. https://doi.org/10.29119/1641-3466.2025.226.40

Krause, J., Myroshnychenko, I., Tiutiunyk, S., & Latysh, D. (2024). Financial Instruments of the Green Energy Transition: Research Landscape Analysis. Financial Markets, Institutions and Risks, 8(2), 198–212. https://doi.org/10.61093/fmir.8(2).198-212.2024

Kumar, M., & Tomar, S. M. S. (2024). Sustainable Business Practices in International Markets: Strategies, Challenges, and Implications. In Futuristic Trends in Management (Vol. 3, Issue 22, pp. 167–177). IIP Series. https://doi.org/10.58532/v3bhma22p2ch4

Larcker, B. D., & Watts, E. (2020). Where’s the Greenium? Research Briefs In Economic Policy, 221, 1–2. https://doi.org/10.2139/ssrn.3333847

Liu, X., & Song, Y. (2025). ESG Performance, Environmental Uncertainty, and Firm Risk. Journal of International Financial Management and Accounting, 36(139), 292–322. https://doi.org/10.1111/jifm.12227

Luo, Z. (2024). A Research on the Development Status of Green Finance in China. Advances in Economics, Management and Political Sciences, 109(1), 14–19. https://doi.org/10.54254/2754-1169/109/2024bj0107

Njonge, T. (2023). Influence of Psychological Well-Being and School Factors on Delinquency, During the Covid-19 Period Among Secondary School Students in Selected Schools in Nakuru County: Kenya. International Journal Of Research And Innovation In Social Science (IJRISS), VII(2454), 1175–1189. https://doi.org/10.47772/IJRISS

Padilla‐Rivera, A., Hannouf, M., Assefa, G., & Gates, I. D. (2024). Enhancing environmental, social, and governance, performance and reporting through integration of life cycle sustainability assessment framework. Sustainable Development, 33(2), 2975–2995. https://doi.org/10.1002/sd.3265

Pastor, L., Stambaugh, R., & Taylor, L. A. (2022). Dissecting Green Returns. Journal of Financial Economics, 146(2), 403–424. https://doi.org/10.2139/ssrn.3864502

Raji. (2024). Sustainable Finance in Action: Exploring Green Loans in Promoting Environmental Responsibility. Kristu Jayanti Journal of Management Sciences, 2(1), 14–25. https://doi.org/10.59176/kjms.v2i1.2348

Romero, D. P. O., Velastegui, F. M. T., & Romero, V. F. O. (2025). Sostenibilidad Corporativa y ESG (Environmental, Social And Governance). Dominio de Las Ciencias, 11(1), 1133. https://doi.org/10.23857/dc.v11i1.4229

Sang, N. M. (2024). Mapping the evolution of green finance through bibliometric analysis. Environmental Economics, 15(1), 1–15. https://doi.org/10.21511/ee.15(1).2024.01

Sari, E. R. (2024). Global Climate Financial Risk. Journal of Economic, Business & Accounting Research, 1(2), 132–159. https://doi.org/10.61511/jembar.v1i2.2024.430

Senadheera, S. S., Gregory, R., Rinklebe, J., Farrukh, M., Rhee, J. H., & Ok, Y. S. (2022). The development of research on environmental, social, and governance (ESG): A bibliometric analysis. Sustainable Environment, 8(1). https://doi.org/10.1080/27658511.2022.2125869

Sharma, D. N. (2023). Green Bonds and Sustainable Fixed Income Investments: Performance and Risk Analysis. Indian Scientific Journal Of Research In Engineering And Management, 7(9). https://doi.org/10.55041/ijsrem25751

Singh, S. P. (2025). Novel Data Mining Methodologies for Environmental, Social and Governance Analytics: A Comprehensive Framework for Sustainable Investment. Preprints 2025, 2025010620, 1–17. https://doi.org/10.20944/preprints202501.0620.v1

Sule, A. K., Eyo-Udo, N. L., Onukwulu, E. C., Agho, M. O., & Azubuike, C. (2024). Green finance solutions for banking to combat climate change and promote sustainability. 2(6), 376–410. https://doi.org/10.51594/gjabr.v2i6.54

Sumpena, A., Pratiwi, G., Arum, I. N. T., Farodiyah, N. N., & Apriliyanti, N. A. (2024). Tren Penelitian dengan Teori Unified Theory of Acceptance and Use of Technology (UTAUT) dalam Jurnal Scopus Berdasarkan Analisis Bibliometrik. Da’watuna: Journal of Communication and Islamic Broadcasting, 4(6), 2128–2144. https://doi.org/10.47467/dawatuna.v4i6.5619

Tan, S., & Chrisna, C. (2021). Pengaruh Karakteristik Perusahaan, Kinerja Perusahaan, dan Management Entrenchment Terhadap Manajemen Laba. Jurnal Ekonomi Bisnis Dan Kewirausahaan, 10(2), 121. https://doi.org/10.26418/jebik.v10i2.47461

Tuteja, A., Joshi, D., Kumar, S. J. M., Prakash, A., & Gaur, S. (2024). Sustainability Strategies In Contemporary Business Management: Integrating Environmental, Social, And Governance (ESG) Principles. Educational Administration: Theory and Practice, 30(5), 7562–7568. https://doi.org/10.53555/kuey.v30i5.4211

Wang, R. (2023). How Does ESG Performance Affect Firm Value. Advances in Economics, Management and Political Sciences, 49(1), 26–33. https://doi.org/10.54254/2754-1169/49/20230473

Yadav, N., & Mangla, K. (2024). Exploring Sustainable Investment Frontiers: A Bibliometric Analysis on current trends and hurdles in incorporating ESG into Investment decision-making. Journal of Informatics Education and Research, 4(3). https://doi.org/10.52783/jier.v4i3.1650

Zairis, G., Liargovas, P., & Apostolopoulos, N. (2024). Sustainable Finance and ESG Importance: A Systematic Literature Review and Research Agenda. Sustainability (Switzerland), 16(7), 1–13. https://doi.org/10.3390/su16072878

Zhang, J. (2025). Green Finance and Corporate ESG Practices: A Dual-Driving Mechanism for Promoting Sustainable Development. Frontiers in Business, Economics and Management, 18(1), 98–100. https://doi.org/10.54097/hbyz4678

Zhang, W., & An, Z. (2024). Taking Research on the Impact of ESG Performance on Corporate Risk. 3rd International Conference on Electronic Commerce and Risk Management (ECRM 2024), 44, 75–86. https://doi.org/10.54097/th549p95

Zhang, W., & Zhao, D. (2024). Overview of Green Finance Development in China. In Green Finance in China (pp. 1–27). Springer Nature. https://doi.org/10.1007/978-981-97-1287-8_1

Zhou, G., Liu, L., & Luo, S. (2022). Sustainable Development, ESG Performance and Company Market Value: Mediating Effect of Financial Performance. Business Strategy and the Environment, 31(7), 3371–3387. https://doi.org/10.1002/bse.3089

Downloads

Published

2026-04-30

How to Cite

Asykarulloh, A., Bakhri, M. S., & Addainuri, M. I. (2026). Peran ESG dalam keuangan hijau: Pemetaan bibliometrik global. Journal of Economics Research and Policy Studies, 6(1), 101–118. https://doi.org/10.53088/jerps.v6i1.2389