Bibliometric Analysis and Systematic Literature Review of Environmental, Social, and Governance Risk

Abstract

This study provides a comprehensive overview of the rapidly evolving environmental, social, and governance (ESG) risk field by integrating a bibliometric analysis with a systematic literature review (SLR). The bibliometric results reveal a sharp rise in scholarly output since 2020, driven by tighter sustainability regulations, growing investor scrutiny, and global disruptions such as the COVID-19 pandemic. Performance analysis highlights that Europe and North America, particularly Italy and the United States, lead in research productivity and citation impact, although collaboration remains fragmented. Science mapping identifies seven dominant thematic clusters, ranging from ESG risk integration in finance, controversies, and governance linkages to emerging data-driven and machine learning methods, which align closely with six core themes synthesized from the SLR. The qualitative synthesis of 26 influential studies confirms that ESG risk is a financially material factor influencing firm performance, audit quality, credit risk, and investment returns, but also exposes persistent challenges such as inconsistent measurement, limited causal testing, and underexplored contexts outside developed markets. The combined insights underline the need for harmonized ESG risk indicators, dynamic causal modeling, explainable AI, and cross-country comparative research. By bridging bibliometric structure and qualitative depth, this study offers an integrated foundation to guide future ESG risk scholarship and support more resilient, sustainable financial decision-making.