A Bibliometric and Context Analysis of the Impact of ESG Disclosure on Firm Value

Abstract

As the concept of Environmental, Social and Governance (ESG) gains popularity, companies enhance the quality of their ESG disclosures in order to achieve better financial returns. Much literature has studied the relationship between them, but the impact of ESG disclosure on firm value is still a subject of debate. We use VOSviewer and CiteSpace to quantitatively analyze and visualize the relevant 142 papers published in the Web of Science from 2013 to 2023. This paper presents a range of bibliometric findings, including the most influential countries, leading authors at the institution and journal levels, co-authorship, co-organization, bibliographic coupling, keyword occurrence and evolution. By context analysis, the development process and thematic areas of this relationship are gradually identified and illustrated. Finally, this paper identifies the research frameworks and impact mechanisms of ESG disclosure on corporate value in existing literature and points out that future research should explore the discrepancies among different countries, industries and types of enterprises. This paper also emphasizes the importance of uncovering the mediating mechanisms that influence both variables and explores the long-term impact of ESG disclosure on corporate value.