The sustainability about the corporate sustainability itself (environment, social and governance): Methodological review in guidance of research onion

Abstract

The decline in non-renewable resources has prompted growing attention to sustainability, leading to the rise of the Environmental, Social, and Governance (ESG) framework in corporate contexts. This study reviews the research article The End of ESG by Alex Edmans (2023), published in the Wiley Journal, using the Research Onion approach by Mark N.K. Saunders. The review covers three aspects: theoretical comparison between Edmans' work and other ESG-related studies, methodological analysis based on the Research Onion framework, and comparison of research findings using Publish or Perish and Scopus tools. The study finds that Edmans' approach is largely based on observation and experience, with limited theoretical grounding and no explicit mention of research methodology. Over the past five years, more than 200 ESG-related studies were identified. Edmans concludes that ESG is important but not exceptional. This review suggests that incorporating quantitative models could enhance Edmans’ arguments. The findings offer useful insights for investors evaluating ESG-focused firms and highlight ESG’s nuanced role in corporate value.