Environmental, Social, and Governance (ESG) and Corporate Governance: A Scopus-Based Bibliometric Analysis (2016–2025)

Abstract

This study maps the intellectual structure and thematic evolution of Environmental, Social, and Governance (ESG) and Corporate Governance research through a bibliometric analysis of 1,826 Scopus-indexed journal articles published between 2016 and 2025. Using VOSviewer, the study analyzes publication trends, leading authors, highly cited articles, and keyword co-occurrence through network, overlay, and density visualizations. The findings show a significant increase in publications, particularly after 2022, reflecting growing interest in ESG-related governance issues. ESG performance emerged as the dominant theme, closely linked to board characteristics, ESG disclosure, innovation, and sustainable development. Six major thematic clusters were identified, revealing a shift toward digital transformation, green innovation, responsible investment, and ethical issues such as greenwashing and tax avoidance. These findings offer insights into current trends and future directions for ESG and Corporate Governance research. Penelitian ini bertujuan memetakan struktur intelektual dan perkembangan tematik kajian Environmental, Social, and Governance (ESG) dan Corporate Governance melalui analisis bibliometrik terhadap 1.826 artikel jurnal terindeks Scopus yang diterbitkan pada periode 2016–2025. Analisis dilakukan menggunakan VOSviewer untuk mengkaji tren publikasi, penulis terproduktif, artikel dengan sitasi tertinggi, serta kemunculan kata kunci melalui visualisasi network, overlay, dan density. Hasil penelitian menunjukkan peningkatan publikasi yang signifikan, terutama setelah tahun 2022, yang mencerminkan meningkatnya perhatian terhadap isu ESG dan tata kelola perusahaan. ESG performance muncul sebagai tema penelitian yang paling dominan dan berkaitan erat dengan karakteristik dewan, pengungkapan ESG, inovasi, dan pembangunan berkelanjutan. Analisis juga mengidentifikasi enam klaster tematik utama yang menunjukkan pergeseran fokus menuju transformasi digital, green innovation, responsible investment, serta isu etis seperti greenwashing dan tax avoidance. Temuan ini memberikan wawasan mengenai tren penelitian terkini dan arah pengembangan studi ESG dan Corporate Governance di masa mendatang.