Ca dillo, Ma cos Alexand e dos Reis; Basso, Leona do Fenando C uz
A icle
Re isi ing knowledge on ESG/CSR and inancial
pe o mance: A bibliome ic and sys ema ic e iew o
mode a ing a iables
Jou nal o Inno a ion & Knowledge (JIK)
P o ided in Coope a ion wi h:
Else ie
Sugges ed Ci a ion: Ca dillo, Ma cos Alexand e dos Reis; Basso, Leona do Fenando C uz (2025) :
Re isi ing knowledge on ESG/CSR and inancial pe o mance: A bibliome ic and sys ema ic
e iew o mode a ing a iables, Jou nal o Inno a ion & Knowledge (JIK), ISSN 2444-569X, Else ie ,
Ams e dam, Vol. 10, Iss. 1, pp. 1-37,
h ps://doi.o g/10.1016/j.jik.2024.100648
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Re isi ing knowledge on ESG/CSR and inancial pe o mance: A
bibliome ic and sys ema ic e iew o mode a ing a iables
Ma cos Alexand e dos Reis Ca dillo
a,*
, Leona do Fenando C uz Basso
b
a
Doc o a e in Business Adminis a ion Cou se, Mackenzie P esby e ian Uni e si y, Rua Ibi aja, no 221, ap o 81, Vila Gua ani, S˜
ao Paulo, S˜
ao Paulo 04310-020, B azil
b
Mackenzie P esby e ian Uni e si y, S˜
ao Paulo, B azil
ARTICLE INFO
JEL classi ica ion:
G300 co po a e inance and go e nance
Gene al
Keywo ds:
En i onmen al, social, and go e nance
Co po a e social esponsibili y
Fi m alue
Co po a e inancial pe o mance
Mode a ing a iables
Sys ema ic e iew
Bibliome ic analysis
Resea ch agenda
ABSTRACT
This s udy conduc s a comp ehensi e bibliome ic analysis and sys ema ic e iew o in es iga e he mode a ing
a iables ha in luence he ela ionship be ween En i onmen al, Social, and Go e nance (ESG) measu es,
Co po a e Social Responsibili y (CSR) measu es, and Co po a e Financial Pe o mance (CFP). Analyzing 108
a icles om he Web o Science and Scopus da abases published be ween 2019 and 2023, he s udy iden i ies
key a iables, in luen ial s udies, and me hodological app oaches wi hin he ESG/CSR-CFP nexus. The indings
e eal ha mode a ing a iables such as go e nance s uc u es, cul u al no ms, echnological eadiness, ma ke
ma u i y, economic condi ions, indus y cha ac e is ics, i m s a egy, and CSR engagemen le els signi ican ly
impac he s eng h and di ec ion o ESG and CSR e ec s on inancial pe o mance. Howe e , he li e a u e
demons a es conside able inconsis encies due o di e se esea ch designs, a ying de ini ions o ESG and CFP,
and unde ep esen a ion o mode a ing a iables such as social and cul u al ac o s, echnological eadiness, and
i m-speci ic cha ac e is ics. The s udy highligh s he need o mo e s anda dized a iables, ad anced esea ch
me hodologies, and a b oade explo a ion o hese unde examined mode a ing a iables o de elop a mo e
nuanced unde s anding o how ESG and CSR ini ia i es in luence co po a e inancial ou comes. This wo k
p o ides a amewo k o u u e esea ch o add ess hese gaps, enhancing he academic discou se on co po a e
sus ainabili y and inancial pe o mance.
In oduc ion
Sus ainabili y has e ol ed om a pe iphe al conce n o a pi o al
elemen shaping co po a e s a egies in oday’s business landscape.
En i onmen al, Social, and Go e nance (ESG) disclosu es and Co po a e
Social Responsibili y (CSR) engagemen — now conside ed essen ial —
play a c i ical ole in ensu ing anspa ency, enhancing inancial pe -
o mance, and secu ing long- e m compe i i e ad an ages (Ellili, 2022;
S´
anchez Ga cía, 2018). Mo eo e , companies a e inc easingly adop ing
g een inance o comply wi h egula o y equi emen s and boos hei
compe i i eness and esilience in a apidly changing global en i onmen
(Khan e al., 2024; Lyulyo e al., 2024). In andem, sus ainable business
models enable i ms o be e adap o ma ke dynamics and global
challenges, o e ing s a egic ad an ages and os e ing inno a ion
(Bashi e al., 2022). As sus ainabili y becomes embedded in co e op-
e a ions, imp o emen s in ope a ional e iciency, isk managemen , and
s akeholde ela ionships d i e long- e m p o i abili y and g ow h (Saini
e al., 2023; Coelho e al., 2023).
The widesp ead adop ion o ESG p inciples and CSR ini ia i es sig-
ni ies a c i ical shi in how co po a ions add ess global challenges such
as clima e change, social inequali y, and e hical go e nance. These
amewo ks, once conside ed op ional, a e now in eg al o co po a e
s a egies, wi h i ms ecognizing hei impo ance in building esil-
ience, main aining a compe i i e edge, and ensu ing inancial sus ain-
abili y while add essing socie al and en i onmen al conce ns (Sun e al.,
2022). Resea ch explo ing he ela ionship be ween ESG/CSR ini ia i es
and co po a e inancial pe o mance (CFP), howe e , aces nume ous
challenges due o he inconsis encies and con adic o y indings ac oss
s udies. Some indings highligh he posi i e e ec s o ESG/CSR on
inancial ou comes, while o he s epo neu al o e en nega i e impac s
(Ba ne & Salomon, 2012; F iede e al., 2015).
One signi ican challenge in his esea ch ield is he lack o s an-
da diza ion in ESG/CSR me ics. Di e en da a p o ide s (e.g., MSCI
and Sus ainaly ics) employ a ying me hodologies, making c oss-
compa isons di icul (Gillan e al., 2021). Compounding hese chal-
lenges is he mul i-dimensional na u e o inancial pe o mance, which
* Co esponding au ho .
E-mail add ess: [email p o ec ed] (M.A.R. Ca dillo).
Con en s lis s a ailable a ScienceDi ec
Jou nal o Inno a ion & Knowledge
jou nal homepage: www.else ie .com/loca e/jik
h ps://doi.o g/10.1016/j.jik.2024.100648
Recei ed 26 Feb ua y 2024; Accep ed 14 Decembe 2024
Jou nal o Inno a ion & Knowledge 10 (2025) 100648
A ailable online 20 Decembe 2024
2444-569X/© 2024 The Au ho s. Published by Else ie España, S.L.U. on behal o Jou nal o Inno a ion & Knowledge. This is an open access a icle unde he CC
BY-NC-ND license (
h p://c ea i ecommons.o g/licenses/by-nc-nd/4.0/ ).
includes p o i abili y, ma ke pe o mance, and isk managemen , each
o which may be di e en ly a ec ed by sus ainabili y e o s (O li zky
e al., 2003; Alshehhi e al., 2018). Fu he mo e, he indi ec bene i s o
ESG and CSR, such as imp o ed s akeholde us o co po a e epu a-
ion, may ake yea s o ma e ialize and a e di icul o quan i y,
complica ing he assessmen o he ue alue o hese ini ia i es (Ba -
ne & Salomon, 2012; Lins e al., 2017).
The unde explo ed ole o mode a ing a iables u he complica es
he analysis. Go e nance s uc u es, indus y cha ac e is ics, and
egional ac o s can signi ican ly in luence he ela ionship be ween
ESG/CSR and inancial pe o mance (Ye e al., 2021; Gillan e al., 2021).
Fo example, companies wi h s ong go e nance amewo ks a e mo e
likely o success ully in eg a e sus ainabili y in o hei co e s a egies,
he eby, enhancing inancial ou comes (Chen e al., 2024). Addi ionally,
economic condi ions play a c i ical ole in shaping he inancial impac s
o ESG e o s, wi h a ying esul s depending on whe he i ms ope a e
in s able o ola ile ma ke s (Flamme , 2018; Lins e al., 2017). The
in e ac ion be ween hese mode a ing ac o s and ESG/CSR ini ia i es
highligh s he need o mo e e ined s udies ha conside
con ex -speci ic condi ions (Raman e al., 2024).
In addi ion, he lack o long- e m s udies and he o e - eliance on
c oss-sec ional da a limi ou unde s anding o he e ol ing impac s o
ESG on inancial pe o mance (O li zky e al., 2003; Ma golis e al.,
2009). Consequen ly, longi udinal esea ch is essen ial o cap u e he
las ing e ec s o sus ainabili y e o s and be e unde s and how hese
ini ia i es in luence i m esilience and inancial ou comes o e ime
(Eccles e al., 2014; B amme e al., 2006; Gillan e al., 2021). S an-
da dized me ics, ad anced me hodologies, and deepe explo a ion o
mode a ing a iables a e c ucial o o e coming hese challenges and
ully g asping he complexi ies o ESG/CSR’s impac on inancial
pe o mance.
The deba e a ound ESG and CSR’s inancial e ec s is p ima ily
ancho ed in heo e ical amewo ks such as S akeholde Theo y and
Agency Theo y, which p o ide insigh s in o how companies balance
compe ing in e es s (F eeman, 1984; Jensen & Meckling, 1976). While
S akeholde Theo y unde sco es he impo ance o conside ing he in-
e es s o employees, cus ome s, and communi ies, i alls sho o ully
explaining how cul u al, social, and ins i u ional ac o s mode a e he
ela ionship be ween ESG and inancial pe o mance (Laique e al.,
2023). These complexi ies a e u he compounded by a ying le els o
egula ion and public sc u iny ac oss indus ies and egions (Lyulyo
e al., 2024), which a ec how i ms p io i ize sus ainabili y.
The impo ance o inancial sus ainabili y mus also be con ex ual-
ized wi hin b oade discussions a ound inno a ion and echnology. As
global challenges such as clima e change, social inequali y, and esou ce
deple ion in ensi y, businesses a e inc easingly p essu ed o balance
inancial goals wi h hei social and en i onmen al esponsibili ies
(O li zky e al., 2003). Fi ms ha success ully in eg a e sus ainabili y
in o hei co e business s a egies, especially h ough echnological in-
no a ions, a e be e posi ioned o c ea e long- e m alue o bo h
sha eholde s and s akeholde s (Yang e al., 2024). This alignmen be-
ween inancial sus ainabili y and social/en i onmen al objec i es is
c ucial o ensu ing esilience and compe i i eness in he ace o global
challenges (Raman e al., 2024).
While ESG and CSR amewo ks o e subs an ial po en ial o
enhance inancial pe o mance, hei impac is shaped by a complex web
o di ec and indi ec e ec s mode a ed by go e nance, indus y, and
ma ke -speci ic ac o s (Ye e al., 2021). The ull scope o hese e ec s is
u he complica ed by he lack o s anda dized ESG me ics, he
unde explo ed ole o mode a ing a iables, and he mul i-dimensional
na u e o inancial pe o mance. To add ess hese challenges, his pape
conduc s a sys ema ic e iew and bibliome ic analysis, highligh ing
how ESG and CSR ini ia i es in luence inancial ou comes and iden i-
ying key esea ch gaps.
Theo e ical amewo k
The ela ionship be ween ESG and CSR ac o s con e ing in o CFP is
complex and mul i ace ed. Nume ous empi ical s udies demons a e
a ying posi i e, neu al, o nega i e ou comes depending on a ange o
mode a ing a iables, including CEO cha ac e is ics, go e nance s uc-
u es, indus y ype, and ma ke condi ions. Unde s anding he ole o
hese mode a ing a iables is essen ial o explain he con lic ing esul s
ound in he li e a u e This heo e ical amewo k will explo e se e al
undamen al heo ies, such as Sha eholde Theo y, S akeholde Theo y,
Agency Theo y, Resou ce-Based View (RBV), and Ins i u ional Theo y,
while emphasizing he c i ical ole o mode a ing a iables in shaping
he impac o ESG and CSR ini ia i es on inancial pe o mance.
Sha eholde heo y
Mil on F iedman’s (1970) Sha eholde Theo y asse s ha he o e-
mos du y o a co po a ion is o maximize sha eholde alue, cas ing
ini ia i es such as ESG and CSR as seconda y unless hey di ec ly
con ibu e o p o i abili y. This pe spec i e — oo ed in p io i izing
sho - e m inancial gains — adi ionally ega ds sus ainabili y e o s
wi h skep icism, sugges ing hey impose unnecessa y cos s. Howe e , as
he co po a e landscape e ol es, ecen empi ical s udies o e a mo e
nuanced iew, e ealing ha unde ce ain ci cums ances, ESG ini ia-
i es can align wi h he long- e m in e es s o sha eholde s. The heo y’s
in e p e a ion is, he e o e, shi ing as mode a ing ac o s such as
go e nance s uc u es and ma ke condi ions ede ine he po en ial
alue o ESG ac i i ies wi hin his amewo k.
Acco ding o Sha eholde Theo y, ESG and CSR ini ia i es a e o en
iewed as di e sions om he co e pu pose o maximizing p o i . C i ics
a gue ha such ac i i ies can impose unnecessa y cos s on i ms,
educing hei compe i i e edge. Fo ins ance, in es ing in cos ly sus-
ainabili y p ojec s can educe sho - e m p o i s and c ea e in-
e iciencies. Ba nea and Rubin (2010)) a gue ha CSR ini ia i es a e
o en d i en by manage ial mo i es such as epu a ion building a he
han genuine inancial incen i es, leading o agency cos s and
misalignmen be ween manage s and sha eholde s. Addi ionally, Ha
and Zingales (2017) sugges ha in i ms wi h concen a ed owne ship,
majo sha eholde s exe p essu e o p io i ize sho - e m p o i s o e
long- e m sus ainabili y goals, disincen i izing ESG ini ia i es unless
hey p o ide immedia e inancial e u ns.
Fu he mo e, e idence shows ha ESG ini ia i es do no always align
wi h inancial pe o mance. Albuque que e al. (2020) ha e ound ha
du ing pe iods o economic down u n, i ms o en dep io i ize ESG ac-
i i ies o p ese e inancial pe o mance, sugges ing ha in ola ile
ma ke s, ESG may no be seen as a alue-enhancing s a egy. Simila ly,
Peloza and Shang (2010) a gue ha he e ec i eness o CSR in c ea ing
alue a ies widely ac oss di e en indus ies and s akeholde g oups,
wi h some i ms seeing li le o no inancial e u n om hese ini ia i es.
In ce ain cases, ESG and CSR ac i i ies may e en educe inancial
pe o mance by inc easing ope a ional cos s and di e ing esou ces
om co e p o i -gene a ing ac i i ies. In highly compe i i e indus ies
wi h low p o i ma gins, he addi ional cos s o ESG compliance can
s ain inancial esou ces, leading o lowe p o i abili y. Companies wi h
subs an ial en i onmen al o social obliga ions may ind hemsel es a a
disad an age compa ed o compe i o s ha do no engage in such
p ac ices. This iew is suppo ed by empi ical indings ha sugges
ESG’s impac on inancial pe o mance is no uni e sally posi i e (Khan
e al., 2024), and in indus ies wi h low public isibili y, he inancial
bene i s o ESG a e o en minimal.
Howe e , ecen s udies also p o ide e idence ha ESG ini ia i es
can align wi h sha eholde in e es s unde speci ic condi ions. Fo
example, Ghosh and Gup a (2023) demons a ed ha deca boniza ion
s a egies, as pa o b oade ESG e o s, con ibu e posi i ely o
inancial pe o mance, pa icula ly in indus ies unde signi ican eg-
ula o y sc u iny. This sugges s ha ESG ac i i ies, when aligned wi h
M.A.R. Ca dillo and L.F.C. Basso
Jou nal o Inno a ion & Knowledge 10 (2025) 100648
2
ex e nal p essu es such as egula ion o consume expec a ions, can
se e sha eholde in e es s by mi iga ing isks and enhancing epu a-
ion. Simila ly, Saini e al. (2023) a gue ha ESG p ac ices can lead o
lowe capi al cos s, imp o ed isk managemen , and enhanced ope a-
ional e iciency, bu hese bene i s a y signi ican ly ac oss indus ies
and i m sizes, ein o cing he no ion ha he inancial impac o ESG is
con ex -dependen .
Owne ship s uc u e plays a c ucial ole in mode a ing he inancial
ou comes o ESG and CSR ini ia i es. In i ms wi h dispe sed owne ship
and s onge go e nance mechanisms, ESG ini ia i es a e mo e likely o
be emb aced as pa o a long- e m s a egy o alue c ea ion (Coelho
e al., 2023). Such i ms, d i en by long- e m ins i u ional in es o s,
may be mo e willing o in es in sus ainabili y p ojec s, ecognizing ha
hese ini ia i es can enhance epu a ion and build cus ome loyal y o e
ime, hus, bene i ing sha eholde alue in he long un.
Simila ly, CEO cha ac e is ics play a signi ican ole in shaping how
ESG ini ia i es align wi h sha eholde alue. CEOs wi h a backg ound in
sus ainabili y o hose who pe sonally champion long- e m goals a e
mo e likely o in eg a e ESG p ac ices in o hei i m’s s a egic ision,
leading o be e alignmen wi h sha eholde alue o e ime (Shen
e al., 2019). Rousseau e al. (2023) ha e ound ha i ms wi h
sus ainabili y-o ien ed CEOs a e be e able o balance sho - e m
p o i abili y wi h long- e m ESG bene i s, sugges ing ha leade ship
commi men is essen ial o d i ing he success o ESG ini ia i es. In
con as , CEOs who p io i ize immedia e inancial e u ns may esis
ESG in es men s, iewing hem as cos ly dis ac ions om
p o i -maximizing ac i i ies.
While Sha eholde Theo y adi ionally p io i izes p o i maximiza-
ion, con lic ing e idence sugges s ha he ela ionship be ween ESG
and inancial pe o mance is con ingen on se e al mode a ing ac o s.
Ma ke condi ions, o example, play a signi ican ole in shaping his
ela ionship. Du ing pe iods o ma ke g ow h, i ms ha in es in ESG
may see posi i e e u ns as consume s and in es o s inc easingly alue
sus ainabili y. Con e sely, in pe iods o economic down u n, ESG ini-
ia i es may be iewed as non-essen ial, leading o educed inancial
commi men (Enciso-Al a o & Ga cía-S´
anchez, 2024).
Boa d di e si y is ano he c i ical mode a ing ac o . Enciso-Al a o
and Ga cía-S´
anchez (2024) ha e ound ha i ms wi h a highe p o-
po ion o emale execu i e di ec o s a e mo e p oac i e in d i ing
clima e inno a ion, which can enhance inancial pe o mance. Howe -
e , hey also iden i ied a h eshold e ec , whe e he posi i e impac o
emale ep esen a ion diminishes a e a ce ain poin , sugges ing ha
go e nance s uc u es mus be ca e ully balanced o op imize he
inancial e u ns om ESG ac i i ies.
Indus y-speci ic dynamics u he complica e he ela ionship be-
ween ESG and inancial pe o mance. Fi ms in indus ies wi h high
public isibili y and egula o y o e sigh , such as consume goods o
inance, a e mo e likely o bene i om ESG ac i i ies (Ellili, 2022). In
hese sec o s, ESG p ac ices se e no only o mi iga e isks bu also o
enhance legi imacy, aligning wi h sha eholde in e es s by managing
epu a ional isks and main aining public us . In con as , i ms in
indus ies wi h less exposu e o en i onmen al o social isks may no
expe ience he same inancial bene i s, as ESG ac i i ies may no be as
in eg al o hei s a egic objec i es (Khan e al., 2024).
While Sha eholde Theo y has adi ionally been c i ical o ESG and
CSR ini ia i es, empi ical e idence p esen s a mo e nuanced iew.
Unde ce ain condi ions, such as s ong go e nance, leade ship
commi men , and indus y-speci ic p essu es, ESG ac i i ies can align
wi h sha eholde in e es s and enhance inancial pe o mance. Howe -
e , he inancial bene i s o ESG a e highly con ingen on con ex ual
ac o s such as ma ke condi ions, owne ship s uc u e, and egula o y
en i onmen . These con lic ing indings highligh he impo ance o
unde s anding he mode a ing a iables ha shape he ela ionship
be ween ESG ini ia i es and inancial pe o mance, sugges ing ha he
success o such ini ia i es is a om uni e sal and o en depends on he
b oade ma ke and go e nance con ex .
S akeholde heo y
S akeholde Theo y, in oduced by F eeman (1984), expands
co po a e esponsibili y beyond sha eholde s o include a ious s ake-
holde s such as employees, cus ome s, supplie s, communi ies, and he
en i onmen . This heo y posi s ha c ea ing alue o all s akeholde s,
a he han ocusing solely on sha eholde s, leads o long- e m inancial
success. ESG and CSR ini ia i es na u ally align wi h his amewo k as
hey seek o add ess he needs and conce ns o a wide a ay o s ake-
holde g oups. Howe e , he inancial impac o hese ini ia i es is
in luenced by se e al mode a ing a iables, leading o di e se ou comes
ac oss di e en con ex s.
Recen empi ical e idence suppo s he posi i e link be ween ESG
p ac ices and inancial pe o mance, pa icula ly when add essing
s akeholde needs. Saini e al. (2023) ha e ound ha ESG p ac ices a e
associa ed wi h lowe capi al cos s and imp o ed isk managemen ,
especially in i ms ha ac i ely engage wi h di e se s akeholde g oups.
This aligns wi h he idea ha add essing s akeholde conce ns can
educe isks and enhance ope a ional e iciencies, leading o be e
inancial ou comes. Howe e , he s udy also highligh s ha hese ben-
e i s a e no uni o m ac oss all indus ies, sugges ing ha he in luence
o ESG on inancial pe o mance depends hea ily on indus y-speci ic
dynamics.
Boa d composi ion is a c i ical mode a ing a iable a ec ing he
ela ionship be ween ESG ac i i ies and inancial pe o mance h ough
S akeholde Theo y. Fi ms wi h mo e di e se boa ds — pa icula ly
hose wi h highe le els o gende di e si y — end o manage s ake-
holde ela ionships mo e e ec i ely, esul ing in imp o ed inancial
ou comes (F anco e al., 2020).
Enciso-Al a o and Ga cía-S´
anchez (2024) ein o ce his iew, inding
ha companies wi h highe emale ep esen a ion on boa ds a e mo e
p oac i e in add essing clima e change and sus ainabili y issues,
s eng hening s akeholde ela ionships and enhancing long- e m
inancial pe o mance. This mi o s ea lie indings on he ole o di-
e si y such as hose by EncisoAl a o and Ga cía-S´
anchez (2023), who
a gue ha emale leade ship, pa icula ly among execu i e di ec o s,
signi ican ly enhances he ansi ion owa d ci cula business models.
This ansi ion no only d i es en i onmen al sus ainabili y bu also
imp o es ope a ional e iciency and inancial ou comes. Howe e , bo h
s udies no e a diminishing e u n when boa d di e si y exceeds ce ain
h esholds, sugges ing ha di e si y has limi s in e ms o i s inancial
impac .
CEO leade ship is ano he signi ican mode a ing a iable. CEOs
who a e pe sonally commi ed o sus ainabili y and social esponsibili y
a e mo e likely o in eg a e ESG ini ia i es in o he company’s co e
s a egies, ensu ing ha s akeholde needs a e p io i ized (Shen, 2019).
Fo example, Rousseau e al. (2023) show ha companies led by CEOs
who ac i ely champion sus ainabili y end o exhibi s onge alignmen
be ween ESG p ac ices and inancial pe o mance. In con as , CEOs
who ocus on sho - e m inancial esul s may dep io i ize ESG ac i -
i ies, po en ially damaging s akeholde ela ionships and long- e m
p o i abili y. Simila ly, Yang e al. (2024) emphasize he impo ance
o leade ship in aligning CSR wi h echnological inno a ion, no ing ha
esponsible leade ship can enhance inno a ion while balancing s ake-
holde needs. Howe e , excessi e CSR can d aw ocus away om
inno a ion by consuming limi ed esou ces, u he complica ing
inancial ou comes.
S akeholde p essu e also plays a c ucial ole in shaping he inancial
ou comes o CSR ac i i ies. Fi ms ope a ing in consume - acing in-
dus ies, whe e cus ome s and ac i is g oups a e ocal abou sus ain-
abili y issues, a e likelie o adop ESG p ac ices o main ain hei
epu a ion and ma ke sha e (Rangan e al., 2021). In such sec o s,
ailing o mee s akeholde expec a ions ega ding social and en i on-
men al esponsibili y can lead o epu a ional damage and e enue loss.
Hossain e al. (2024) ha e highligh ed ha companies unde high
s akeholde p essu e, whe he om cus ome s, in es o s, o egula o s,
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end o exhibi be e inancial ou comes when p io i izing ESG ini ia-
i es. This ein o ces he a gumen ha add essing s akeholde needs
h ough ESG e o s can imp o e inancial pe o mance, especially in
indus ies wi h high public isibili y.
Owne ship s uc u e also in luences he e ec i eness o ESG p ac-
ices in imp o ing inancial pe o mance. Coelho e al. (2023) ound ha
i ms wi h dispe sed owne ship a e mo e likely o p io i ize ESG ini-
ia i es, as hese i ms end o ca e o a b oade ange o s akeholde s,
including ins i u ional in es o s who o en demand highe s anda ds o
sus ainabili y and go e nance. In con as , companies wi h concen a ed
owne ship may ace p essu e o p io i ize sho - e m inancial gains,
which can hinde he implemen a ion o ESG ini ia i es ha ocus on
long- e m s akeholde alue. Chen e al. (2024) also unde sco e he ole
o go e nance, showing ha inancial echnology-d i en sus ainabili y
e o s a e mo e e ec i e in i ms wi h s ong go e nance s uc u es.
These i ms expe ience enhanced ca bon emission educ ions and
imp o ed inancial pe o mance, u he p o ing he mode a ing ole o
go e nance in ESG success.
Addi ionally, indus y-speci ic ac o s mode a e he ela ionship
be ween ESG p ac ices and inancial ou comes. Fo example, in in-
dus ies wi h signi ican en i onmen al impac , such as ene gy o
manu ac u ing, i ms ha engage in p oac i e ESG ini ia i es a e mo e
likely o main ain legi imacy and manage isks e ec i ely, he eby,
ensu ing long- e m inancial success (Khan e al., 2024). Con e sely,
companies in less- egula ed indus ies may no expe ience he same
bene i s om ESG ac i i ies, as he p essu e o add ess s akeholde
conce ns is less p onounced. Lyulyo e al. (2024) demons a e how
g een b anding wi hin he con ex o Sus ainable De elopmen Goals
(SDGs) enhances na ional compe i i eness in he EU, sugges ing ha
i ms wi hin mo e egula ed en i onmen s a e likely o see g ea e
inancial e u ns om hei sus ainabili y ini ia i es.
Despi e he posi i e co ela ion be ween s akeholde engagemen
h ough ESG p ac ices and inancial pe o mance, some s udies epo
con lic ing esul s. Fo ins ance, Peloza and Shang (2010) ha e ound
ha while CSR ac i i ies can c ea e alue by in luencing s akeholde
pe cep ions and beha io s, hei e ec i eness a ies depending on he
ype o ac i i y and he s akeholde g oup a ge ed. Philan h opic e o s
may yield less angible inancial bene i s han p oduc - ela ed ini ia i es
ha di ec ly impac consume beha io . This sugges s ha he ype o
CSR ac i i y and he s akeholde g oup being engaged se e as c i ical
mode a ing a iables in de e mining he inancial impac o ESG
p ac ices.
In gene al, S akeholde Theo y p o ides a compelling a ionale o
adop ing ESG and CSR ac i i ies, wi h he expec a ion ha i ms can
achie e long- e m inancial success by c ea ing alue o all s ake-
holde s. Howe e , he inancial ou comes o hese ini ia i es a e in lu-
enced by se e al mode a ing a iables, including boa d composi ion,
CEO leade ship, s akeholde p essu e, owne ship s uc u e, and
indus y-speci ic dynamics. Fi ms ha success ully balance hese ac o s
a e mo e likely o ealize he inancial bene i s o ESG p ac ices, while
o he s may expe ience neu al o e en nega i e inancial impac s
depending on hei speci ic con ex . In eg a ing new insigh s om
s udies on gende di e si y, digi al in eg a ion, and na ional sus ain-
abili y ini ia i es u he highligh s s akeholde engagemen ’s complex
bu p omising ole in shaping long- e m inancial ou comes.
Agency heo y
Agency Theo y, de eloped by Jensen and Meckling (1976), ocuses
on he po en ial con lic s o in e es be ween p incipals (sha eholde s)
and agen s (manage s). Manage s may pu sue CSR and ESG ac i i ies o
pe sonal o epu a ional gains, e en when hese ini ia i es do no
di ec ly bene i sha eholde s, leading o agency cos s. The p esence o
obus go e nance s uc u es (e.g., pe o mance-based execu i e
compensa ion and independen boa ds) can mi iga e hese agency con-
lic s by aligning manage ial ac ions wi h sha eholde in e es s,
ensu ing ha ESG ini ia i es con ibu e o long- e m inancial pe o -
mance. The la es empi ical e idence indica es ha he co ela ion be-
ween ESG ac i i ies and inancial ou comes, as pe Agency Theo y, is
equen ly in luenced by a ious mode a ing ac o s.
One c i ical mode a ing a iable is go e nance s uc u e, pa icu-
la ly he p esence o independen di ec o s and he design o execu i e
compensa ion schemes. Rousseau e al. (2023) demons a e ha i ms
wi h well-s uc u ed execu i e compensa ion schemes ied o ESG pe -
o mance end o ou pe o m hose wi hou . These i ms can align
manage ial incen i es wi h sha eholde in e es s by ensu ing ha ex-
ecu i es a e ewa ded no jus o sho - e m inancial esul s bu also
o achie ing long- e m sus ainabili y goals. In con as , i ms wi h
weake go e nance s uc u es a e mo e suscep ible o agency p oblems,
whe e manage s may pu sue ESG ini ia i es ha enhance hei pe sonal
epu a ion o social s anding bu ail o deli e inancial e u ns o
sha eholde s (Cohen e al., 2023).
Recen esea ch om Sun e al. (2022) suppo s hese indings,
showing ha boa d independence, CEO duali y, and he adop ion o
in eg a ed epo ing s anda ds signi ican ly in luence he in eg a ion o
CSR disclosu es. Howe e , he s udy ound ha boa d independence and
gende di e si y did no di ec ly impac CSR in eg a ion le els, high-
ligh ing ha go e nance mechanisms mus be speci ically aligned wi h
sus ainabili y goals o mi iga e agency con lic s e ec i ely. EncisoAl a o
and Ga cía-S´
anchez (2023) u he a gue ha emale execu i e di-
ec o s, mo e so han independen di ec o s, a e mo e likely o d i e
meaning ul ESG changes, emphasizing ha go e nance s uc u es mus
be ca e ully ailo ed o ensu e ha manage ial ESG ac ions align wi h
sha eholde in e es s.
Owne ship concen a ion also signi ican ly de e mines how ESG
ac i i ies align wi h sha eholde in e es s. In i ms wi h dispe sed
owne ship, sha eholde s ha e less di ec con ol o e manage ial de-
cisions, which can exace ba e agency p oblems and lead o ESG ini ia-
i es ha may no align wi h inancial pe o mance goals (Coelho e al.,
2023). Con e sely, in i ms wi h concen a ed owne ship, la ge sha e-
holde s can exe g ea e in luence o e manage ial decisions, ensu ing
ha ESG ini ia i es a e mo e closely aligned wi h he company’s
inancial objec i es. This dynamic is pa icula ly e iden in he s udy by
Saini e al. (2023), which has ound ha concen a ed owne ship
s uc u es end o lead o mo e ocused ESG ini ia i es, imp o ing
ope a ional e iciency and isk managemen .
Chen e al. (2024) also demons a e ha go e nance cha ac e is ics
such as boa d independence and i m size mode a e he impac o digi al
in eg a ion on co po a e sus ainabili y. Thei indings align wi h Agency
Theo y, sugges ing ha i ms wi h s onge go e nance s uc u es a e
be e posi ioned o ensu e ha digi al sus ainabili y e o s ansla e
in o inancial bene i s a he han becoming a sou ce o agency cos s.
CEO cha ac e is ics a e ano he mode a ing ac o ha in luences he
e ec i eness o ESG ac i i ies unde Agency Theo y. Shen (2019) a gues
ha CEOs who a e pe sonally commi ed o sus ainabili y and long- e m
alue c ea ion a e mo e likely o in eg a e ESG p ac ices in o he i m’s
s a egic ision. This can help educe agency con lic s by aligning
manage ial ac ions wi h sha eholde in e es s. Fo example, i ms led by
sus ainabili y-o ien ed CEOs end o balance sho - e m p o i abili y
wi h long- e m ESG goals, as demons a ed in he indings o Rousseau
e al. (2023). Howe e , CEOs who p io i ize sho - e m inancial pe -
o mance may esis ESG ini ia i es, iewing hem as a dis ac ion om
immedia e inancial gains. Yang e al. (2024) u he no e ha while
esponsible leade ship enhances inno a ion in ESG p ac ices, excessi e
ocus on CSR can c owd ou inno a ion by consuming limi ed esou ces,
he eby, complica ing he inancial ou comes.
Recen empi ical e idence also highligh s he ole o boa d di e si y
in mi iga ing agency p oblems. Enciso-Al a o and Ga cía-S´
anchez
(2024) ha e ound ha i ms wi h highe le els o gende di e si y on
hei boa ds end o adop mo e comp ehensi e ESG ini ia i es, which
no only enhance co po a e go e nance bu also align mo e closely wi h
sha eholde in e es s. This is pa icula ly ue o i ms wi h emale
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execu i e di ec o s, who we e ound o play a s onge ole in d i ing
clima e inno a ion and long- e m sus ainabili y s a egies. Howe e , he
s udy also no es ha he posi i e e ec s o gende di e si y diminish
a e eaching a ce ain h eshold, sugges ing ha he e a e limi s o he
go e nance bene i s p o ided by di e se boa ds. EncisoAl a o and
Ga cía-S´
anchez (2023) u he highligh how emale leade ship d i es
he ansi ion o ci cula economy models, sugges ing ha when aligned
wi h go e nance, leade ship cha ac e is ics play a c i ical ole in he
success o ESG ini ia i es.
The ole o execu i e compensa ion in d i ing ESG pe o mance is
well-documen ed in he li e a u e. Fi ms ha ie manage ial compen-
sa ion o ESG ou comes a e mo e likely o see imp o ed inancial pe -
o mance, as manage s a e incen i ized o ocus on bo h sho - e m
p o i abili y and long- e m sus ainabili y goals (Rousseau e al., 2023).
Howe e , he e ec i eness o his app oach depends on he speci ic
design o he compensa ion package. Fo ins ance, i ms ha o e
long- e m s ock op ions linked o ESG pe o mance end o pe o m
be e inancially, as manage s a e encou aged o adop a longe - e m
pe spec i e (Coelho e al., 2023). In con as , i ms wi h sho - e m
bonuses ied only o inancial esul s may expe ience weake align-
men be ween manage ial decisions and sha eholde alue.
Ma ke condi ions also mode a e he impac o ESG ini ia i es unde
Agency Theo y. Du ing ma ke unce ain y o economic down u ns,
manage s may dep io i ize ESG ac i i ies o ocus on sho - e m inan-
cial pe o mance, exace ba ing agency con lic s. Lins e al. (2017) and
Flamme (2015) ha e ound ha i ms acing inancial ins abili y a e
mo e likely o educe ESG ini ia i es, which can lead o epu a ional
isks and long- e m alue des uc ion. Howe e , i ms ha main ain
hei ESG commi men s du ing di icul ma ke condi ions end o build
s onge ela ionships wi h s akeholde s, ul ima ely imp o ing hei
inancial pe o mance in he long un. Chen e al. (2024) add ha
in ech-d i en sus ainabili y ini ia i es (e.g., ca bon emission e-
duc ions) can help i ms wea he economic down u ns by enhancing
e iciency and esilience, u he p o ing he ole o ma ke condi ions in
shaping he inancial ou comes o ESG ini ia i es.
Despi e he gene al alignmen o ESG ini ia i es wi h sha eholde
in e es s when obus go e nance s uc u es a e in place, con lic ing
indings in he li e a u e sugges ha no all ESG ac i i ies lead o
inancial bene i s. Fo example, Ye e al. (2021) ha e ound ha he
e ec i eness o ESG ini ia i es depends hea ily on he p esence o
media ing and mode a ing a iables, such as go e nance quali y, CEO
cha ac e is ics, and indus y-speci ic dynamics. In some cases, ESG ac-
i i ies may c ea e agency cos s, pa icula ly when manage s pu sue
hese ini ia i es o pe sonal gain a he han sha eholde alue. Enci-
so-Al a o and Ga cía-S´
anchez (2024) also highligh he isks o
o e -in es ing in ESG ac i i ies wi hou clea inancial e u ns, no ing
ha i ms can expe ience diminishing inancial bene i s i ESG ini ia-
i es a e no ca e ully aligned wi h co e business s a egies.
Agency Theo y o e s a mo e cau ious pe spec i e on ESG and CSR
ac i i ies, highligh ing he po en ial o agency cos s when manage ial
ac ions do no align wi h sha eholde in e es s. Manage s may pu sue
ESG ini ia i es o pe sonal o epu a ional easons, leading o in-
e iciencies and po en ial con lic s o in e es . None heless, s ong
go e nance s uc u es, such as independen boa ds and execu i e
compensa ion schemes ied o ESG pe o mance, can mi iga e hese
agency p oblems. The e ec i eness o ESG ac i i ies unde Agency
Theo y is in luenced by se e al mode a ing ac o s, including owne ship
concen a ion, boa d di e si y, and ma ke condi ions. While i ms wi h
obus go e nance mechanisms end o expe ience inancial bene i s
om ESG e o s, hose wi h weake go e nance may ace signi ican
agency cos s. Thus, he ela ionship be ween ESG ac i i ies and inancial
pe o mance is con ingen on he i m’s abili y o align manage ial de-
cisions wi h sha eholde alue h ough e ec i e go e nance p ac ices.
Resou ce-based iew
The Resou ce-Based View (RBV), as a icula ed by Ba ney (1991),
posi s ha a i m’s compe i i e ad an age s ems om i s unique e-
sou ces and capabili ies. ESG and CSR ini ia i es, unde his amewo k,
can be iewed as s a egic esou ces ha help i ms achie e long- e m
inancial success. Th ough imp o ed epu a ion, enhanced inno a ion,
and ope a ional e iciencies, ESG p ac ices can di e en ia e i ms in he
ma ke place. Howe e , he abili y o con e ESG ac i i ies in o
compe i i e ad an age is hea ily mode a ed by ac o s such as indus y
dynamics, R&D in ensi y, inno a ion capaci y, and go e nance s uc-
u es, leading o di e se inancial ou comes ac oss i ms and sec o s.
Empi ical esea ch s ongly suppo s he no ion ha ESG ac i i ies,
when in eg a ed in o a i m’s esou ce base, can enhance inancial
pe o mance by s eng hening key capabili ies. Fo ins ance, Ghosh and
Gup a (2023) ound ha companies in es ing in deca boniza ion and
sus ainable inno a ion exhibi supe io inancial pe o mance compa ed
o hose ha do no . These i ms le e age ESG ini ia i es as s a egic
esou ces, di e en ia ing hemsel es and esponding o consume de-
mand o en i onmen ally esponsible p oduc s. Simila ly, Saini e al.
(2023) demons a ed ha ESG p ac ices imp o e isk managemen and
educe capi al cos s, ein o cing he idea ha ESG can ac as a aluable
esou ce o s eng hening a i m’s inancial posi ion.
Howe e , he inancial bene i s o ESG p ac ices a e no uni o m.
Indus y dynamics play a pi o al ole in mode a ing he inancial impac
o ESG ac i i ies. Fi ms in indus ies wi h subs an ial en i onmen al
oo p in s, such as ene gy and manu ac u ing, a e mo e likely o bene i
om p oac i e ESG s a egies, due o egula o y p essu es and g owing
demand o sus ainable p ac ices (Khan e al., 2024). In con as , i ms in
less- egula ed sec o s, whe e ex e nal p essu es o adop sus ainabili y
ini ia i es a e lowe , may no expe ience simila inancial e u ns om
ESG ac i i ies. This di e gence unde sco es he impo ance o unde -
s anding he speci ic indus y con ex when e alua ing he inancial
impac o ESG ini ia i es.
R&D in ensi y and inno a ion capaci y u he in luence how e ec-
i ely i ms can capi alize on ESG e o s. Ba olacci e al. (2019) ha e
ound ha i ms wi h s ong R&D capabili ies a e be e posi ioned o
in eg a e ESG p inciples in o hei p oduc de elopmen p ocesses,
which in u n imp o es hei compe i i e ad an age and inancial ou -
comes. Companies wi h highe R&D in ensi y can inno a e a ound
sus ainabili y challenges, de eloping new p oduc s ha align wi h he
g owing demand o en i onmen ally iendly solu ions. Simila ly, Chen
e al. (2024) emphasized he ole o in ech in educing ca bon emis-
sions, pa icula ly in high-ca bon egions, highligh ing how inno a ion
capaci y can ansla e ESG ac i i ies in o inancial gains. The abili y o
i ms o ha ness echnological inno a ion o en i onmen al imp o e-
men unde sco es he impo ance o in eg a ing ESG in o he i m’s
inno a ion s a egy.
In addi ion o inno a ion, go e nance s uc u es play a c i ical ole
in he inancial success o ESG ini ia i es. Saini e al. (2023) ound ha
la ge i ms and hose wi h s ong go e nance amewo ks a e be e
able o u n ESG ini ia i es in o inancial gains. These i ms ypically
ha e mo e esou ces o in es in comp ehensi e sus ainabili y s a egies
and he go e nance mechanisms o ensu e ha ESG ac i i ies align wi h
long- e m inancial goals. In con as , smalle i ms o hose wi h weake
go e nance s uc u es may s uggle o achie e he same inancial ben-
e i s, as hey o en lack he esou ces and o e sigh o manage sus ain-
abili y ini ia i es e ec i ely.
Despi e he gene ally posi i e ela ionship be ween ESG ac i i ies
and inancial pe o mance sugges ed by he RBV, some s udies epo
mixed esul s. Fo ins ance, Ve ma and Mukh a uddin (2023)) ha e
highligh ed ha he inancial impac o en i onmen al esponsibili ies
can a y signi ican ly based on geog aphical and egula o y di e ences.
Fi ms in de eloped ma ke s end o expe ience mo e posi i e inancial
ou comes om p oac i e en i onmen al p ac ices, while i ms in
eme ging economies may ace challenges in ansla ing ESG ac i i ies
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in o inancial gains due o weake egula o y amewo ks and less de-
mand o sus ainabili y om consume s. This geog aphical a ia ion
unde sco es he ole o ins i u ional suppo in shaping he inancial
bene i s o ESG ac i i ies.
Addi ionally, he long- e m na u e o ESG in es men s poses chal-
lenges o i ms ocused on sho - e m inancial pe o mance. While he
RBV emphasizes ha ESG ac i i ies con ibu e o long- e m compe i i e
ad an age, he inancial bene i s may no always be immedia e. Bos
e al. (2017) ha e ound ha some i ms, pa icula ly in sec o s such as
heal hca e, imp o ed sho - e m inancial pe o mance h ough
cos -cu ing measu es ha nega i ely impac ed ESG- ela ed ac o s (e.g.,
employee well-being), sugges ing a ade-o be ween sho - e m
inancial gains and long- e m sus ainabili y goals.
New e idence om Qu ainah and Ayadi (2024) ein o ces he ole
o digi al in eg a ion as an enable o ESG-d i en compe i i e ad an-
age. They ha e ound ha digi al echnologies signi ican ly enhance
emissions educ ion, en i onmen al inno a ion, and esou ce e iciency,
pa icula ly in i ms wi h lowe ini ial sus ainabili y pe o mance. This
highligh s how echnology, as a unique esou ce, allows i ms o achie e
bo h en i onmen al and inancial goals, u he suppo ing RBV’s
p emise ha aluable and a e esou ces (e.g., ESG-d i en echnological
inno a ion) can lead o compe i i e ad an age.
The RBV emphasizes he s a egic alue o unique esou ces and
capabili ies in gene a ing compe i i e ad an age. F om his pe spec i e,
ESG ini ia i es can be seen as aluable in angible asse s ha enhance a
i m’s epu a ion, os e inno a ion, and imp o e ope a ional e i-
ciencies. Fi ms ha in es in sus ainable p ac ices a e be e posi ioned
o mee e ol ing ma ke demands and egula o y s anda ds, he eby,
imp o ing hei inancial pe o mance in he long e m. Howe e , he
inancial bene i s o ESG ini ia i es depend on a i m’s abili y o le e age
hese ac i i ies as s a egic esou ces. Companies in indus ies wi h high
en i onmen al impac , such as ene gy o manu ac u ing, a e mo e likely
o bene i om sus ainabili y e o s, while i ms in less en i onmen ally
ocused sec o s may see ewe di ec inancial gains. The RBV un-
de sco es he impo ance o i m-speci ic capabili ies in ansla ing ESG
ini ia i es in o inancial success, wi h indus y-speci ic ac o s se ing as
c i ical mode a o s.
Legi imacy heo y
Legi imacy Theo y, as a icula ed by Suchman (1995), sugges s ha
o ganiza ions seek o align hei ac ions wi h socie al no ms and ex-
pec a ions o gain, main ain, o es o e legi imacy in he eyes o s ake-
holde s. In he con ex o ESG and CSR, i ms engage in sus ainabili y
ini ia i es no only o secu e inancial e u ns bu also o enhance hei
legi imacy, especially unde public sc u iny o egula o y p essu e.
Howe e , he inancial ou comes o hese ac ions a e mode a ed by
se e al ac o s, including egula o y en i onmen s, s akeholde sc u-
iny, and public isibili y, leading o mixed empi ical esul s in he
li e a u e.
Fi ms inc easingly iew ESG and CSR p ac ices as mechanisms o
aligning co po a e beha io wi h socie al expec a ions. Companies
ope a ing in highly sc u inized indus ies, such as consume goods o
pha maceu icals, a e pa icula ly inclined o adop ESG p ac ices o
a oid epu a ional damage and p ese e s akeholde us . Fo ins ance,
Deegan (2002) emphasizes ha i ms in highly isible sec o s a e mo e
likely o engage in CSR o main ain legi imacy in he eyes o he public.
Addi ionally, i ms acing ad e se publici y o ope a ing in egula ed
indus ies a e unde con inuous p essu e o demons a e e hical
beha io , u he ein o cing he ele ance o Legi imacy Theo y in
unde s anding he ela ionship be ween ESG and inancial pe o mance.
Mode a ing a iables such as egula o y p essu es, public isibili y,
and s akeholde sc u iny a e c i ical in shaping how e ec i ely i ms
main ain legi imacy h ough ESG and CSR ini ia i es. Companies in
hea ily egula ed indus ies such as ene gy o inance o en adop ESG
p ac ices o comply wi h egula o y equi emen s and educe legal isks
(Khan e al., 2024). In hese sec o s, egula o y amewo ks compel
i ms o align hei ope a ions wi h en i onmen al and social s anda ds,
enhancing hei legi imacy among s akeholde s. Failing o mee egu-
la o y expec a ions can esul in penal ies, epu a ional damage, and loss
o ma ke sha e, demons a ing he impo ance o legi imacy in hese
indus ies.
Public isibili y is ano he signi ican mode a ing ac o in he
inancial impac o ESG ac i i ies. Fi ms ha ope a e in indus ies unde
cons an public sc u iny, pa icula ly consume - acing businesses, a e
mo e likely o implemen comp ehensi e ESG s a egies o a oid nega-
i e publici y and main ain s akeholde con idence. Peloza and Shang
(2010) ha e ound ha companies in highly isible indus ies a e mo e
inclined o engage in obus ESG e o s o p e en epu a ional damage,
which can, in u n, lead o inancial gains as consume s and in es o s
inc easingly a o businesses wi h s ong sus ainabili y p o iles.
S akeholde sc u iny is also c ucial in mode a ing he inancial ou -
comes o legi imacy-d i en ESG ac i i ies. Companies closely moni o ed
by in es o s, NGOs, o consume g oups a e mo e likely o adop
anspa en ESG s a egies, which can lead o enhanced inancial pe -
o mance. Ellili e al. (2022) ha e ound ha i ms wi h s ong s ake-
holde engagemen adop ESG p ac ices ha no only mee socie al
expec a ions bu also con ibu e o inancial objec i es. In indus ies
wi h high s akeholde p essu e, companies ha ail o engage in ESG and
CSR ac i i ies isk epu a ional damage and inancial unde pe o mance
due o declining consume us and in es o con idence.
While Legi imacy Theo y o e s a obus heo e ical explana ion o
why i ms adop ESG and CSR p ac ices, he empi ical e idence is mixed.
In highly isible indus ies, ESG p ac ices o en lead o posi i e inancial
ou comes. Saini e al. (2023) ha e demons a ed ha ESG p ac ices
educe capi al cos s and imp o e isk managemen , pa icula ly in in-
dus ies subjec o s ingen egula o y o e sigh . These i ms bene i
inancially om hei ESG e o s, as hey a e be e posi ioned o mee
egula o y and socie al expec a ions.
Howe e , he inancial bene i s o ESG ini ia i es a e no equally
dis ibu ed ac oss indus ies. Fi ms in less isible sec o s o hose acing
ewe egula o y p essu es may no expe ience he same inancial gains
om adop ing ESG p ac ices. Ve ma and Mukh a uddin (2023) ha e
ound ha he inancial impac o en i onmen al esponsibili ies is
mixed, pa icula ly in indus ies wi h lowe public sc u iny o weake
egula o y amewo ks. Companies in hese sec o s may engage in ESG
ac i i ies o main ain legi imacy bu s uggle o con e hese ac ions
in o inancial e u ns.
Addi ionally, he pu sui o legi imacy can some imes lead o sho -
e m, symbolic ac ions ha ail o gene a e long- e m inancial bene i s.
Delmas and Mon es-Sancho (2011) no e ha i ms may adop ESG ini-
ia i es in esponse o ex e nal p essu es a he han in eg a ing sus-
ainabili y in o hei co e business s a egies. Such companies may
engage in supe icial ac i i ies, such as “g eenwashing” o main ain
legi imacy, which can ha m long- e m inancial pe o mance i s ake-
holde s pe cei e hese ini ia i es as insince e. This can lead o a loss o
us and unde mine he i m’s abili y o achie e sus ained inancial
success.
Legi imacy Theo y sugges s ha i ms engage in ESG and CSR ac-
i i ies o main ain o enhance hei legi imacy in he eyes o s ake-
holde s. These e o s a e o en d i en by ex e nal p essu es, such as
egula o y equi emen s, socie al expec a ions, and public sc u iny,
a he han di ec inancial incen i es. While ESG ac i i ies can help
i ms secu e hei legi imacy and manage epu a ional isks, hei
inancial impac is less s aigh o wa d. Fi ms ope a ing in indus ies
wi h high public isibili y a e mo e likely o bene i inancially om ESG
e o s, as hese ac i i ies help hem main ain s akeholde us and
comply wi h egula o y s anda ds. Howe e , o i ms in less sc u inized
sec o s, he inancial e u ns on ESG ini ia i es may be minimal.
The e o e, while Legi imacy Theo y p o ides a s ong a ionale o
adop ing ESG p ac ices, he inancial ou comes depend hea ily on he
le el o ex e nal p essu e and s akeholde expec a ions.
M.A.R. Ca dillo and L.F.C. Basso
Jou nal o Inno a ion & Knowledge 10 (2025) 100648
6
Ins i u ional heo y
Ins i u ional Theo y, as in oduced by DiMaggio and Powell (1983),
emphasizes bo h he o mal and in o mal oles o ex e nal p essu es in
shaping co po a e beha io . In he con ex o ESG and CSR, i ms o en
adop sus ainable p ac ices in esponse o ins i u ional p essu es such as
egula o y equi emen s, indus y s anda ds, o no ma i e socie al ex-
pec a ions. Wi h inc easing demands o in eg a e sus ainabili y, pa ic-
ula ly h ough global ini ia i es such as he SDGs, Ins i u ional Theo y
p o ides a amewo k o unde s and how hese ex e nal ac o s in lu-
ence co po a e ac ions. Howe e , he inancial ou comes o ESG and CSR
e o s a y based on he egula o y and no ma i e en i onmen s in
which companies ope a e.
Empi ical e idence suppo s he signi ican in luence o ins i u ional
p essu es on ESG and CSR ac i i ies, pa icula ly in egions wi h s in-
gen egula o y amewo ks o high no ma i e expec a ions. Fo
ins ance, Khan e al. (2024) ha e ound ha companies in a eas wi h
s ong en i onmen al egula ions a e mo e likely o implemen obus
ESG s a egies, which, in u n, imp o e inancial pe o mance. These
companies adop ESG p ac ices no only o comply wi h legal e-
qui emen s bu also o gain compe i i e ad an ages by aligning wi h
socie al expec a ions. Regula o y p essu es, hus, ac as a key mode -
a ing a iable, ensu ing ha ESG p ac ices con ibu e o bo h legi imacy
and inancial success.
No ma i e p essu es, such as indus y-speci ic sus ainabili y s an-
da ds, also shape co po a e beha io . In indus ies such as ene gy,
chemicals, and au omo i e, whe e sus ainabili y no ms a e well-
es ablished, i ms ha adop ESG ini ia i es o en pe o m be e
inancially. Fo example, Yu (2022) demons a es ha companies in
such indus ies align hei ope a ions wi h bo h egula o y and ma ke
expec a ions, leading o imp o ed inancial ou comes. These no ma i e
p essu es compel companies o exceed baseline egula o y equi emen s
and adop bes p ac ices, which enhance hei compe i i eness.
Howe e , he e ec s o ins i u ional p essu es a e no uni o m ac oss
all indus ies o egions. Fi ms in less- egula ed indus ies o eme ging
ma ke s ace weake ins i u ional p essu es, esul ing in less comp e-
hensi e ESG ini ia i es. Ja ed e al. (2016) highligh ha companies in
non-Wes e n ma ke s o en expe ience ewe egula o y and no ma i e
p essu es o adop ESG p ac ices, leading o inconsis en inancial ou -
comes. While hese i ms may implemen ESG ini ia i es o gain legi i-
macy in global ma ke s, hey o en s uggle o a ain immedia e inancial
bene i s due o weake ins i u ional suppo in hei domes ic con ex s.
Regional a ia ions u he complica e he ela ionship be ween
ins i u ional p essu es and ESG pe o mance. Fi ms in de eloped ma -
ke s, such as he Eu opean Union, bene i om s onge ins i u ional
suppo o sus ainabili y ini ia i es. Fo ins ance, Lyulyo e al. (2024)
ha e ound ha Eu opean companies, especially in coun ies such as
F ance, Ge many, and Sweden, ha e been a he o e on o g een
b anding and en i onmen al pe o mance, la gely due o he alignmen
o na ional policies wi h SDGs. Con e sely, i ms in eme ging ma ke s
such as Uk aine ace challenges in achie ing simila esul s, gi en
weake egula o y amewo ks and less obus ins i u ional suppo o
sus ainabili y.
Ano he impo an ac o is mime ic p essu e wi hin indus ies. Ac-
co ding o DiMaggio and Powell (1983), i ms o en imi a e he p ac ices
o hei pee s o main ain legi imacy and compe i i e pa i y. This is
pa icula ly ue in sec o s whe e ESG p ac ices ha e become he no m.
Fo example, Enciso-Al a o and Ga cía-S´
anchez (2024) ha e ound ha
i ms wi h g ea e emale ep esen a ion on hei boa ds a e mo e p o-
ac i e in clima e change inno a ion, pa ly because o no ma i e p es-
su es o align wi h bes p ac ices in co po a e go e nance. Such mime ic
p essu es push i ms o adop ESG s a egies o main ain legi imacy and
mee in es o and s akeholde expec a ions.
Despi e he s ong heo e ical ounda ion o Ins i u ional Theo y,
empi ical indings on he inancial bene i s o ESG p ac ices emain
mixed. Some s udies, such as hose by Qu ainah and Ayadi (2024),
show ha digi al in eg a ion and en i onmen al inno a ion d i e
inancial success, pa icula ly o i ms wi h low ini ial sus ainabili y
pe o mance. Howe e , o he s udies, such as Ve ma and Mukh a uddin
(2023), sugges ha he inancial bene i s o en i onmen al e-
sponsibili ies a e con ingen on indus y and egional ac o s, wi h i ms
in eme ging ma ke s acing mo e challenges in ansla ing ESG ac i i ies
in o inancial gains due o weake ins i u ional amewo ks.
Ins i u ional Theo y emphasizes he ole o ex e nal p essu es such as
egula ions, no ms, and socie al expec a ions in shaping co po a e
beha io . Fi ms adop ESG and CSR p ac ices no necessa ily o di ec
inancial e u ns bu o con o m o hese ins i u ional demands and
secu e legi imacy. The inancial ou comes o ESG ac i i ies unde his
heo y a e in luenced by he s eng h o egula o y amewo ks and
no ma i e p essu es wi hin speci ic indus ies o egions. Fi ms ope -
a ing in ma ke s wi h s ong egula o y o e sigh o high socie al ex-
pec a ions o sus ainabili y end o expe ience be e inancial
ou comes om ESG ini ia i es. Howe e , in egions wi h weake egu-
la o y en i onmen s, i ms may ind i mo e challenging o ansla e ESG
ac i i ies in o inancial success. Ins i u ional Theo y highligh s he
impo ance o aligning ESG p ac ices wi h ex e nal ins i u ional de-
mands o achie e bo h legi imacy and inancial pe o mance.
In summa y, he heo e ical pe spec i es o Sha eholde Theo y,
S akeholde Theo y, Agency Theo y, RBV, Legi imacy Theo y, and
Ins i u ional Theo y each p o ide unique lenses h ough which he
ela ionship be ween ESG/CSR ini ia i es and CFP can be unde s ood.
These heo ies highligh he c i ical ole o mode a ing a iables such as
go e nance s uc u es, indus y ype, owne ship concen a ion, ma ke
condi ions, and ins i u ional p essu es in shaping he inancial ou comes
o ESG and CSR ac i i ies.
Howe e , despi e he ex ensi e heo e ical explo a ion o ESG/CSR
and CFP ela ionships, signi ican esea ch gaps emain, pa icula ly
ega ding he nuanced ole o mode a ing a iables. The lack o
consensus in empi ical indings, d i en by a ia ions in hese mode -
a ing a iables, unde sco es he need o a mo e a ge ed analysis ha
syn hesizes ecen ends in he li e a u e.
This s udy aims o add ess hese gaps by explo ing he ole o
mode a ing a iables in he ESG/CSR-CFP ela ionship h ough a sys-
ema ic e iew and bibliome ic analysis o esea ch published om
2019 o 2023. Speci ically, i seeks o answe he ollowing esea ch
ques ions:
•Wha a e he mos equen ly s udied mode a ing a iables in he
ela ionship be ween ESG/CSR and CFP in he li e a u e om 2019
o 2023?
•How has he ocus on speci ic mode a ing a iables in he ESG/CSR
and CFP li e a u e e ol ed om 2019 o 2023?
•Wha p ima y heo e ical amewo ks a e employed in ecen ESG/
CSR-CFP ela ionship s udies?
•A e he e any no able gaps o unde - esea ched a eas in he ESG/CSR
and CFP li e a u e ega ding mode a ing a iables?
•Wha a e he mos in luen ial s udies, jou nals, o au ho s in ESG/
CSR and CFP esea ch conce ning mode a ing a iables?
By add essing hese ques ions, his s udy aims o p o ide a
comp ehensi e o e iew o he e ol ing ole o mode a ing a iables in
shaping he ESG/CSR-CFP ela ionship, iden i y ends and gaps in he
cu en li e a u e, and o e guidance o u u e esea ch in his c i ical
a ea.
To ensu e a obus examina ion o he ela ionship be ween ESG/CSR
ini ia i es and CFP, wi h a pa icula emphasis on mode a ing a iables,
i is essen ial o adop a me hodological app oach syn hesizing he wide
ange o exis ing esea ch. In he ollowing sec ion, we will ou line he
me hodology employed in his s udy, including he sys ema ic e iew
and bibliome ic analysis. This app oach allows o a comp ehensi e
li e a u e assessmen , p o iding insigh s in o he mos equen ly s ud-
ied mode a ing a iables, heo e ical amewo ks, and esea ch ends
M.A.R. Ca dillo and L.F.C. Basso
Jou nal o Inno a ion & Knowledge 10 (2025) 100648
7
om 2019 o 2023. The me hodology will de ail he s eps aken o
ensu e he igo and eliabili y o he analysis, guiding he in es iga ion
o he key esea ch ques ions in oduced abo e.
Me hodology
Based on he as numbe o a icles ha p esen ed con lic ing e-
sul s, he jus i ica ion o new esea ch in ESG-CSR-CFP ela ionships,
wi h a pa icula ocus on mode a ing a iables, is compelling.
Add essing he inconsis encies and gaps iden i ied in exis ing s udies,
explo ing unde ep esen ed mode a ing ac o s, and adop ing mo e
igo ous and s anda dized me hodologies a e essen ial o ad ancing
ou unde s anding o how ESG and CSR ini ia i es impac CFP. As he
global business en i onmen e ol es, his new esea ch will con ibu e
o academic knowledge and p o ide aluable insigh s o p ac i ione s
seeking o na iga e he complexi ies o sus ainabili y and inancial
pe o mance in di e se and dynamic con ex s.
This s udy employs a combined me hodology o bibliome ic analysis
and sys ema ic e iew o add ess hese esea ch ques ions and p o ide a
comp ehensi e o e iew o he cu en s a e o he li e a u e. The bib-
liome ic analysis s a s by es ing he bibliome ic laws o B ad o d and
Lo ka and ollows echniques ou lined by Ellili e al. (2022), including
T end Analysis, Bibliog aphic Coupling o Sou ces Analysis, Biblio-
g aphic Coupling o A icles Analysis, and Keywo d Occu ence
Analysis.
The sys ema ic e iew ollows he echniques o Junio and Godinho
Filho (2010), Van Kampen e al. (2012), and Jabbou (2013), u ilizing a
codi ica ion sys em o iden i y gaps in he esea ch ield. The e iew
sys ema ically analyzes inancial pe o mance a iables, ESG and CSR
measu es, assessmen me hods, heo e ical ounda ions, and he ole o
da abase p o ide s. I also explo es he s a is ical modeling echniques
employed and iden i ies key a eas o u u e esea ch, p o iding a
oadmap o ad ancing knowledge in his domain.
The bibliome ic analysis complemen s he sys ema ic e iew by
mapping he in ellec ual s uc u e o he ield and iden i ying key au-
ho s, in luen ial s udies, and jou nals. This dual app oach o e s a
comp ehensi e and up- o-da e o e iew o he exis ing li e a u e while
unco e ing he unde lying pa e ns and connec ions ha ha e shaped
academic discou se on ESG, CSR, and inancial pe o mance unde he
in luence o mode a ing a iables.
The a icle is o ganized as ollows: Sec ion 1 is he In oduc ion;
Sec ion 2 analyzes he Theo e ical F amewo k and o mula es he
esea ch ques ions; Sec ion 3 p esen s he Me hodology used in his
a icle; Sec ion 4 is s uc u ed o p esen he esul s and discussion
ele an o he p esen li e a u e e iew and bibliome ic analysis.
Finally, Sec ion 5 p esen s he conclusions o his wo k, he p ac ical
applica ions, heo e ical collabo a ion, limi a ions o his esea ch, and
guidelines o u u e esea ch.
Sample selec ion
The i s s ep in his esea ch in ol ed ca e ully selec ing a icles, o
which we u ilized he Web o Science and Scopus da abases. These da-
abases a e widely ecognized in inancial co po a e esea ch o hei
eliabili y and b oad co e age. Schola s such as Aguinis e al. (2018)
emphasize he impo ance o Web o Science and Scopus in conduc ing
comp ehensi e li e a u e e iews, pa icula ly in he con ex o CSR.
The obus ness o esea ch indings is u he ein o ced by he use o
Web o Science, as demons a ed by O li zky e al. (2003) in hei
me a-analysis o CSR and inancial pe o mance. Simila ly, Peloza
(2009) ecognizes Scopus’ ex ensi e co e age, making i a key esou ce
o collec ing da a on CSR and inancial ou comes. F iede e al. (2015)
also ad oca e o he combined use o Web o Science and Scopus in
examining ESG and CFP, acknowledging hei alue in sou cing eliable,
pee - e iewed a icles. These collec i e insigh s unde line he essen ial
ole o Web o Science and Scopus in enhancing he igo and dep h o
inancial co po a e esea ch.
Beyond hei ex ensi e use in academic esea ch, Web o Science and
Scopus a e alued o hei comp ehensi e jou nal co e age, which in-
cludes a wide a ay o egional and non-English publica ions, especially
wi hin Scopus (Mongeon & Paul-Hus, 2016). Bo h da abases main ain
igo ous selec ion c i e ia o ensu e ha only high-quali y, pee --
e iewed jou nals a e included, which is i al o p oducing c edible
esea ch ou comes (Ha zing & Alakangas, 2016). Thei ad anced sea ch
capabili ies allow o p ecise and ho ough li e a u e e iews, acili-
a ing sys ema ic analyses ha a e in eg al o co po a e inancial
esea ch (B ame e al., 2017). Mo eo e , he ci a ion analysis ools
p o ided by Web o Science and Scopus enable esea che s o ack he
in luence o hei wo k and assess academic impac , o e ing aluable
insigh s in o esea ch ends and collabo a ion ne wo ks (Bo nmann &
Daniel, 2008).
The global each and in e disciplina y scope o Web o Science and
Scopus make hem indispensable o c oss-disciplina y esea ch, u he
es ablishing hei eliabili y and b oad adop ion in a ious academic
ields (A chambaul e al., 2009). The consis en use o hese da abases
in esea ch p ocesses no only enhances he c edibili y o he s udies bu
also b oadens hei scope and ele ance, solidi ying Web o Science and
Scopus as essen ial esou ces o conduc ing comp ehensi e and im-
pac ul inancial co po a e esea ch.
We sea ched he Web o Science and Scopus da abases using a sea ch
s ing encompassing many a icles. The sea ch s ing u ilized: (“ESG” o
“CSR”) and (“ inancial pe o mance” o “ i m alue”) AND (“mode -
a ing” o “mode a o ” o “mode a e”). The las sys ema ic sea ch was
comple ed on Decembe 18, 2023.
The sample ini ially comp ised 610 a icles om he Web o Science
and Scopus da abases om he 2019 o 2023 pe iod, excluding he mo e
ecen s udies such as Ye e al. (2021) and Lee and Suh (2022). We
applied na i e il e ing c i e ia Scopus (Subjec A ea: Business, Man-
agemen , and Accoun ing; Social Sciences; Economics) and Web o
Science (Ca ego ies: Business; Managemen ). Subsequen ly, we im-
po ed a sample o 610 a icles and il e ed i o Ryann Sys ema ic Re-
iew o a con en selec ion analysis.
Rayyan is an inc easingly popula ool o conduc ing sys ema ic
e iews, o e ing signi ican ad an ages in e ms o e iciency, collabo-
a ion, and accu acy. De eloped by Ouzzani e al. (2016), Rayyan is a
web-based applica ion speci ically designed o s eamline he sc eening
and selec ion p ocess in sys ema ic e iews.
A key ea u e o Rayyan is i s na i e PRISMA in e ace, which in-
eg a es seamlessly wi h he PRISMA (P e e ed Repo ing I ems o
Sys ema ic Re iews and Me a-Analyses) guidelines. PRISMA is widely
ecognized o enhancing he anspa ency, ep oducibili y, and igo o
sys ema ic e iews (Mohe e al., 2009). By inco po a ing PRISMA’s
amewo k, Rayyan ensu es ha esea che s can easily documen and
isualize he low o s udies h ough he di e en phases o he e iew
p ocess, adhe ing o bes p ac ices in anspa ency and epo ing
(Haddaway e al., 2022).
We apply he na i e PRISMA p o ocol selec ion in he Rayyan so -
wa e o gua an ee he eliabili y o he selec ion p ocess.
A e selec ing he a icles, we s a he analysis using he RS udio
so wa e wi h he Bibliome ics R package. This package allows us o use
Biblioshiny, a web-based in e ace o bibliome ic analysis. The sample
includes 108 documen s published be ween 2019 and 2023 by 320 au-
ho s om 76 academic sou ces. Fig. 1 p esen s he PRISMA low dia-
g am, gene a ed using Rayyan, which isually summa izes he selec ion
p ocess om ini ial iden i ica ion h ough inal inclusion.
Bibliome ic analysis
Bibliome ic Analysis is a quan i a i e esea ch me hod ha allows
schola s o sys ema ically explo e he landscape o academic li e a u e
by analyzing pa e ns in publica ion da a and ci a ions. I is pa icula ly
e ec i e o iden i ying key au ho s, in luen ial s udies, and signi ican
M.A.R. Ca dillo and L.F.C. Basso
Jou nal o Inno a ion & Knowledge 10 (2025) 100648
8
publica ions peaked in 2022, he mos ci ed yea was 2020, indica ing a
lag be ween publica ion and ci a ion accumula ion.
I is possible o iden i y a high a icle p oduc ion pai ed wi h low
ci a ions, which may indica e a eas o esea ch ha a e hea ily explo ed
bu less impac ul (Ga ield, 2006). This end may occu due o esea ch
agmen a ion (Boyack & Kla ans, 2010), inc eased compe i ion
(Me on, 1968), shi s owa d newe opics (Kolk, 2016), ci a ion a igue
(Taham an e al., 2016), educed no el y (Kuhn, 1962), changing
me hodologies (Fiss, 2011), g ea e a icle a ailabili y bu lowe indi-
idual impac (Laakso e al., 2011), and sho e ci a ion li ecycles
(Redne , 1998).
Th ee s ages can be iden i ied as ollows:
1. Ea ly G ow h (2019‒2020): In 2020, bo h a icle p oduc ion and
ci a ions peaked, indica ing ha esea ch on mode a ing a iables in
ESG/CSR-CFP was gaining signi ican a en ion. This may e lec an
inc eased ecogni ion o he impo ance o mode a ing ac o s (e.g.,
owne ship s uc u e, go e nance, o en i onmen al egula ions) in
he ESG-CFP ela ionship. The heigh ened ci a ions sugges ha ea ly
publica ions on his opic we e highly in luen ial, po en ially es ab-
lishing key amewo ks o models o analyzing mode a ing a i-
ables in ESG/CSR s udies.
2. Declined Ci a ions Despi e G ow h in Publica ions (2021‒2023):
A icle p oduc ion con inued o g ow, peaking in 2022, bu ci a ions
ha e sha ply declined. This sugges s a possible sa u a ion o he
esea ch ield, whe e nume ous s udies a e being published, bu hei
impac (as measu ed by ci a ions) has diminished. I could also
indica e ha subsequen s udies may ocus on mo e niche o speci ic
aspec s o mode a ing a iables, which a e no as widely ci ed as he
ounda ional wo k om ea lie yea s.
3. Dip in A icle P oduc ion and Ci a ions (2023): The d op in bo h
p oduc ion and ci a ions in 2023 migh sugges a le eling o o in-
e es o inno a ion in he ield. Resea che s may be shi ing ocus o
wai ing o mo e subs an ial de elopmen s in mode a ing a iables
be o e u he con ibu ions. I could also mean ha he esea ch
ield is consolida ing, wi h ewe new insigh s being in oduced in
compa ison o he su ge in p io yea s.
The sha p ise in ea ly a icle p oduc ion and ci a ions likely poin s
o he impo ance o explo ing mode a ing a iables in unde s anding
he ESG-CFP ela ionship. These a iables help explain why ESG pe -
o mance may ha e a ied impac s on inancial ou comes depending on
ac o s such as indus y, owne ship, and go e nance s uc u es.
The decline in ci a ions in ecen yea s sugges s ha u u e s udies
need o explo e new o unde explo ed mode a ing a iables o pe haps
ake a mo e in e disciplina y app oach o con inue adding alue o he
ESG/CSR-CFP li e a u e. This migh in ol e in eg a ing da a om
di e en egions, indus ies, o i m cha ac e is ics o unco e new
pa e ns.
The sho - e m su ge in a icle p oduc ion (especially in 2022) may
e lec a esponse o ex e nal p essu es (e.g., he pandemic), leading o
mo e s udies in es iga ing how hese ac o s mode a e he ESG-CFP link.
Howe e , he quick decline in ci a ion sugges s ha a clea , dominan
consensus o heo e ical amewo k may s ill be lacking.
In conclusion, while he mode a ing a iables in ESG/CSR-CFP
esea ch expe ienced a spike in schola ly in e es , he declining ci a-
ion end indica es he need o mo e inno a i e app oaches o sus ain
academic in luence in his domain.
In he nex sub-sec ion, we will apply B ad o d’s bibliog aphic laws
o he sample a icles and complemen he analysis using VOS iewe and
Biblioshiny esou ces.
B ad o d’s law and bibliog aphic coupling analysis
Fig. 4 isually summa izes he applica ion o B ad o d’s Law, illus-
a ing he concen a ion o co e jou nals cen al o mode a ing a i-
ables and ESG/CSR-CFP esea ch. Table 3 shows B ad o d’s Law zone
dis ibu ion, whe e Zone 1 includes 7 co e jou nals ha accoun o 37
publica ions, ep esen ing he mos concen a ed sou ces o impac ul
esea ch. Zones 2 and 3 consis o 26 and 35 jou nals, espec i ely, wi h
dec easing equency o publica ions, e lec ing a b oade , less concen-
a ed dis ibu ion o esea ch. This dis ibu ion, gene a ed using Bib-
lioshiny, illus a es he a ying le els o jou nal in luence wi hin he
academic landscape.
The co e zone is composed o se en jou nals: Sus ainabili y wi h 13
a icles, Co po a e Social Responsibili y and En i onmen al Manage-
men wi h 9 a icles, Cogen Business & Managemen wi h 3 a icles,
Finance Resea ch Le e s wi h 3 a icles, Jou nal o Asian Finance Eco-
nomics and Business wi h 3 a icles, Jou nal o Sus ainable Finance &
In es men wi h 3 a icles and Managemen Decision wi h 3 a icles.
Table 4 u he b eaks down he annual scien i ic p oduc ion and
ci a ions by sou ce, allowing o a mo e de ailed analysis o he mos
in luen ial jou nals in he ield.
Fig. 5 displays he bibliog aphic coupling map gene a ed by VOS-
iewe . I e eals he clus e ing o jou nals ha sha e simila esea ch
agendas and ci a ion pa e ns. The colo o he nodes co esponds o he
g oups o med by a se o jou nals, wi h h ee clus e s iden i ied.
The Red Clus e ocuses on he b oad, c oss-indus y e ec s o CSR
and ESG p ac ices, highligh ing how comp ehensi e ESG sco es and
de ailed CSR disclosu es in luence inancial me ics such as Tobin’s Q,
Re u n on Asse s (ROA), and mis alua ion measu es. Bo inge e al.
(2022) demons a e ha highe CSR sco es a e associa ed wi h educed
mis alua ion and enhanced i m alue, indica ing ha he ma ke be e
alues i ms wi h obus CSR p ac ices. Addi ionally, Rashid e al.
(2020) explo e he mode a ing e ec o CEO powe on he ela ionship
be ween CSR disclosu es and i m pe o mance, inding ha s onge
CEO powe can nega i ely impac he anspa ency o CSR disclosu es,
which, in u n, a ec s i m alua ion. S eep iya e al. (2023) u he
in es iga e he ole o Global Repo ing Ini ia i e (GRI) compliance as a
mode a ing a iable, e ealing ha adhe ence o GRI s anda ds signi -
ican ly enhances he impac o sus ainabili y disclosu es on i m alue.
These s udies collec i ely unde sco e he impo ance o in eg a ing ESG
ac o s in o business s a egies and main aining anspa ency in sus-
ainabili y e o s o d i e inancial success and ma ke con idence.
The Blue Clus e examines sec o -speci ic impac s o CSR p ac ices,
pa icula ly wi hin indus ies such as ou ism and ene gy. This clus e
explo es how CSR ac i i ies, especially hose ela ed o en i onmen al
sus ainabili y and social go e nance, a ec inancial pe o mance me -
ics such as Ne In e es Ma gin (NIM), ROA, and Tobin’s Q. Ja eed and
Le en (2019) highligh he posi i e impac o CSR on inancial pe o -
mance in he ene gy sec o , pa icula ly h ough en i onmen al sus-
ainabili y ini ia i es ha enhance i m alue and p o i abili y.
Simila ly, Nagalingam e al. (2022) analyzed he ou ism sec o and
ound ha companies wi h s ong CSR p ac ices in en i onmen al and
communi y engagemen expe ienced highe inancial e u ns. Alani and
Makhlou (2023) add o his pe spec i e by examining how owne ship
s uc u es, such as s a e-owned e sus p i a e i ms, mode a e he
ela ionship be ween CSR and inancial pe o mance, wi h s a e-owned
i ms bene i ing mo e om CSR ac i i ies in eme ging ma ke s. These
indings sugges ha ailo ed CSR s a egies ha align wi h
sec o -speci ic dynamics and egula o y en i onmen s can maximize
Table 2
Annual scien i ic p oduc ion o e he yea s and a e age ci a ions pe yea .
Yea Annual Scien i ic P oduc ion A e age Ci a ions Pe Yea
2019 10 27,9
2020 14 49,79
2021 22 29,36
2022 38 13,63
2023 24 4,17
Sou ce: Biblioshiny.
M.A.R. Ca dillo and L.F.C. Basso
Jou nal o Inno a ion & Knowledge 10 (2025) 100648
15
inancial e u ns, pa icula ly in indus ies ha ace high public and
egula o y sc u iny.
A las , in he G een Clus e , he ocus shi s o a mo e nuanced
explo a ion o CSR and ESG ini ia i es wi hin speci ic con ex s, such as
ood sa e y and inance, emphasizing he s a egic alignmen o hese
ini ia i es wi h co po a e goals. Jihadi e al. (2021) examine he ood
indus y and ind ha inancial a ios (e.g., liquidi y and le e age)
mode a e he impac o CSR ac i i ies on i m alue, wi h i ms pos-
sessing highe liquidi y and lowe le e age be e posi ioned o le e age
CSR o inancial gains. B ooks e al. (2020) in es iga e he inance
sec o and e eal ha i ms adop ing di e en ia ion s a egies bene i
mo e om CSR ini ia i es in e ms o p o i abili y and i m alue,
highligh ing he impo ance o aligning CSR e o s wi h a i m’s s a-
egic objec i es. Naseem e al. (2019) u he explo e he mode a ing
ole o inancial a ios in he CSR- inancial pe o mance ela ionship
ac oss a ious indus ies in eme ging ma ke s, inding ha high le e age
can dampen he posi i e e ec s o CSR on i m alue. This clus e em-
phasizes he need o i ms o ca e ully conside hei s a egic posi-
ioning, inancial heal h, and ma ke en i onmen when designing and
implemen ing CSR and ESG s a egies o ensu e maximum inancial and
compe i i e gains.
In he nex sub-sec ion, we will apply Lo ka’s Law and Bibliog aphic
Coupling Analysis o he sample a icles and complemen he analysis
using VOS iewe and Biblioshiny esou ces.
Lo ka’s law and bibliog aphic coupling analysis
Table 5 applies Lo ka’s Law o analyze au ho p oduc i i y, showing
he ela ionship be ween he numbe o au ho s and publica ions in
mode a ing a iables and he ESG/CSR-CFP esea ch ield. I illus a es
a ypical dis ibu ion pa e n o au ho ship in academic li e a u e, whe e
a ew au ho s a e highly p oli ic, while he majo i y con ibu e only
occasionally.
In his da ase , 296 au ho s w o e only 1 documen each — ac-
coun ing o 95.2 % o he o al — e lec ing a la ge pool o in equen
con ibu o s. A smalle g oup o 14 au ho s — ep esen ing 4.5 % —
w o e 2 documen s each, showing mode a e p oduc i i y. Finally, a
single au ho w o e h ee documen s, showcasing he high p oduc i i y
ha B ad o d’s Law p edic s o a “co e” g oup o au ho s who
con ibu e mos signi ican ly o li e a u e. This pa e n con i ms he
law’s p inciple ha a ew au ho s gene a e mos publica ions in any
ield, highligh ing he une en dis ibu ion o scien i ic ou pu . Fig. 6
illus a es au ho p oduc i i y by Lo ka’s Law, highligh ing he disp o-
po iona e con ibu ion o a ew highly p oli ic au ho s.
The VOS iewe so wa e pe mi s he c ea ion o maps based on
bibliog aphic da a. We applied he bibliog aphic coupling analysis
Fig. 4. G aphic esume o he B ad o d’s Law; gene a ed by Biblioshiny.
Table 3
B ad o d’s law zone dis ibu ion.
Zone To al o Jou nals To al_F equency Cumula i e_F equency
Zone 1 7 37 37
Zone 2 26 36 73
Zone 3 35 35 108
Sou ce: Biblioshiny.
Table 4
Annual scien i ic p oduc ion and a e age ci a ions pe yea .
Sou ce Documen s Ci a ions
Sus ainabili y 13 155
Co po a e Social Responsibili y and En i onmen al
Managemen
9 259
Cogen Business & Managemen 3 56
Finance Resea ch Le e s 3 87
Jou nal o Asian Finance Economics and Business 3 40
Jou nal o Sus ainable Finance & In es men 3 11
Managemen Decision 3 57
Re iew o Manage ial Science 3 68
Sou ce: Biblioshiny.
Fig. 5. Bibliog aphic coupling map by sou ces (Jou nals); gene a ed
by VOS iewe .
Table 5
Au ho ’s p oduc i i y h ough Lo ka’s law.
Documen s W i en N◦o Au ho s P opo ion o Au ho s
1 296 0.952
2 14 0.045
3 1 0.003
Sou ce: Biblioshiny.
M.A.R. Ca dillo and L.F.C. Basso
Jou nal o Inno a ion & Knowledge 10 (2025) 100648
16
based on he sha ed e e ences. Fig. 7 shows he bibliog aphic coupling
map o a icles, iden i ying key clus e s and he in ellec ual s uc u e o
he ield as de e mined by sha ed e e ences. We iden i ied i e esea ch
clus e s: yellow, g een, blue, ed, and pu ple. Each one is based on he
sha ed bibliog aphic e e ences.
In examining he dynamics o CSR and i s impac on inancial pe -
o mance, he Yellow Clus e p ima ily ocuses on how CSR disclosu es
in luence ma ke pe cep ions and i m alue. Resea ch in his clus e (e.
g., Bo inge e al., 2022) highligh s ha anspa ency in CSR p ac ices
signi ican ly enhances in es o con idence and educes in o ma ion
asymme y, leading o imp o ed inancial pe o mance. Bo inge e al.
(2022) ound ha i ms wi h obus CSR epo ing o en enjoy highe
ma ke alua ions, especially in egions wi h s ingen egula o y
amewo ks and high s akeholde expec a ions. Mode a ing a iables
such as i m size, indus y ype, and CEO cha ac e is ics is also c i ical.
Fo example, Rashid e al. (2020) show ha la ge i ms bene i mo e
om CSR disclosu es due o hei g ea e isibili y and sc u iny om
in es o s and egula o s. In con as , Bu e al. (2020) demons a e ha
i ms in highly egula ed o consume - acing indus ies, whe e public
sc u iny is in ense, see enhanced inancial ou comes om engaging in
isible CSR ac i i ies. Mo eo e , he powe dynamics wi hin i ms (e.g.,
he in luence o a s ong CEO) can di ec he s a egic ocus o CSR e -
o s, aligning hem mo e closely wi h ma ke expec a ions and he eby
ampli ying hei posi i e impac on i m alue. These indings unde -
sco e he impo ance o conside ing bo h in e nal and ex e nal ac o s
when e alua ing he inancial bene i s o CSR ac i i ies.
The G een Clus e del es in o he in eg a ion o ESG c i e ia in o
business s a egies and hei subsequen impac on i m alue and
Fig. 6. Au ho p oduc i i y h ough Lo ka’s Law; gene a ed by Biblioshiny.
Fig. 7. Bibliog aphic coupling a icles map; gene a ed by VOS iewe .
M.A.R. Ca dillo and L.F.C. Basso
Jou nal o Inno a ion & Knowledge 10 (2025) 100648
17
inancial s abili y. S udies wi hin his clus e , such as hose by S eep iya
e al. (2023), demons a e ha i ms e ec i ely in eg a ing ESG p ac-
ices in o hei ope a ions end o pe o m be e in e ms o ma ke
alua ion and inancial esilience. S eep iya e al. (2023) ound ha
adhe ence o ecognized sus ainabili y s anda ds (e.g., GRI) inc eases a
i m’s c edibili y and us among in es o s, which can enhance inan-
cial ou comes. Simila ly, Nisa Ahmad e al. (2021) emphasize ha he
inancial bene i s o ESG p ac ices a e mode a ed by economic condi-
ions and ma ke ma u i y. In de eloped ma ke s, whe e go e nance
s uc u es a e obus and in es o sen imen a o s sus ainabili y, i ms
wi h high ESG sco es a e mo e likely o a ac ins i u ional in es o s
and achie e highe alua ions. Con e sely, Jihadi e al. (2021) poin ou
ha in eme ging ma ke s, whe e ESG p ac ices a e s ill e ol ing, he
impac on i m alue may be less p onounced bu is gaining ac ion as
awa eness and egula o y suppo inc ease. These s udies collec i ely
highligh ha while ESG in eg a ion gene ally boos s i m alue, he
ex en o i s impac is in luenced by ma ke -speci ic ac o s and he
b oade economic con ex .
The Blue Clus e ocuses on iden i ying and analyzing he mode -
a ing a iables ha in luence he ou comes o ESG and CSR ini ia i es on
inancial pe o mance. This clus e emphasizes ha he e ec i eness o
hese ini ia i es is no uni o m and depends hea ily on a ange o i m-
speci ic cha ac e is ics and ex e nal ac o s. Fo example, B ooks e al.
(2022) show ha la ge i ms o en see g ea e bene i s om hei ESG
and CSR ac i i ies due o hei highe isibili y and he g ea e sc u iny
hey ecei e om in es o s and he public. Simila ly, Vuong (2022)
highligh s he c ucial ole o audi i m enu e; i ms wi h longe audi
ela ionships may p esen mo e c edible ESG disclosu es, which en-
hances hei ma ke alua ion. Chang e al. (2019) add ano he laye by
examining he impac o media eedom, inding ha in ma ke s wi h
highe media eedom, CSR disclosu es lead o imp o ed i m alue due
o inc eased public sc u iny. These s udies unde sco e he impo ance o
unde s anding he speci ic con ex s in which ESG and CSR ac i i ies a e
deployed, as he in e play o hese mode a ing a iables can signi i-
can ly al e hei impac on inancial pe o mance.
The Red Clus e explo es he in eg a ion o ESG c i e ia in o inancial
pe o mance me ics and i s e ec on o e all i m pe o mance, pa ic-
ula ly du ing pe iods o economic ola ili y. Wang (2023) sugges s ha
i ms ha inco po a e ESG conside a ions in o hei s a egic manage-
men and inancial planning a e be e posi ioned o na iga e ma ke
luc ua ions and main ain s able pe o mance. Fo ins ance, in eg a ing
ESG c i e ia in o inancial planning can enhance a i m’s esilience and
adap abili y in ola ile ma ke s, leading o mo e sus ainable long- e m
g ow h (Wang, 2023). This in eg a ion is pa icula ly bene icial in in-
dus ies acing equen dis up ions, whe e ESG-d i en s a egies help
i ms manage isks and seize oppo uni ies mo e e ec i ely. E-Vahda i
(2023) u he explo es his heme by examining how ESG in eg a ion
os e s inancial inno a ion, ocusing on he de elopmen o new me ics
o measu ing sus ainabili y impac s. The ole o economic cycles as a
mode a ing a iable is also c ucial; du ing economic down u ns, Albu-
que que (2020) ound ha i ms wi h s ong ESG p ac ices end o
pe o m be e because hei ocus on sus ainabili y and e hical p ac ices
os e s g ea e us and con idence among s akeholde s, he eby, s a-
bilizing hei inancial pe o mance.
Finally, he Pu ple Clus e comp ises niche s udies ocusing on he
unique impac s o ESG conside a ions wi hin speci ic sec o s o unde
unique ma ke condi ions. This clus e emphasizes ha he inancial
impac o ESG ac i i ies can a y signi ican ly depending on sec o -
speci ic dynamics and ma ke ma u i y. Fo ins ance, Zhou e al.
(2021) in es iga ed he banking sec o and ind ha i ms engaging in
esponsible lending and p omo ing inancial inclusion see enhanced
epu a ional bene i s and educed isk, leading o imp o ed inancial
pe o mance. Simila ly, in he eal es a e sec o , Sebas iano Cupe ino
e al. (2021) show ha i ms p io i izing sus ainable building p ac ices
and ene gy e iciency a ac en i onmen ally conscious in es o s,
he eby, boos ing hei ma ke alua ion. Ali Uya e al. (2022) explo ed
he ou ism sec o , demons a ing ha s a egic o ien a ions (cos
leade ship s. di e en ia ion) signi ican ly a ec CSR pe o mance.
These s udies highligh he impo ance o ailo ing ESG s a egies o i
he speci ic needs and condi ions o di e en sec o s, as well as he
a ying le els o ma ke ma u i y, o op imize hei impac on inancial
pe o mance.
In he nex sub-sec ion, we will apply Keywo d Analysis o he
sample a icles using VOS iewe esou ces.
Keywo d analysis (Co-Occu ence analysis)
Keywo d analysis using VOS iewe is a aluable bibliome ic
app oach ha iden i ies key esea ch hemes and ends by examining
he co-occu ence o keywo ds wi hin academic publica ions. By con-
s uc ing co-occu ence ne wo ks, VOS iewe isually maps how
equen ly speci ic keywo ds appea oge he in he same documen s,
e ealing clus e s o ela ed concep s. This helps esea che s iden i y
co e opics, eme ging ends, and po en ial esea ch gaps wi hin a ield.
Addi ionally, he s eng h o he connec ions be ween keywo ds o e s
insigh s in o he ela ionships be ween di e en esea ch a eas, guiding
u u e esea ch di ec ions and suppo ing in e disciplina y explo a ion.
VOS iewe is widely used in sys ema ic e iews and esea ch planning
due o i s abili y o quan i y and isualize he in ellec ual s uc u e o a
domain e ec i ely.
Fig. 8 p esen s a VOS iewe -gene a ed keywo d co-occu ence map
depic ing he majo hemes and concep ual linkages wi hin he li e a-
u e. We analyzed he i e clus e s ha we e au oma ically iden i ied
based on he keywo ds sha ed by a icles.
The Red Clus e ocuses on CSR’s impac on managemen s a egies
and inancial ou comes, g ounded in S akeholde Theo y and Sha e-
holde Value Maximiza ion. Bo inge e al. (2022) explo e how CSR
ini ia i es can enhance ma ke e iciency and i m alue, using inancial
me ics such as Tobin’s Q. Thei indings align wi h S akeholde Theo y,
sugges ing ha CSR ac i i ies ca e o a b oade ange o s akeholde s,
he eby, imp o ing ma ke pe cep ions and, subsequen ly, inancial
pe o mance. Simila ly, Cho and Tsang (2020) in es iga e how aligning
CSR wi h p oduc s a egies, such as cos leade ship o di e en ia ion,
enhances a i m’s inancial pe o mance. The esea ch suppo s he idea
ha CSR, when in eg a ed in o s a egic business ope a ions, can
signi ican ly boos i m alue, especially when ex e nal ma ke sen i-
men owa d sus ainabili y is a o able.
The Blue Clus e del es in o he in e play be ween inancial pe o -
mance, co po a e go e nance, and CSR, wi h a ounda ion in Agency
Theo y and S akeholde Theo y. Rashid e al. (2020) examined how CEO
powe mode a es he ela ionship be ween CSR and inancial pe o -
mance, e ealing ha s onge go e nance mechanisms can enhance he
posi i e e ec s o CSR on he i m alue measu ed by Tobin’s Q. This
inding aligns wi h Agency Theo y, which posi s ha e ec i e go e -
nance can mi iga e agency p oblems and ensu e ha CSR ac i i ies a e
aligned wi h sha eholde in e es s. Guo e al. (2020) u he explo e his
dynamic, inding ha go e nance s uc u es, such as boa d size and
independence, signi ican ly in luence how CSR ini ia i es ansla e in o
i m alue, unde sco ing he impo ance o obus go e nance ame-
wo ks in maximizing he inancial bene i s o CSR.
The G een Clus e emphasizes sus ainabili y s a egies and hei
impac on pe o mance me ics, d awing on Signaling Theo y and
Legi imacy Theo y. Vuong (2022) examines how in es o sen imen
owa d CSR a ec s inancial pe o mance, highligh ing ha posi i e
in es o sen imen can signi ican ly boos inancial ou comes. This
suppo s Signaling Theo y, which sugges s ha companies engaging in
CSR signal hei commi men o e hical p ac ices, he eby, a ac ing
posi i e in es o a en ion. Chang e al. (2020) in es iga ed he
mode a ing ole o media eedom on he CSR- inancial pe o mance
ela ionship, demons a ing ha g ea e media eedom ampli ies he
posi i e impac o CSR on inancial ou comes. This aligns wi h Legi i-
macy Theo y, which posi s ha o ganiza ions s i e o ope a e wi hin
M.A.R. Ca dillo and L.F.C. Basso
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18
he no ms and alues o hei social en i onmen o main ain legi imacy.
The Yellow Clus e ocuses on isk managemen , sha eholde alue,
and hei de e minan s, unde pinned by Risk Managemen Theo y and
Agency Theo y. Leopizzi (2023) examines how CSR ini ia i es a ec
i m alue in he con ex o a ious isk managemen s a egies, inding
ha e ec i e isk managemen enhances he posi i e e ec s o CSR on
i m alue. S eep iya e al. (2023) discuss he ole o GRI compliance as a
mode a ing ac o in he CSR- inancial pe o mance link, emphasizing
he impo ance o anspa ency and isk mi iga ion. These indings
sugges ha companies ha in eg a e obus isk managemen p ac ices
and adhe e o sus ainabili y epo ing s anda ds a e be e posi ioned o
maximize he inancial bene i s o CSR.
The Pu ple Clus e explo es go e nance issues, owne ship s uc u es,
and legi imacy conce ning CSR and inancial pe o mance, d awing
om Agency Theo y and S akeholde Theo y. B ooks e al. (2020)
analyzed he ela ionship be ween audi i m enu e and CSR, demon-
s a ing ha longe audi i m enu e, combined wi h obus CSR p ac-
ices, enhances i m alue. Ja eed and Le en (2019) examine how
di e en owne ship s uc u es impac he CSR- inancial pe o mance
ela ionship, e ealing ha i ms wi h di e se owne ship s uc u es a e
be e able o capi alize on CSR ini ia i es. These s udies unde sco e he
impo ance o go e nance mechanisms in mode a ing he impac o CSR
ac i i ies on i m alue, sugges ing ha in e nal go e nance ac o s play
a c ucial ole in shaping CSR e ec i eness.
Finally, he Cyan Clus e examines ESG c i e ia, pa icula ly en i-
onmen al pe o mance, and hei inancial implica ions, guided by he
RBV and Ins i u ional Theo y. Ahmad e al. (2021) e isi he impac o
ESG on inancial pe o mance, highligh ing ha en i onmen al pe o -
mance has a pa icula ly s ong impac on inancial me ics such as ROA
and s ock e u ns. Naseem e al. (2019) discuss how adi ional inancial
me ics such as liquidi y and le e age mode a e he impac o ESG e -
o s on o e all inancial pe o mance, indica ing ha companies wi h
heal hie inancial posi ions a e be e posi ioned o bene i om ESG
in es men s. These indings sugges ha i ms wi h solid inancial
ounda ions can mo e e ec i ely le e age hei ESG ini ia i es o
imp o e inancial ou comes.
Mode a ing a iables analysis
Based on he equen coun analysis o he 108 a icles, we iden i ied
he mos common mode a ing a iables a play in he ESG/CSR-CFP
esea ch. Table 6 p o ides a de ailed classi ica ion o he a icles
based on he p ima y mode a ing a iables iden i ied. This ca ego iza-
ion highligh s c i ical ac o s such as audi i m enu e, audi quali y,
boa d cha ac e is ics, and CEO cha ac e is ics, equen ly examined o
assess hei mode a ing e ec s on he ESG/CSR-CFP ela ionship.
Fig. 9 p esen s a equency coun o hese mode a ing a iables,
highligh ing which ac o s ha e been mos examined in ecen s udies.
This isualiza ion helps o unde sco e he impo ance o speci ic
mode a ing a iables, such as boa d and i m cha ac e is ics, in shaping
he ESG/CSR-CFP dynamic. The i e mos equen mode a ing a iables
in luencing he ela ionship be ween ESG/CSR measu es and CFP a e
Boa d Cha ac e is ics, Fi m Cha ac e is ics, Owne ship S uc u e, Social
In luence, Indus y Cha ac e is ics, and CEO Cha ac e is ics. These ca e-
go ies collec i ely ep esen he mos s udied mode a o s shaping he
impac o sus ainabili y p ac ices on inancial ou comes.
Boa d Cha ac e is ics a e he mos equen mode a ing a iables,
accoun ing o 19.3 % o he o al occu ences. This ca ego y includes
elemen s such as boa d size, di e si y, independence, and he p esence
o sus ainabili y commi ees. The boa d’s composi ion and s uc u e
signi ican ly in luence a company’s s a egic di ec ion, especially con-
ce ning ESG and CSR ini ia i es. A well-composed boa d, cha ac e ized
by di e si y and independence, is be e equipped o o e see and sup-
po sus ainabili y p ac ices ha align wi h long- e m sha eholde alue.
S ong go e nance amewo ks p o ided by he boa d can enhance he
c edibili y and e ec i eness o ESG/CSR s a egies, hus, posi i ely
impac ing inancial pe o mance.
Simila ly, Fi m Cha ac e is ics make up 17.4 % o he mode a ing
a iables, e lec ing hei subs an ial in luence. This ca ego y includes
ac o s such as i m size, age, p o i abili y, le e age, and ope a ional
e iciency, which a ec a i m’s abili y o implemen and bene i om
ESG and CSR ini ia i es. Fo example, la ge i ms o en ha e mo e e-
sou ces and capabili ies o in es in comp ehensi e sus ainabili y p o-
g ams, while i ms wi h high le e age may ace inancial cons ain s ha
limi hei abili y o engage in CSR ac i i ies. The p ominence o i m
Fig. 8. Keywo d Map; gene a ed by VOS iewe .
M.A.R. Ca dillo and L.F.C. Basso
Jou nal o Inno a ion & Knowledge 10 (2025) 100648
19
cha ac e is ics as a mode a o unde sco es he impo ance o unde -
s anding company-speci ic ai s when assessing he inancial impac s o
sus ainabili y e o s.
Owne ship S uc u e also plays a c i ical ole, accoun ing o 7.3 % o
he o al mode a ing a iables. This ca ego y includes aspec s such as
owne ship concen a ion, ins i u ional owne ship, amily owne ship,
and sha eholde ac i ism. Di e en owne ship s uc u es can in luence a
i m’s s a egic p io i ies and openness o adop ing ESG and CSR mea-
su es. Fo ins ance, i ms wi h concen a ed owne ship, such as hose
domina ed by a ew la ge sha eholde s, migh p io i ize long- e m sus-
ainabili y i i aligns wi h he owne s’ p e e ences and objec i es.
Con e sely, i ms wi h dispe sed owne ship migh expe ience chal-
lenges in achie ing consensus on sus ainabili y s a egies, po en ially
impac ing hei inancial bene i s om ESG and CSR ini ia i es. The high
equency o owne ship s uc u e as a mode a o highligh s i s ole in
shaping co po a e go e nance and s a egic decision-making.
In addi ion o go e nance- ela ed ac o s, Social In luence ep esen s
5.5 % o he mode a ing a iables. This ca ego y cap u es he impac o
socie al expec a ions, cul u al no ms, and s akeholde p essu es on a
company’s ESG and CSR p ac ices. Fac o s such as communi y engage-
men , social esponsibili y p essu es om cus ome s and in es o s, and
media a en ion signi ican ly in luence co po a e beha io . Companies
ha e ec i ely espond o social p essu es o en expe ience enhanced
epu a ion, cus ome loyal y, and, consequen ly, imp o ed inancial
pe o mance. The p esence o social in luence as a equen mode a o
emphasizes i s impo ance in d i ing co po a e sus ainabili y s a egies
and ou comes.
Indus y Cha ac e is ics a e also p ominen , iden i ied as mode a ing
a iables in 4.6 % o he cases. This ca ego y includes sec o -speci ic
dynamics, egula o y equi emen s, compe i i e in ensi y, and ma ke
ma u i y. Ce ain indus ies, such as ene gy, mining, and
manu ac u ing, ace highe egula o y sc u iny and socie al expec a ions
due o hei en i onmen al impac . Fi ms in hese sec o s may need o
adop mo e obus ESG s a egies o comply wi h egula ions and
main ain hei social license o ope a e. Con e sely, i ms in less-
egula ed indus ies migh no expe ience he same le el o p essu e,
leading o a ied inancial impac s o hei sus ainabili y ini ia i es. The
equency o his mode a o unde sco es he signi ican ole o indus y
con ex in de e mining he inancial implica ions o ESG and CSR
ac i i ies.
Finally, CEO Cha ac e is ics also accoun o 4.6 % o he mode a ing
a iables. This ca ego y includes ac o s such as CEO powe , enu e,
e hical o ien a ion, and leade ship s yle. The CEO’s ision and
commi men o sus ainabili y can signi ican ly in luence a i m’s s a-
egic di ec ion and he e ec i eness o i s ESG/CSR ini ia i es. A CEO
who p io i izes e hical go e nance and sus ainabili y is likely o os e a
co po a e cul u e ha alues long- e m success o e sho - e m gains,
which can enhance a i m’s epu a ion and inancial s abili y. The
equen men ion o CEO cha ac e is ics as a mode a ing a iable un-
de sco es he c i ical in luence o execu i e leade ship on he success o
sus ainabili y ini ia i es.
In conclusion, he a o emen ioned mode a ing a iables collec i ely
accoun o a signi ican po ion o he da ase . These a iables highligh
he complex in e play be ween go e nance, leade ship, social p essu es,
indus y-speci ic con ex s, and owne ship dynamics in shaping he
inancial ou comes o ESG and CSR ini ia i es. Unde s anding hese
mode a o s is c ucial o businesses looking o op imize hei sus ain-
abili y s a egies and enhance inancial pe o mance.
Sys ema ic e iew
Following he p oposed classi ica ion amewo k by Junio and
Godinho Filho (2010), Van Kampen e al. (2012), and Jabbou (2013),
we applied a codi ica ion sys em and a equency coun analysis o
iden i y esea ch gaps. We conduc ed a comp ehensi e e iew and
analysis o 108 selec ed a icles, subsequen ly ca ego izing hem based
on hei speci ica ions. Table 7 p o ides a comple e ca ego iza ion ma-
ix o a icles based on he classi ica ion and coding amewo k. This
classi ica ion endea o acili a es a cohe en comp ehension and anal-
ysis o he knowledge and me hodologies in he selec ed pape s.
In he ollowing subsec ions, we discuss he esul s o he se en
ca ego ies p o ided by he ca ego iza ion ma ices, iden i ying he
exis ing knowledge base and he gaps in i ha equi e u he s udies.
We g aphically show he a iable’s dis ibu ion o each ca ego y,
p o iding an easy iew o how he knowledge has been explo ed in he
Table 6
Mode a ing a iable classi ica ion.
Mode a o Re s.
Audi Fi m Tenu e B ooks e al. (2020), B ooks e al. (2022).
Audi Quali y Dakhli (2022), Fuadah e al. (2022)
Boa d Cha ac e is ics Rossi e al. (2021), Albi a e al. (2020),
Chijoke-Mgbame e al. (2020), Ka im e al. (2020),
Lee (2021), Li e al. (2022), Sampong e al. (2021),
Ahmad e al. (2023), Peko ic and Vog (2021), Shakil
e al. (2022), Kahloula e al. (2022), Al-Shamma i
e al. (2023), Ni ino e al. (2022), Nekhili e al.
(2021), B ine e e al. (2023), Shakil (2021),
E-Vahda i e al. (2023), Ooi e al. (2022), Yeon e al.
(2021), Bu e al. (2020).
CEO Cha ac e is ics Gha dallou (2022), Pham and T an (2020), Almulhim
and Aljughaiman (2023), Vel e (2020), Oka o e al.
(2023).
Compe i i e En i onmen Rasheed and Ahmad (2022), Bashi (2022).
Cul u al Fac o s Shi and Veens a (2021), Le e al. (2023), DasGup a
and Roy (2023), Liu e al. (2023).
Sus ainabili y Indica o s Chen and Xie (2022), G assmann (2021), Zhou e al.
(2021).
Economic Indica o s Al alih (2022).
Financial Aspec s Saadaoui and Ben Salah (2023), Coleman and Wu
(2021), Ryu (2019).
Financial Flexibili y Guo e al. (2020)
Fi m Cha ac e is ics Ja ed e al. (2020), Dkhili (2023), Akben-Selcuk
(2019), Machmuddah e al. (2020), Ting (2021),
Handaya i e al. (2022), Shakil (2022), Jiang e al.
(2020), Wi awan e al. (2020), (Wang e al., 2023),
Alsho man e al. (2022), Aqabna e al. (2023),
Espinosa-M´
endez, Maquiei a and A ias (2023),
D’Ama o and Fali ena (2020), Abdi e al. (2022),
S´
anchez-In an e He n´
andez e al. (2020), Al-Dah
(2019), Naseem e al. (2019), Ahmad e al. (2021).
Fi m S a egy Uya e al. (2023)
G ow h and Ma ke -Based
Asse s
de la Fuen e e al. (2022), Lin e al. (2020).
Indus y Cha ac e is ics Jeong (2021), Wang (2022), Jia (2020), Qu eshi e al.
(2020), Kaupke and zu Knyphausen-Au seß (2023),
Bui & Bui (2021)
In e na ionaliza ion .Sang e al. (2022)
Ma ke Sen imen Bo inge e al. (2022), Heyden and Rock (2022),
Vuong (2022).
Ma ke ing and Media Sun e al. (2019), Fu e al. (2022), Chang e al. (2019).
O he Wen e al. (2022), Asan e-Appiah and Lambe
(2023), Boulhaga e al. (2023), Cupe ino e al.
(2021).
Owne ship S uc u e Ang e al. (2022), Chi e al. (2022), Muda e al.
(2019), Ali e al. (2019), Bui and Bui (2021), Bai
(2022), Ras ogi e al. (2023), Ta ighi e al. (2022).
Poli ical and Go e nance
Fac o s
Huang (2022), Lee and Li (2022).
P oduc and S a egic
Managemen
Cho and Tsang (2020).
R&D In es men Al-Shamma i e al. (2022), Duan e al. (2023).
Regula o y En i onmen Fo gione e al. (2020).
Social In luence Khan e al. (2023), Ga el e al. (2022), Owa e and
Mallika junappa (2022), Zhao e al. (2022),
Gallego-´
Al a ez and Puche a-Ma ínez (2022),
Bi ulco e al. (2023).
Social Ties Jang e al. (2019).
S akeholde In luence Rashid e al. (2020), Tsang e al. (2022).
Tax and Regula ion Tasnia e al. (2021).
Technology and Inno a ion Chouaibi and Chouaibi (2021).
Sou ce: P oduced by Au ho s.
M.A.R. Ca dillo and L.F.C. Basso
Jou nal o Inno a ion & Knowledge 10 (2025) 100648
20
sample a icles. We iden i ied he 20 mos ep esen a i e gaps. Each gap
is iden i ied by he le e “G” and he numbe s 1 o 20 in highligh ed ex
o ma o easy iden i ica ion.
Financial pe o mance esea ch gaps
This classi ica ion ca ego y was s uc u ed o lis he selec ed a icles
acco ding o hei Financial Pe o mance Measu e. Fig. 10 depic s he
pe cen age dis ibu ion o hese inancial pe o mance ca ego ies, indi-
ca ing ha Ca ego y 1A, which includes alua ion me ics such as
Tobin’s Q and ma ke - o-book a io, accoun s o he highes p opo ion
a 51.06 %. This sugges s a p edominan ocus on ma ke -based pe -
o mance measu es in he li e a u e ha is pa icula ly ele an o
assessing he impac o ESG and CSR ini ia i es, which a e gene ally
designed o enhance long- e m alue a he han immedia e inancial
e u ns (Ve ma & Mukh a uddin, 2023; Wagne , 2011).
P o i abili y me ics (1B), including ROA, e u n on equi y (ROE),
and ne p o i ma gin, ep esen ano he signi ican a ea o ocus,
making up 34 % o he s udies. Fo example, Wagne (2011) shows ha
socially esponsible p ac ices can enhance p o i abili y by d i ing
ope a ional e iciencies, educing cos s, and os e ing cus ome loyal y.
Howe e , he impac o mode a ing a iables such as co po a e go e -
nance s uc u es and egula o y en i onmen s in his ela ionship is less
explo ed, indica ing an a ea o u he esea ch. Unde s anding hese
mode a ing e ec s could p o ide deepe insigh s in o op imizing
inancial ou comes h ough ESG p ac ices.
Risk managemen me ics (1C) a e ano he c i ical ye unde ep e-
sen ed a ea in ESG esea ch, cons i u ing less han 5 % o he s udies.
These me ics, which include c edi isk, ola ili y, and be a, a e
essen ial o assessing how ESG and CSR ini ia i es con ibu e o
inancial isk mi iga ion. The sys ema ic e iew by Ve ma and Mukh-
a uddin (2023) unde sco es he limi ed explo a ion o hese me ics,
pa icula ly in how di e en mode a ing a iables (e.g., geog aphic
loca ion and indus y-speci ic isks), in luence he e ec i eness o ESG
p ac ices in educing inancial isks. This gap sugges s a need o mo e
ocused esea ch on he ole o ESG in enhancing inancial esilience.
G1: Explo e isk me ics such as c edi isk, ola ili y, and be a
sys ema ic isk in upcoming a icles
Inno a ion me ics (1D), including R&D expendi u e and pa en
coun s, a e also no ably unde ep esen ed in he li e a u e, ep esen ing
only 0.71 % o he s udies. These me ics a e c ucial o assessing he
ole o ESG and CSR ini ia i es in d i ing inno a ion wi hin i ms. The
limi ed ocus on inno a ion sugges s a gap in explo ing how sus ain-
abili y p ac ices con ibu e o long- e m inancial pe o mance h ough
inno a ion, pa icula ly when mode a ed by ac o s such as indus y
inno a ion a es and access o sus ainable echnologies. The wo k by
Ba olacci e al. (2020) highligh s he need o mo e esea ch o un-
de s and he b oade implica ions o ESG on inno a ion.
G2: Explo e inno a ion me ics in u u e a icles, such as R&D
expendi u es and pa en coun s
Eme ging inancial pe o mance indica o s (1E), such as hose
ela ed o s akeholde alue c ea ion and in angible asse s, a e gaining
impo ance as in eg a ed epo ing amewo ks such as he GRI become
mo e widely adop ed. Common a iables in his ca ego y include b and
alue, employee sa is ac ion, and cus ome loyal y. The absence o
ex ensi e esea ch on To al Sha eholde Re u n (TSR) in he con ex o
ESG and CSR ini ia i es ep esen s a signi ican gap in he cu en
li e a u e. TSR is a key indica o o o e all sha eholde alue, combining
bo h capi al gains and di idends, and emains unde examined. This gap
is no ewo hy because TSR di ec ly e lec s he inancial bene i s
deli e ed o sha eholde s o e ime, making i a c ucial measu e o how
ESG and CSR e o s ansla e in o angible e u ns o in es o s.
Ma ke pe o mance me ics (1F), such as s ock p ice, ma ke sha e,
and sales g ow h, accoun o 4.26 % o he s udies. These me ics a e
i al o unde s anding he compe i i e ad an ages con e ed by sus-
ainabili y p ac ices. The s udy by Hang e al. (2019) indica es ha s ock
p ice di ec ly e lec s ma ke pe cep ions and in es o sen imen , and
mode a ing ac o s such as ma ke ola ili y and in es o beha io can
signi ican ly in luence i s ela ionship wi h ESG ac i i ies.
The esea ch on alua ion and p o i abili y me ics in he con ex o
ESG and CSR ini ia i es is well-de eloped and suppo ed by obus e -
idence om ecen li e a u e. Howe e , signi ican gaps emain in he
s udy o isk managemen , ma ke pe o mance, inno a ion, and
eme ging inancial pe o mance indica o s, pa icula ly he TSR when
conside ing he e ec s o mode a ing a iables.
G3: Explo e mo e inancial indica o s, such as b and alue,
employee sa is ac ion, cus ome loyal y, and TSR
Fig. 9. Mode a ing a iables equency coun ; gene a ed by Ma plo lib.
M.A.R. Ca dillo and L.F.C. Basso
Jou nal o Inno a ion & Knowledge 10 (2025) 100648
21
Table 7
Ca ego ized a icles based on he classi ica ion and coding amewo k.
Re s. 1 2 3 4 5 6 7
Abdi e al. (2022). 1A 2C/ 2F/ 2B/ 2A 3A 4C/ 4A 5I/ 5A 6B 7A/ 7C
Ahmad e al. (2021). 1A/ 1B 2C/ 2F/ 2B/ 2A 3A 4C/ 4D 5I/ 5E 6B 7B/ 7C
Akben-Selcuk (2019). 1B 2G 3D 4C/ 4D 5I 6B 7B/ 7C
Albi a e al. (2020). 1A 2A 3D 4C/ 4D 5I/ 5A/ 5C 6B 7C
Al-Dah (2019). 1A 2G 3D 4D/ 4F 5I 6B 7B/ 7C
Al alih (2022). 1A/ 1B 2C/ 2F/ 2B/ 2A 3H 4C/ 4D 5I/ 5A 6C 7C
Ali e al. (2019). 1A 2F/ 2G 3C 4C/ 4D 5I/ 5A 6B 7C
Almulhim and Aljughaiman (2023). 1B 2C/ 2F/ 2B/ 2A 3D 4D/ 4C 5I 6C 7B/ 7A/ 7C
Al-Shamma i e al. (2022). 1A 2G 3A 4C/ 4D 5I 6C 7B/ 7C
Al-Shamma i e al. (2023). 1B 2G 3D/ 3A 4D 5I 6B 7B/ 7C
Alsho man e al. (2022). 1C 2C/ 2F/ 2B/ 2A/ 2G 3H 4C 5I 6B 7B/ 7C
Ang e al. (2022). 2E 2C/ 2F/ 2B/ 2A 3E 4C 5G 6C 7B/ 7C
Aqabna e al. (2023). 1A/ 1B 2C/ 2F/ 2B/ 2A/ 2G 3D 4C/ 4D/ 4A 5I/ 5H/ 5C 6C 7B/ 7A/ 7C
Asan e-Appiah and Lambe (2023). 1A/ 1B 2A 3C 4A/ 4C 5I 6B 7B/ 7C
Bai (2022). 1D 2G 3A 4C/ 4D 5I 6B 7C
Bashi (2022). 1A/ 1B 2G/ 2D 3B 4C/ 4D 5D/ 5F 6C 7B/ 7A/ 7C
Bi ulco e al. (2023). 1F 2A 3F 4C/ 4D 5I/ 5A/ 5J 6B 7B/ 7C
Bo inge e al. (2022). 1A 2A 3G/ 3F 4C 5I/ 5J 6C 7B/ 7C
Boulhaga e al. (2023). 1A 2A 3D 4C/ 4D 5I/ 5A 6C 7B/ 7C
B ine e e al. (2023). 1A 2A 3D 4C/ 4D 5A/ 5E 6B 7B/ 7C
B ooks e al. (2020). 1A 2F/ 2A/ 2G 3C 4C 5I/ 5J 6A 7B/ 7C
B ooks e al. (2022). 1A 2A/ 2G 3C 4C/ 4D 5J/ 5F 6A 7B/ 7C
Bui and Bui (2021). 1B 2F/ 2G/ 2D 3D 4C 5A/ 5J 6C 7A/ 7C
Bu e al. (2020). 1A/ 1B 2F/ 2G 3D/ 3A 4C/ 4D 5A 6B 7A/ 7C
B oads ock e al. (2021). 1A/ 1B 2G 3C 4C/ 4D 5I 6B 7A/ 7C
Chang e al. (2019). 1A 2C/ 2F/ 2G 3E 4C 5I/ 5A 6B 7B/ 7C
Chen and Xie (2022). 1A/ 1B/ 2E 2A 3F 4C/ 4D 5I 6C 7B/ 7C
Chi e al. (2022). 1B 2G 3D 4C/ 4E/ 4B 5G 6A 7B/ 7C
Chijoke-Mgbame e al. (2020). 1B 2F/ 2G 3D/ 3A 4D/ 4C 5I 6B 7A/ 7C
Cho and Tsang (2020). 1A 2G 3G 4B 5I/ 5A 6B 7C
Chouaibi and Chouaibi (2021). 1A 2F 3G/ 3F 4C/ 4F 5I/ 5A/ 5H 6C 7B/ 7C
Coleman and Wu (2021). 1A/ 1B 2B 3H 4D/ 4C 5G 6B 7A/ 7C
Cupe ino e al. (2021). 1B 2C/ 2F/ 2B/ 2A 3A 4B/ 4C 5A/ 5J 6A 7B/ 7C
Dakhli (2022). 1A/ 1B 2G 3C 4D/ 4C 5A/ 5J 6B 7B/ 7C
D’Ama o and Fali ena (2020). 1A/ 1F 2G 3A 4C/ 4D 5I/ 5A/ 5H 6B 7B/ 7A/ 7C
DasGup a and Roy (2023). 1A/ 1B 2A 3E 4E 5I 6B 7B/ 7C
de la Fuen e e al. (2022). 2E/ 1A 2F/ 2A 3G 4A/ 4F/ 4C/ 4D 5H/ 5J/ 5F 6B 7B/ 7C
Dkhili (2023). 1A 2A 3B 4C/ 4D 5I/ 5A/ 5H/ 5J 6C 7B/ 7C
Duan e al. (2023). 1A 2A 3G 4C 5I/ 5A 6A 7B/ 7C
Espinosa-M´
endez and Maquiei a (2023). 1A 2C/ 2F/ 2B/ 2A 3H 4D 5C 6C 7B/ 7C
E-Vahda i e al. (2023). 1F 2C/ 2F/ 2B/ 2A 3D 4C 5I/ 5A 6C 7B/ 7C
Fo gione e al. (2020). 2E 2C/ 2F/ 2B/ 2G 3C 4D/ 4C 5J/ 5F 6B 7B/ 7C
Fu e al. (2022). 1C 2F/ 2A 3F 4C 5I 6B 7B/ 7C
Fuadah e al. (2022). 1A/ 1B 2A 3C 4C/ 4D 5A/ 5C 6C 7C
Gallego-´
Al a ez and Puche a-Ma ínez (2022). 1A/ 1B 2E 3D/ 3A 4C/ 4D 5I/ 5H/ 5J 6B 7B/ 7C
Ga el e al. (2022). 1A 2C/ 2F/ 2G 3F 4C 5I/ 5J 6B 7B/ 7C
Gha dallou (2022). 1A/ 1B 2A/ 2G 3D 4C/ 4D/ 4B 5I/ 5E 6C 7B/ 7A/ 7C
G assmann (2021). 1A 2C/ 2F/ 2G/ 2D 3F/ 3C 4D/ 4C 5I 6A 7B/ 7C
Guo e al. (2020). 1A 2F/ 2G 3H/ 3G 4D 5I/ 5A 6B 7A/ 7C
Guo e al. (2020). 1A/ 1C 2G 3H/ 3G 4C/ 4D/ 4B 5A 6B 7B/ 7C
Handaya i e al. (2022). 1A 2F/ 2G 3A/ 3A 4C 5A/ 5J 6A 7A/ 7C
Huang (2022). 1B 2G 3C 4C/ 4D 5I/ 5A/ 5J 6B 7B/ 7C
S eep iya e al. (2023). 1A/ 1B 2A 3F 4C 5G 6C 7B/ 7C
Jang e al. (2019). 1B 2G 3E 4C/ 4D 5I/ 5A 6B 7B/ 7C
Ja ed e al. (2020). 1A/ 1B 2G 3D 4D/ 4C 5A 6A 7A/ 7C
Jeong (2021). 1B 2F 3B 4F 5I/ 5J/ 5C 6A 7B/ 7C
Jia (2020). 1A 2G 3B 4C 5I/ 5J/ 5C 6C 7B/ 7A/ 7C
Jiang e al. (2020). 2E 2C/ 2F/ 2G 3B 4C 5A/ 5J/ 5E 6C 7B/ 7C
Kahloula e al. (2022). 1A/ 1B 2A/ 2G 3D 4C/ 4D/ 4E 5I/ 5A 6C 7B/ 7A/ 7C
Ka im e al. (2020). 1A/ 1B 2B/ 2G 3D 4D/ 4C 5I/ 5J 6C 7B/ 7A/ 7C
Kaupke and zu Knyphausen-Au seß (2023). 1A 2A 3B 4C 5I/ 5F 6B 7B/ 7C
Khan e al. (2023). 1B 2C/ 2F/ 2G 3F 4C/ 4D 5I 6A 7B/ 7C
Le e al. (2023). 1A 2G 3D 4D/ 4C 5I/ 5J 6B 7B/ 7A/ 7C
Lee and Li (2022). 1B 2A 3E 4C/ 4A 5I/ 5E/ 5K 6C 7B/ 7C
Lee (2021). 1B 2C/ 2G 3D 4C/ 4D 5A/ 5J/ 5E 6B 7B/ 7C
Li e al. (2022). 1A/ 1B 2G 3D 4C 5I/ 5J 6C 7C
Lin e al. (2020). 1A 2G 3C 4C 5J/ 5F 6C 7B/ 7C
Liu e al. (2023). 2E 2B 3E 4D 5I 6B 7B
Machmuddah e al. (2020). 1A 2G 3A 4C 5B/ 5A 6B 7C
Muda e al. (2019). 1A 2F/ 2G 3C 4C/ 4D 5A 6A 7A/ 7C
Naseem e al. (2019). 1A 2G 3A 4C/ 4D/ 4E 5I/ 5D 6A 7C
Nekhili e al. (2021). 1A 2C/ 2F/ 2B/ 2A 3D 4C/ 4D 5I/ 5A/ 5J 6C 7B/ 7A/ 7C
Ni ino e al. (2022). 1C 2C/ 2F 3D 4C/ 4D 5I/ 5A/ 5C 6B 7C
Oka o e al. (2023). 1A 2F/ 2G 3D 4D 5G 6B 7B/ 7C
(con inued on nex page)
M.A.R. Ca dillo and L.F.C. Basso
Jou nal o Inno a ion & Knowledge 10 (2025) 100648
22
G4: Explo e s ock p ices in u u e a icles, o example, in
di e en ime ames
ESG and cs measu es esea ch gaps
No able dispa i ies exis in how di e en ESG and CSR ca ego ies a e
co e ed. These dispa i ies e eal a eas ha ha e been ex ensi ely
explo ed and o he s ha emain unde de eloped, p esen ing aluable
oppo uni ies o u u e esea ch. Fig. 11 illus a es he pe cen age dis-
ibu ion o hese ca ego ies, e ealing ha “Gene al CSR“ (2G) and
“Gene al ESG“ (2A) a e he mos equen ly s udied, accoun ing o he
highes pe cen ages a app oxima ely 35 % and 20 %, espec i ely. This
sugges s a b oad in e es in o e a ching ESG and CSR hemes. In
con as , ca ego ies such as “Expendi u es” (2D) ha e signi ican ly
lowe ep esen a ion, indica ing less emphasis on hese speci ic aspec s
in he exis ing esea ch.
Gene al CSR is he mos ex ensi ely s udied ca ego y, wi h nume ous
in es iga ions explo ing how CSR ac i i ies can enhance co po a e
epu a ion, s akeholde engagemen , and inancial ou comes. Ea ly
esea ch es ablished a posi i e co ela ion be ween CSR and inancial
pe o mance, sugges ing ha CSR engagemen o en leads o imp o ed
isk managemen and co po a e image enhancemen (Khan e al., 2016;
Jo & Ha jo o, 2011; B amme & Milling on, 2008). Some s udies ha e
ein o ced hese indings, wi h Lim and Tsu sui (2012) demons a ing
ha CSR engagemen yields long- e m inancial bene i s, pa icula ly
when i aligns wi h s akeholde expec a ions and co po a e s a egy.
Simila ly, he social aspec o ESG, which includes labo p ac ices,
communi y in ol emen , and human igh s, has also ga ne ed sub-
s an ial a en ion. Waddock and G a es (1997) we e among he ea ly
p oponen s o he iew ha socially esponsible i ms pe o med be e
inancially due o enhanced employee mo ale and cus ome loyal y. This
pe spec i e has been u he alida ed by mo e ecen esea ch om Ye
e al. (2021), who highligh ha social pe o mance is a c i ical d i e o
inancial success, especially in indus ies whe e consume and employee
ela ions a e c ucial.
In addi ion o hese well-explo ed a eas, he in eg a ed app oach o
ESG, which conside s en i onmen al, social, and go e nance ac o s
collec i ely, has gained conside able ocus. F iede e al. (2015) con-
duc ed a comp ehensi e me a-analysis, con i ming ha a holis ic ESG
s a egy is associa ed wi h supe io inancial pe o mance. Recen con-
ibu ions (e.g., Pelleg ini, 2022) suppo his iew, sugges ing ha
companies wi h high ESG sco es a e be e posi ioned o na iga e ma -
ke unce ain ies and achie e long- e m inancial s abili y.
Despi e hese ad ances, signi ican gaps emain, pa icula ly in he
go e nance and en i onmen al ca ego ies. Go e nance, a c ucial
componen o ESG, is less explo ed han social and CSR ac o s. While
Gompe s e al. (2003) linked s ong go e nance o educed agency cos s,
mo e ecen s udies (e.g., F eeman & E an, 1990) indica e ha he
impac o speci ic go e nance p ac ices on inancial pe o mance is
con ex -dependen , equi ing u he explo a ion ac oss di e en sec o s
and egions.
G5: Explo e disagg ega ed go e nance sco es in u u e a icles
combined wi h mode a ing a iables
En i onmen al ac o s, al hough inc easingly ecognized as c i ical
o inancial pe o mance, a e s ill unde ep esen ed in he li e a u e
ela i e o social and CSR issues. Resea ch by Cla kson e al. (2011)
sugges s ha p oac i e en i onmen al s a egies can esul in cos sa -
ings and e enue g ow h. Mo eo e , s udies such as McC igh and
Dunlap (2011) emphasize he g owing impo ance o en i onmen al
sus ainabili y in co po a e s a egy, pa icula ly in esponse o clima e
change and egula o y p essu es. Ne e heless, mo e empi ical esea ch
is necessa y o assess he inancial impac o speci ic en i onmen al
ini ia i es ac oss di e se indus ies.
Table 7 (con inued)
Re s. 1 2 3 4 5 6 7
Ooi e al. (2022). 1A 2F 3D 4C 5I 6A 7B/ 7C
Owa e and Mallika junappa (2022). 1A/ 1B/ 1F 2G/ 2D 3F 4C/ 4D 5I 6B 7C
Peko ic and Vog (2021) 1A/ 1B 2F/ 2G 3H 4D/ 4C 5I 6C 7B/ 7C
Pham and T an (2020). 1A/ 1B 2A/ 2G 3D 4C/ 4E 5I/ 5A/ 5J 6C 7B/ 7C
Qu eshi e al. (2020). 1F 2C/2F/2B 3B 4C 5I/ 5J 6B 7B/ 7C
Rasheed and Ahmad (2022). 1B/ 1F 2G/ 2D 3B 4C/ 4D 5I/ 5J 6C 7A/ 7C
Rashid e al. (2020). 1A 2B 3E 4C/ 4D 5I/ 5J 6B 7B/ 7A/ 7C
Ras ogi e al. (2023). 1A 2A 3D 4D/ 4C 5E 6B 7A/ 7C
Rossi e al. (2021). 1B 2G 3D/ 3A 4C/ 4D 5I/ 5A/ 5C 6B 7B/ 7A/ 7C
Ryu (2019). 1A 2G 3H 4C 5I/ 5A/ 5J 6B 7B/ 7C
Saadaoui and Ben Salah (2023). 1B 2C/ 2F/ 2B/ 2G 3H 4C/ 4D 5A 6B 7B/ 7C
Sampong e al. (2021). 1A 2F/ 2G 3D 4D/ 4F 5I/ 5A/ 5H/ 5C 6B 7B/ 7C
S´
anchez-In an e He n´
andez e al. (2020) 2E 2C/ 2F/ 2G 3A 4C 5A/ 5J 6B 7C
Sang e al. (2022) 1B 2F 3G 4C/ 4D 5H/ 5J 6A 7B/ 7C
Waheed e al. (2021). 1A/ 1B 2A/ 2G 3D 4C/ 4D 5I 6B 7B/ 7C
Shakil (2021). 1C 2A 3D 4C 5I/ 5A 6B 7B/ 7C
Shakil (2022). 1C 2A 3A 4C 5I/ 5A/ 5J 6B 7B/ 7C
Shakil e al. (2022). 1A 2C/ 2F/ 2G 3G 4C 5I/ 5J/ 5E 6A 7B/ 7C
Shi and Veens a (2021). 1A/ 1B 2C/ 2F/ 2A 3E 4C/ 4E 5J/ 5F 6B 7B/ 7C
Sun e al. (2019). 1A 2F/ 2G 3H 4D/ 4B/ 4F/ 4C 5I/ 5H/ 5J 6B 7A/ 7C
Ta ighi e al. (2022). 1C 2F/ 2G 3C 4D/ 4C 5I/ 5J 6C 7C
Tasnia e al. (2021). 1A/ 1B 2C/ 2F 3D 4C 5D/ 5J 6B 7B/ 7C
Ting (2021). 1A/ 1B 2G 3A 4C 5I/ 5J 6B 7B/ 7A/ 7C
Tsang e al. (2022). 1A 2G 3H/ 3E/ 3C 4C/ 4D 5I 6A 7B/ 7C
Uya e al. (2023) 1A 2C/ 2F/ 2B/ 2G 3G 4D 5I/ 5A 6B 7B/ 7C
Vel e (2020). 1B 2C/ 2F/ 2B/ 2A 3D 4C 5I/ 5A 6B 7B/ 7C
Vuong (2022). 1A/ 1B 2C/ 2F/ 2B/ 2A 3H 4C/ 4E 5I/ 5A 6B 7B/ 7C
Wang and Qiao (2022). 1A 2G 3A 4D/ 4C 5G 6B 7B/ 7C
Wang e al. (2023). 1B 2C 3D 4C 5J 6C 7A/ 7C
Wen e al. (2022). 1A 2F/ 2G 3A/ 3A 4C/ 4D 5I/ 5J 6B 7A/ 7C
Wi awan e al. (2020). 1A 2F/ 2G 3D 4D 5G 6B 7B/ 7C
Yeon e al. (2021). 1A 2G 3D 4C/ 4D 5G 6B 7B/ 7A/ 7C
Zhao e al. (2022). 1B 2G 3E 4C/ 4D 5I/ 5E 6A 7B/ 7A/ 7C
Sou ce: P oduced by Au ho s.
M.A.R. Ca dillo and L.F.C. Basso
Jou nal o Inno a ion & Knowledge 10 (2025) 100648
23
G6: Explo e disagg ega ed en i onmen al sco es in u u e a i-
cles combined wi h mode a ing a iables
Fu he mo e, he li e a u e on expendi u es associa ed wi h ESG and
CSR ini ia i es is no ably spa se. Unde s anding he inancial ade-o s
and Re u n o In e es o hese expendi u es is essen ial o in o med
decision-making. Recen s udies (e.g., Jo ion, 2007) unde sco e he
need o a mo e igo ous analysis o he cos s and bene i s o ESG and
CSR in es men s, pa icula ly conce ning isk managemen and
long- e m alue c ea ion.
G7: Explo e expendi u es associa ed wi h ESG and CSR ini ia-
i es in u u e a icles combined wi h mode a ing a iables
Finally, he “O he ” ca ego y, ep esen ing eme ging o niche a eas
wi hin ESG and CSR, emains i ually unexplo ed. This ca ego y in-
cludes new echnological ad ancemen s in sus ainabili y epo ing, he
ole o a i icial in elligence (AI) in moni o ing ESG pe o mance, and
he impac o eme ging social issues such as men al heal h on inancial
ou comes. The lack o esea ch in his a ea highligh s a subs an ial op-
po uni y o pionee ing s udies ha could signi ican ly in luence he
u u e di ec ion o ESG and CSR p ac ices.
G8: Explo e new echnological ad ancemen s in sus ainabili y
epo ing and he ole o AI in u u e a icles combined wi h
mode a ing a iables
Mode a ing a iables ca ego y analysis
The analysis o mode a ing a iables in he ela ionship be ween
ESG/CSR p ac ices and CFP highligh s key ac o s in luencing hese
ou comes. Fig. 12 illus a es he pe cen age o occu ences by mode -
a ing a iable ca ego ies, wi h “Co po a e Go e nance“ (3D) being he
mos equen ly s udied a app oxima ely 30 %. This unde sco es he
impo ance o go e nance s uc u es in shaping he ou comes o ESG
Fig. 10. Pe cen age dis ibu ion o inancial pe o mance ca ego ies; gene a ed by Ma plo lib.
Fig. 11. Pe cen age dis ibu ion o ESG and CSR ca ego ies. gene a ed by Ma plo lib.
M.A.R. Ca dillo and L.F.C. Basso
Jou nal o Inno a ion & Knowledge 10 (2025) 100648
24
cu en heo e ical models. Addi ionally, his wo k highligh s he need
o mo e s anda dized amewo ks o measu ing ESG and CSR ou -
comes, which could s eng hen he in eg a ion o hese concep s in o
es ablished inancial and s a egic managemen heo ies.
This s udy also con ibu es o he academic deba e by cla i ying he
complex ela ionship be ween ESG, CSR, and inancial pe o mance
h ough a deepe ocus on he mode a ing a iables. The esea ch calls
o mul i- heo e ical app oaches o cap u e he nuances o he ESG-CSR-
CFP ela ionship, hus, ad ancing he heo e ical unde s anding o
co po a e sus ainabili y, o example, in digi al ans o ma ion and
echnological eadiness as eme ging ac o s.
P ac ical implica ions
F om a p ac ical s andpoin , his esea ch o e s ac ionable insigh s
o co po a e leade s and policymake s. Iden i ying key mode a ing
a iables, such as i m go e nance and indus y cha ac e is ics, can help
o ganiza ions ailo hei ESG and CSR ini ia i es o align wi h hei
speci ic ope a ional con ex s. Companies can use his in o ma ion o
imp o e decision-making p ocesses, enhance s akeholde engagemen ,
and op imize inancial pe o mance by in eg a ing sus ainabili y in o
co e business s a egies mo e e ec i ely.
Addi ionally, he s udy highligh s he po en ial o s anda dizing
ESG/CSR me ics, which could aid businesses in benchma king hei
sus ainabili y e o s agains indus y s anda ds and imp o ing ans-
pa ency in epo ing. Policymake s may also ind he esul s use ul in
shaping egula ions ha encou age he adop ion o ESG p inciples,
pa icula ly by acknowledging he di e se ways in which hese ini ia-
i es in luence inancial ou comes ac oss di e en sec o s and egions.
Social implica ions
On a b oade socie al le el, his s udy con ibu es o he ongoing
discou se on sus ainabili y and co po a e esponsibili y. By e ealing
he condi ions unde which ESG and CSR ini ia i es a e mos likely o
lead o posi i e inancial ou comes, he esea ch suppo s he in eg a ion
o social and en i onmen al conside a ions in o co po a e s a egies.
This alignmen be ween p o i abili y and sus ainabili y goals no only
bene i s sha eholde s bu also has a posi i e impac on b oade socie y
by p omo ing e hical business p ac ices and add essing p essing global
challenges like clima e change and social inequali y.
Fu he mo e, he s udy’s call o s anda dized ESG me ics aligns
wi h socie al demands o g ea e co po a e accoun abili y and ans-
pa ency. As mo e i ms adop obus ESG and CSR p ac ices, he cu-
mula i e impac can d i e meaning ul p og ess owa d achie ing global
sus ainabili y goals, bene i ing bo h he business communi y and socie y
a la ge.
Conclusion
This s udy p o ides a comp ehensi e examina ion o he complex
ela ionship be ween ESG measu es, CSR ac i i ies, and CFP, high-
ligh ing he c i ical ole ha mode a ing a iables play in shaping his
ela ionship. The bibliome ic analysis and sys ema ic e iew e ealed
ha key mode a ing a iables, such as go e nance s uc u es, cul u al
no ms, economic condi ions, and indus y cha ac e is ics, p o oundly
in luence he ESG-CSR-CFP dynamic.
Go e nance s uc u es, such as boa d di e si y and execu i e
compensa ion aligned wi h sus ainabili y goals, enhance he posi i e
inancial impac o ESG and CSR ini ia i es. These indings show ha
co po a e go e nance can ampli y o weaken he link be ween sus ain-
abili y p ac ices and inancial ou comes, unde sco ing ha he compo-
si ion and incen i iza ion o leade ship a e c ucial o success ul ESG
implemen a ion. Simila ly, cul u al no ms eme ge as signi ican mod-
e a o s, a ec ing how s akeholde s pe cei e and alue CSR ac i i ies. In
egions whe e en i onmen al and social esponsibili y is highly p io i-
ized, ESG ini ia i es a e mo e likely o lead o posi i e inancial ou -
comes. Con e sely, in ma ke s whe e such ini ia i es a e unde alued,
hei inancial impac may be mu ed. This highligh s he impo ance o
ailo ing ESG s a egies o he cul u al con ex in which i ms ope a e o
maximize hei inancial bene i s.
Economic condi ions, such as ma ke s abili y and g ow h, also
Fig. 17. G aphic esume o he sugges ions o a esea ch agenda. Elabo a ed by au ho s.
M.A.R. Ca dillo and L.F.C. Basso
Jou nal o Inno a ion & Knowledge 10 (2025) 100648
31
mode a e he e ec i eness o ESG ini ia i es. In s able economic en i-
onmen s, ESG p ac ices can enhance inancial e u ns by imp o ing a
i m’s epu a ion and educing ope a ional isks. Howe e , du ing eco-
nomic down u ns, he inancial bene i s o ESG e o s may be dimin-
ished, as i ms s uggle o balance sho - e m su i al wi h long- e m
sus ainabili y goals. This unde sco es he need o con ex -speci ic
s a egies when implemen ing ESG and CSR ini ia i es, especially in
ola ile economic clima es.
Indus y cha ac e is ics play a signi ican mode a ing ole, as ac o s
such as compe i ion and egula o y p essu es shape he inancial e u ns
o ESG in es men s. In highly egula ed indus ies, such as ene gy o
inance, companies may achie e g ea e inancial s abili y om ESG
p ac ices due o heigh ened sc u iny and po en ial penal ies o non-
compliance. In con as , i ms in less- egula ed sec o s may expe ience
di e en inancial ou comes om simila ini ia i es, gi en he a ying
egula o y and compe i i e dynamics ac oss indus ies.
Inno a ion plays a c ucial ole in de e mining he e ec i eness o
ESG s a egies. R&D expendi u es and pa en gene a ion, o example,
in luence how much alue i ms can gene a e om hei sus ainabili y
ini ia i es. Fu u e esea ch should explo e how hese inno a ion me ics
mode a e he ela ionship be ween ESG e o s and inancial pe o -
mance, pa icula ly in indus ies ha hea ily ely on echnological ad-
ancemen s. By unde s anding he link be ween inno a ion and ESG,
i ms can be e le e age hei sus ainabili y e o s o os e compe i i e
ad an age and long- e m g ow h.
Eme ging inancial pe o mance indica o s (e.g., hose ela ed o
s akeholde alue c ea ion and in angible asse s) a e gaining impo ance
as amewo ks such as he Global Repo ing Ini ia i e (GRI) become
widely adop ed. Indica o s like b and alue, employee sa is ac ion, and
cus ome loyal y e lec how sus ainabili y p ac ices impac in angible
asse s and s akeholde ela ionships. Howe e , he e is a no able gap in
esea ch on To al Sha eholde Re u n (TSR), a c i ical measu e ha
combines capi al gains and di idends o e lec he inancial bene i s
deli e ed o sha eholde s o e ime. Gi en TSR’s di ec link o sha e-
holde alue, u u e esea ch should examine how ESG and CSR e o s
ansla e in o angible e u ns o in es o s h ough his key me ic.
Ano he impo an a ea o u u e explo a ion is s ock p ice mo e-
men s in esponse o ESG ini ia i es. While sho - e m s ock p ice e-
ac ions ha e been s udied, less is known abou how s ock p ices e ol e
o e di e en ime ho izons due o sus ained ESG e o s. A mo e
de ailed examina ion o s ock p ice mo emen s can p o ide insigh s in o
how ma ke pe cep ions o sus ainabili y in luence bo h sho - e m and
long- e m inancial ou comes.
This s udy also iden i ies gaps in he unde s anding o disagg ega ed
go e nance and en i onmen al sco es as mode a ing a iables. Go e -
nance and en i onmen al p ac ices a e o en e alua ed in agg ega e, bu
disagg ega ing hese sco es could p o ide mo e p ecise insigh s in o
which speci ic aspec s d i e inancial ou comes. Fo example, compo-
nen s such as boa d di e si y o sha eholde igh s may ha e di e en
e ec s on inancial pe o mance depending on o he mode a ing ac o s,
such as indus y and ma ke condi ions. Simila ly, ocusing on dis-
agg ega ed en i onmen al ac o s, such as ca bon emissions o ene gy
e iciency, could e eal new insigh s in o how speci ic en i onmen al
p ac ices con ibu e o inancial success.
Addi ionally, expendi u es as an ESG and CSR measu e emain
unde explo ed. Fi ms ha alloca e subs an ial esou ces o sus ainabil-
i y ini ia i es may expe ience a ying inancial ou comes based on how
e ec i ely hey manage hese expendi u es, and how hese e o s a e
in luenced by a ious mode a ing a iables. Fac o s such as o ganiza-
ional con ex , ma ke condi ions, o go e nance s uc u es can all
impac he ela ionship be ween expendi u e le els and inancial pe -
o mance. Unde s anding he inancial impac o di e en le els o
spending on ESG and CSR, while conside ing he ole o hese mode -
a ing a iables, is essen ial o i ms aiming o op imize esou ce allo-
ca ion. By analyzing hese dynamics, companies can be e align hei
sus ainabili y in es men s wi h imp o ed inancial ou comes.
Technological ad ancemen s in sus ainabili y epo ing, pa icula ly
AI in eg a ion, ep esen ano he impo an ye unde explo ed mode -
a ing ac o . AI has he po en ial o imp o e he accu acy and e iciency
o ESG epo ing. Fu u e esea ch should in es iga e how echnological
inno a ions such as AI mode a e he e ec i eness o ESG p ac ices in
d i ing inancial pe o mance, as AI-d i en ESG epo ing could
enhance anspa ency and p o ide s akeholde s wi h mo e eliable da a,
leading o be e -in o med decision-making and s onge inancial
ou comes.
A he indus y le el, indica o s such as egula o y in ensi y and
compe i i e dynamics u he in luence how ESG ini ia i es ansla e
in o inancial pe o mance. Highly egula ed indus ies end o de i e
g ea e inancial e u ns om ESG in es men s due o inc eased ocus on
compliance and isk managemen . In con as , i ms in less- egula ed
indus ies may need o ely mo e on compe i i e dynamics, such as
di e en ia ion h ough sus ainabili y, o achie e inancial success.
Finally, ins i u ional and legal en i onmen s, including a ying
egula o y amewo ks ac oss coun ies, play a signi ican mode a ing
ole in he ESG-CFP ela ionship. Fi ms ope a ing in ju isdic ions wi h
suppo i e legal en i onmen s o sus ainabili y a e mo e likely o
achie e inancial success h ough ESG ini ia i es. In egions wi h less
s ingen egula ions, howe e , he inancial impac o ESG p ac ices
may be weake , highligh ing he need o egion-speci ic ESG s a egies.
In summa y, his s udy highligh s he c ucial ole o mode a ing
a iables in shaping he ESG-CSR-CFP ela ionship. Howe e , o ully
g asp he mechanisms d i ing he inancial impac o ESG and CSR
ini ia i es, i is essen ial o add ess he gaps iden i ied in his esea ch.
Fu u e s udies should del e deepe in o hese mode a ing ac o s, u i-
lizing ad anced me hods such as longi udinal analysis and sophis ica ed
econome ic echniques o cap u e hei dynamic in luence. By b idging
hese gaps, bo h schola s and p ac i ione s will be able o unlock iche
insigh s in o he s a egic alue o ESG and CSR, pa ing he way o mo e
e ec i e co po a e sus ainabili y p ac ices ha a e closely aligned wi h
long- e m inancial pe o mance.
Decla a ion o gene a i e AI and AI-assis ed echnologies in he
w i ing p ocess
Du ing he p epa a ion o his wo k, he au ho (s) u ilized G am-
ma ly o enhance he w i ing quali y. Following he use o his ool, he
au ho (s) ho oughly e iewed and edi ed he con en as necessa y,
assuming ull esponsibili y o he inal e sion o he publica ion.
CRediT au ho ship con ibu ion s a emen
Ma cos Alexand e dos Reis Ca dillo: W i ing – e iew & edi ing,
W i ing – o iginal d a , Visualiza ion, Valida ion, So wa e, Me hodol-
ogy, In es iga ion, Fo mal analysis, Da a cu a ion, Concep ualiza ion.
Leona do Fenando C uz Basso: Supe ision, P ojec adminis a ion,
Concep ualiza ion.
Decla a ion o compe ing in e es
The au ho s decla e ha hey ha e no known compe ing inancial
in e es s o pe sonal ela ionships ha could appea o in luence he
wo k epo ed in his pape .
Acknowledgmen s
This s udy was inanced in pa by he Coo denaç˜
ao de Ape eiçoa-
men o de Pessoal de Ní el Supe io – B asil (CAPES) – Finance Code 001.
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