Minimol M. C .
A icle
Impac in es ing: a bibliome ic analysis o scien i ic
li e a u e
Cogen Business & Managemen
P o ided in Coope a ion wi h:
Taylo & F ancis G oup
Sugges ed Ci a ion: Minimol M. C . (2024) : Impac in es ing: a bibliome ic analysis o scien i ic
li e a u e, Cogen Business & Managemen , ISSN 2331-1975, Taylo & F ancis, Abingdon, Vol. 11,
Iss. 1, pp. 1-11,
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Impac in es ing: a bibliome ic analysis o scien i ic li e a u e
Minimol M c
associa e P o esso , Depa men o Comme ce and in e na ional Business, Cen al uni e si y o Ke ala, Kasa agod, india
ABSTRACT
he cu en s udy in ends o unde s and he spec um o exis ing scien i ic li e a u e on
impac in es ing, explo e he publica ion c eden ials o ha li e a u e in he o m o
bibliome ics, and in es iga e he u u e scope o esea ch in he a ea o impac
in es ing. we ha e used he isualiza ion ool OS iewe o analyze he bibliome ic
da a collec ed om he Scopus da abase. ‘Sus ainable de elopmen ’ was iden i ied as
he mos used keywo d in he documen s, ollowed by ‘co po a e social esponsibili y’,
‘in es men ’, and ‘en i onmen al pe o mance’. he Uni ed S a es was he leading
con ibu ing coun y ollowed by he UK, china, i aly, canada, and india. Based on he
sys ema ic e iew o 753 jou nal a icles, we ha e iden i ied i e dis inc esea ch a eas
in he ield o impac in es ing. he op i e esea ch clus e s a e sus ainable
de elopmen esea ch, sus ainabili y esea ch, co po a e social esponsibili y esea ch,
Sus ainable in es men esea ch, and en i onmen al economics esea ch. Ou esul s
e ealed a dea h o ocus among esea che s in iden i ying impac in es ing ei he as
a s andalone concep o as a concep ha d i es be e pe o mance in o ganiza ions.
Hence, we p opose some p omising a eas o impac in es ing esea ch. hey a e
sus ainable inance, i m pe o mance, ou ism, and clima e change esea ch. he ou pu
o his esea ch has implica ions o esea che s, p ac i ione s, policymake s, and
academia since i pinpoin s he popula and p omising clus e s o esea ch in he ield
o impac in es ing. Ou s udy is unique and o iginal in he sense ha i co e s a mo e
comp ehensi e inclusion, and exclusion c i e ia as well as keywo d combina ions and
hus, i p o ides be e di ec ions o u u e esea ch in he ield.
In oduc ion
Resea ch on he opic o ‘impac in es ing’, pa icula ly in he domain o inance, managemen and social
sciences has gained momen um since 2015. he concep o impac in es ing is now he ca chwo d in
e e y business and in es men i m. he e m impac in es ing is concei ed as an in es men s a egy
ha essen ially con ibu es o social and en i onmen al goals along wi h he economic goals o he i m.
exis ing li e a u e e eals ha expe in es o s and emale in es o s exhibi a o able a i udes owa ds
impac in es men op ions and end o in es mo e in social unds (De amicis e al., 2020). acco ding o
he annual impac in es o su ey o he global impac in es ing ne wo k (giin), he ma ke size o eSg
in es ing has g own om US$ 502 billion in 2018 o US$ 715 billion in he yea 2020 ( he global impac
in es ing ne wo k [giin], 2020). he su ey also epo ed ha ‘eSg in es o s in end o con ibu e o he
indus y h ough six a eas o ac ion like iden i y, beha iou s and expec a ions p oduc s, ools and se -
ices, educa ion and aining, and policy and egula ion o e he nex 5 yea s’. impac in es ing can be
de ined as a o m o in es men ha is made in o companies, o ganiza ions, and unds o gene a e social
and en i onmen al impac alongside a inancial e u n’ (giin, 2016).
Höchs äd e and Scheck (2015) ied o unde s and he de ini ional, e minological, and s a egic
aspec s o impac in es ing in published li e a u e and poin ed ou he simila i ies and inconsis encies in
de ini ions, e minologies and s a egic aspec s. islam (2021) o e s a mo e up- o-da e e iew o impac
© 2024 he au ho (s). Published by in o ma uK Limi ed, ading as aylo & F ancis g oup
CONTACT Minimol M C [email p o ec ed]om Depa men o Comme ce and in e na ional Business, Cen al uni e si y o Ke ala,
Kasa agod, india.
h ps://doi.o g/10.1080/23311975.2024.2377867
his is an open access a icle dis ibu ed unde he e ms o he C ea i e Commons a ibu ion License (h p://c ea i ecommons.o g/licenses/by/4.0/), which
pe mi s un es ic ed use, dis ibu ion, and ep oduc ion in any medium, p o ided he o iginal wo k is p ope ly ci ed. he e ms on which his a icle has been
published allow he pos ing o he accep ed Manusc ip in a eposi o y by he au ho (s) o wi h hei consen .
ARTICLE HISTORY
Recei ed 17 Feb ua y
2022
Re ised 11 Ma ch 2024
accep ed 1 July 2024
KEYWORDS
impac in es ing; eSg
in es ing; bibliome ic
analysis; Scopus;
sus ainable de elopmen ;
esponsible in es men ;
g een in es men
REVIEWING EDITOR
Hui en (Helen) cai,
Middlesex Uni e si y
Business School, Uni ed
Kingdom
SUBJECTS
Resea ch me hods in
managemen ; inance
JEL
Q01; Q56; g30, M14
2 M. M c
in es ing; howe e , hei esea ch design is e y di e en om ou s, using a a mo e di use se o
sea ch e ms, many o which a e a guably a he edge o impac in es ing. Miglia acca e al. (2022) con-
duc ed a bibliome ic e iew using a keywo d sea ch analysis o he else ie Scopus da abase o map
he academic con ibu ions o impac in es ing and highligh ed he mos signi ican esea ch s eams
and ends. hey ha e analyzed 115 schola ly a icles published be ween Oc obe 2021 and 2009 using
isualiza ion echnique and sugges ed a eas ha equi e mo e in es iga ion in he ield. hough, we
ha e also used simila me hodology o adop ing he Scopus da abase o ou in es iga ion, we ha e
included a wide spec um o esea ch a icles spanning o e 17 yea s om he yea 2007 o 2024 in ou
bibliome ic explo a ion and hus, we could co e 753 esea ch a icles in ou sys ema ic e iew. we ha e
also ied o di e en ia e ou s udy om he ex an li e a u e by using an all-encompassing lis o key-
wo ds, and a mo e comp ehensi e inclusion and exclusion c i e ia o ou in es iga ion. Scopus da abase
is used o his s udy since i co e s a la ge numbe o jou nals in i s scope. Mo eo e , he popula i y o
he Da abase among esea che s ac oss he wo ld also mo i a ed he esea che o adop Scopus
Da abase esul s o ou s udy.
he es o he pape is p esen ed as ollows. Sec ion wo explains he esea ch ques ions and objec-
i es o he s udy, sec ion h ee de ailed he p ocess and me hodology ollowed o ou bibliome ic
analysis, sec ion ou na a es he inclusion and exclusion c i e ia adop ed, sec ion i e p esen s he
esul s and discussion and sec ion six p o ides he conclusion and implica ions o he s udy.
Resea ch ques ions and objec i es
Resea ch ques ions and objec i es play a signi ican ole in de e mining he quali y o e idence as well
as he da a ha one can cap u e du ing he sys ema ic e iew p ocess (Ha is e al 2018). Resea ch
ques ions o quan i a i e inqui ies o en eso o s uc u ed p ocesses such as PicO (popula ion, in e -
en ion, compa ison, and ou come) model. Howe e , acco ding o cooke e al. (2012), quali a i e inqui-
ies o en use an adap ed e sion o his model, like SPice (Se ing, pe spec i e, in e en ion, compa ison,
e alua ion), o SPiDeR (sample, phenomenon o in e es , design, e alua ion, esea ch ype), o be e
explain he esea ch ques ion unde conside a ion. in he ield o social sciences, he mos popula model
in sys ema ic e iew is PRiSMa (P e e ed Repo ing i ems o Sys ema ic Re iews and Me a-analysis). i
is a checklis o au ho s o ensu e ha hei sys ema ic e iew is mo e anspa en and comple e (Mohe
e al., 2009). Following his a gumen , he au ho decided o adop he PRiSMa model o his bibliome -
ic analysis. he pu pose o bibliome ic analysis is no jus an analysis o he exis ing li e a u e, a he i
should poin ou some esea ch ques ions o be add essed by he u u e esea che s and o p o ide
hem wi h a ious esea ch s eams (Pa el & Siddiqui, 2023; Pa el, Miglia acca, e al., 2022; Pa el, goodell,
e al., 2022). acco dingly, he cu en s udy aims o add ess he ollowing esea ch ques ions: wha is he
popula ly used scien i ic li e a u e add essing he opic o impac in es ing? wha a e he key eme ging
esea ch ends in impac in es ing? wha a e he key bibliome ic c eden ials o li e a u e on impac
in es ing o da e? and, wha is he u u e scope o esea ch in he a ea o impac in es ing?
Inclusion and exclusion c i e ia
o p o ide an o e iew o he scien i ic li e a u e on impac in es ing, we ha e done a bibliome ic
analysis. o design he inclusion and exclusion c i e ia, we ha e used mul iple il e s du ing he da a
collec ion p ocess. P ima ily, only hose s udies cap u ed in he Scopus da abase we e conside ed o his
s udy. li e a u e om all he sou ces o he han he Scopus da abase we e excluded in he i s s age.
he second inclusion c i e ion applied was he ype o publica ion. li e a u e in he o m o esea ch
a icles alone was included in his analysis, while we ha e excluded o he ypes o a icles such as con-
e ence p oceedings, book chap e s, books, PhD heses, popula a icles like newspape a icles, blogs,
pos s, social media epo s, edi o ial, opinions, e c. ano he inclusion c i e ion applied in his s udy was
he ield o discipline whe e he li e a u e is published. we ha e included only hose li e a u e om dis-
ciplines such as social sciences, business and managemen , inance, economics, and econome ics, and
excluded li e a u e a ailable in science, enginee ing, en i onmen al sciences, and medical ields. ano he
cOgen BUSineSS & ManageMen 3
inclusion c i e ion used in he cu en s udy is he use o keywo ds. Only hose s udies wi h keywo ds
such as impac in es ing, sus ainable in es ing, g een in es ing, and esponsible in es ing we e included
in ou li e a u e e iew.
Me hodology
o explo e he u u e scope o esea ch in he a ea o impac in es ing, we ha e used a bibliome ic
analysis. he concep o bibliome ics was i s used by P i cha d (1969). he e m bibliome ics e e s
o he applica ion o s a is ical analysis o publica ion de ails such as ci a ions, keywo ds, indexing e c.
o a ain he objec i es o he cu en s udy we ha e used Scopus da abase o else ie , which is he
la ges abs ac and ci a ion da abase. i p o ides a comp ehensi e da abase o pee - e iewed li e a-
u e including jou nals, books and con e ence p oceedings (else ie , 2022). he esea che has ol-
lowed he me hodology o cons an in-Ma ius (2020) o design he en i e s udy. a i s , we ha e
selec ed he key wo ds o be explo ed. we ha e used only hose li e a u e wi h he key wo ds ‘eSg
and in es ing o impac and in es ing o sus ainable and in es ing o esponsible and in es ing and
o g een and in es ing’ o e ie e he li e a u e om he da abase. he sample was ini ially consis ed
o 7576 a icles. we hen il e ed he da a by using se e al c i e ia like yea o publica ion, language
o publica ion, disciplines e c., o limi he li e a u e o a easible se o da a. Only hose esea ch
pape s published in english language we e selec ed o ou e iew. we ha e elimina ed pape s pub-
lished in disciplines o he han social science, business and managemen , inance, economics and
econome ics om ou e iew lis . acco dingly, we ha e selec ed 817 esea ch pape s published in
jou nals included in he else ie Scopus Da abase om he yea 2007 o 2024. So he ime ame o
his esea ch is 17 yea s spanning om 2007 o 2024. he abs ac s o hese pape s we e c i ically
examined by he esea che o decide whe he o include o exclude hem, depending on hei ele-
ance in he ield o s udy, by looking a he con en and keywo ds gi en in he abs ac s. acco dingly,
he esea che has selec ed 753 published esea ch pape s om he lis o 817 pape s o ull pape
sc eening. again, he esea che c i ically e alua ed he con en quali y o hese pape s by going
h ough e e y a icle in he selec ed lis . con en quali y is ensu ed by looking a a ious pa ame e s
like con en in he in oduc ion, heo e ical amewo k, ma e ials and me hods, esul s discussion, and
conclusion sec ions o he pape s. he cu en s udy used science mapping which is popula ly known
as isualizing bibliome ic ne wo ks, o analyze he documen bibliome ic ob ained om he else ie
Scopus Da abase. we ha e used he OS iewe so wa e o cons uc ing and isualizing bibliome ic
ne wo ks based on ci a ions, bibliog aphic coupling, keywo d occu ence as well as co-au ho ela-
ions. we ha e used he ex mining unc ionali y o OS iewe so wa e o isualize he keywo d
co-occu ence ne wo ks ex ac ed om he li e a u e. we ha e also used he unc ionali ies o excel
Sp eadshee o p epa ing he ables based on he ci a ions and keywo d occu ence in ou s udy,
apa om he igu es ep esen ing he ne wo k isualiza ions. he p ocess low o me hodology is
gi en in Figu e 1.
Figu e 1. P ocess low o me hodology.
4 M. M c
Resul s and discussion
he da a we e expo ed o an excel ile and u he analysis o he bibliome ics was done using Mic oso
excel and OS iewe . isualiza ion o bibliome ic ne wo ks has gained he a en ion o esea che s since
he beginning o bibliome ic esea ch. i o e s a powe ul way o analyzing di e en bibliome ic ne -
wo ks including ne wo ks o ci a ion ela ions be ween publica ions, ne wo ks o ci a ion ela ions
be ween jou nals, ne wo ks o co-au ho ship ela ions be ween esea che s, and ne wo ks o co-occu ence
ela ions be ween keywo ds ( an eck & wal man, 2014).
P elimina y analysis
Since 2007, onwa ds i we analyze he documen s pe yea by sou ce, a maximum numbe o docu-
men s a e a ailable in he jou nal ‘Sus ainabili y’ in he yea 2021, ollowed by he Jou nal o
Sus ainable Finance and in es men , ‘Jou nal o cleane P oduc ion, and ‘Jou nal o Business e hics’
(Figu e 2).
he op 10 a ilia ing uni e si ies/ins i u ions and he coun o documen s pe ins i u ion is gi en in
Figu e 3. he Uni e si y o camb idge is he op a ilia ing ins i u ion which published 11 a icles in
Scopus-indexed jou nals on he opic ‘impac in es ing’, ollowed by he Uni e si y o Ox o d wi h 10
documen s and Rijksuni e si ei g oningen wi h 9 documen s on he opic (Figu e 3).
Documen s by he con ibu ing au ho s a e gi en in Figu e 4. he highes con ibu ion came om
Schol ens wi h 6 documen s. islam con ibu ed 5 a icles on he opic, while 6 o he au ho s con ibu ed
4 documen s each in he a ea.
Figu e 5 shows he esul s o documen s by coun y o publica ion. he Uni ed S a es accoun ed o
mo e han 169 documen s, ollowed by he UK wi h con ibu ions o 110 documen s. china and i aly
accoun ed o 62 documen s each, canada con ibu ed 51 documen s while india con ibu ed 48 docu-
men s on impac in es ing.
Figu e 2. Documen s pe yea by sou ce.
Figu e 3. op 10 a ilia ing ins i u ions.
cOgen BUSineSS & ManageMen 5
Based on he subjec a ea, i is e ealed ha mos o he publica ions a e om social sciences (23%),
while business managemen and accoun ing accoun ed o almos 22% o he documen s. nea ly 19%
o he publica ions a e om economics and econome ics, while 12% a e om en i onmen al science.
he o he subjec s co e ed a e ene gy, enginee ing, compu e science, a s and humani ies, decision
science, ag icul u al and biological sciences and o he s including psychology, medicine e c. (Figu e 6).
he op 10 sponso ing ins i u ions a e gi en in Figu e 7. i includes he na ional na u al Science
Founda ion, he eu opean commission, he Social Science and Humani ies Resea ch council o canada,
Fundacao Pa a a ciencia e a ecnologia, and he economic and Social Resea ch council.
Da a isualiza ion
he e a e di e en app oaches o isualizing bibliome ic ne wo ks. he popula ly used app oaches a e
dis ance-based, g aph-based, and imeline-based ( an eck & wal man, 2014). ci cula isualiza ions
Figu e 4. Documen s by au ho .
Figu e 5. Documen s by coun y.
Figu e 6. Documen s by subjec a ea.
6 M. M c
(Bö ne e al., 2012) and sel -o ganizing maps (Skupin e al., 2013) a e among he o he app oaches used
o isualiza ion o ne wo ks. in he dis ance–based app oach, he dis ance be ween nodes is indica i e
o hei ela edness. node loca ions a e decided based on ei he he mul i-dimensional scaling echnique
(Bo g & g oenen, 2005) o he OS echnique ( an eck & wal man, 2010). isualiza ion o bibliome ic
ne wo ks in he cu en s udy is done using OS iewe so wa e, which ollows dis ance–based app oach
o isualiza ion using he OS ( isualiza ion O Simila i ies) echnique ( an eck & wal man, 2014). a
bibliome ic ne wo k gene ally consis s o nodes and edges. Howe e , he OS iewe p esen s only he
nodes and does no p esen he edges be ween he nodes. he nodes can ep esen publica ions, jou -
nals, coun ies, esea che s, o e en keywo ds. Since OS iewe ollows a dis ance-based app oach o he
isualiza ion o ne wo ks, i is mo e sui able o la ge ne wo ks. he popula ypes o analysis include
ci a ion ela ions such as di ec ci a ion ela ions, co-ci a ion ela ions (Small, 1973) and bibliog aphic
coupling ela ions, keywo d occu ence and co-occu ence ela ions, and co-au ho ela ions ( an eck &
wal man, 2014). Since hese ne wo ks a e weigh ed ne wo ks, hey can be used o indica e no only he
ela ion be ween wo nodes bu also o e eal he s eng h o ha ela ion. he bigge he node o he
ne wo k, he highe he numbe o ep esen ing he a iable measu ed. he dis ance be ween wo nodes
in he ne wo k ep esen s he s eng h o he ela ionship be ween hem ( equen ly coming oge he in
documen s). S ongly ela ed nodes a e loca ed close o each o he while weakly ela ed nodes a e
loca ed a away om each o he ( an eck & wal man, 2014).
in isualiza ion ne wo ks in OS iewe , nodes by de aul a e assigned o clus e s. clus e s a e se s o
s ongly associa ed nodes. e e y node in he ne wo k is assigned o one pa icula clus e , based on a
esolu ion pa ame e . OS iewe uses di e en colou s in he ne wo k o iden i y he clus e o which
each node is a ached ( an eck & wal man, 2014). F om he isualiza ion ne wo k ep esen ing
coun y-wise ci a ions we can conclude ha , based on he numbe o ci a ions, he Uni ed S a es comes
i s , ollowed by he UK, china, and i aly (Figu es 8 and 9). he dis ance be ween he nodes ep esen ing
he UK and i aly is e y small, hence i is in e ed ha hese coun ies o en collabo a e in hei esea ch
on impac in es ing. he colou o he node indica es he a e age numbe o ci a ions pe yea o pub-
lica ion om each coun y.
when we look a he co-au ho coun y, i is e iden ha co-au ho ship is sha ed p edominan ly
among i aly, u key, Russia, Poland, Uk aine, and aus alia. co-au ho ship is also sha ed among he
ne he lands, Kenya, i an, and Slo enia. collabo a ion exis s be ween china, Malaysia, and Pakis an. UK
collabo a es in hei esea ch on eSg in es ing wi h Hunga y, Pe u, and egyp (Figu e 10).
he mos occu ing keywo ds a e gi en in he ollowing ne wo k (Figu e 11). he mos equen ly
occu ing keywo ds include sus ainable de elopmen , co po a e social esponsibili y, sus ainable in es -
men , and en i onmen al economics. his is indica i e o he ac ha he esea che s gene ally pe cei e
impac in es ing h ough he lens o sus ainable de elopmen al e o s o co po a e social esponsibili y
ini ia i es. i may also be in e p e ed as a lack o ocus among esea che s in iden i ying impac in es ing
Figu e 7. Documen s by sponso .
cOgen BUSineSS & ManageMen 7
ei he as a s andalone concep o as a concep ha d i es be e pe o mance in o ganiza ions. Howe e ,
esea che s ac oss pe iods ha e gi en mo e ocus on he concep o impac in es ing as a cons uc ha
mee s he equi emen s o sus ainable de elopmen , co po a e social esponsibili y, and en i onmen al
pe o mance.
Figu e 8. Coun y-wise ci a ions (ne wo k isualiza ion).
Figu e 9. Coun y-wise ci a ions (o e lay isualiza ion).
Figu e 10. Co-au ho ship coun y-wise.
