A Bibliometric Analysis of The Evolution of ESG and Fi‎nancial Disclosure

  • Authors

    • Hui Wei You School of Economics and Management, Xiamen University Malaysia, 43900, Malaysia
    • Bee Wah Yap Centre for Research and Consultancy, UNITAR International University, 47301, Malaysia
    • Sardar Muhammad Usman Department of Management Sciences, COMSATS University, Islamabad 44000, Pakistan
    • Muhammad Jamil Khan National Business School, The University of Faisalabad, Pakistan
    • Asyraf Afthanorhan Artificial Intelligence Research Center for Islamic and Sustainability (AIRIS)، Universiti Sultan Zainal Abidin (UniSZA)، Ma‎laysia
    https://doi.org/10.14419/ha01bm03

    Received date: July 25, 2025

    Accepted date: September 10, 2025

    Published date: November 16, 2025

  • ESG Disclosure; Financial Reporting Practices; Regulatory Frameworks; Comparative Analysis; Bibliometric Analysis; Thematic ‎Analysis

  • Abstract

    This study investigates the differences in Environmental, Social, and Governance (ESG) disclosures and financial disclosures ‎between developed and developing countries, with a focus on the integration of ESG elements into corporate reporting practices. ‎Drawing on key theoretical perspectives—namely Corporate Social Responsibility (CSR), stakeholder theory, and corporate ‎governance—the study also examines the underlying conceptual frameworks guiding ESG and financial reporting. A systematic-‎ic literature review using the PRISMA method was conducted on publications indexed in the Web of Science and Scopus databases up to 2024. From an initial pool of 1,622 ESG-related and 1,423 financial disclosure publications, a final dataset comprising 72 FT50 articles (26 on ESG and 46 on financial disclosure) was analyzed using bibliometric and comparative methods. ‎The findings reveal substantial differences in disclosure practices: developed countries commonly adopt standardized frameworks such as IFRS and EU CSRD, while developing nations rely on fragmented, voluntary reporting. Notably, 21% of ‎reviewed studies lack explicit theoretical grounding. Journals such as Journal of Business Ethics and Management Science dominate financial disclosure discussions, while ESG topics are increasingly explored in Review of Accounting Studies. The analy-‎sis highlights dominant themes and evolving research trends through co-word and thematic mapping. This study provides a ‎unique comparative and bibliometric perspective, identifying current practices, theoretical gaps, and areas for future research. It ‎offers valuable insights for policymakers, investors, and scholars aiming to enhance ESG integration and disclosure quality ‎across diverse economic contexts‎.

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    You , H. W. ., Yap , B. W. ., Usman , S. M. ., Khan , M. J. ., & Afthanorhan, A. . (2025). A Bibliometric Analysis of The Evolution of ESG and Fi‎nancial Disclosure. International Journal of Accounting and Economics Studies, 12(7), 551-565. https://doi.org/10.14419/ha01bm03