Employing Content Analysis in ESG Research: A Systematic Review and Future Research Agenda

Abstract

This study systematically reviews the application of content analysis in environmental, social and governance (ESG) disclosure research. Although content analysis is widely employed to examine ESG reporting, methodological approaches, disclosure channels and analytical practices remain fragmented, limiting methodological coherence and the cumulative development of knowledge. To synthesise this evolving field, 170 peer‐reviewed articles published in ABS 3, 4 and 4* journals were systematically reviewed following the PRISMA guidelines. Using bibliometric and thematic analyses, the study examines publication trends, methodological developments, disclosure channels and emerging research directions. The findings reveal substantial growth in ESG content analysis research alongside increasing methodological diversification, while also identifying important gaps relating to computational methods, disclosure channels and methodological standardisation. Building on these findings, the study develops an integrative framework grounded in the Ontology–Epistemology–Methodology (OEM) perspective to explain how methodological choices shape the interpretation of ESG disclosures. In addition, a Theory–Context–Characteristics–Methodology (TCCM)–based future research agenda comprising eight research propositions is proposed to guide future scholarship. By providing a conceptually integrated synthesis of methodological developments and future research priorities, this review advances understanding of ESG content analysis and offers practical guidance for researchers investigating corporate sustainability communication.