Integrating Sustainability Strategy, Governance, and Outcomes: Reviewing Two‐Decades of ESG Research Through Bibliometric and Content Analysis

Abstract

This study provides an in‐depth literature review on ESG topics. It combines bibliometric mapping of 447 publications from Scopus and WoS, along with qualitative content analysis of 249 papers. The review examines how ESG has evolved from a disclosure‐based measure into a comprehensive framework that integrates sustainable strategy, governance, and finance. The analysis identifies five main research clusters: ESG disclosure and transparency, performance measurement, ratings and evaluation, sustainable finance, and reporting frameworks. The content analysis outlines dominant theories, methods, and variable relationships, showing that ESG can act both as a driver and an outcome in empirical models. It also highlights underexplored areas such as ESG assurance, greenwashing, stakeholder influence, and contextual diversity. Future studies should strengthen conceptual and empirical connections across ESG themes, explore governance in cross‐country contexts, and evaluate the effects of mandatory disclosure regimes. Emerging technologies such as artificial intelligence, blockchain, and sustainability analytics also offer new opportunities to enhance the credibility and comparability of ESG information.