Review2023

Sustainable investments: a scientometric review and research agenda

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Sustainable Finance and Green Bonds Financial Markets and Investment Strategies Corporate Social Responsibility Reporting

Abstract

Purpose Sustainable investments (SI) represent a promising class of investments, combining financial returns with mitigating environmental challenges, achieving SDG goals and creating a positive business impact. An enhanced global focus on climate change developments in the backdrop of COP26 and COP27, raised the need for comprehensive literature mapping, to understand the emerging themes and future research arenas in this field. Design/methodology/approach The authors apply a quali–quantitative approach of bibliometric methods coupled with content analysis, to review 1,022 articles obtained from the Web of Science (WoS) database for 1991–2023. Findings The results identify the leading authors and their collaborations, impactful journals and pioneering articles in sustainable investment literature. The authors also indicate seven major themes of SI to be financial performance; fiduciary duty; CSR; construction of ESG-based portfolios; sustainability assessment tools and mechanisms; investor behavior; and impact investing. Further, content analysis of literature from 2020 to 2023 highlights emerging research issues to be SDG financing via green bonds and social impact bonds; investor impact creation via shareholder engagement and field building strategies; and governance related determinants of firm-level sustainable investments. Finally, the authors discuss the research gaps across these themes and identify future research questions. Originality/value This paper crystallizes research themes in sustainable investment literature using a vast coverage of globally conducted studies published in reputed journals till date. The findings of this study coupled with future research questions provide a well-grounded foundation for new researchers to further explore the emerging dimensions of this field.

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2005CiteSpace II: Detecting and visualizing emerging trends and transient patterns in scientific literature 2015ESG and financial performance: aggregated evidence from more than 2000 empirical studies 1996The Impact of Environmental Management on Firm Performance 2009The price of sin: The effects of social norms on markets 2011Does the stock market fully value intangibles? Employee satisfaction and equity prices 2008Does It Pay to Be Green? A Systematic Overview 2008Socially responsible investments: Institutional aspects, performance, and investor behavior 2001The Effect of Green Investment on Corporate Behavior

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