Title: The relationship between ESG and financial performance: a review of research in Latin America and worldwide

Authors: Márcio Marcelo Belli; Fabyo Ajona Marciano Marques; Lia Picoli; Pedro Henrique de Oliveira Santos

Addresses: State University of Campinas – UNICAMP, Campinas, Brazil ' State University of Campinas – UNICAMP, Campinas, Brazil ' State University of Campinas – UNICAMP, Campinas, Brazil ' State University of Campinas – UNICAMP, Campinas, Brazil

Abstract: This study performs a bibliometric analysis and systematic review of articles published in Latin America and other regions from 2000 to 2022 that analysed the relationship between environmental social and governance (ESG) performance and corporate financial performance (CFP) of companies. The methodology involved the application of bibliometric procedures with the aid of VOSviewer software for the identification and analysis of the articles in the SCOPUS and EBSCO databases. The study sample considered articles made by authors from Latin America, Europe, North America, Oceania and South Africa. The analyses showed that most studies on the subject in Latin America are from Brazil and those from other regions are concentrated in the USA. In addition, it was noted that the stakeholder theory was the most used theory in the analysed works. One of the main findings of the research is related to ESG and CFP metrics; there is a difference between Latin American papers and those from global regions. Despite the limitations, we consider that the research problem was answered in a satisfactory manner, making the results relevant.

Keywords: environmental social and governance; ESG; corporate financial performance; CFP; bibliometric analysis; Latin America.

DOI: 10.1504/LAJMSD.2023.132367

Latin American Journal of Management for Sustainable Development, 2023 Vol.6 No.1, pp.84 - 107

Received: 26 Jan 2023
Accepted: 02 May 2023
Published online: 18 Jul 2023 *

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