Title: Environmental, social and governance ratings: exploring domain knowledge and its association with financial performance

Authors: Gurmeet Singh; Surinder Kaur

Addresses: Chitkara Business School, Chitkara University, Punjab, India ' Department of Commerce, Post Graduate Government College, Sector 46, Chandigarh, India

Abstract: Environmental, social and governance (ESG) ratings have become major metrics of corporate sustainability and ethical behaviour, heavily impacting financial performance and governance measures. This research performs bibliometric and content analysis on 89 Scopus-indexed papers published during 2010-2024 to map changing research trends connecting ESG ratings with financial performance. Empirical evidence indicates a high increase in publications post-2017, manifesting an increased focus on ESG in investment and decision making. European nations dominate academic contributions, focusing on governance and sustainability standards. Four clusters of themes manifest: the relationship between ESG and financial performance, sustainable investment, standardising ratings, and the role of CSR in affecting firm value. From the governance point of view, ESG indicators improve transparency, risk management, and stakeholder trust. The research synthesises current knowledge while identifying future research directions in rating consistency, emerging markets, and strategic governance integration.

Keywords: corporate governance; environmental sustainability; ESG ratings; financial performance.

DOI: 10.1504/IJBCRM.2026.155766

International Journal of Business Continuity and Risk Management, 2026 Vol.16 No.3, pp.296 - 318

Received: 13 Oct 2025
Accepted: 16 Feb 2026
Published online: 13 Aug 2026 *

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