Mapping the Research on Sustainable Finance: Bibliometric Insights from Web of Science and Scopus

Authors

  • Loso Judijanto IPOSS Jakarta, Indonesia

DOI:

https://doi.org/10.58812/wsbm.v3i01.1797

Keywords:

Sustainable finance, bibliometric analysis, VOSviewer, Scopus, Web of Science

Abstract

This study presents a bibliometric analysis of sustainable finance research using data exclusively from the WoS and Scopus database and visualization via VOSviewer. The aim is to map the intellectual landscape, identify thematic clusters, and explore global collaboration patterns within this rapidly evolving field. Keyword co-occurrence analysis highlights "sustainable finance" as the central theme, surrounded by related concepts such as ESG, green finance, green bonds, and sustainable development goals. Temporal and density visualizations reveal a shift in focus from traditional sustainability issues to emerging topics like greenwashing, decentralized finance, and fintech. Author and country collaboration maps uncover influential scholars and strong regional networks, particularly among institutions in the United Kingdom, India, Germany, and Italy. While the field shows high growth and thematic diversity, it also displays gaps in methodological variety, geographic inclusion, and institutional integration. The findings contribute to a comprehensive understanding of sustainable finance research trends and provide directions for future interdisciplinary inquiry.

References

[1] A. Edmans and M. Kacperczyk, “Sustainable finance,” Rev. Financ., vol. 26, no. 6, pp. 1309–1313, 2022.

[2] S. S. Finance, “What is sustainable finance,” Sustain. Dev. Sustain. Dev. Goals, China, 2018.

[3] M. Ziolo, I. Bak, and K. Cheba, “The role of sustainable finance in achieving sustainable development goals: Does it work?,” Technol. Econ. Dev. Econ., vol. 27, no. 1, pp. 45–70, 2021.

[4] K. Schumacher, H. Chenet, and U. Volz, “Sustainable finance in Japan,” J. Sustain. Financ. Invest., vol. 10, no. 2, pp. 213–246, 2020.

[5] A. M. A. Musleh Al-Sartawi, K. Hussainey, and A. Razzaque, “The role of artificial intelligence in sustainable finance,” Journal of Sustainable Finance & Investment. Taylor & Francis, pp. 1–6, 2022.

[6] D. Schoenmaker, A framework for sustainable finance. Centre for Economic Policy Research, 2018.

[7] N. Donthu, S. Kumar, D. Mukherjee, N. Pandey, and W. M. Lim, “How to conduct a bibliometric analysis: An overview and guidelines,” J. Bus. Res., vol. 133, pp. 285–296, 2021.

[8] M. Aria and C. Cuccurullo, “bibliometrix: An R-tool for comprehensive science mapping analysis,” J. Informetr., vol. 11, no. 4, pp. 959–975, 2017.

[9] D. Schoenmaker, “From risk to opportunity: A framework for sustainable finance,” RSM Ser. Posit. Chang., vol. 2, 2017.

[10] S. Spinaci, “Green and sustainable finance,” 2021.

[11] B. Ryszawska, “Sustainability transition needs sustainable finance,” Copernican J. Financ. Account., vol. 5, no. 1, pp. 185–194, 2016.

[12] A. B. Setyowati, “Governing sustainable finance: insights from Indonesia,” Clim. Policy, vol. 23, no. 1, pp. 108–121, 2023.

[13] P. K. Ozili, “Theories of sustainable finance,” Manag. Glob. Transitions, vol. 21, no. 1, 2023.

[14] T. Lagoarde-Segot, “Sustainable finance. A critical realist perspective,” Res. Int. Bus. Financ., vol. 47, pp. 1–9, 2019.

[15] O. M. Lehner, Routledge handbook of social and sustainable finance. Routledge, 2016.

[16] D. Schoenmaker, Investing for the common good: a sustainable finance framework. Bruegel, 2022.

[17] A. Kashi and M. E. Shah, “Bibliometric review on sustainable finance,” Sustainability, vol. 15, no. 9, p. 7119, 2023.

[18] I.-S. Popescu, C. Hitaj, and E. Benetto, “Measuring the sustainability of investment funds: A critical review of methods and frameworks in sustainable finance,” J. Clean. Prod., vol. 314, p. 128016, 2021.

[19] M. A. Urban and D. Wójcik, “Dirty banking: Probing the gap in sustainable finance,” Sustainability, vol. 11, no. 6, p. 1745, 2019.

Downloads

Published

2025-03-28

Issue

Vol. 3 No. 01 (2025): West Science Business and Management

Section

Articles

License

Copyright (c) 2025 Loso Judijanto

Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

How to Cite

Mapping the Research on Sustainable Finance: Bibliometric Insights from Web of Science and Scopus (L. Judijanto , Trans.). (2025). West Science Business and Management, 3(01), 169-177. https://doi.org/10.58812/wsbm.v3i01.1797