A Bibliometric Analysis on ESG Risk and Financial Stability

Authors

  • Loso Judijanto IPOSS Jakarta, Indonesia

DOI:

https://doi.org/10.58812/wsshs.v4i01.2613

Keywords:

ESG Risk, Financial Stability, Bibliometric Analysis, Sustainable Finance, VosViewer

Abstract

This study presents a bibliometric analysis of the intersection between Environmental, Social, and Governance (ESG) risk and financial stability, mapping the growth and development of research in this field. Utilizing data from Scopus, the analysis identifies key trends, influential publications, and emerging technologies within the ESG and finance domains. The study highlights the increasing recognition of ESG factors as essential to maintaining financial stability, with growing scholarly interest in integrating ESG risk into financial systems. Despite the global expansion of ESG research, certain regions, such as Turkey, Mexico, and Russia, exhibit less integration into the global network. This research aims to provide a comprehensive overview of the intellectual structure of ESG-related financial stability studies, offering insights into research gaps and future directions for policymakers, financial practitioners, and academics.

References

[1] I. Lupu, G. Hurduzeu, and R. Lupu, “How is the ESG reflected in European financial stability?,” Sustainability, vol. 14, no. 16, p. 10287, 2022.

[2] G. Cohen, “ESG risks and corporate survival,” Environ. Syst. Decis., vol. 43, no. 1, pp. 16–21, 2023.

[3] E. Alexandra, L. Svetlana, and K. Alexander, “The Impact of ESG Indicators on the Financial Stability of Companies,” Procedia Comput. Sci., vol. 242, pp. 1226–1234, 2024.

[4] E. Andrey, “ESG as an innovative tool to improve the efficiency and financial stability of financial organizations,” Procedia Comput. Sci., vol. 221, pp. 705–709, 2023.

[5] I. Pyka, R. Karkowska, and A. Nocoń, “ESG activities and their influence on commercial banks’ profitability and financial stability,” J. Entrep. Manag. Innov., vol. 21, no. 4, pp. 54–75, 2025.

[6] B. Tóth, E. Lippai-Makra, D. Szládek, and G. D. Kiss, “The contribution of ESG information to the financial stability of European banks,” PÉNZÜGYI SZEMLE/PUBLIC Financ. Q., vol. 66, no. 3, pp. 429–450, 2021.

[7] C. Zheng, M. A. Mannan Khan, M. M. Rahman, S. Moudud-Ul-Huq, and M. S. Rahman, “ESG Performance and Financial Stability: A Bibliometric and Meta-Analysis,” Sage Open, vol. 15, no. 4, p. 21582440251381772, 2025.

[8] E. Lippai-Makra, D. Szládek, B. Tóth, and G. D. Kiss, “Environmental, social, and governance (ESG) scores in the service of financial stability for the European banking system,” 2021.

[9] A. Lisin, A. Kushnir, A. G. Koryakov, N. Fomenko, and T. Shchukina, “Financial stability in companies with high ESG scores: evidence from North America using the Ohlson O-Score,” Sustainability, vol. 14, no. 1, p. 479, 2022.

[10] S. Y. Choi, D. Ryu, and W. You, “ESG activities and financial stability: The case of Korean financial firms,” Borsa Istanbul Rev., vol. 24, no. 5, pp. 945–951, 2024.

[11] Z. Asgari and J. Molyte, “ESG and financial stability in the banking sector.” 2023.

[12] Y. Ni and Y. Huang, “The ESG Impact on Financial Stability: Evidence from China,” 2023.

[13] D. Wu, Z. Song, and S. Jin, “ESG performance and financial Stability: The moderating effect of CEO characteristics,” J. Environ. Manage., vol. 393, p. 127049, 2025.

[14] S. Srairi and I. Kateb, “From ESG to risk-taking and financial stability: is board gender diversity the missing link in Islamic and conventional GCC banks?,” J. Risk Financ., vol. 26, no. 5, pp. 805–839, 2025.

[15] K. T. Chua and B. Hae-Young, “ESG initiatives and financial stability in the Korean financial industry: The moderating role of ownership concentration,” Banks Bank Syst., vol. 20, no. 3, p. 215, 2025.

[16] N. Mirza, M. Umar, O.-R. Lobont, and A. Safi, “ESG lending, technology investment and banking performance in BRICS: navigating sustainability and financial stability,” China Financ. Rev. Int., vol. 15, no. 2, pp. 324–336, 2025.

[17] M. H. Javed and N. T. Bhutta, “Climate Change Risk and Financial Stability: How ESG Moderates Physical and Transition Risks in Non-Financial Firms of Pakistan,” Dev. Sustain. Econ. Financ., p. 100108, 2025.

[18] 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.

[19] F. Defung, R. Yudaruddin, N. P. Ambarita, N. Che-Yahya, and N. Z. Bahrudin, “The impact of ESG risks on bank stability in Indonesia,” Banks Bank Syst., vol. 19, no. 4, p. 194, 2024.

[20] G. M. Aevoae, A. M. Andrieș, S. Ongena, and N. Sprincean, “ESG and systemic risk,” Appl. Econ., vol. 55, no. 27, pp. 3085–3109, 2023.

[21] J. Wan, L. Yin, and Y. Wu, “Return and volatility connectedness across global ESG stock indexes: Evidence from the time-frequency domain analysis,” Int. Rev. Econ. Financ., vol. 89, pp. 397–428, 2024.

[22] M. Ziolo, B. Z. Filipiak, I. Bąk, and K. Cheba, “How to design more sustainable financial systems: The roles of environmental, social, and governance factors in the decision-making process,” Sustainability, vol. 11, no. 20, p. 5604, 2019.

[23] D. Luo, J. Yan, and Q. Yan, “The duality of ESG: Impact of ratings and disagreement on stock crash risk in China,” Financ. Res. Lett., vol. 58, p. 104479, 2023.

[24] M. Liu, T. Guo, W. Ping, and L. Luo, “Sustainability and stability: will ESG investment reduce the return and volatility spillover effects across the Chinese financial market?,” Energy Econ., vol. 121, p. 106674, 2023.

[25] Y. Ma, G. Feng, Z. Yin, and C. Chang, “ESG disclosures, green innovation, and greenwashing: All for sustainable development?,” Sustain. Dev., vol. 33, no. 2, pp. 1797–1815, 2025.

[26] E. C. C. Cagli, P. E. Mandaci, and D. Taşkın, “Environmental, social, and governance (ESG) investing and commodities: dynamic connectedness and risk management strategies,” Sustain. Accounting, Manag. Policy J., vol. 14, no. 5, pp. 1052–1074, 2023.

[27] H. Jung and C.-K. Song, “Managerial perspectives on climate change and stock price crash risk,” Financ. Res. Lett., vol. 51, p. 103410, 2023.

[28] M. M. Naseer, Y. Guo, T. Bagh, and X. Zhu, “Sustainable investments in volatile times: Nexus of climate change risk, ESG practices, and market volatility,” Int. Rev. Financ. Anal., vol. 95, p. 103492, 2024.

Downloads

Published

2026-01-30

How to Cite

A Bibliometric Analysis on ESG Risk and Financial Stability (L. Judijanto , Trans.). (2026). West Science Social and Humanities Studies , 4(01), 138-148. https://doi.org/10.58812/wsshs.v4i01.2613