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Integrating environmental, social and governance disclosures factors in investment efficiency: a systematic literature review

F. J. O. Owino,David Mathuva,Musa Mangena

Published 2025 in Journal of Applied Accounting Research

ABSTRACT

This study examined the growing prominence of Environmental, Social and Governance (ESG) research in accounting, particularly its relevance to firm’s Investment efficiency (IE). We used a blend of systematic literature review (SLR) and bibliometric techniques. We examined 92 peer reviewed articles from Web of Science and Scopus published between 2000 and 2023. Our findings revealed key research trends, influential authors and thematic areas that have shaped the discourse over the past two decades. The analysis revealed a significant increase in ESG-related research linking strong ESG performance to improved IE. However, methodological disparities between the use of longitudinal data in developed countries and case-based approaches in emerging economies continue to influence empirical findings. The findings highlighted emerging research areas – corporate governance and tax avoidance; niche areas – ESG performance, labour efficiency, financial flexibility and sustainable development; basic areas – CSR, IE and environmental governance. This study focused on journal articles; future studies should use other sources that may offer practitioner-oriented perspectives. Additionally, the study may have suffered selection bias due to the reliance of specific keywords for documents retrieval. This study highlights emerging trends and suggests that researchers and policymakers should focus on improving ESG practices and IE. This study highlights emerging trends and suggests that researchers and policymakers should focus on improving ESG practices and IE. Social implications – This study contributes to a deeper comprehension of how socially responsible investment practices aligned with ESG principles can enhance IE. This study is unique in that it emphasizes the importance of focusing on the contribution of using a multifactor, standardized metric and mixed-methods approach toward improved ESG disclosures and IE.

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