ESG Funds Research: A Bibliometric and Thematic Analysis of Emerging Trends

Environmental, social, and governance (ESG) funds have received increasing research attention in recent years, yet the extant literature appears fragmented, with few attempts to bring together the scholarly works and chart out intellectual progression and future research themes. This systematic review article attempts to fill this gap by providing a comprehensive overview of ESG fund research with respect to its evolution, intellectual roots, and emerging trends. A total of 322 publications indexed in Scopus were identified, of which 67 studies were eligible following PRISMA-informed screening via Bibliometrix (R). Citation analysis, co-citation analysis, bibliographic coupling, and thematic analysis were conducted to map out prolific authors, journals, countries, knowledge clusters, gaps, and future directions. Results show that research on ESG funds has progressed from initial discussions around ethics and corporate social responsibility (CSR) toward recent interest in sustainable finance, data-driven decision-making, investment performance considerations, and regulatory developments. The studies primarily draw upon literature from CSR, finance, and environmental sustainability. The United States, China, and India account for most of the publications, while African, South American, and Eastern European countries are rarely represented. ESG, mutual funds, and sustainability form the prevailing themes of interest, while machine learning, Sustainable Finance Disclosure Regulation, greenwashing, and resilience through crises are identified as potential future directions. This article reviews the literature on ESG funds using PRISMA-guided bibliometric mapping techniques. The review synthesizes the literature on ESG funds found in finance, sustainability, business ethics, and accounting. It maps the field’s knowledge base, conceptual foundations, thematic trends, and future research avenues, and provides an integrated framework for future research on ESG funds.