The
ESG
Practices, Disclosures and Financial Performance in Family Firms: Mapping the Knowledge Base and Charting Future Research
Mansi Panwar, Mohit Verma, Sumanjeet Singh, Vimal Kumar ABSTRACT
The integration of Environmental, Social, and Governance (ESG) practices in family firms is gaining importance, yet research in this domain remains theoretically fragmented and empirically inconclusive. This study presents a multi‐method systematic review of 73 peer‐reviewed articles, integrating bibliometric analysis with the Theory, Context, Characteristics, and Methodology (TCCM) framework and a nomological network to synthesise the intellectual landscape of ESG research in family firms. Five thematic clusters are identified‐corporate governance, socioemotional wealth, ESG disclosure, sustainability performance, financial performance, and ownership composition‐reflecting a broader disciplinary shift from governance‐centric to sustainability‐oriented inquiry. Socioemotional wealth and stewardship theory emerge as the dominant theoretical lenses explaining ESG adoption in family firms. The findings carry meaningful implications for investors, policymakers, and family firm executives seeking to align ownership values with contemporary sustainability demands. This study offers the first comprehensive synthesis of this intersection and charts a structured agenda for future research.