Global Research Trends on Sustainability Disclosure and Stock Market Performance: a Bibliometric Analysis
Abstract
Over the past two decades, sustainability disclosure has become an increasingly important issue in capital market research, driven by growing regulatory pressure, investor demand for transparency, and the integration of Environmental, Social, and Governance (ESG) considerations into investment decisions. Although empirical studies examining the relationship between sustainability disclosure and stock market performance have expanded rapidly, the literature remains fragmented and context dependent, making it difficult to obtain a comprehensive overview of its intellectual structure and thematic evolution. This study aims to map global research trends on sustainability disclosure and stock market performance through a bibliometric analysis. Using 155 peer-reviewed documents indexed in the Scopus database and published between 2005 and 2026, the study applies performance analysis and science mapping techniques using Biblioshiny. The results reveal a sharp growth in publications since 2020, strong interdisciplinary collaboration, and a concentration of influential studies in sustainability- and management-oriented journals. The science mapping analysis identifies sustainability as the central theme connecting corporate social responsibility, firm performance, and capital market outcomes, with a clear shift toward ESG- and governance-focused research in recent years. Overall, this study provides a structured overview of the field, identifies emerging research directions, and offers valuable insights for researchers, practitioners, and policymakers regarding the role of sustainability disclosure in capital markets.
Keywords: Sustainability Disclosure; ESG; Stock Market Performance; Bibliometric Analysis; Capital Market.
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DOI: https://doi.org/10.21107/bep.v7i2.35336
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