Trends, shifts and future prospects of sustainable finance research: a bibliometric analysis

Abstract

Purpose

This study aims to highlight the key aspects of sustainable finance using bibliometric analysis of the relevant literature extracted from two separate databases, Scopus and Dimensions.ai. The present study contributes towards the achievement of sustainable development by providing directions to align financial decision-making with different sustainability aspects.

Design/methodology/approach

The author conducted bibliometric analysis for 1,220 articles from Scopus and 1,437 publications from Dimensions.ai. The most frequently occurring terms in sustainable finance research are explored and visualised using the VOSviewer.

Findings

Bibliometric findings revealed a dynamic evolution of research focus over time. The social component dominated from 2012 to 2016, however a shift to environmental and climate change considerations is noticed from 2016 to 2020. Recent studies (2020–2022) exhibited heightened attention to green finance and renewable energy. Overlay visualisations highlighted similar trends in both databases, indicating a contemporary emphasis on green finance.

Research limitations/implications

This study enriches theoretical discourse by mapping the trajectory of sustainable finance research, contributing to a deeper understanding of its evolution.

Practical implications

Insights from this study guide researchers and practitioners in identifying trends, that can help the integration of green finance principles into corporate strategies.

Social implications

Findings also raise awareness among stakeholders, and help facilitate socially responsible corporate cultures and informed policymaking.

Originality/value

The originality of this study lies in its comprehensive bibliometric analysis of sustainable finance research in management studies, drawing data from two major databases and spanning over three decades.