Green Finance and ESG Strategy Under Environmental Governance Systems: A Bibliometric and Systematic Review (2015–2026)

Authors

  • Martin Macauley Chrysanthus University of Uyo, Uyo, Nigeria Author
  • Francis I. Ogosi, PhD Western Delta University, Oghara, Nigeria Author

DOI:

https://doi.org/10.66811/eijrihs.vol1.no3.47

Keywords:

Bibliometric analysis; Corporate sustainability; ESG strategy; Environmental governance; Green finance

Abstract

In this study, literature review was conducted using the method of bibliometric and systematic review, which covered the period of 2015-2026. The study focused on the Stakeholder Theory, Institutional Theory and the Natural Resource-Based View Theory which explains the growing inclusion of sustainability issues in corporate governance and financial systems. The bibliometric data obtained from the Dimensions database was used for analysis in VOSviewer and Biblioshiny to look for publication trends and the field's intellectual structure. The results showed that there is a significant increase in research related to sustainability, especially since 2020, due to the rise in focus on ESG disclosure, climate finance and environmental responsibility globally. The research also identified thematic clusters as the most important ones concerning green finance, integration of ESG principles, environmental governance, corporate sustainability and green innovation. Overall, the results showed that the study of sustainability governance is a developing and growing interdisciplinary field, with growing scholarly and policy relevance.

Downloads

Download data is not yet available.

Author Biographies

  • Martin Macauley Chrysanthus, University of Uyo, Uyo, Nigeria

     Department of Accounting, University of Uyo, Uyo, Nigeria

  • Francis I. Ogosi, PhD, Western Delta University, Oghara, Nigeria

     Business Administration Dept, Western Delta University, Oghara, Nigeria

References

Abidin, A. Z., Omar, N., & Rahman, M. (2024). Assessing the influence of green finance on the financial sustainability performance of SMEs in Malaysia and Indonesia. Proceedings of the International Conference on Economics and Business Management. Retrieved from https://www.atlantis-press.com/proceedings/icebm-23/126003398

Adeyemi, A. Z., Olasupo, S. F., Johnson, A. A., Adegun, E. A., & Sajuyigbe, A. S. (2024 ). Impact of green finance on environmental performance with the mediation of financial innovation: Evidence from Nigerian bank. Journal of Theoretical and Applied Management, 17(1). https://doi.org/10.20473/jmtt.v17i1.55210

Auzepy, A., Bannier, C. E., & Martin, F. (2023 ). Are sustainability-linked loans designed to effectively incentivize corporate sustainability? Financial Management. https://doi.org/10.1111/fima.12437

Central Bank of Nigeria. (2012 ). Nigerian Sustainable Banking Principles and guidance notes. Central Bank of Nigeria.

Cheng, Q., Sun, Q., & Zhang, Y. (2025). Green innovation and firms' financial and environmental performance: The roles of pollution prevention versus control. Journal of Environmental Economics and Management. Retrieved from https://www.sciencedirect.com/science/article/pii/S0165410124000363

Dai, Q., Wang, Y., & Li, X. (2025 ). Green finance for sustainable development: Analyzing the effects of green credit on high-polluting firms' environmental performance. Humanities and Social Sciences Communications. Retrieved from https://www.nature.com/articles/s41599-025-05218-8

Flammer, C. (2021 ). Corporate green bonds. Journal of Financial Economics, 142(2), 499-516. https://doi.org/10.1016/j.jfineco.2021.01.010

Gao, W., & Liu, Z. (2023 ). Green credit and corporate ESG performance: Evidence from China. Finance Research Letters, 55, 103940. https://doi.org/10.1016/j.frl.2023.103940

Geng, Y., Yin, S., Wu, L., Lu, R., & Zhang, Y. (2023 ). How green credit affects corporate environmental information disclosure: Evidence from new energy listed companies in China. Frontiers in Ecology and Evolution, 11, 1301589. https://doi.org/10.3389/fevo.2023.1301589

Hart, S. L. (1995 ). A natural-resource-based view of the firm. Academy of Management Review, 20(4), 986-1014. https://doi.org/10.5465/amr.1995.9512280033

Hoang, H. T., Pham, T. T., & Tran, N. H. (2025 ). Determinants of green finance and SMEs performance: An empirical study in the Vietnamese agricultural sector. Review of World Economics and Applied Economics. Retrieved from http://journals.nasspublishing.com/index.php/rwae/article/view/2031

Khan, M. A., & Vismara, S. (2025 ). Green bond issuance and corporate environmental and financial performance: A meta-analysis.

International Review of Economics & Finance. Retrieved from https://www.sciencedirect.com/science/article/pii/S1059056025004769

Kim, S., Kumar, N., Lee, J., & Oh, J. (2025 ). ESG lending. Journal of Financial Economics, 173, 104150. https://doi.org/10.1016/j.jfineco.2025.104150

Lei, H., Gao, R., Ning, C., & Sun, G. (2025 ). Green finance and corporate green innovation. Finance Research Letters, 72, 106577. https://doi.org/10.1016/j.frl.2024.106577

Li, C., Zhang, Y., & Wang, X. (2024 ). The impact of green credit guidelines on environmental performance: Evidence from China. Technological Forecasting and Social Change, 205.

Li, Y., & Lin, A. (2024). Assessing the impact of green finance on financial performance in Chinese eco-friendly enterprise. Heliyon, 10(7), e29075. https://doi.org/10.1016/j.heliyon.2024.e29075

Liao, Y., Zhang, H., & Chen, X. (2024 ). Real green or fake green? Impact of green credit policy on ESG performance of polluting enterprises. Humanities and Social Sciences Communications. https://doi.org/10.1057/s41599-024-03596-z

Liu, X., Wang, S., & Chen, Y. (2024 ). Green innovation and corporate ESG performance. International Review of Economics & Finance.

Nigerian Exchange Group. (2019). Sustainability disclosure guidelines. Nigerian Exchange Group.

Russo, M. V., & Fouts, P. A. (1997). A resource-based perspective on corporate environmental performance and profitability. Academy of Management Journal, 40(3), 534-559. https://doi.org/10.5465/257052

Securities and Exchange Commission Nigeria. (2018 ). New rules and amendments: Rules on green bonds. Securities and Exchange Commission Nigeria.

Securities and Exchange Commission Nigeria. (2021). Guidelines on sustainable financial principles for the Nigerian capital market. Securities and Exchange Commission Nigeria.

Sun, Y., & Hao, Y. (2025). Green bonds and corporate environmental performance: The role of third-party certification. International Review of Economics & Finance, 104, 104621. https://doi.org/10.1016/j.iref.2025.104621

Wang, F., & Liu, J. (2024 ). Green bond and corporate environmental investment: The moderating effect of environmental concern. Finance Research Letters, 65, 105607. https://doi.org/10.1016/j.frl.2024.105607

Wu, J. (2025 ). An exploratory study of the association between green-bond issuance, ESG performance and firm valuation. Sustainability, 17(5), 2094. Retrieved from https://www.mdpi.com/2071-1050/17/5/2094

Yu, X., Chen, Y., & Liu, J. (2025 ). The impact of green finance policy on environmental performance of firms: Evidence from green finance pilot zones. Sustainability, 17(17), 7589. Retrieved from https://www.mdpi.com/2071-1050/17/17/7589

Downloads

Published

2026-06-27

How to Cite

Green Finance and ESG Strategy Under Environmental Governance Systems: A Bibliometric and Systematic Review (2015–2026). (2026). EIJRIHS, 1(3), 209-233. https://doi.org/10.66811/eijrihs.vol1.no3.47

Most read articles by the same author(s)

Similar Articles

1-10 of 26

You may also start an advanced similarity search for this article.