A comparative and conceptual intellectual study of environmental topic in Economic and Finance
International Review of Financial Analysis, Volume 91, 103023, January 2024, DOI: 10.1016/j.irfa.2023.103023
44 Pages Posted: 2 Dec 2022 Last revised: 9 Jan 2024
Date Written: August 14, 2022
Abstract
We aim to provide a comprehensive overview of the past, present, and future development of environmental related topics in Economics and Finance. In this regard, Environmental Finance (EF)- and Environmental, Social, and Governance (ESG)-related literature is col-lected and analysed. The paper draws chronical pictures of the topic development in these two recently developed fields by applying bibliometric methods. Then, we provide a novel systemic comparison on their main differences. Reviewing the top journal publications, we identify literature gaps for a future research agenda. In particular, on the one hand, for EF, we suggest exploring various financial innovations to generate environmental benefits re-search, and thus building up efficient regulatory framework for addressing major regional and/or global environmental issues. On the other hand, for ESG, we respectively provide potential research directions to conduct the cost-benefit study on the real impact of ESG disclosure and to evaluate how ESG investment strategy efficiently deliver sustainable development.
Keywords: Environmental Finance (EF), Environmental Social and Governance (ESG), Financial innovations, bibliometric analysis, ESG disclosure and investment
JEL Classification: A10, A12, C88, F64, Q01, Q40, Q56
Suggested Citation: Suggested Citation