A Systematic Literature Review on Corporate Governance and ESG research: Trends and Future directions

58 Pages Posted: 14 Dec 2022

See all articles by Bruno Buchetti

Bruno Buchetti

University of Padua

Francesca Romana Arduino

Luiss Guido Carli University - Department of Business and Management

Antonio De Vito

Alma Mater Studiorum University of Bologna; IE Business School - IE University

Date Written: November 26, 2022

Abstract

Prior research has found that the corporate governance system plays an important role in firms’ ESG outcomes. This study systematically reviews 53 research articles published in 27 journals during the last 13 years (2010-2022). We synthetize, evaluate, and extend knowledge on the role of corporate governance in ESG outcomes by covering corporate governance themes, ESG indicators, theories employed, country, methodologies, and models used to treat endogeneity. Despite the evidence on the corporate governance determinants affecting ESG outcomes, we highlight several unexplored determinants that require further research, including managerial ownership, directors’ experience, and CEO tenure. Although prior literature has predominantly focused on non-financial firms and European countries, examining the role of corporate governance in ESG outcomes in financial firms and in North American and Asian countries could significantly enrich the literature. As studies rely primarily on archival methodologies, we also call for research that adopts different approaches (e.g., qualitative and mixed research methods) and new sources of data (e.g., interviews or case studies). Finally, we discuss several research streams, identify literature gaps, and outline a detailed future research agenda.

Keywords: ESG, accounting, sustainability, corporate governance, board of directors, disclosure

JEL Classification: G30; G32; M41; Q50

Suggested Citation

Buchetti, Bruno and Arduino, Francesca Romana and De Vito, Antonio, A Systematic Literature Review on Corporate Governance and ESG research: Trends and Future directions (November 26, 2022). Available at SSRN: https://ssrn.com/abstract=4286866 or http://dx.doi.org/10.2139/ssrn.4286866

Bruno Buchetti

University of Padua ( email )

Via del Santo, 33
Padova, 35123
Italy

Francesca Romana Arduino

Luiss Guido Carli University - Department of Business and Management ( email )

Viale Pola 12
Rome, 00198
Italy

Antonio De Vito (Contact Author)

Alma Mater Studiorum University of Bologna ( email )

Bologna
Italy

IE Business School - IE University ( email )

Calle Maria de Molina 12
Madrid, Madrid 28006
Spain

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