RESEARCH ARTICLE
Sustainable development and firm value: How ESG performance shapes corporate success—a systematic literature review
Xuan Li,
Maisarah Mohamed Saat,
Saleh F. A. Khatib,
Yang Liu,
Corresponding Author
Xuan Li
Faculty of Management, Universiti Teknologi Malaysia, Skudai, Johor, Malaysia
School of Economics and Management, Ningxia University, Yinchuan, Ningxia, China
Correspondence
Xuan Li, Faculty of Management, Universiti Teknologi Malaysia, 81310 Skudai, Johor, Malaysia, School of Economics and Management, Ningxia University, 750021 Yinchuan, Ningxia, China.
Email: [email protected]
Search for more papers by this authorMaisarah Mohamed Saat
Faculty of Management, Universiti Teknologi Malaysia, Skudai, Johor, Malaysia
Search for more papers by this authorSaleh F. A. Khatib
Faculty of Management, Universiti Teknologi Malaysia, Skudai, Johor, Malaysia
Faculty of Business, Sohar University, Sohar, Oman
Search for more papers by this authorYang Liu
Faculty of Management, Universiti Teknologi Malaysia, Skudai, Johor, Malaysia
School of Economics and Management, Ningxia University, Yinchuan, Ningxia, China
Search for more papers by this authorXuan Li,
Maisarah Mohamed Saat,
Saleh F. A. Khatib,
Yang Liu,
Corresponding Author
Xuan Li
Faculty of Management, Universiti Teknologi Malaysia, Skudai, Johor, Malaysia
School of Economics and Management, Ningxia University, Yinchuan, Ningxia, China
Correspondence
Xuan Li, Faculty of Management, Universiti Teknologi Malaysia, 81310 Skudai, Johor, Malaysia, School of Economics and Management, Ningxia University, 750021 Yinchuan, Ningxia, China.
Email: [email protected]
Search for more papers by this authorMaisarah Mohamed Saat
Faculty of Management, Universiti Teknologi Malaysia, Skudai, Johor, Malaysia
Search for more papers by this authorSaleh F. A. Khatib
Faculty of Management, Universiti Teknologi Malaysia, Skudai, Johor, Malaysia
Faculty of Business, Sohar University, Sohar, Oman
Search for more papers by this authorYang Liu
Faculty of Management, Universiti Teknologi Malaysia, Skudai, Johor, Malaysia
School of Economics and Management, Ningxia University, Yinchuan, Ningxia, China
Search for more papers by this authorAbstract
This study is designed to conduct a systematic literature review aimed at assessing the influence of environmental, social, and governance (ESG) performance on firm value. Although previous studies have explored their relationship, a comprehensive systematic review on this topic is still lacking. We conducted a detailed literature search in the Scopus and Web of Science databases and identified 73 papers published between 2016 and 2023 as the sample, covering annual trends, country and industry distribution, theoretical frameworks, proxy variables, research methods, research results, and provided direction for future research. We found a significant increase in the number of studies over the past 3 years. Cross-country studies dominated the field, with most research adopting multi-industry analysis, while studies focusing on a single industry were relatively rare. The stakeholder theory and agency theory were the most widely applied theories. Most studies showed that ESG performance had a positive effect on firm value, reflecting the growing importance that markets and investors placed on ESG performance and its contribution to long-term firm growth. However, some studies reported negative or insignificant effects, noting that the effects of ESG performance varied by industry, region, and market environment. This study suggests that future research should explore the independent and interactive effects of each ESG dimension on firm value, focusing on dynamic relationships across industries and regions, using new methods and models, and incorporating moderating variables. This study provides practical guidance for firm managers and policymakers to optimize ESG practices, enhancing firm value and promoting sustainability.
CONFLICT OF INTEREST STATEMENT
The authors declare no conflict of interest.
Open Research
DATA AVAILABILITY STATEMENT
Available on request from the corresponding authors.
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