Extant research emphasizes that corporate governance (CG) significantly influences environmental, social, and governance (ESG) outcomes. This paper undertakes a content analysis and reviews 91 academic articles published in 41 journals over the past 14 years (2010-2023). We examine the role of CG in ESG outcomes by focusing on CG themes, ESG indicators, theories, countries, and empirical methodologies used to address endogeneity. The findings show that several factors collectively impact ESG outcomes positively. Such factors include female directors, institutional investors, independent directors, CEO characteristics, directors' compensation, and sustainability committees. Relatedly, the findings also suggest that family ownership may potentially exert a detrimental effect on ESG performance. Despite the burgeoning evidence on CG and ESG outcomes, we highlight several understudied areas, such as directors' ESG expertise in specific ESG-related sectors and CEO tenure. Furthermore, we call for more research focusing on non-financial firms, particularly in European countries. Given the current studies' reliance on archival methodologies, we encourage future research to adopt diverse approaches, such as qualitative and mixed research methods. Finally, we discuss several research avenues, identify gaps in the literature, and outline a future research agenda.

Buchetti, B., Arduino, F., Perdichizzi, S. (2025). A literature review on corporate governance and ESG research: Emerging trends and future directions. INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 97(January 2025) [10.1016/j.irfa.2024.103759].

A literature review on corporate governance and ESG research: Emerging trends and future directions

Perdichizzi S.
2025

Abstract

Extant research emphasizes that corporate governance (CG) significantly influences environmental, social, and governance (ESG) outcomes. This paper undertakes a content analysis and reviews 91 academic articles published in 41 journals over the past 14 years (2010-2023). We examine the role of CG in ESG outcomes by focusing on CG themes, ESG indicators, theories, countries, and empirical methodologies used to address endogeneity. The findings show that several factors collectively impact ESG outcomes positively. Such factors include female directors, institutional investors, independent directors, CEO characteristics, directors' compensation, and sustainability committees. Relatedly, the findings also suggest that family ownership may potentially exert a detrimental effect on ESG performance. Despite the burgeoning evidence on CG and ESG outcomes, we highlight several understudied areas, such as directors' ESG expertise in specific ESG-related sectors and CEO tenure. Furthermore, we call for more research focusing on non-financial firms, particularly in European countries. Given the current studies' reliance on archival methodologies, we encourage future research to adopt diverse approaches, such as qualitative and mixed research methods. Finally, we discuss several research avenues, identify gaps in the literature, and outline a future research agenda.
Articolo in rivista - Articolo scientifico
Non-financial reporting; Corporate Governance; ESG metrics; Content analysis; Literature review;
English
9-nov-2024
2025
97
January 2025
103759
none
Buchetti, B., Arduino, F., Perdichizzi, S. (2025). A literature review on corporate governance and ESG research: Emerging trends and future directions. INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 97(January 2025) [10.1016/j.irfa.2024.103759].
File in questo prodotto:
Non ci sono file associati a questo prodotto.

I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.

Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/10281/528681
Citazioni
  • Scopus 0
  • ???jsp.display-item.citation.isi??? 0
Social impact