ESG Operationalization along the value chain: A combined Bibliometric analysis and Systematic literature review of determinants and firm value implications (2015–2024)

Résumé

Abstract

Although increasing regulatory requirements and stakeholder activism around the globe, the operationalization process of firms with respect to their ESG criteria in internal processes, along with its effects on firm value remains theoretically underdeveloped and empirically scattered. This paper aims to fill this gap by conducting a bibliometric analysis and systematic literature review (SLR) of the interrelations among ESG, process, and firm value. Drawing on the Scopus Database, a dataset of 3,119 peer-reviewed journal articles published between 2015 and 2024 was compiled. After the screening process, 168 articles were selected for bibliometric analysis and 40 papers were reviewed in-depth (inter-rater agreement, Cohen's κ = 0.82). Bibliometric network visualization was accomplished using VOSviewer software. Four main contributions result from this analysis. First, the research output in the area has increased exponentially since 2018, accounting for 35.7% in 2024, reflecting the rise in ESG regulatory frameworks (e.g., CSRD, ISSB). Second, four clusters of knowledge are delineated: (1) transformation of internal processes and dynamic capabilities; (2) ESG integration in supply chain and value chain management; (3) ESG governance and reporting; and (4) ESG integration in SMEs and emerging economies. Third, the SLR proves that ESG operationalization indeed leads to the creation of firm value through operational efficiency, risk management, innovation benefits, stakeholder trust and better access to finance, although the significant gap between multi-year horizons and short-term reporting requirements continues. Fourth, an integrated framework of concepts based on stakeholder theory, Resource Based View, and dynamic capabilities is elaborated, along with six research propositions and research agenda. In doing so, this review makes progress on the state of art by focusing on operationalization rather than ESG disclosure.

Keywords: ESG integration; ESG operationalization; bibliometric analysis; systematic literature review; firm value; value chain; dynamic capabilities; stakeholder theory