ESG Disclosure as a Strategic Information Mechanism: A Bibliometric Review
对590篇Scopus收录的同行评审文章进行文献计量分析，揭示ESG披露从企业社会责任转向战略信息机制，影响资本成本、企业价值和财务绩效，但披露质量和绿色洗白主题整合不足。
ABSTRACT This study presents a theory‐oriented bibliometric review of research on environmental, social, and governance (ESG) disclosure and corporate outcomes, with particular attention to the evolving role of disclosure within the corporate information environment. Drawing on 590 peer‐reviewed articles indexed in Scopus, this study employs bibliometric mapping and network visualization to examine the intellectual structure of the field and its development over time. The findings reveal a shift from an early emphasis on ESG performance and corporate social responsibility to a disclosure‐centered perspective that links sustainability activities to financial and strategic consequences. ESG disclosure emerges as a structurally central construct connecting sustainability research with outcomes such as cost of capital, firm value, and financial performance. This configuration indicates that disclosure increasingly functions as a mechanism through which firms communicate sustainability‐related information and influence market evaluations. Simultaneously, themes related to disclosure quality, credibility, and greenwashing remain weakly integrated, suggesting that the informational properties of ESG communication are not yet fully theorized. The analysis also highlights the growing contributions of emerging markets alongside limited cross‐national integration. By synthesizing these structural developments, this study advances the understanding of ESG disclosure as a mediating interface between sustainability practice and corporate outcomes and outlines research directions concerning disclosure quality, institutional context, and information transmission processes. Consistent with bibliometric methodology, the results identify structural patterns rather than causal effects and are limited to Scopus‐indexed publications.