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Corporate sustainability and performance: a bibliometric review for two decades

Dhawal Sharad Jadhav (Mudra Institute of Communications, Ahmedabad, India)
Subrat Sarangi (Mudra Institute of Communications, Ahmedabad, India)

Benchmarking: An International Journal

ISSN: 1463-5771

Article publication date: 24 April 2024




Over the past years, business strategies have been designed to improve ‘firms' financial and non-financial performances and achieve sustainable development, leading to corporate sustainability. This article is a bibliometric analysis of two decades of the relationship between corporate sustainability and firm performance, identifying the research focus and the gaps for future research.


The bibliometric review of corporate sustainability and performance research is between January 2004 and June 2023. As per the Web of Science database, the theme's research commenced around 2004, growing gradually till 2023. Five hundred thirty-nine published articles by peer-reviewed ABDC-indexed A and A* journals in English have been reviewed. The bibliometrix package in R software is used with VOSviewer for the bibliometric analysis.


The study's findings indicate a lack of research on the theme from developed and underdeveloped nations. Further, the analysis reveals five clusters of research: (1) business sustainability, (2) corporate sustainability reporting, (3) corporate sustainability, strategy, and innovation, (4) stakeholder and corporate sustainability, and e) corporate sustainability assessment.


The future research areas proposed are on two major themes, namely, corporate sustainability and organizational competitive advantage, including sub-themes such as “Environmental, Social, and Governance (ESG) and financial performance” and “greenhouse-gas emissions” and “market orientations,” respectively. There is a need for more research in developing markets, a comprehensive definition of corporate sustainability, and further exploration of the theme linking strategy and innovation.



Jadhav, D.S. and Sarangi, S. (2024), "Corporate sustainability and performance: a bibliometric review for two decades", Benchmarking: An International Journal, Vol. ahead-of-print No. ahead-of-print.



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