Shifting Centres of Gravity: A Science Mapping Analysis of ESG and Firm Value in Emerging Markets

Abstract

Abhishek Mishra, Dr. Lav Tripathi, Adarsh Mishra and Abhishek Srivastava

This paper investigates the changing intellectual landscape that connects Environmental, Social, and Governance (ESG) standards to firm value, tracing how this field has evolved geographically and theoretically over the last decade. By applying science mapping techniques to Scopus data from 2015 to 2025, we uncovered a dramatic shift in the conversation starting in 2022 - a year that marks a clear “structural rupture” where stricter disclosure rules in the Global South triggered an explosion of new research. In fact, more than three-quarters of the scholarship in this domain has emerged in just the last three years. This surge has been accompanied by a distinct eastward migration of academic influence, with China and India outpacing traditional Western hubs. Beyond the numbers, however, we identify a fundamental divergence in mindset: while Western scholars continue to view ESG primarily through the lens of Agency Theory as a mechanism for risk control, their counterparts in emerging markets are increasingly framing it through the Resource-Based View as a strategy for innovation and growth. Ultimately, this study maps these “parallel universes”, showing how the application of Stakeholder Theory shifts depending on the economic context acting as a shield in developed economies but as a competitive engine in the developing world.

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