Document Type
Article
Abstract
The 2020–2024 period marks a pivotal era in sustainable development, characterized by significant regulatory developments, including the EU Corporate Sustainability Reporting Directive (CSRD), the International Sustainability Standards Board standards, and the introduction of mandatory ESG reporting requirements worldwide. This review examines how recent policy changes have reshaped the linkages between ESG and sustainability. Following the PRISMA 2020 guidelines, we conducted a systematic review examining empirical studies of ESG–sustainability performance relationships published between 2020 and 2024. Studies examined the quantitative relationships between ESG sustainability performance and publicly traded corporations. Quality assessment employed the adapted Newcastle–Ottawa Scale with sustainability-specific criteria. From 2847 screened records, 89 quantitative studies covering 126,000 firms in 67 countries met the inclusion criteria. Overall, 56% reported positive ESG–performance links, 38% mixed/neutral, and 6% negative. Asia-Pacific showed the strongest positive share (67%), followed by multiregional (61%), Europe (56%), and North America (40%). Manufacturing (74%) and financial services (70%) outperformed technology (33%). This systematic review demonstrates strengthened positive associations and reveals Asia-Pacific's emergence as a regional leader, providing timely evidence for environmental managers and policymakers navigating post-2020 regulatory frameworks.
Digital Object Identifier (DOI)
Publication Info
Published in Sustainable Development, 2025.
Rights
© 2025 The Author(s). Sustainable Development published by ERP Environment and John Wiley & Sons Ltd.
This is an open access article under the terms of the Creative Commons Attribution-NonCommercial-NoDerivs License, which permits use and distribution in any medium, provided the original work is properly cited, the use is non-commercial and no modifications or adaptations are made.
APA Citation
Kim, J., & Yang, W. (2025). Environmental, Social, and Governance ( ESG ) Research: A Systematic Review of Recent Trends (2020–2024). Sustainable Development. https://doi.org/10.1002/sd.70370