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The main purpose of this study was to conduct a bibliometric analysis of scientific knowledge and trends in modern finance. To this end, the analysis was based on the keywords: “finance”, “automation”, and “ESG”. The analysis aimed to provide theoretical insights into the economic and financial implications of automation and its role in achieving ESG objectives. From a methodological standpoint, bibliometric research was conducted on 21 September 2025. It involved analysing a total of 16,500 scientific articles published between 1974 and 2026 in two databases: The Web of Science Core Collection and Scopus. The Bibliometrix R 5.2.0 version tool was used to generate visualisations. Thematic mapping, three-field plotting, keyword mapping, and clustering were the main methods used to analyse the associations between finance, automation, and ESG principles. The study’s results showed an average annual increase in publications of approximately 3.80% and 2.50%, respectively, while international collaborations between researchers have become increasingly prominent in recent years. At the same time, the co-occurrence network analysis identified five key thematic clusters in the Web of Science Core Collection and three in Scopus. From a comparative perspective, these clusters highlight the most significant connections between environmental, social, and governance (ESG) performance, corporate social responsibility (CSR) impact, financial performance, economic growth, sustainable development, and the implications of the automation process. From a bibliometric point of view, this research contributes to a better understanding of the multiple digital transformations specific to the current financial framework, generating possible future research directions on the significant role of automation in financial, environmental, and social performance. Furthermore, automation is a critical component of the digital future of finance. Analysing and investigating the causal relationships between automation and Environmental, Social, and Governance (ESG) principles will necessitate new areas of study within the financial sphere. Full article

As global sustainable development increasingly intersects with rapid advances in artificial intelligence (AI), understanding how emerging technologies reshape corporate environmental, social, and governance (ESG) behavior has become essential. This study investigates the role of artificial intelligence adoption in shaping firms’ ESG performance and analyzes the channels through which such effects are realized. Panel data on Chinese A-share listed tourism enterprises for the period 2013–2023 were used in the analysis. Grounded in corporate social responsibility theory and stakeholder theory, the empirical analysis indicates that the adoption of artificial intelligence is positively associated with improved ESG performance among tourism enterprises. Further analysis suggests that AI adoption positively affects ESG performance mainly through two channels: customer base diversification and improvements in corporate reputation. Moderating effect tests reveal that climate risk strengthens the promoting effect of AI on ESG performance, while media attention weakens this effect. The heterogeneity results indicate that the positive impact of AI adoption on ESG performance is stronger among firms facing less government environmental scrutiny and those operating outside the culture, sports, and entertainment sectors. These findings deepen the understanding of how emerging technologies support sustainable corporate development in the tourism industry and provide evidence that may assist policymakers in promoting the coordinated advancement of AI applications and green governance. Full article

The aim of this article is to identify and systematize the principal research directions in sustainable strategic management (SSM) at the intersection of eco-innovation and business performance. Despite the growing prominence of sustainability in management scholarship, systematic understanding of how SSM, eco-innovation, and business performance are connected in the academic literature remains limited. In particular, it is unclear whether this intersection constitutes a coherent research domain or instead reflects a set of loosely related and fragmented lines of inquiry. To address this gap, the study combines bibliometric analysis and science mapping of 181 Scopus-indexed publications (2006–2024) with a PRISMA-guided scoping review of five core papers that explicitly link SSM, eco-innovation, and business performance. VOSviewer was used to identify thematic clusters and structural gaps, including missing or weak linkages between eco-innovation and different dimensions of business performance. Building on these findings, the article proposes a dual-path conceptual model: (1) a mediated path in which eco-innovation functions as a transmission mechanism between SSM and multidimensional business performance, and (2) a direct path linking SSM to business performance without mediation. The model further distinguishes between internal organizational conditions, which predominantly support the direct path, and external business environment factors, which are critical in enabling the mediated path through eco-innovation. The main contributions are as follows: (a) a structured mapping of the SSM–eco-innovation research field and its emerging thematic architecture; and (b) a conceptual model specifying the dual role of eco-innovation in shaping business performance outcomes. The study also outlines implications for theory, managerial practice, and public policy, particularly in terms of how organizations and their environments influence the effectiveness of different strategic sustainability pathways. The proposed framework should be interpreted as an evidence-informed conceptual model derived from bibliometric patterns and focused qualitative synthesis, rather than as a statistically validated causal model. Full article

Digital transformation has been widely studied for its impact on corporate performance, innovation, and efficiency, yet its effect on ESG imbalance has received little attention. We address this gap by constructing a text-based digital empowerment index from corporate annual reports of Chinese listed firms in 2010–2020, while ESG imbalance is measured using the standardized absolute difference between environmental and social responsibilities. The results reveal that digital empowerment significantly exacerbates ESG imbalance, with the effect being more pronounced in mid-central cities, competitive industries, and heavily polluting sectors. Strong governance, state ownership, and balanced resource allocation are found to mitigate this imbalance, while dynamic analysis confirms its persistence over time. These findings highlight the need for targeted policies that enhance governance capacity, promote equitable resource allocation, and address sustainability risks associated with digital transformation. Full article

In recent years, greenwashing has been seen as a critical issue in the tourism and hospitality sector. This study is structured to systematically examine the literature on greenwashing in the tourism and hospitality industry and to establish a study identity. The study is based on the evaluation of 42 qualified articles from the WoS and Scopus databases using the SLR method, in harmony with the PRISMA protocol. As a result of the analyses, the research was classified into seven thematic headings: consumer perception and behavioral responses; employee behavior and internal effects; corporate communication and marketing strategies; strategic corporate social responsibility; critical approaches; greenhushing; and conceptual framework development. According to these findings, extensive study has been focused on consumer perceptions and behavioral responses, yet lacks information on environmentally friendly practices, employee behavior, and organizational structures. This study is important because it connects these different views, offering a practical model that works for both researchers and professionals. While the agricultural and retail dimensions have been well-documented, this study distinguishes itself by situating the analysis within the unique framework of tourism and hospitality. Full article

As China has increased implementation of its opening-up strategy and the “Belt and Road” initiative, Chinese enterprises have encountered significant historical opportunities to expand their outward foreign direct investment (OFDI). However, international organizations and major nations are increasingly focusing on nonfinancial indicators for multinational corporations; as a result, enterprises frequently encounter social responsibility crises in cross-border investments. Consequently, Chinese firms must enhance their environmental, social, and governance (ESG) practices to bolster their comprehensive competitiveness, which is crucial for promoting successful international engagement and sustainability. This research explores the U-shaped relationship between ESG performance and OFDI, examining how different stages of the corporate lifecycle affect OFDI. The findings indicate that ESG investments compete with OFDI for internal resources during the introduction, growth, and decline phases, thereby inhibiting OFDI activities. In contrast, strong ESG performance in the maturity phase provides a competitive advantage in international markets, facilitating OFDI. The empirical analysis uses a fixed-effects model on a sample of Chinese A-share-listed companies from 2009 to 2022 and employs the PSM, 2SLS, and System GMM methods to test for endogeneity. The results reveal that (1) a positive U-shape relationship between ESG performance and corporate OFDI, and the inflection point occurs when the ESG score equals 69.04. Moreover, (2) the corporate lifecycle intensifies this nonlinear relationship, with growth-phase firms showing a significant inhibitory effect and mature-phase firms showing a pronounced promotional effect. Finally, (3) the U-shaped relationship between ESG performance and corporate OFDI is more pronounced in nonstate-owned enterprises. Based on these findings, this paper provides targeted policy recommendations for enterprises and governments. Full article

Corporate Social Responsibility (CSR) has evolved into a strategic governance framework through which organisations address environmental sustainability, stakeholder expectations, and long-term institutional viability. In knowledge-intensive organisations such as universities, Green Artificial Intelligence (GAI) is increasingly recognised as an internal CSR agenda. GAI can reduce digital and energy-related environmental impacts while enhancing educational and operational performance. This study examines how higher education leaders, as organisational decision-makers, form intentions to adopt GAI within institutional CSR and digital sustainability strategies. It focuses specifically on leadership intentions to implement key GAI practices, including Smart Energy Management Systems, Energy-Efficient Machine Learning models, Virtual and Remote Laboratories, and AI-powered sustainability dashboards. Grounded in the Unified Theory of Acceptance and Use of Technology (UTAUT), the study investigates how performance expectancy, effort expectancy, social influence, and facilitating conditions shape behavioural intentions to adopt GAI. Survey data were collected from higher education leaders across Saudi universities, representing diverse national and cultural backgrounds within a shared institutional context. The findings indicate that facilitating conditions, performance expectancy, and social influence significantly influence adoption intentions, whereas effort expectancy does not. Gender and cultural context also moderate several adoption pathways. Generally, the results demonstrate that adopting GAI in universities constitutes a governance-level CSR decision rather than a purely technical choice. This study advances CSR and digital sustainability research by positioning GAI as a strategic tool for responsible digital transformation and by offering actionable insights for higher education leaders and policymakers. Full article

The growing pressure on industrial organizations to align digital transformation with sustainability objectives has intensified the need to systematically understand the role of emerging digital technologies in sustainable industrial development. The accelerated digitalization of industrial ecosystems has positioned the Internet of Things (IoT) as a critical enabler of corporate sustainability within Industry 4.0. However, evidence on how IoT contributes to environmental, social, and economic performance remains fragmented. This study conducts a systematic literature review following PRISMA 2020 guidelines to consolidate the scientific advances linking IoT with sustainable corporate management. The search covered 2009–2025 and included publications indexed in Scopus, EBSCO Essential, and MDPI, identifying 65 empirical and conceptual studies that met the inclusion criteria. Bibliometric analyses—such as keyword co-occurrence mapping and temporal heatmaps—were performed using VOSviewer v. 2023 to detect dominant research clusters and emerging thematic trajectories. Results reveal four domains in which IoT significantly influences sustainability: (1) resource-efficient operations enabled by real-time sensing and predictive analytics; (2) energy optimization and green digital transformation initiatives; (3) circular-economy practices supported by data-driven decision-making; and (4) the integration of IoT with Green Human Resource Management to strengthen environmentally responsible organizational cultures. Despite these advances, gaps persist related to Latin American contexts, theoretical integration, and longitudinal assessment. This study proposes a conceptual model illustrating how IoT-enabled technologies enhance corporate sustainability and offers strategic insights for aligning Industry 4.0 transformations with the Sustainable Development Goals (SDGs), particularly SDGs 7, 9, and 12. Full article

This study examines how corporate social responsibility (CSR) influences sustainable finance outcomes (SFO) in the Ethiopian Insurance industry through environmental, social, and governance (ESG) practices and institutional challenges (IC). Using covariance-based structural equation modelling (CB-SEM) with data collected from a primary survey, the results show that CSR has both a direct and an indirect positive effect on SFO through ESG. However, the adoption of ESG practices also tends to increase institutional challenges, which in turn negatively influences SFO. This interaction produces a competitive partial mediation effect. The serial mediation path CSR–ESG–IC–SFO is found to be negative, suggesting that enabling and constraining forces operate simultaneously. From a theoretical point of view, the study combines stakeholder, legitimacy, and institutional theories to explain this competitive mediation within a less-studied Sub-Saharan African (SSA) frontier market. On the practical side, the findings highlight the importance of establishing ESG disclosure standards, investing in capacity building, and strengthening governance systems to reduce institutional frictions and make CSR a stronger driver of sustainable finance. Full article

This study investigates the impact of city-level capital factor market integration on corporate ESG performance, using a sample of Chinese A-share listed companies from 2010 to 2024. We find that greater capital factor market integration significantly improves firms’ overall ESG performance. Mechanism analysis reveals that capital factor market integration operates through three channels: market competition, technological advancement, and attention reconstruction, enhancing both firms’ capabilities and incentives to engage in ESG activities. The positive effect is stronger for state-owned enterprises, firms in less polluting industries, and those in regions with high government environmental attention. Further analysis indicates that capital factor market integration suppresses corporate greenwashing behavior and reduces discrepancies across ESG rating agencies. Moreover, capital factor market integration exhibits asymmetric effects across ESG sub-dimensions, significantly improving environmental and governance performance while weakening social responsibility performance. This reflects firms’ preference, under competitive pressure, for environmental and governance domains characterized by shorter payback periods and more readily quantifiable outcomes, as well as their cautious stance toward the social responsibility domain where effects take considerably longer to materialize. This study contributes to understanding the micro-level mechanisms through which capital factor market integration influences corporate sustainable development, providing empirical evidence for China’s construction of a unified national market and the advancement of sustainable development strategies. Full article

This study explores the relationship between board gender diversity and corporate social responsibility (CSR) in explaining the financial performance of firms listed on the Lima Stock Exchange during 2022–2023, using 242 firm year observations for 121 firms. The research addresses a broader question on how gender representation in corporate governance and engagement in social and environmental policies influence firms’ profitability and liquidity in an emerging market context. Using a multiple linear regression model, financial performance was measured through return on assets (ROA), return on equity (ROE), asset turnover (ATO), and the current liquidity ratio (LIQ). The results indicate that CSR is positively associated with profitability indicators (ROA, ROE, ATO), while board gender diversity shows a negative short term relationship with these variables. Both CSR and board gender diversity are negatively associated with liquidity, reflecting short term financial commitments arising from sustainability and inclusion initiatives. These findings suggest that the financial implications of diversity and CSR initiatives may vary across temporal horizons and institutional contexts. The study contributes empirical evidence from a Latin American emerging market and underscores the importance of evaluating corporate governance and sustainability practices by considering the short term financial trade-offs of diversity and CSR initiatives and their potential longer term implications. Full article

In the hospitality industry, corporate social responsibility practices are getting more recognition as a strategic driver of stakeholders’ sustainable behaviors. This study creates and tests a moderated serial mediation model that connects hotel CSR activities to guests’ pro-environmental behavior (PROE). In addition, moral elevation (ME) and pro-social behaviors of guests (PSO) are posited as affective and behavioral mediating mechanisms, whereas the perceived transparency (TRA) of hotel actions is investigated as a moderator. The survey data were collected from 426 hotel guests who had stayed in hotels in the Turkish Republic of Northern Cyprus (TRNC) and used partial least squares structural equation modeling (PLS-SEM) to analyze it. The findings reveal that CSR does have a positive effect on ME, which sequentially makes ME affect PSO and PROE behavior positively. The research shows that the moderator TRA also amplifies the relationship strength between CSR and ME, which suggests that transparent actions of hotels do have a positive emotional impact on guests. The research contributes to hospitality literature and also sustainability literature by identifying ME as an emotional mechanism and TRA as a moderating condition that alter guests’ behaviors. As managerial implications, the research underlines the value of creating CSR practices that are both transparent and authentic to guests and stakeholders to ultimately maximize the engagement of guests in the context of sustainability. Full article

In the rapidly evolving digital economy, the expansion of business-to-business e-commerce ecosystems has compelled traditional industries to integrate into digital supply chains to achieve sustainable development. Industrial e-commerce is no longer limited to online transactions but extends to the digital transformation of backend operations. Drawing upon the perspective of the digital business ecosystem, this study investigates how digital supply chain integration, manifested through digital transformation, impacts energy efficiency. By utilizing a panel fixed effects model and advanced text mining techniques on a dataset of 721 listed firms in the resource-intensive sectors of China spanning from 2011 to 2023, this research constructs a novel index to quantify corporate digital maturity based on semantic analysis. The empirical results demonstrate that digital transformation significantly enhances energy efficiency by facilitating optimized resource allocation and data-driven decision making required by modern digital markets. Mechanism analysis reveals that green innovation functions as a pivotal mediator that bridges the gap between digital investments and environmental performance. Furthermore, this relationship is found to be contingent upon corporate social responsibility strategies, ownership structures, and the scale of the firm. This study contributes to the electronic commerce literature by elucidating how traditional manufacturers can leverage digital technologies and green innovation to navigate the twin transition of digitalization and sustainability, offering theoretical implications for platform governance in industrial sectors. Full article

This study established an empirical structural equation model to examine whether the adoption of green shipping practices (GSPs) will influence customer satisfaction and customer retention in the container shipping industry from the perspective of freight forwarders, while accounting for the effectiveness of marketing activities. Through questionnaire survey, 114 responding data were collected from freight forwarders in the Taiwan area. The main results discovered are as follows: (1) adoption of GSPs was found to positively influence companies’ environmental performance in terms of perceived green capability (PGC); (2) the most significant finding in this study is the irrelevance of PGC to both CS and CR from the perspective of freight forwarders. In addition, after discussing the managerial implications, this study examined whether adopting GSPs to improve the environmental and productivity performance of liner carriers remains an ongoing debate and if it warrants a further investigation. Full article

Cultivating a green innovation-oriented work climate exerts a positive effect on employees’ participation in green knowledge sharing and other co-creation behaviors. Previous studies analyzed the influential factors of green value co-creation from the perspective of green motivation and green dynamic capabilities, but there is a lack of research on the antecedents of green value co-creation from the perspective of green innovation climate. Therefore, based on the social information processing theory, this paper make an in-depth research on the impact mechanism of green innovation climate on employee green value co-creation, through perception of corporate social responsibility and employees’ sense of belonging. A questionnaire survey was conducted on Chinese enterprises implementing green innovation, and 337 valid questionnaires were collected. The effect mechanism of green innovation climate on employees’ green value co-creation was analyzed by the hierarchical regression analysis method. Process regression analysis was used to explore the moderating effect of inclusive leadership. The result of the research shows that green innovation climate has a significant relation to employees’ sense of belonging, perception of corporate social responsibility and employees’ sense of belonging. Perception of corporate social responsibility and employees’ sense of belonging have mediating effects on the relations between green innovation climate and employees’ green value co-creation. Inclusive leadership can moderate the relationship between perception of corporate social responsibility and employees’ green value co-creation. In theory, from the perspectives of green innovation climate and inclusive leadership, it further enriches the research on the driving factors of green value co-creation. In practice, It provides a theoretical reference for enterprises to utilize the strategy of green innovation climate and inclusive leadership to promote green value co-creation of enterprises effectively. Full article