Evolution of Green Finance: A Bibliometric Review by Using Scopus Database
Evolusi Keuangan Hijau: Tinjauan Bibliometrik dengan Menggunakan Basis Data Scopus
DOI:
https://doi.org/10.21009/ISC-BEAM.013.194Keywords:
Green Finance, Bibliometrics, Sustainability, Climate FinanceAbstract
Green Finance plays an important role in the financial industry as an initiative that links financial performance to environmental impact. Its development is in line with global economic aspirations and climate change mitigation efforts. At this moment, academics and policymakers are highlighting Green Finance as an innovative strategy for financial system sustainability. This study aims to conduct a bibliometric analysis to trace the academic growth and evolution of the Green Finance concept. A total of 668 papers from the Scopus database for the period 2005-2024 were analysed using VOSviewer software to explore the evolving research network. The study focused on six main questions, which were analysed through network mapping as well as clustering keywords into categories. In addition to identifying the latest trends in Green Finance, the study also discusses the current challenges and issues faced in its development.
References
Aksnes, D. W., Langfeldt, L., & Wouters, P. (2019). Citations, Citation Indicators, and Research Quality: An Overview of Basic Concepts and Theories. Sage Open, 9(1), 2158244019829575. https://doi.org/10.1177/2158244019829575
Alatawi, I. A., Ntim, C. G., Zras, A., & Elmagrhi, M. H. (2023). CSR, financial and non-financial performance in the tourism sector: A systematic literature review and future research agenda. International Review of Financial Analysis, 89, 102734. https://doi.org/https://doi.org/10.1016/j.irfa.2023.102734
Berrou, R., Dessertine, P., & Migliorelli, M. (2019). An Overview of Green Finance BT - The Rise of Green Finance in Europe: Opportunities and Challenges for Issuers, Investors and Marketplaces (M. Migliorelli & P. Dessertine (eds.); pp. 3–29). Springer International Publishing. https://doi.org/10.1007/978-3-030-22510-0_1
Bhatnagar, S., & Sharma, D. (2022). Evolution of green finance and its enablers: A bibliometric analysis. Renewable and Sustainable Energy Reviews, 162(May 2021), 112405. https://doi.org/10.1016/j.rser.2022.112405
Broadus, R. N. (1987). Toward a definition of “bibliometrics.” Scientometrics, 12(5), 373–379. https://doi.org/10.1007/BF02016680
Callon, M., Courtial, J. P., Turner, W. A., & Bauin, S. (1983). From translations to problematic networks: An introduction to co-word analysis. Social Science Information, 22, 191–235. https://api.semanticscholar.org/CorpusID:144095771
Cuiyun, C., & Chazhong, G. (2020). Green development assessment for countries along the belt and road. Journal of Environmental Management, 263, 110344. https://doi.org/https://doi.org/10.1016/j.jenvman.2020.110344
Falcone, P. M. (2020). Environmental regulation and green investments: the role of green finance. International Journal of Green Economics, 14, 159–173. https://doi.org/10.1504/IJGE.2020.10032078
Falcone, P. M., & Sica, E. (2019). Assessing the opportunities and challenges of green finance in Italy: An analysis of the biomass production sector. Sustainability (Switzerland), 11(2). https://doi.org/10.3390/su11020517
Gallegos, M., Pérez-Acosta, A. M., Klappenbach, H., López, W. L., & Bregman, C. (2020). The Bibliometric Studies in the Field of Ibero-American Psychology: A Metabibliometric Review. Interdisciplinaria, 37(2).
Gutiérrez-Salcedo, M., Martínez, M., Moral-Munoz, J., Herrera-Viedma, E., Torres-Albero, C., & Cobo, M. (2018). Some bibliometric procedures for analyzing and evaluating research fields. Applied Intelligence, 48. https://doi.org/10.1007/s10489-017-1105-y
Harsanto, B., & Firmansyah, E. A. (2023). A twenty years bibliometric analysis (2002 – 2021) of business economics research in ASEAN. Cogent Business & Management, 10. https://doi.org/10.1080/23311975.2023.2194467
Heersmink, R., van den hoven, J., van Eck, N. J., & Berg, J. (2011). Bibliometric Mapping of Computer and Information Ethics. Ethics and Information Technology, 13, 241–249. https://doi.org/10.1007/s10676-011-9273-7
Hussain, S., Rasheed, A., & Rehman, S. ur. (2023). Driving sustainable growth: exploring the link between financial innovation, green finance and sustainability performance: banking evidence. Kybernetes, ahead-of-p(ahead-of-print). https://doi.org/10.1108/K-05-2023-0918
Jiang, L., Wang, H., Tong, A., Hu, Z., Duan, H., Zhang, X., & Wang, Y. (2020). The Measurement of Green Finance Development Index and Its Poverty Reduction Effect: Dynamic Panel Analysis Based on Improved Entropy Method. Discrete Dynamics in Nature and Society, 2020, 1–13. https://doi.org/10.1155/2020/8851684
Liu, N., Liu, C., Xia, Y., Ren, Y., & Liang, J. (2020). Examining the coordination between green finance and green economy aiming for sustainable development: A case study of China. Sustainability (Switzerland), 12(9). https://doi.org/10.3390/su12093717
Muchiri, M. K., Erdei-Gally, S., Fekete-Farkas, M., & Lakner, Z. (2022). Bibliometric Analysis of Green Finance and Climate Change in Post-Paris Agreement Era. Journal of Risk and Financial Management, 15(12). https://doi.org/10.3390/jrfm15120561
Pranckutė, R. (2021). Web of Science (WoS) and Scopus: The Titans of Bibliographic Information in Today’s Academic World. Publications, 9, 12. https://doi.org/10.3390/publications9010012
Ronaldo, R., & Suryanto, T. (2022). Green finance and sustainability development goals in Indonesian Fund Village. Resources Policy, 78, 102839. https://doi.org/https://doi.org/10.1016/j.resourpol.2022.102839
Soundarrajan, P., & Vivek, N. (2016). Green finance for sustainable green economic growth in India. Agricultural Economics (Zemědělská Ekonomika), 62, 35–44. https://doi.org/10.17221/174/2014-AGRICECON
Tautiva, J. A. D., Rifo Rivera, F. I., Barros Celume, S. A., & Rifo Rivera, S. A. (2022). Mapping the research about organisations in the latin american context: a bibliometric analysis. Management Review Quarterly, 74(1), 121–169. https://doi.org/10.1007/s11301-022-00296-3
Trukhachev, V. I., & Dzhikiya, M. (2023). Development of environmental economy and management in the age of AI based on green finance. Frontiers in Environmental Science, 10(January), 1–6. https://doi.org/10.3389/fenvs.2022.1087034
Udeagha, M. C., & Muchapondwa, E. (2023). Green finance, fintech, and environmental sustainability: fresh policy insights from the BRICS nations. International Journal of Sustainable Development & World Ecology, 30(6), 633–649. https://doi.org/10.1080/13504509.2023.2183526
Wang, K.-H., Zhao, Y.-X., Jiang, C.-F., & Li, Z.-Z. (2022). Does green finance inspire sustainable development? Evidence from a global perspective. Economic Analysis and Policy, 75, 412–426. https://doi.org/https://doi.org/10.1016/j.eap.2022.06.002
Zadek, S. (2019). Financing a Just Transition. Organization & Environment, 32(1), 18–25. https://doi.org/10.1177/1086026618794176
Zhang, D., Zhang, Z., & Managi, S. (2019). A bibliometric analysis on green finance: Current status, development, and future directions. Finance Research Letters, 29, 425–430. https://doi.org/10.1016/j.frl.2019.02.003
Zupic, I., & Čater, T. (2015). Bibliometric methods in management and organization. Organizational Research Methods, 18, 429–472. https://doi.org/10.1177/1094428114562629
