Article
The Performance Conundrum in Sustainable Finance: A Bibliometric Analysis of Environmental, Social and Governance (ESG) Investing Returns
A ‘conundrum in sustainable finance’ represents a paradox or intricate challenge, such as the need to balance short-term profits with long-term ESG objectives, address concerns about greenwashing alongside authentic impact, or navigate the equilibrium between high transition costs and regulatory demands. This study seeks to analyze and integrate existing research to delineate its intellectual progression, thematic development, and prospective directions. A bibliometric review registered with PRISMA was conducted in conjunction with science mapping and performance analysis. The study utilized the Scopus database for data extraction covering the period from 2010 to 2025 to examine 1,520 publications on three key expressions: 'Sustainable finance,' and 'ESG investing,' or 'conundrum'. The researchers performed scientific mapping on citation analysis, bibliographic network of journal sources, countries, and co-occurrence of keywords using VOSviewer software. The findings indicated that year 2025 had witnessed the highest 567 documents and 11042 citations. The most prolific authors leading the analysis were Mhlanga, D. and Strauß, N. with 9 publications each. The results revealed a domain marked by exponential growth, heightened sophistication, and ongoing fragmentation. The performance conundrum in sustainable finance represents not only an empirical challenge but also highlights underlying conceptual, methodological, and paradigmatic complexities. This study contributes to the field of sustainable finance by analysing the current landscape and suggesting future pathways, eventually leading to a more robust, transparent, and impactful domain that can effectively inform investors, guide policymakers, and address urgent sustainability challenges.