Decoding the Dynamics of Sustainable Finance: Spillover, Risk, and Connectivity Through a Bibliometric Lens
The field of sustainable finance has grown rapidly in response to escalating climate and economic challenges, yet its intellectual landscape, especially the connectedness between green and traditional financial systems, remains underexplored. This paper aims to systematically map the evolution, them...
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MDPI AG
2025-05-01
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| Series: | International Journal of Financial Studies |
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| Online Access: | https://www.mdpi.com/2227-7072/13/2/85 |
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| author | Ke Peng Muhammad Munir Jifan Ren Mariem Mejri |
| author_facet | Ke Peng Muhammad Munir Jifan Ren Mariem Mejri |
| author_sort | Ke Peng |
| collection | DOAJ |
| description | The field of sustainable finance has grown rapidly in response to escalating climate and economic challenges, yet its intellectual landscape, especially the connectedness between green and traditional financial systems, remains underexplored. This paper aims to systematically map the evolution, thematic structure, and intellectual linkages of the sustainable finance literature with a specific focus on risk spillovers and connectedness across financial systems. This study employs a comprehensive bibliometric methodology to map 1261 Web of Science-indexed articles (1994–2024) on the connectedness of sustainable finance, using techniques such as citation analysis, bibliographic coupling, co-citation analysis, trend cartography, collaboration network, and keyword trend analysis. The study clarifies the field’s evolution and identifies its key themes, influential authors, institutions, and networks. The findings reveal an exponential surge in sustainable finance research after 2015, coinciding with policy milestones like the Paris Agreement and rising ESG investment interest. Notably, the review uncovers how research clusters have formed around topics such as green bond market spillovers, green technology innovation, and climate risk, highlighting both well-established areas and emerging fronts. The contribution lies in providing a roadmap for future research and policy: the study pinpoints knowledge gaps (e.g., systemic risk transmission between green and conventional assets) and suggests how policymakers and investors can leverage these insights to foster a resilient, sustainable financial system. |
| format | Article |
| id | doaj-art-8a74179dbdad4eefb19fa28d9f59d8b9 |
| institution | Kabale University |
| issn | 2227-7072 |
| language | English |
| publishDate | 2025-05-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | International Journal of Financial Studies |
| spelling | doaj-art-8a74179dbdad4eefb19fa28d9f59d8b92025-08-20T03:27:10ZengMDPI AGInternational Journal of Financial Studies2227-70722025-05-011328510.3390/ijfs13020085Decoding the Dynamics of Sustainable Finance: Spillover, Risk, and Connectivity Through a Bibliometric LensKe Peng0Muhammad Munir1Jifan Ren2Mariem Mejri3School of Economics and Management, Harbin Institute of Technology, Shenzhen 518055, ChinaSchool of Economics and Management, Harbin Institute of Technology, Shenzhen 518055, ChinaSchool of Economics and Management, Harbin Institute of Technology, Shenzhen 518055, ChinaCollege of Business Administration, Prince Sultan University, Riyadh 12435, Saudi ArabiaThe field of sustainable finance has grown rapidly in response to escalating climate and economic challenges, yet its intellectual landscape, especially the connectedness between green and traditional financial systems, remains underexplored. This paper aims to systematically map the evolution, thematic structure, and intellectual linkages of the sustainable finance literature with a specific focus on risk spillovers and connectedness across financial systems. This study employs a comprehensive bibliometric methodology to map 1261 Web of Science-indexed articles (1994–2024) on the connectedness of sustainable finance, using techniques such as citation analysis, bibliographic coupling, co-citation analysis, trend cartography, collaboration network, and keyword trend analysis. The study clarifies the field’s evolution and identifies its key themes, influential authors, institutions, and networks. The findings reveal an exponential surge in sustainable finance research after 2015, coinciding with policy milestones like the Paris Agreement and rising ESG investment interest. Notably, the review uncovers how research clusters have formed around topics such as green bond market spillovers, green technology innovation, and climate risk, highlighting both well-established areas and emerging fronts. The contribution lies in providing a roadmap for future research and policy: the study pinpoints knowledge gaps (e.g., systemic risk transmission between green and conventional assets) and suggests how policymakers and investors can leverage these insights to foster a resilient, sustainable financial system.https://www.mdpi.com/2227-7072/13/2/85sustainable financeconnectednessbibliometric analysisESGsystematic riskgreen investing |
| spellingShingle | Ke Peng Muhammad Munir Jifan Ren Mariem Mejri Decoding the Dynamics of Sustainable Finance: Spillover, Risk, and Connectivity Through a Bibliometric Lens International Journal of Financial Studies sustainable finance connectedness bibliometric analysis ESG systematic risk green investing |
| title | Decoding the Dynamics of Sustainable Finance: Spillover, Risk, and Connectivity Through a Bibliometric Lens |
| title_full | Decoding the Dynamics of Sustainable Finance: Spillover, Risk, and Connectivity Through a Bibliometric Lens |
| title_fullStr | Decoding the Dynamics of Sustainable Finance: Spillover, Risk, and Connectivity Through a Bibliometric Lens |
| title_full_unstemmed | Decoding the Dynamics of Sustainable Finance: Spillover, Risk, and Connectivity Through a Bibliometric Lens |
| title_short | Decoding the Dynamics of Sustainable Finance: Spillover, Risk, and Connectivity Through a Bibliometric Lens |
| title_sort | decoding the dynamics of sustainable finance spillover risk and connectivity through a bibliometric lens |
| topic | sustainable finance connectedness bibliometric analysis ESG systematic risk green investing |
| url | https://www.mdpi.com/2227-7072/13/2/85 |
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