Anais
Resumo do trabalho
Gestão Socioambiental · Sustentabilidade e Desempenho das Organizações
Título
ESG’S RISE AND FALL: A SCOPING REVIEW OF PEER-REVIEWED RESEARCH RECENTLY PUBLISHED
Palavras-chave
ESG
sustainability
corporate governance
Autores
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Daniela Osório de SousaEscola Superior de Advocacia da Ordem dos Advogados do Brasil - Seção São Paulo (ESA OAB SP)
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Gilmar MasieroFaculdade de Economia, Administração e Contabilidade da Universidade de São Paulo - FEA
Resumo
Introdução
ESG frameworks have become central to corporate strategy and investment, driven by regulatory pressures and stakeholder demand. However, growing criticisms—such as greenwashing and inconsistent reporting—have led to skepticism about the viability of ESG. This article explores the trajectory of ESG through a scoping review of peer-reviewed research.
Problema de Pesquisa e Objetivo
What are the drivers, criticisms, and future outlook of ESG practices considering recent academic literature? This study aims to map the rise and decline of ESG, identify its theoretical foundations, key themes, and methodological gaps, and propose directions for future research and practice.
Fundamentação Teórica
This review draws on stakeholder theory, institutional theory, signaling theory, legitimacy theory, the natural resource-based view, and agency theory to explain the rise, performance, and challenges of ESG. These frameworks help interpret how firms adopt ESG, signal commitment, build legitimacy, and face criticism amid regulatory and investor shifts.
Discussão
The study finds that ESG has grown in popularity due to investor preferences, regulatory frameworks, and reputational benefits. Criticism has emerged around greenwashing, inconsistent ratings, and political polarization. Empirical studies vary in scope and focus, with limited longitudinal analysis and a need for improved metrics and transparency.
Conclusão
While ESG remains influential, its credibility is challenged. The review suggests ESG will either evolve into a more rigorous and standardized framework or risk diminishing relevance. Long-term impact depends on regulatory refinement, empirical validation, and integration with innovation, technology, and investor engagement.
Contribuição / Impacto
This article contributes to the field by synthesizing the current state of ESG research, revealing regional disparities and theoretical tensions, and identifying gaps in measurement and governance. It offers insights for scholars, practitioners, and policymakers seeking to align ESG with financial performance, transparency, and sustainable impact.
Referências Bibliográficas
Avramov et al. (2022); Dmuchowski et al. (2023); Freeman (1984); Jensen & Meckling (1979); Spence (1973); Suchman (1995); Xie (2024a); Yuan et al. (2022).