Mapping the Literature on Environmental, Social, and Governance (ESG) Reporting and Information Asymmetry

Abstract: This article presents a systematic bibliometric review of the academic literature addressing the relationship between environmental, social, and governance (ESG) reporting and information asymmetry. Given the rising concerns over greenwashing and selective ESG disclosure, this research investigates how the academic community has approached the risks, quality, and implications of ESG-related information asymmetries. The review is based on 345 peer-reviewed articles published between 2015 and 2024, retrieved from the Web of Science and Scopus databases. Using tools such as bibliometrix and VOSviewer, the analysis identifies key research clusters, publication trends, and keyword co-occurrences to map the structure of the existing literature. The findings reveal that while ESG is widely associated with transparency and sustainability, there is a limited number of studies that directly examine the quality, completeness, or credibility of ESG data. Furthermore, topics like greenwashing and the distortion of ESG information appear only marginally, often without systematic analysis. This review does not evaluate the actual effects of ESG reporting on information asymmetry but rather maps how the topic is framed and researched. The article calls for future empirical research, standardized metrics, and regulatory frameworks to better detect and address ESG-related information imbalances. This article addresses this gap by systematically mapping how ESG reporting and information asymmetry are treated across recent scholarship. Bibliometric mapping provides a foundation for researchers and policymakers seeking to understand the current state of knowledge, detect blind spots, and inform future directions in ESG transparency and data reliability.