ESG as a driver of competitiveness and business value

Integrating Environmental, Social, and Gover­nance (ESG) factors into corporate strategies has become a central theme in mana­gement, finance, and accounting research. However, the literature on the "value rele­vance" of ESG disclosure and its relationship with performance and valuation remains fragmented, with divergent theories and results. Mapping this field is essential to systematize conceptual foundations, highlight dominant research streams, and identify gaps shaping the debate on ESG as a driver of corporate value. The aim of this study is to explores the evolution of academic research on ESG, disclosure, performance, and valuation, focusing on how ESG has been conceptualized as a factor of competitiveness and long-term value creation. The hypothesis that underlies research is that the relevance of ESG in determining the market value has expanded since the global finan­cial crisis, with literature shifting from descriptive approaches to analytical and performance-based assessments. Hence, the ESG factors are assu­ming growing attention in business valuation domain. Methodology: a bibliometric analysis was conducted using Web of Science; with VOSviewer, the study maps co-citation networks, co-occurrence of keywords, and semantic cluste­ring to identify main theoretical streams, influen­tial journals, authors, and emerging topics in the ESG-value relevance debate. Findings reveal distinct research clusters sho­wing that ESG integration enhances reputa­tion and market valuation, especially when suppo­rted by strong governance and incentives. Key themes include double materiality, impact inves­ting, and executive compensation tied to ESG metrics, with evidence that ESG-linked pay fosters measurable improvements in sustai­nability outcomes, though short-term financial effects remain mixed. ESG strategies, steadily evolving from a voluntary practice aimed a legitimation of the firm to a determinant of competitiveness and business value. Such evolu­tion is reshaping academic inquiry and corpo­rate valuation models while enhancing long-term value creation philosophy