Does Doing Good Pay Off? Mapping Disclosure Dynamics, Intellectual Structure, and Emerging Frontiers

Within the evolving architecture of sustainable finance, the transmission mechanisms linking environmental, social, and governance (ESG) disclosure to firms' capital market results remain insufficiently theorized and contextually contingent. This study presents a systematic literature review (SLR) aimed at synthesizing and assessing the existing state of knowledge within the ESG disclosure dynamics. Following a systematic approach aligned with the PRISMA guidelines, 73 peer‐reviewed journals published from 2015 onward were selected from the Scopus and Web of Science databases. This review presents the results in three different sections: descriptive bibliometric analysis, network mapping, and thematic analysis. The result demonstrates that ESG disclosure has effects on the capital cost and firm value; however, it varies according to geographical, institutional, regulatory, and other contextual factors. Considering market‐based, firm‐specific, and regulatory determinants, the sensitivity and direction of effects are unique and context‐dependent. Accordingly, this study delineates directions for future research and derives evidence‐based implications for policymakers, corporate executives, regulatory bodies, and academic scholars.