The changing landscape of corporate governance and firm performance research from agency to ESG

This study provides a comprehensive analysis of the literature examining the relationships among corporate governance, corporate social responsibility (CSR), corporate sustainability practices, and firm performance. Drawing on a dataset of 3,850 peer-reviewed journal articles indexed in Scopus between 1978 and 2025, the study employs performance analysis and science mapping to delineate the intellectual structure, thematic progress and emerging research front of this literature. The study outlines major developmental phases of the literature employing bibliometric indicators, thematic mapping, and longitudinal thematic evolution analysis. The results indicate a shift from governance structure and agency-centred research to more integrated forms that embrace sustainability and ESG (Environmental, Social and Governance). Early literature largely centred on the ownership structure of a company, the role of the board, and the financial outcomes, while the more recent literature addresses stakeholder participation, sustainability, ESG reporting, and the social performance of a company in broad terms. The results show a more advanced level of thematic integration, conceptual maturity, and inter disciplinarily. This study contributes to the literature by attempting to systematise a fragmented literature, the integration of literature on ESG, and the literature on governance and sustainable corporate performance providing empirical research and theoretical frameworks for the further development.