This study examines whether and under which conditions ESG investments are associated with profitability in the wine sector. A PRISMA‐guided bibliometric–systematic review of 83 peer‐reviewed articles from Scopus and Web of Science combines bibliometric mapping, qualitative synthesis, and MMAT‐based quality appraisal. ESG investments do not generate uniform returns. Profitability emerges when firms transform sustainability investments into organizational capabilities and stakeholders recognize and reward the resulting value, a process shaped by internal, external, and temporal boundary conditions. Wineries should tailor ESG strategies to their capabilities, market context, and time horizon, while policy support should address sector‐specific structural barriers. Integrating the Natural Resource‐Based View and Stakeholder Theory, the study proposes a unified framework explaining heterogeneous ESG–profitability outcomes. However, the evidence base is predominantly environmental, limiting conclusions for social and governance dimensions.
No takes yet. Share an insight, caveat, or question.
Niccolò Lombardi (2026) studied this question.