The Performance Conundrum in Sustainable Finance: A Bibliometric Analysis of ESG Investing Returns

Abstract : A ‘conundrum in sustainable finance’ represents a paradox or intricate challenge, such as the need to balance short-term profits with long-term ESG objectives, address concerns about greenwashing alongside authentic impact, or navigate the equilibrium between high transition costs and regulatory demands. This bibliometric analysis examined 1,520 publications on three key expressions: ‘Sustainable finance,’ and ‘ESG investing,’ or ‘conundrum’. The study utilized the Scopus database for data extraction covering the period from 2010 to 2025. The researchers analysed papers based on performance analysis indicators, viz., most prolific authors, highest citations, leading sources, affiliations, top publications by nations. We performed scientific mapping displayed in network visualizations on citation analysis, bibliographic network of journal sources, countries, and co-occurrence of keywords using VOSviewer software. The findings indicated that year 2025 had witnessed the highest 567 documents and 11042 citations. The most prolific authors leading the analysis were Mhlanga, D. and Strauß, N. with 9 publications each. Leading journal sources were ‘Sustainaibilty Swtizerland’ with 66 documents followed by ‘Corporate Social Responsibility and Environmental Management’ with 26 articles. Among top affiliations, ‘Christ University’ led with 23 publications, followed by ‘University of Oxford’, 18 documents and so on. Among top nations, India led the globe with 208 publications, China had 187 documents followed by other nations. Major subject disciplines were ‘Economics, Econometrics and Finance’, 800 documents, ‘Business, Management and Accounting’, 729 and so on. Most of the documents were ‘Articles’, 945 and ‘Book Chapters’, 311 mostly published in English language. In science mapping, the network visualisation displayed author-wise citations and total link strength. The top funding sponsors include ‘National Natural Science Foundation of China’ with 35 documents, ‘European Commission’ had 29. Leading countries with highest bibliographic integration, citations and total kink strength were India, China and UK followed by others. Frequently occurring keywords among 811 were ‘Sustainable Finance’, ‘Sustainable Development’, ‘Sustainability’, ‘ESG’ followed by other key-terms. The results revealed a domain marked by exponential growth, heightened sophistication, and ongoing fragmentation. The performance conundrum in sustainable finance represents not only an empirical challenge but also highlights underlying conceptual, methodological, and paradigmatic complexities. This study contributes to the field of sustainable finance by analysing the current landscape and suggesting future pathways, eventually leading to a more robust, transparent, and impactful domain that can effectively inform investors, guide policymakers, and address urgent sustainability challenges.