Mapping the evolution of green finance through bibliometric analysis
-
DOIhttp://dx.doi.org/10.21511/ee.15(1).2024.01
-
Article InfoVolume 15 2024, Issue #1, pp. 1-15
- Cited by
- 620 Views
-
182 Downloads
This work is licensed under a
Creative Commons Attribution 4.0 International License
This bibliometric study seeks to analyze the intellectual structure and development of green finance research over a nearly 30-year period. Using Scopus data, a comprehensive analysis of 1,487 English-language publications on green finance was conducted. The scope of the analysis spans the years from 1997 to 2024. The analysis investigates numerous facets of green finance scholarship, such as publication and citation trends, influential works, authorship networks, geographic concentrations, conceptual links, and developmental phases. Since 2015, the number of publications and citations has increased significantly, indicating a significant rise in academic and industry interest. China is the leader in terms of research output and influence, demonstrating its dominance in the field. However, it is essential to note that other Asia-Pacific countries, such as Japan and Malaysia, have also made significant contributions to the field. Public policies, government initiatives, and the participation of the private sector are crucial to accelerating green investments and promoting sustainability, as evidenced by numerous citations to scholarly works on the subject. The study investigates a number of prospective future research avenues, including green bonds, green credit policies, green investment, green financial regulation, and green financial technology applications. Despite its heavy reliance on English-language Scopus sources, this quantitative longitudinal mapping provides valuable insights into the emergence and evolution of green finance as a significant multidisciplinary research field.
Acknowledgment
It is essential to express gratitude to all those who contributed to the success of this study, particularly those at the Ho Chi Minh University of Banking, Vietnam.
- Keywords
-
JEL Classification (Paper profile tab)Q01, Q50, Q56, G23
-
References63
-
Tables9
-
Figures1
-
- Figure 1. Network of co-occurrence of keywords in publications on green finance
-
- Table 1. Type of publication for the 1,487 green finance research publications
- Table 2. Publications and citations of research on green finance
- Table 3. The 20 most-cited papers in the field of green finance research
- Table 4. Top 20 journals for research on green finance based on total citations
- Table 5. The top 20 researchers in the field of green finance
- Table 6. The top 20 countries in terms of citations for research output in green finance
- Table 7. The top 20 affiliations in terms of significant contributions
- Table 8. The top 20 keywords for researching green finance
- Table 9. Five potential future research paths for green finance
-
- Alharbi, S. S., Al Mamun, M., Boubaker, S., & Rizvi, S. K. A. (2023). Green finance and renewable energy: A worldwide evidence. Energy Economics, 118, 106499.
- Alsmadi, A. A., Al-Okaily, M., Alrawashdeh, N., Al-Gasaymeh, A., Moh’d Al-hazimeh, A., & Zakari, A. (2023). A bibliometric analysis of green bonds and sustainable green energy: Evidence from the last fifteen years (2007–2022). Sustainability, 15(7), 5778.
- Ameer, R., & Othman, R. (2012). Sustainability practices and corporate financial performance: A study based on the top global corporations. Journal of Business Ethics, 108(1), 61-79.
- Archambault, É., Vignola-Gagné, É., Côté, G., Larivière, V., & Gingrasb, Y. (2006). Benchmarking scientific output in the social sciences and humanities: The limits of existing databases. Scientometrics, 68(3), 329-342.
- Berrou, R., Ciampoli, N., & Marini, V. (2019). Defining green finance: Existing standards and main challenges. In M. Migliorelli & P. Dessertine (Eds.), The Rise of Green Finance in Europe: Opportunities and Challenges for Issuers, Investors and Marketplaces (pp. 31-51). Palgrave Macmillan.
- Bhatnagar, S., & Sharma, D. (2022). Evolution of green finance and its enablers: A bibliometric analysis. Renewable and Sustainable Energy Reviews, 162, 112405.
- Campiglio, E. (2016). Beyond carbon pricing: The role of banking and monetary policy in financing the transition to a low-carbon economy. Ecological Economics, 121, 220-230.
- Cen, T. (2023). Green finance reform and stock price crash risk: Evidence from Chinese heavily polluting companies. Finance Research Letters, 56, 104133.
- Chadegani, A. A., Salehi, H., Yunus, M. M., Farhadi, H., Fooladi, M., Farhadi, M., & Ebrahim, N. A. (2013). A comparison between two main academic literature collections: Web of Science and Scopus databases. Asian Social Science, 9(5), 18-26.
- Chen, C., Dubin, R., & Kim, M. C. (2014). Emerging trends and new developments in regenerative medicine: A scientometric update (2000–2014). Expert Opinion on Biological Therapy, 14(9), 1295-1317.
- Chen, C., Hu, Z., Liu, S., & Tseng, H. (2012). Emerging trends in regenerative medicine: A scientometric analysis in CiteSpace. Expert Opinion on Biological Therapy, 12(5), 593-608.
- Chen, C., Ibekwe-SanJuan, F., & Hou, J. (2010). The structure and dynamics of cocitation clusters: A multiple-perspective cocitation analysis. Journal of the American Society for Information Science and Technology, 61(7), 1386-1409.
- Chu, H., Yu, H., Chong, Y., & Li, L. (2023). Does the development of digital finance curb carbon emissions? Evidence from county data in China. Environmental Science and Pollution Research, 30(17), 49237-49254.
- Dong, C., Wu, H., Zhou, J., Lin, H., & Chang, L. (2023). Role of renewable energy investment and geopolitical risk in green finance development: Empirical evidence from BRICS countries. Renewable Energy, 207, 234-241.
- Ellegaard, O., & Wallin, J. A. (2015). The bibliometric analysis of scholarly production: How great is the impact? Scientometrics, 105(3), 1809-1831.
- Feng, W., Bilivogui, P., Wu, J., & Mu, X. (2023). Green finance: Current status, development, and future course of actions in China. Environmental Research Communications, 5(3), 035005.
- Ge, P., Liu, T., & Huang, X. (2023). The effects and drivers of green financial reform in promoting environmentally-biased technological progress. Journal of Environmental Management, 339, 117915.
- Guo, Q.-T., Dong, Y., Feng, B., & Zhang, H. (2023). Can green finance development promote total-factor energy efficiency? Empirical evidence from China based on a spatial Durbin model. Energy Policy, 177, 113523.
- Harzing, A.-W., & Alakangas, S. (2016). Google Scholar, Scopus and the Web of Science: A longitudinal and cross-disciplinary comparison. Scientometrics, 106(2), 787-804.
- He, L., Liu, R., Zhong, Z., Wang, D., & Xia, Y. (2019). Can green financial development promote renewable energy investment efficiency? A consideration of bank credit. Renewable Energy, 143, 974-984.
- Irfan, M., Razzaq, A., Sharif, A., & Yang, X. (2022). Influence mechanism between green finance and green innovation: Exploring regional policy intervention effects in China. Technological Forecasting and Social Change, 182, 121882.
- Kousha, K., & Thelwall, M. (2007). Google Scholar citations and Google Web/URL citations: A multi-discipline exploratory analysis. Journal of the American Society for Information Science and Technology, 58(7), 1055-1065.
- Lee, C.-Chu., & Lee, C.-Chi. (2022). How does green finance affect green total factor productivity? Evidence from China. Energy Economics, 107, 105863.
- Lee, C.-Chu., Lee, C.-Chi., & Li, Y.-Y. (2021). Oil price shocks, geopolitical risks, and green bond market dynamics. North American Journal of Economics and Finance, 55, 101309.
- Leydesdorff, L., & Rafols, I. (2009). A global map of science based on the ISI subject categories. Journal of the American Society for Information Science and Technology, 60(2), 348-362.
- Liang, H., & Renneboog, L. (2017). On the foundations of corporate social responsibility. The Journal of Finance, 72(2), 853-910.
- Lichtenberger, A., Braga, J. P., & Semmler, W. (2022). Green bonds for the transition to a low-carbon economy. Econometrics, 10(1), 11.
- Liu, Z., He, S., Li, W., & Sun, H. (2023). Does green credit reduce carbon emissions? Evidence from China. Environmental Science and Pollution Research, 30(10), 26735-26751.
- Luo, W., Tian, Z., Zhong, S., Lyu, Q., & Deng, M. (2022). Global evolution of research on sustainable finance from 2000 to 2021: A bibliometric analysis on WoS database. Sustainability, 14(15), 9435.
- Lv, C., Bian, B., Lee, C.-C., & He, Z. (2021). Regional gap and the trend of green finance development in China. Energy Economics, 102, 105476.
- Mongeon, P., & Paul-Hus, A. (2016). The journal coverage of Web of Science and Scopus: A comparative analysis. Scientometrics, 106(1), 213-228.
- Moral-Muñoz, J. A., Herrera-Viedma, E., Santisteban-Espejo, A., & Cobo, M. J. (2020). Software tools for conducting bibliometric analysis in science: An up-to-date review. Profesional de La Información, 29(1).
- Muganyi, T., Yan, L., & Sun, H.-P. (2021). Green finance, fintech and environmental protection: Evidence from China. Environmental Science and Ecotechnology, 7, 100107.
- Nawaz, M. A., Seshadri, U., Kumar, P., Aqdas, R., Patwary, A. K., & Riaz, M. (2021). Nexus between green finance and climate change mitigation in N-11 and BRICS countries: Empirical estimation through difference in differences (DID) approach. Environmental Science and Pollution Research, 28(6), 6504-6519.
- Network for Greening the Financial System (NGFS). (2023). Annual report 2022.
- Rasoulinezhad, E., & Taghizadeh-Hesary, F. (2022). Role of green finance in improving energy efficiency and renewable energy development. Energy Efficiency, 15(2), 14.
- Ren, X., Shao, Q., & Zhong, R. (2020). Nexus between green finance, non-fossil energy use, and carbon intensity: Empirical evidence from China based on a vector error correction model. Journal of Cleaner Production, 277, 122844.
- Saeed Meo, M., & Karim, M. Z. A. (2022). The role of green finance in reducing CO2 emissions: An empirical analysis. Borsa Istanbul Review, 22(1), 169-178.
- Schoenmaker, D., & Van Tilburg, R. (2016). What role for financial supervisors in addressing environmental risks? Comparative Economic Studies, 58(3), 317-334.
- Shao, J., & Huang, P. (2023). The policy mix of green finance in China: An evolutionary and multilevel perspective. Climate Policy, 23(6), 689-703.
- Song, M., Xie, Q., & Shen, Z. (2021). Impact of green credit on high-efficiency utilization of energy in China considering environmental constraints. Energy Policy, 153, 112267.
- Song, M., Zheng, H., Shen, Z., & Chen, B. (2023). How financial technology affects energy transformation in China. Technological Forecasting and Social Change, 188, 122259.
- Taghizadeh-Hesary, F., & Yoshino, N. (2019). The way to induce private participation in green finance and investment. Finance Research Letters, 31, 98-103.
- Taghizadeh-Hesary, F., & Yoshino, N. (2020). Sustainable solutions for green financing and investment in renewable energy projects. Energies, 13(4), 788.
- Tian, J., Yu, L., Xue, R., Zhuang, S., & Shan, Y. (2022). Global low-carbon energy transition in the post-COVID-19 era. Applied Energy, 307, 118205.
- United Nations Development Programme (UNDP). (2012). Catalysing Climate Finance: A Guidebook on Policy and Financing Options to Support Green, Low-Emission and Climate-Resilient Development.
- United Nations Environment Programme (UNDP). (2017). On the Role of Central Banks in Enhancing Green Finance – Inquiry Working Paper 17/01.
- Van Eck, N. J., & Waltman, L. (2010). Software survey: VOSviewer, a computer program for bibliometric mapping. Scientometrics, 84(2), 523-538.
- Waltman, L., Van Eck, N. J., & Noyons, E. C. M. (2010). A unified approach to mapping and clustering of bibliometric networks. Journal of Informetrics, 4(4), 629-635.
- Wang, Y., & Taghizadeh-Hesary, F. (2023). Green bonds markets and renewable energy development: Policy integration for achieving carbon neutrality. Energy Economics, 123, 106725.
- Wang, Y., & Zhi, Q. (2016). The role of green finance in environmental protection: Two aspects of market mechanism and policies. Energy Procedia, 104, 311-316.
- Weber, O. (2014). The financial sector’s impact on sustainable development. Journal of Sustainable Finance & Investment, 4(1), 1-8.
- Wright, C., & Nyberg, D. (2017). An inconvenient truth: How organizations translate climate change into business as usual. Academy of Management Journal, 60(5), 1633-1661.
- Wu, B., Gu, Q., Liu, Z., & Liu, J. (2023). Clustered institutional investors, shared ESG preferences and low-carbon innovation in family firm. Technological Forecasting and Social Change, 194, 122676.
- Xu, J., Chen, F., Zhang, W., Liu, Y., & Li, T. (2023). Analysis of the carbon emission reduction effect of fintech and the transmission channel of green finance. Finance Research Letters, 56, 104127.
- Yang, W.-E., Lai, P.-W., Han, Z.-Q., & Tang, Z.-P. (2023). Do government policies drive institutional preferences on green investment? Evidence from China. Environmental Science and Pollution Research, 30(3), 8297-8316.
- Yu, C.-H., Wu, X., Zhang, D., Chen, S., & Zhao, J. (2021). Demand for green finance: Resolving financing constraints on green innovation in China. Energy Policy, 153, 112255.
- Zhang, D., Mohsin, M., Rasheed, A. K., Chang, Y., & Taghizadeh-Hesary, F. (2021a). Public spending and green economic growth in BRI region: Mediating role of green finance. Energy Policy, 153, 112256.
- Zhang, D., Zhang, Z., & Managi, S. (2019). A bibliometric analysis on green finance: Current status, development, and future directions. Finance Research Letters, 29, 425-430.
- Zhang, M., Zheng, L., & Xie, Y. (2023). Spatial spillover effect of green finance and clean energy on China’s provincial green economic development. Environmental Science and Pollution Research, 30(29), 74070-74092.
- Zhang, S., Wu, Z., Wang, Y., & Hao, Y. (2021b). Fostering green development with green finance: An empirical study on the environmental effect of green credit policy in China. Journal of Environmental Management, 296, 113159.
- Zhang, Y., & Ling, X. (2023). Does the development of digital finance have environmental governance effect? – Empirical evidence from China. Applied Economics Letters, 30(16), 2276-2281.
- Zhou, X., Tang, X., & Zhang, R. (2020). Impact of green finance on economic development and environmental quality: A study based on provincial panel data from China. Environmental Science and Pollution Research, 27(16), 19915-19932.