Page 97 - Azerbaijan State University of Economics

THE JOURNAL OF ECONOMIC SCIENCES: THEORY AND PRACTICE, V.82, # 1, 2025, pp. 89-106

Figure 5 represents a co-authorship network visualisation generated using
VOSviewer, a software tool designed for constructing and visualising bibliometric
networks. This particular network map illustrates the collaborative relationships
among ten researchers based on their co-authored academic publications. Each node
in the network denotes an individual researcher, while the red lines connecting them
signify co-authorship links, indicating joint contributions to one or more research
papers. A total of 45 co-authorship links are identified in the network, reflecting a
substantial level of collaboration within this research group. Notably, all researchers
are part of a single cluster, suggesting that they are interconnected either directly or
indirectly through shared research activities. The structure of the network shows a
dense pattern of collaboration, with several researchers, such as Fishman Tomer,
Wang Banran, and Deetman Sebastiaan, appearing centrally located, which may
imply their significant involvement in multiple joint research efforts. This
visualisation provides valuable insights into the collaborative dynamics and
intellectual connectivity within the research group, helping to identify key
contributors and the extent of scholarly cooperation in the studied domain.

CONCLUSION OF THE STUDY
The findings of this systematic literature review and meta-analysis affirm that
sustainable finance and investment analytics have matured into core pillars of modern
financial research and practice. Based on 77 high-quality peer-reviewed studies, the
results indicate that integrating ESG (environmental, social, and governance) factors
into investment decision-making is not only ethically and environmentally essential
but also financially beneficial in terms of risk-adjusted returns, capital efficiency, and
long-term portfolio resilience. The increasing number of studies showing positive or
neutral relationships between ESG performance and financial returns challenges the
outdated perception of a trade-off between ethics and profitability. Indeed, companies
that strategically implement ESG frameworks benefit from lower operational risks,
enhanced brand value, and superior investor confidence, all of which translate into
measurable financial gains.
The systematic review and meta-analysis provide robust evidence that integrating
ESG considerations into financial decision-making enhances long-term performance
and reduces portfolio risks. While sustainable finance has transitioned from a niche to
a mainstream investment philosophy, challenges remain in standardising ESG
metrics, detecting greenwashing, and ensuring global applicability. Investment
analytics, particularly machine learning and AI, are revolutionising how ESG data is
processed and utilised. However, methodological inconsistencies and limited datasets
in emerging markets call for more inclusive research.

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