Cluster analysis
| Cluster no. | Cluster name | Keywords | Themes | Sample references |
|---|---|---|---|---|
| Cluster 1 | ESG core and Sustainability | ESG, sustainability, sustainable finance, environment, ratings | Shows the core foundation of ESG research linking sustainability with financial and rating perspectives | Agosto et al. (2023), Sorrosal-Forradellas et al. (2023) |
| Cluster 2 | ESG Rating Divergence and Market Issues | ESG rating divergence, disagreement, information asymmetry, investor sentiment, China | Focuses on inconsistencies and reliability issues in ESG ratings due to market imperfections | Liu et al. (2024), Wang et al. (2025) |
| Cluster 3 | Governance and Credit Rating Link | ESG rating, corporate governance, corporate social responsibility, credit rating | Represents the connection between ESG and Credit rating, relevant to CRAs | Jeelani and Islam (2026), Seow and Ellili (2026) |
| Cluster 4 | ESG and Financial Constraints | ESG rating, financing constraints, green innovation | Explores how ESG affects firm financing and innovation activities | Calabrese et al. (2025), Fu et al. (2024) |
| Cluster 5 | ESG dimensions and Agencies | Environmental, Social, ESG rating agencies | Highlights institutional aspects and ESG components, include rating agencies | Fu et al. (2024), Tsang et al. (2024) |
| Cluster 6 | Sustainability Systems and Frameworks | Sustainability, rating systems, sustainable infrastructure | Focus on frameworks and systems used for sustainability assessment | Sorrosal-Forradellas et al. (2023), Suman et al. (2020) |
| Cluster no. | Cluster name | Keywords | Themes | Sample references |
|---|---|---|---|---|
| Cluster 1 | ESG core and Sustainability | ESG, sustainability, sustainable finance, environment, ratings | Shows the core foundation of ESG research linking sustainability with financial and rating perspectives | |
| Cluster 2 | ESG Rating Divergence and Market Issues | ESG rating divergence, disagreement, information asymmetry, investor sentiment, China | Focuses on inconsistencies and reliability issues in ESG ratings due to market imperfections | |
| Cluster 3 | Governance and Credit Rating Link | ESG rating, corporate governance, corporate social responsibility, credit rating | Represents the connection between ESG and Credit rating, relevant to CRAs | |
| Cluster 4 | ESG and Financial Constraints | ESG rating, financing constraints, green innovation | Explores how ESG affects firm financing and innovation activities | |
| Cluster 5 | ESG dimensions and Agencies | Environmental, Social, ESG rating agencies | Highlights institutional aspects and ESG components, include rating agencies | |
| Cluster 6 | Sustainability Systems and Frameworks | Sustainability, rating systems, sustainable infrastructure | Focus on frameworks and systems used for sustainability assessment |
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.