Text analysis was applied to the title, keywords and abstracts of the 192 papers on ST and to the title, keywords, abstract and text of the 24 papers on ST and IR. The process began with first-order coding of key sentences explaining the aim of each paper. Then, the assigned labels were shared and reviewed by members of the research team, who combined the codes into themes. To summarise the findings, all 192 papers on ST were assigned to a category depending on the coding for the main topic of each paper. These findings are summarised in Table 1.

Table 1.

Result of the literature review on ST

No.	Theme	Year
		Pre 2000	2000–2010	2010–2020	Total
1	Corporate social responsibility	3	5	13	21
2	Disclosure	1	5	6	12
3	Performance	2	2	10	14
4	Ethics	5	14	11	30
5	Non-profit	1	3	–	4
6	Stakeholders	1	11	15	27
7	Corporate governance	1	5	5	11
8	Nature and aims of the firm	3	9	6	18
9	Environmental sustainability	–	7	10	17
10	Strategic management	–	10	18	28
11	Public policies	–	–	10	10
Total		17	71	104	192

No.	Theme	Year
		Pre 2000	2000–2010	2010–2020	Total
1	Corporate social responsibility	3	5	13	21
2	Disclosure	1	5	6	12
3	Performance	2	2	10	14
4	Ethics	5	14	11	30
5	Non-profit	1	3	–	4
6	Stakeholders	1	11	15	27
7	Corporate governance	1	5	5	11
8	Nature and aims of the firm	3	9	6	18
9	Environmental sustainability	–	7	10	17
10	Strategic management	–	10	18	28
11	Public policies	–	–	10	10
Total		17	71	104	192

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