From CSR to ESG: The Evolving Relationship with Earnings Management—Trends, Themes, and Future Directions

Abstract

The study aims to map the intellectual landscape of research on the relationship between sustainability engagement and earnings management (EM). The way a company communicates its reliability translates into stakeholder relations and influences performance. The study integrates corporate social responsibility (CSR) and environmental, social, and governance (ESG) concepts in a bibliometric analysis of 578 publications on the CSR/ESG–EM relationship (2006–2026). Co-citation, keyword co-occurrence, and thematic evolution analyses were conducted using Bibliometrix and VOSviewer. Since 2016, publication output has increased sharply, with over 60% of publications appearing within the last five years. The field is interdisciplinary, with widely dispersed authorship and publication venues. Research activity is concentrated in China, whereas the UK serves as a key hub for international collaboration. The field draws on three research traditions: mainstream accounting and finance, CSR and sustainability, and regulatory and institutional research. Rooted in accounting journals, the field now publishes mainly in sustainability journals. The thematic analysis reveals shifts from CSR to ESG and from accrual to real EM, with ESG becoming the motor theme and concerns moving towards the credibility of ESG information. Geographic and thematic gaps leave the research agenda open. The findings have implications for standard-setters, auditors and investors.