Evolution of CSR and ESG Concepts in the Frame of Sustainability: Insights From Thematic Evolution Across Nations

Abstract

Corporate Social Responsibility (CSR) and Environmental, Social, and Governance (ESG) concepts have undergone significant evolution over the decades. A closer look at the evolution of these concepts on a country basis would achieve a better comprehension of nations' standpoints and the direction in which CSR and ESG are advancing. This study looks at the thematic evolution and trajectory of corporate social responsibility (CSR) and environmental, social, and governance (ESG) concepts in five different regions: the United States, the United Kingdom, Italy, China, and India. Using data analysis techniques facilitated by R software, the study examines patterns from 2001 to 2024 to identify shifts in CSR and ESG discourse. We find that developed countries focus on sustainability reporting, with the US preferring CSR and the UK and Italy progressing toward ESG disclosure practices. The emerging markets are heavily inclined towards ESG ratings, although sustainability disclosure remains to be in the nascent stage.