The Influence of ESG (Environmental, Social, Governance) on Investment Decisions in the Sharia Capital Market: A Bibliometric Review
Keywords:
Sharia ESG; Sharia Capital Market; Bibliometrics; Investment Decisions; Maqasid ShariahAbstract
This study explores the influence of Environmental, Social, and Governance factors on investment decisions in the Islamic capital market through a bibliometric review. The main problem statement is the lack of mapping of post-pandemic Islamic ESG literature trends, with the aim of identifying patterns of influence, maqasid mediation hypotheses, and global collaboration. The research location is virtual through the Scopus, Web of Science, and Sinta (Indonesia) databases. The number of “respondents” is 1,247 peer-reviewed articles from 2020-2025, selected via PRISMA with the keyword “ESG Shariah capital market”. The analysis methods included VOSviewer for network mapping (co-citation, keyword density), Bibliometrix R-package for descriptive metrics (h-index, Lotka's law), and NVivo for thematic supplements, with a Pearson correlation test of r=0.67 for ESG-investment. Preliminary results show a 32% annual growth in publications, the dominance of the social cluster (38%), and the positive influence of ESG on inflow (18%), confirming the hypothesis through centrality (0.52), with the novelty of the TPB-Shariah framework and the governance diversity gap (Judijanto et al., 2024).
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