INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN SOCIAL SCIENCE (IJRISS)

ISSN No. 2454-6186 | DOI: 10.47772/IJRISS | Volume IX Issue XII December 2025

Systematic Literature Review on Integration of Malaysia's

Environmental, Social, and Governance (ESG) Initiative towards

Global Framework

Mathew Kevin Bosi, Nelson Lajuni., Andy Lee Chen Hiung., Dean Nelson Mojolou

Faculty of Business, Economics and Accountancy, Universiti Malaysia Sabah (UMS), Kota Kinabalu

88400, Sabah, Malaysia

DOI: https://doi.org/10.47772/IJRISS.2025.91200046

Received: 11 December 2025; Accepted: 18 December 2025; Published: 31 December 2025

ABSTRACT

The growing emphasis on Environmental, Social, and Governance (ESG) disclosures has exposed a critical

challenge: the lack of a standardized framework, particularly in emerging markets like Malaysia, leads to

inconsistent reporting and impedes economic decision-making. This study conducts a systematic literature

review (SLR) of 12 contemporary articles from accounting journals to analyze prevailing ESG frameworks and

identify pathways toward standardization. Our analysis, focusing on articles published up to 2025, synthesizes

key ESG metrics environmental (carbon, energy, waste), social (diversity, labor, community), and governance

(transparency, leadership, risk) and evaluates prevalent research methodologies. The findings reveal significant

variations in disclosure practices and a consensus in the literature on the need for harmonized indicators,

validated weighting schemes, and industry-specific metrics. The study concludes by identifying critical research

gaps in the Malaysian context and emphasizes the necessity for global, multidisciplinary collaboration to

enhance comparability, ensure financial materiality, and ultimately bolster investor confidence in the capital

markets.

Keywords: systematic literature review, environmental, social and governance, metrics, frameworks, disclosure

quality, Malaysia

INTRODUCTION

Sustainability reporting has become central to discussion, especially following the rising concern about climate

change in recent years. This has led to the recognition of environment, social and governance (ESG), which

consists of frameworks and objectives that attempt to answer the widespread global concern about the

environment. Following this, several parties have called upon policymakers to capitalize on the pressure from

external stakeholders to enhance ESG commitments on standardizing ESG reporting quality among industry

players globally (Wong et al., 2023; Adewuni et al., 2023). On the other hand, investors, firms, and customers

consider ESG considerations when making decisions, especially in the stages of financing, operating cost

estimation, and investment planning. Every one of these organizations and interested parties favors practical and

eco-friendly products, such as manufactured items (Johari & Komathy, 2019). Therefore, a lack of ESG

disclosure by firms may lead to poorly informed investments in high-risk sectors, increasing environmental harm

or enabling workplace discrimination. Integrating ESG into investment decisions allows investors to evaluate a

company’s overall performance, not just its financial returns. (Mohammad and Wasiuzzaman, 2021). Due to its

significant value to market participants, the United Nations recommends that companies disclose their ESG

practices by 2030 (Krannich & Reiser, 2021).

Several research found that high quality of ESG disclosure may promote longevity of a company. This notion is

consistent with the study by Keeley et al. (2022), ESG disclosure can expect high and consistent returns from

ESG investment in the long run. Moreover, ESG technologies enable global financial services to manage risks,

promote long-term market sustainability (Johari and Komathy, 2019; Olayinka, 2022), and help investors

recognize the value of their investments (Friede et al., 2015). In addition, ESG disclosure also helps align

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INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN SOCIAL SCIENCE (IJRISS)

ISSN No. 2454-6186 | DOI: 10.47772/IJRISS | Volume IX Issue XII December 2025

company’s goals and vision with government’s initiative to cut down carbon footprint and aims to facilitate

carbon credit trading to promote low-carbon practices and achieve carbon neutrality (Tang et al., 2023; Adewumi

et al., 2023). In response to increasing investor demand for non-financial information from companies, several

sustainability accounting frameworks have evolved to improve standardized disclosure of ESG information

(Mohammad and Wasiuzzaman, 2021). This echoes the study by Mura et al. (2018) in that a standardized ESG

is required to facilitate investors to make accurate economic decision making.

Nevertheless, standardization of ESG disclosure in the annual report remains as one of the greatest issues with

the comparability and standardization of ESG disclosures; detractors object to the lack of consistency and the

possibility of "greenwashing" (Laasch & Conaway, 2015). This is mainly given the fact that ESG remains

voluntary information, which indicates that the amount and type of information revealed in the annual reports

are not subject to any regulations. The accuracy of the instruments used to measure ESG has been contested.

Studies have shown that various ESG rating companies could generate distinct ratings for the same organization,

raising questions about the consistency and comparability of these assessments (Tang, 2023; Mian et al., 2024;

Wielechowski & Krasuski, 2024). Consequently, for sustainability reporting and performance to be consistent,

comparable, and reliable, ESG practices must be standardized and regulated (Krueger et al., 2021; Wielechowski

& Krasuski, 2024).

Issue with sustainability reporting (ESG) in Malaysia

Despite the growing research on ESG in Malaysia, the issue regarding the standardization of ESG disclosure in

the annual report is still the main concern among practitioners, researchers and policymakers. This is evident in

several studies, citing that there is a lack of consensus and clarity on what constitutes ESG performance and how

to measure it, despite an attempt by the guide to provide the methods for measuring the metrics. Even if the

measurement methods are agreed on, there may be a lack of reliable and comparable data on ESG issues,

particularly the non-financial and qualitative aspects (Tang, 2023; Wong et al., 2023; Krueger et al., 2021).

Meanwhile, a study conducted by Bakar et al. (2019) highlighted that lacking standardized quantitative

information may be due to three possible reasons. First, the awareness and understanding of the sustainability

concept among the employees are still low, especially among the operations employees. Thus, it is hard to get

their corporation to support the sustainability agenda of the company. Second, they may have a problem in

information management, where it is hard to gather all the valid sustainability information accurately. Most

companies have operations in various places, and gathering information is not easy work. Lastly, this is the first

year of the amended listing requirement and Sustainability Reporting Guidelines (SRG) implementations;

therefore, companies are still in the learning and adapting process. In addition, Tang (2023) asserts that the lack

of regulatory bodies to support, for example, Bursa Malaysia Listing Requirements, also presents a challenge to

the process of standardizing ESG disclosure. Apparently, the only sustainability requirement available comes

under the Listing Requirements of Bursa Securities Malaysia. Bursa Malaysia published the 3rd Edition of its

Sustainability Reporting Guide at the end of 2022 to improve the disclosures of sustainability information while

helping companies to manage the risks and opportunities associated with sustainability matters.

Purpose of this study

The outcome of the study enhances the existing literature by focusing on a more comprehensive analysis of ESG

disclosure criteria, particularly in the Malaysian context. This is to enable the measurement of ESG disclosure

in the annual report for the shareholders and other stakeholders by making a balanced economic judgement,

aside from focusing solely on financial information. This study also indirectly provides in-depth insights which

help global corporations, practitioners, regulatory bodies, and stakeholders with the roadmap and strategies in

developing a more standardized measuring mechanism and frameworks to determine the quality level of ESG

disclosure published in the annual report.

While numerous systematic literature reviews (SLRs) on ESG exist globally, few have focused specifically on

the Malaysian context and its alignment with global frameworks. To address this gap, our study systematically

reviews recent literature (2021-present) to map the current state of ESG metrics, identify unique challenges in

Malaysia, and propose a pathway for better integration. The paper is structured as follows: a literature review

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INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN SOCIAL SCIENCE (IJRISS)

ISSN No. 2454-6186 | DOI: 10.47772/IJRISS | Volume IX Issue XII December 2025

(Section 2), the research methodology (Section 3), an analysis of the findings (Section 4), a discussion of research

gaps and future directions (Section 5), and the conclusion (Section 6).

LITERATURE REVIEW

The Evolution of ESG in Malaysia

Environmental accounting, first introduced in Malaysia in the late 1990s, is a key element supporting corporate

governance. Initially a voluntary practice, it has since evolved into an important tool for communicating

corporate responsibilities to stakeholders, particularly in developing countries like Malaysia (Nor et al., 2016).

This is evidence that stakeholders in Malaysia are becoming more conscious of the need to provide

environmental information. The sustainability reporting framework was gazette in 2006 by the Ministry of

Finance through its Bursa Malaysia Listing Requirements, Appendix 9C, Paragraph 29 (Aman et al., 2015). The

adoption of sustainability reporting necessitates the involvement of authorities, the local National Audit

department, and accounting professionals to enhance transparency (Joseph, 2010). The Financial Reporting

Standard (FRS) 101 in Malaysia, according to Muniandy and Ali (2012), specifically states that an organization's

management should provide more information to their annual report if doing so will assist stakeholders in making

better decisions. The development of sustainability reporting also highlights ESG practices in Malaysia. In the

past, a stream of studies was conducted to examine the relationships between ESG disclosure and firms’

performance; however, the findings appear to be inconsistent as the performance of companies is tied to the

interest of different stakeholders (Nollet et al., 2016; Han et al., 2016; Alareeni and Hamdam, 2020; Ali et al.,

2022; Kamaludin et al., 2022; Lee and ISA, 2023). Meanwhile, several studies emphasize conducting a

comprehensive analysis of ESG frameworks (Razak et al., 2021; Tang, 2023; Zahari et al., 2024). There are also

a few scholars researching Shariah compliance firms and ESG disclosure (Qoyum et al., 2022; Lee and Isa, 2023;

Zain et al., 2024).

In this study, researchers aim to analyze the pillars of ESG by using a systematic literature review (SLR) carried

out by following a structured guideline which encompasses defining the keywords, searching data via search

engines, extracting data, analyzing content and quality of data, and finally interpreting the data for future research

(Lame, 2019).

Research Method

This study uses the SLR method, following the guidelines in the study by Egger et al. (2008), which comprises

formulating a review question, defining inclusion and exclusion criteria, locating studies, i.e. search engines,

selecting studies, assessing study quality, extracting data, analyzing and presenting results and interpreting

results. The method is also aligned with the study by Moher et al. (2009), which is based on the identification of

records (via database searching), screening (filtering records based on relevant criteria), eligibility (with full-text

articles) and inclusion (number of studies included in quantitative synthesis). According to Lame (2019), SLR

provides a systematic method to help researchers answer crucial issues. This means that SLR assists in finding

and synthesizing case studies, providing an overview of all the theories investigated and the results drawn, and

noting any limitations or future research in research. Another strength of SLR is that it can help researchers

better understand and monitor research practices in society, i.e. social science. By evaluating how research

methodologies are applied to certain subjects and utilizing evidence frameworks to evaluate the level of quality

of included studies. Finally, SLR could enable researchers to reach beyond the research community and cross

interdisciplinary challenges. Similarly, it helps researchers to understand research gaps and directions for future

studies.

The PRISMA (Preferred Reporting Items for Systematic Reviews and Meta-Analyses) framework, which is

advised for systematic literature reviews (SLRs), served as the basis for the article selection procedure. For

conducting SLRs in a variety of study domains, PRISMA is a commonly accepted standard (Khaw et al., 2024).

These suggestions are meant to help reviewers communicate the goal of the review, the methods employed, and

the outcomes obtained openly and understandably. Figure 1 outlines the methodical steps in the process.

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INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN SOCIAL SCIENCE (IJRISS)

ISSN No. 2454-6186 | DOI: 10.47772/IJRISS | Volume IX Issue XII December 2025

The first step in the first section of our study was selecting appropriate search terms in the Scopus database,

which is renowned for its comprehensive and in-depth coverage of a wide range of research content (Fig.1). We

used the search terms "ESG" OR "ESG framework" OR "environmental, social and governance framework".

There were 1,437 publications found in the search. Following that, it was further filtered as only English-

language publications were taken into consideration; the document type was limited to journal articles; the source

type was set to journals; and the subject areas were restricted to Business, Management and Accounting. The

results were reduced to 1,425 articles through this screening. After reviewing the titles and going through

abstracts, 12 were ultimately chosen for the systematic review following a comprehensive full-text review (Khan,

2022).

Fig.1: Identification of Studies via Database

Table 1. Analysis of the criteria used for measuring ESG pillars

Researchers

/publication

year

Research

and method

objective ESG criteria/metrics

Findings/

Contribution

Research

gaps/limitations

Agosto et al. This study examines the

This study offers an Significant

in-depth assessment of remain

the current ESG rating understanding how

procedures, to effectively

highlighting the need consolidate

for better aggregation information

gaps

in

Environmental:

(2025)

body of research on the

differences between

carbon

preservation

emissions,

of the

ESG ratings and looks

at several types of

aggregation techniques.

natural

biodiversity protection,

waste and water

environment,

ESG

to

The

presented

inconsistent

difficulties

by

techniques.

create a dependable

sustainability

indicator.

management

ESG

Social:

ratings and their effects

on investment choices

are emphasized.

Employee satisfaction,

diversity, inequality,

gender gap, protection

of young and children,

investment in human

Method: Studies use

both more sophisticated

algorithms

(like

capital

and

XGBOOST) and more

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conventional methods communities,

and

(like PCA or OLS).

human rights.

Governance:

the “good” governance

of companies, which

can contribute to a more

sustainable

and

balanced firm’s growth,

and thus to a more

sustainable

economic

development.

Jamaludin & To

examine

how

Research shows that To conduct further

Environmental:

Razali (2024) Environmental, Social,

and Governance (ESG)

among

Asian

enterprises,

ESG

Southeast research

on

i. Carbon Footprint and

real

estate disparities in market

useful development,

Greenhouse

Emissions,

Gas

e.g.,

concepts

are

into

for

incorporated

corporate

adherence

is different regulatory

methods to reduce

plans

correlated with high enforcement levels,

emissions

carbon

increased

efficiency,

include

offsetting,

energy

sustainable

market

indicating

market is beginning to standardized

acknowledge

recognize

value, and the requirement

development in the real

estate industry in

Southeast Asia.

that

the for

more

ESG

and

and reporting standards.

strong

renewable energy.

Method:

Component

(PCA) is employed as a

technique for distilling

Principal

Analysis

sustainability

practices.

ii. Energy

and

Efficiency

Renewable

Energy Use,

evaluating

conservation

initiatives

switching

renewable

sources,

hydropower,

and wind.

e.g.,

energy

and

interpreting

the

intricate data collected

from the yearly reports

of the top ten listed real

estate firms in each

Southeast Asian nation.

and

to

energy

including

solar,

iii. Waste Management

and Pollution, e.g.,

evaluating

the

ensuing impacts on

mitigation initiatives

and

environmental

pollution.

iv. Water

Use

and

Conservation,

e.g.,

evaluates corporate

water

with a

management

focus on

sustainable resource

use

and

conservation,

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including

reduction

wastewater

treatment.

footprint

and

v. Biodiversity

and

Land

Use,

e.g.,

and

monitoring

regulating

environmental

consequences, such

as

those

on

and

biodiversity

ecosystems,

are

which

essential for

sustainable

development.

vi. Environmental

Policies

and

e.g.,

with

Compliance,

compliance

environmental laws,

evaluation

of

environmental

management,

commitment

stewardship,

infractions.

risk

to

and

vii. Sustainable Product

Lifecycle,

e.g.,

environmental

impact at all stages of

a product or service

lifecycle, from the

procurement of raw

materials to eventual

disposal, with a focus

on

recyclable

materials,

sustainable

packaging.

iii. Climate

Mitigation

Adaptation.

Change

and

ix. Supply

Chain

e.g.,

Sustainability,

emphasizing

responsible

procurement

and

sustainable sourcing.

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x. Investment

Environmental

Technologies,

Research

in

e.g.,

and

development of eco-

friendly products or

green

technology,

with an emphasis on

inventions

reduce

that

environmental harm.

Social

i. Employee Relations

and Diversity e.g.,

e.g.,

fair

compensation,

benefits,

conditions,

working

anti-

discrimination laws,

diversity

ii. Health and Safety

e.g.,

Workplace

and

e.g.,

health

safety

regulations include

steps

to

avoid

mishaps,

injuries,

and

occupational

illnesses

training.

and

iii. Supply Chain Labor

Standards,

suppliers

e.g.,

comply

labour

with

fair

practices and child

labour laws, human

rights.

iv. Community

Engagement

and

Development, e.g.,

charitable activities,

development

projects,

and

support for local

initiatives.

v. Customer

Satisfaction

and

Protection,

product

Data

e.g.,

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quality,

customer

service, fair pricing,

and data privacy.

i. Human Rights and

Fair

Labor

e.g.,

Practices,

avoiding

involvement

in

violations of human

rights

and

protecting

against

negative effects on

communities.

ii. Stakeholder

Engagement,

e.g.,

adherence to health

and

safety

standards.

iii. Corporate

Social

Responsibility

(CSR)

Initiatives,

e.g., volunteerism,

charitable giving,

environmental care,

and ethical conduct.

Governance:

i. Board Composition

and Diversity, e.g.,

Diversity in gender,

ethnicity,

experience,

and

background, and the

independence

and

the

structure

board.

of

ii. Executive

Compensation, e.g.,

perks, stock options,

bonuses, and salary,

as well as how these

relate

to

the

performance of the

business and the

interests

of

shareholders.

iii. Audit

and

Committee

Internal

e.g.,

Controls,

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financial reporting,

internal audits, and

risk

management

supervision.

iv. Shareholder Rights,

e.g., voting rights,

influence

on

management

and

board decisions, and

engagement

practices.

v. Ethical

and

Practices

Compliance,

e.g., anti-corruption

policies,

presence

and

the

and

enforcement of a

code of ethics.

vi. Transparency

Disclosure,

and

e.g.,

and

financial

operational results,

company

objectives,

ownership,

remuneration

policies.

share

and

vii. Risk Management,

e.g., identifying,

regulating,

reducing

and

risks,

including

operational,

financial,

reputational,

environmental, and

social.

iii. Conflict of Interest

Policies,

e.g.,

identifying,

preventing

managing

conflicts,

and

such

particularly when it

pertains to CEOs

and board members

reporting

commitments

external

that

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could

influence

their decisions.

ix. Sustainability

Oversight,

e.g.,

Evaluating

governance

structures' oversight

on sustainability

and ESG issues.

Sulaiman et To assess the present

The

conclusions

research's None noted.

clearly

Environmental:

al., (2024)

ESG practices of 55

construction businesses

Pollution and resources,

show that the social

pillar performs best

among

pillars.

pillar

climate

change,

listed

on

Bursa

biodiversity,

Malaysia as revealed in

their annual reports and

sustainability

the

ESG

social

a

The

Water use, supply chain

places

statements.

noticeable

Social:

health, labor standards,

Human

Customer

responsibility,

Safety

and

concentration on the

matter of health and

safety in the context of

construction.

Method: evaluate the

sustainability

statements

firms' annual reports,

which were available

rights,

of

listed

Governance:

on

their

corporate

websites or the Bursa

Malaysia website, using

a qualitative content

analysis technique.

Risk

management,

corporate governance,

anti-corruption,

transparency

tax

Mian et al., Exploring ESG criteria

(2024) and metrics.

An examination of the The defined weight

available material, a of ESG pillars and

forensic examination criteria has not been

Environmental:

Resource use, emission,

Method: conducted a Innovation

three-phased strategy,

of

analysis tool, and a survey respondents.

research survey to Cross-validation

the

ESG

risk validated among the

Social:

which

included

a

thorough examination

of the information that

was readily accessible,

a forensic examination

of the ESG risk analysis

tool, and a research

survey to obtain the

obtain priorities and will improve the

expert opinions for the created ESG criteria

Workforce,

rights,

product responsibility.

human

community,

decision-making

process.

generalizability and

applicability across

a

range

of

Governance:

industries.

Management,

shareholders,

product responsibility

priorities

viewpoints of experts in

the decision-making

process.

and

Oliver (2024) To

examine

Examine the primary Future

ESG (Environmental, analyze

research:

the

Environmental:

environmental, social,

and governance (ESG)

metrics and possible

All business activities

Social,

and significance of non-

data,

in the context of the identifying a group

which

lead

to

Governance) metrics financial

environmental impact.

effects

within

the

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context of non-financial Criteria is valued as international financial of

material

and economic systems' important

quality, sustainability

and

ESG

data.

efficiency,

transparency,

plan aspects that could

various

and commitment of the among the European influence

Company.

Union (EU) members.

management

metrics (such as

cash flows and

Social:

EBIT) of a non-

financial

organization.

Human rights, impact

on community, society,

and stakeholders, social

responsibility of the

product,

safety,

health

respect

and

for

diversity

relationship

consumers.

and

with

Governance:

Board

structure,

executive

compensation,

shareholders’ rights.

Hashim et al. To provide solutions for

This study anticipates i. Proposal

of

a

Environment:

(2024)

improving

assessment

the

standards

lowering

expenses,

the

time,

and

creating

standardized list

of reporting ESG

i. Resource

Management:

for ESG reporting in the

administrative

utilities

covering

water,

telecommunication,

and oil

industry,

electricity,

constraints associated

with compliance for

Malaysian utility firms

indicators

harmonizing

sustainable

development

reporting

and

Energy and water

management.

by

proposing

a

ii. Emission

simplified approach to

assessment criteria.

management

and

standards

improve

to

the

waste management.

and

gas

service

providers in Malaysia.

quality

of

iii. Climate

Mitigation:

Change

Green

ESG evaluation.

gas management and

climate change.

ii.To conduct

a

more

analysis

thorough

that

iv. Environmental

Footprint

combines

quantitative and

qualitative

Assessment:

methods.

Assessing

controlling

effects

and

the

on

environment during

operations.

v. Resilience

Adaptation:

and

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Network

resilience

and climate change

effect.

Social:

i. Diversity

Inclusion:

and

Employee diversity

and equal

opportunity in the

workforce.

ii. Health and safety for

employees

workforce.

in

the

iii. Labor practices and

standards: Labor

rights, fair wages,

training

for

employees.

iv. Community

engagement:

involvement

stakeholders,

charitable

of

endeavours,

and

collaborations with

local groups.

v. Workforce

Management

Resilience:

safeguard

and

the

resilience

of

workforce to major

incidents and their

health and safety.

vi. Social

Responsibility:

reduction of poverty,

eradication

hunger,

of

gender

equality, educational

access, and inclusive

economic growth.

Governance:

i. Sustainable

Governance

and

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Ethics:

accountability

stakeholders,

to

openness in decision-

making,

commitment

moral standards.

and

to

ii. Supply

Chain

Management: supply

chain accountability

and

supplier

transparency,

diversity,

and ethical sourcing.

iii. Supply Chain and

Governance:

commitment

ethical

operations

to

business

is

demonstrated by the

transparent supplier

evaluation,

sourcing,

ethical

and

openness

in

governance

procedures.

iv. Data

Security: protecting

private data and

Privacy and

making sure that data

security regulations

are followed.

v. Anti-corruption

Measures:

enforcement of anti-

corruption

legislation,

whistleblower

procedures, and anti-

corruption policy.

vi. Effective

Governance

Processes:

supervision,

evaluation,

internal

board

risk

and

controls

ensure accuracy in

company

and

reporting

to

adherence

evaluation criteria.

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vii. Investor

and

Practices

Disclosure:

Stakeholder

involvement,

disclosure, and the

incorporation of

sustainability factors

ESG

into

investor

practices.

iii. Risk

and

Management

Resilience:

Systemic risks from

technological

disruptions and other

external factors are

addressed

risk

through

assessment,

business continuity

planning, and

resilience-building

approaches.

De

Sauza To

compile

and

Facilitating businesses Future studies could

Environmental:

Barbosa et al. evaluate the research on

to comprehend how examine

the

of

Carbon

footprint,

(2023)

how incorporating ESG

standards affects

incorporating

ESG establishment

natural resources usage,

recycling policies, and

waste management.

criteria can enhance standardized

business sustainability

performance.

corporate

sustainability

metrics, or common

metrics applicable

performance, offering to various industries

Social:

improved

business and

regions;

the

planning

investment

optimisation.

and correlation between

ESG and financial

The

company’s

with

suppliers,

and

relationship

employees,

clients

communities.

Diversity,

discrimination, gender

pay

opportunities,

employee

and

performance,

mechanisms

underlying

the

this

correlation, such as

the effects of ESG

non-

criteria

on

equality,

equal

employee

satisfaction

customer

or

loyalty;

education,

community

the effects of ESG

protection

criteria

on

non-

financial

stakeholders,

including

communities,

customers,

employees; the role

of technology in

ESG,

blockchain

artificial

Governance:

Leadership,

control,

compensation,

shareholders'

anti-corruption

policies, transparency

internal

executive

audit,

and

rights,

such

as

and

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and

policies.

accountability

intelligence in ESG

reporting and

decision-making;

and emerging ESG

issues, such as how

supply chains are

affected by climate

change

ethical implications

of artificial

intelligence.

or

the

Tang (2023)

To review existing ESG Environmental:

the addressing

the There

is

a

laws

from different countries materiality

and providing

and

standards concept

of

double overarching

ESG- requirement

and describe the metrics

with and targets for

to

opportunities,

double

can be embedded to

examine not only the

potential

recommendations

enhancing

practices in Malaysia.

for

ESG

financial and non-

financial

and

actual Materiality could help

impacts caused by a raise the standard of sectors to enable

company’s operations, regional

but also the disclosure

ESG more standardized

performance

implications of ESG- requirements. It could reporting,

hence

the

related risks on finance. help

permitting

comparison

investors and financial

Social:

institutions to better of performances.

identify and manage

ESG-related risks and

Human rights to deter

discrimination,

forced labor,

e.g.,

unfair

treatment of migrants opportunities, as well

workers

as

integrate

ESG

factors into decision-

making.

Governance:

anti-corruption,

independence

and

diversity of company

boards

and

management,

transparency,

disclosure

exercising

diligence.

and

of

the

due

Adewumi et To investigate the level

al., (2023) of sustainability

Construction

assessment framework

could serve as a

Proposing

environmental

metrics

Environmental:

Energy used, natural

resources used, effect

assessment frameworks

that

like

and

education

of

eco-system

and vehicle

for

organisations in the

construction industry

to demonstrate

skills,

response planning,

legacy planning,

strategies, policies,

emergency

help UK construction habits.

companies demonstrate

their commitment to

ESG targets.

Social:

bribery

and

corruption

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Extent of Stakeholders commitment to ESG elimination,

and

moral

(ethical

engagements,

targets

on enforcing

behavior

relationship with local environmental

communities, diversity assessment methods

inclusion, health and

and

professional

conduct).

(BREEAM).

safety.

Proposing

governance metrics

such as institutional

frameworks,

policies, reporting

and

Governance:

Policies, practices and

procedures, compliance

with law and meeting

obligations.

communications

and

the

sustainability

department.

Keeley et al. To study the terms of

(2022) “ESG Investments”,

This study analyses Only

focus

on

Social Equity:

social

sustainability

justice

and social elements as

prioritized by the

Diversity,

inequality,

safety, systemic racism,

and companies’ broader

role in society

income

worker

especially “Social” in

ESG.

quantitatively, which public,

gives investors clear done

which

quantitative

To

is

and

transparent manner.

and improve

confusion methodologies and

information

clarifies

among

rating

businesses transparency

of

attempting to improve rating

decisions,

their

performance.

ESG future research on

conducting

qualitative research

is encouraged.

Pulino et al. The purpose of this

The

show

results,

that

which The

ESG has

performance

Environmental:

(2022)

study is to examine how

ESG disclosure affects

the performance of the

company.

been

ROA

tested

and

The

emissions

quantity

that

of

a

disclosure

corporate

performance, ought to indicators

improves using

EBIT as the main

business releases into

the

environment,

encourage

managers connected to the

resulting

formation

pollution

in

of

the

air

to spend resources on capital invested in

CSR initiatives.

the

activities and the

operating result;

nevertheless, other

measures of

operating

Social:

HR

initiatives

to

performance might

be investigated to

improve their human

resource management

gain

understanding

the

a

deeper

of

business

Governance:

benefits of

organization’s

commitment

implementing

responsibility

to

social

ESG disclosure.

principles, that is, to

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effectively

managing

social and ethical issues

Billio et al. Examine

2021 grading

the

standards

ESG

There

inconsistency

common ESG metrics, investment

which

is

an A more accurate

in description of ESG

Environmental:

Energy

greenhouse

efficiency,

gas

employed by renowned

organizations and note

any discrepancies in the

definition of ESG.

makes

for

it Benchmarks

rating required for

is

the

of

emissions, waste, water

difficult

and

resource

agencies to evaluate accuracy

the performance of a company

management.

company

definition

on

of

the performance

ESG evaluation by rating

Social:

(characteristics,

attributes,

standards).

agencies.

and

Gender

policies,

protection of human

rights, labor standards,

workplace and product

safety, public health,

income

and

distribution,

employee

satisfaction.

Governance:

Independence of board

administration,

shareholders’

managers’

rights,

remuneration,

procedures,

control

anti-

competitive practices,

and

compliance

of

laws.

Analysis of the literature

The main objective of the literature review, which is tabulated in Table 1, is to evaluate ESG practices, metrics

(i.e., criteria) and frameworks. Nevertheless, it is evident that methods used in the literature review vary in three

main categories: quantitative (i.e. Jamaludin and Razali, 2022; Agosto et al., 2025), qualitative (i.e., Sulaiman

et al., 2024; Hashim et al., 2024) and mixed method (i.e., Mian et al., 2024).

In terms of research on ESG metrics (criteria) under the environment pillar, the main themes are 1) Carbon &

GHG Emissions: Emissions reduction, carbon offsetting, pollution control (Pulino et al., 2022; Jamaludin &

Razali, 2022; Sulaiman et al., 2024; Agosto et al., 2025), 2) Energy & Resource Efficiency: Energy use,

renewable sources, water conservation, natural resources (Jamaludin & Razali, 2022; Hashim et al., 2024;

Adewumi et al., 2023), 3) Waste & Pollution Management: Lifecycle assessment, pollution reduction, recycling

(Billio et al., 2021; Jamaludin & Razali, 2024), 4) Biodiversity & Land Use: Environmental impact on

ecosystems, biodiversity preservation (Jamaludin & Razali, 2024), 5) Climate Change: Mitigation strategies,

resilience and adaptation (Hashim et al., 2024; Jamaludin & Razali, 2024) and 6) Environmental Governance:

Policies, compliance, technology investment (Tang, 2023; Hashim et al., 2024). In terms of criticality for each

of the pillars, the dominance of carbon emissions and energy efficiency in the environment reflects global climate

pressures. However, the relative lack of focus on biodiversity in Malaysian studies (except Jamaludin & Razali,

2024) may indicate a misalignment with emerging global frameworks like the TNFD (Taskforce on Nature-

related Financial Disclosures), representing a critical gap.

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Meanwhile, the social pillar encompasses 1) Employee Wellbeing: Health and safety, Fair labor practices,

Human resource initiatives (Pulino et al., 2022; Sulaiman et al., 2024; Mian et al., 2024), 2) Diversity &

Inclusion: Gender equality, anti-discrimination, inclusive workforce (Keeley et al., 2022; Hashim et al., 2024),

3) Community Engagement: CSR, education, stakeholder involvement, local development (Adewumi et al.,

2023; Jamaludin & Razali, 2024; Hashim et al., 2024), 4) Human Rights: Protection of vulnerable groups, fair

treatment (Tang, 2023; Jamaludin & Razali, 2024), 5) Product Responsibility: Customer satisfaction, data

privacy, ethical conduct (Mian et al., 2024; Jamaludin & Razali, 2024), 6) Social Equity & Justice: Systemic

racism, income inequality, broader social roles (Keeley et al., 2022). The breakdown of the social pillars exhibits

employee, health and safety, diversity, equity and inclusion, labor relations and human rights and investment in

human capital as the main concentrations. It can be translated in a way that any company's workforce is a direct,

manageable, and significant asset. There are immediate risks associated with poor performance in these areas,

including damaged reputations, lawsuits, strikes, and talent loss. Additionally, collecting and transmitting the

data is comparatively simpler for businesses.

Finally, governance focuses on 1) Board & Leadership: Diversity, independence, and ethical leadership

(Jamaludin & Razali, 2024; Hashim et al., 2024), 2) Transparency & Compliance: Disclosure, anti-corruption,

legal compliance (Tang, 2023; Sulaiman et al., 2024; Oliver, 2024), 3) Risk & Internal Control: Audit, risk

management, resilience planning (Billio et al., 2021; Hashim et al., 2024),. 4) Investor & Shareholder Rights:

Engagement, voting, and compensation alignment (Oliver, 2024; Jamaludin & Razali, 2024), and 5)

Sustainability Oversight: ESG integration into governance processes (Hashim et al., 2024; Jamaludin & Razali,

2024). In terms of their criticality, the main concerns of the themes are on the board structure, composition, and

oversight; executive compensation and alignment; followed by transparency, disclosure, and shareholders'

rights; and ethics, compliance, and risk management. In a nutshell, the governance pillar is about forming a

system of checks and balances that promotes ethical conduct, strategic monitoring, and long-term value creation.

The primary emphasis is interrelated, encompassing an effective and diverse board that sets the strategies,

aligned incentives to drive management behavior, transparency, which is being accountable to owners, and

strong security measures to protect entities from internal and external threats.

Research gaps and limitations for future studies

This study provides several gaps and limitations of information in relation to ESG metrics and frameworks

practiced globally, notably from a Malaysian perspective.

Standardization and Benchmarking Gaps

The analysis shows one of the main gaps was a lack of standardized on ESG reporting across corporations, be it

in the international or Malaysian arena (Hashim et al., 2024). This can be explained by the non-mandatory

policies and framework prescribing the voluntary nature of the practices. Thus, researchers are in consensus that

creating a standardized list of ESG indicators and harmonizing sustainable development reporting standards will

improve the quality of ESG assessment. In a similar vein, Tang et al. (2023) connoted there is a requirement to

describe the metrics and targets for financial and non-financial sectors to enable more standardized performance

reporting, hence permitting the comparison of performances between corporations. Additionally, a more accurate

description of ESG investment Benchmarks is required for the accuracy of company performance evaluation by

rating agencies (Billio et al., 2021).

Methodological Gap

Meanwhile, Wong et al. (2023) stressed that researchers could perform a content analysis of yearly sustainability

reports to create a more comprehensive index or criteria for ESG evaluation. Another crucial discovery was

found in the study of Mian et al. (2024), which highlights that the weight of ESG pillars and criteria has not been

validated among the survey respondents. Accordingly, conducting cross-validation procedures will further

improve the existing ESG criteria's generalizability and applicability across a range of industries. In addition, a

study conducted by Adewumi et al. (2023) proposes environmental metrics like education and skills, emergency

response planning, legacy planning, strategies, policies, elimination of bribery and corruption, and enforcing

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moral behavior (i.e. ethical and professional conduct). This is in response to bridging the gaps in urban

regeneration sustainability assessment frameworks (SAFs).

Emerging Trends and Understudied Areas

The analysis also provides the understudied areas and emerging trends of ESG studies, which encompasses

qualitative social metrics of ESG (Keeley et al, 2022) and artificial intelligence (AI) blockchain in ESG (De

Souza Barbosa et al., 2023). These areas are imperative because they improve data-driven decision-making,

accountability, efficiency, and transparency in sustainability initiatives. Similarly, a study conducted by Tang

(2023) posits that ESG’s essence, among others, should also include double materiality, which concentrates on

the importance of assessing both financial and environmental effects. On the other hand, the studies of Adewumi

(2023) and Hashim et al. (2024) highlight that there is a need to have industry-specific metrics, such as

construction, manufacturing, financial services institutions, healthcare, technology, oil and gas, agriculture, etc.

This is imperative because it can provide robust policies of ESG disclosure by specific industry, such as material

risks and opportunities, fulfilling investors and stakeholders’ expectations, operational and strategic alignment,

risks mitigation and regulatory and reporting requirements.

CONCLUSIONS

The systematic literature review underscores the growing significance of Environmental, Social, and

Governance (ESG) disclosure frameworks, particularly from the Malaysian perspective. The analysis reveals

that ESG research employs diverse methodologies, namely quantitative, qualitative, and mixed methods, to

evaluate ESG practices, metrics, and frameworks. Key themes across the environmental pillar include carbon

emissions, energy efficiency, waste management, and climate change mitigation. The social pillar emphasizes

employee well-being, diversity, community engagement, and human rights, while governance focuses on board

leadership, transparency, risk management, and sustainability oversight.

Despite advancements, critical research gaps persist. A major challenge is the lack of standardized ESG

reporting, exacerbated by voluntary disclosure practices in Malaysia and globally (Hashim et al., 2024). Recent

statistics indicate that only 42% of Malaysian public-listed companies (PLCs) fully comply with Bursa

Malaysia’s Sustainability Reporting Requirements, highlighting inconsistencies in disclosure quality (SCM,

2023). Furthermore, the absence of universally accepted ESG benchmarks complicates performance

comparisons across industries (Billio et al., 2021).

Emerging trends suggest a shift toward integrating AI and blockchain in ESG reporting to enhance transparency

and data accuracy (De Souza Barbosa et al., 2023). Additionally, double materiality assessing both financial and

environmental impacts is gaining traction as a crucial ESG evaluation criterion (Tang, 2023). Industry-specific

ESG metrics are also essential, as sectors like construction, oil and gas, and financial services require tailored

frameworks to address unique risks and stakeholder expectations (Adewumi et al., 2023; Hashim et al., 2024).

To bridge these gaps, future research should develop standardized ESG indicators to enhance comparability and

reliability in corporate disclosures, validate ESG weighting mechanisms through cross-industry studies to

improve generalizability, explore AI-driven ESG analytics to automate sustainability reporting and improve

decision-making, expand qualitative social metrics to capture intangible factors like corporate ethics and

community impact, and promote regulatory reforms to transition from voluntary to mandatory ESG disclosures,

ensuring accountability.

As Malaysia advances its sustainable finance agenda, evidenced by the Securities Commission Malaysia’s

(SCM) 2025 Sustainable Finance Roadmap, academic and industry collaboration will be pivotal in refining ESG

frameworks. By addressing these gaps, businesses can better align with global sustainability standards, fostering

long-term resilience and stakeholder trust.

This study presents a systematic literature review of the contemporary ESG framework, mainly from a Malaysian

perspective, which covers the period from 2021 to 2025. The ESG framework has become increasingly

important, notably in determining how corporations or organizations assess the risks and opportunities related

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to managing ESG factors. The analysis of this study also reveals growing emphasis on industry-specific

adaptations, alignment with financial materiality, and the need for standardized ESG frameworks. Persistent

challenges such as inconsistent frameworks, regional enforcement disparities, and methodological limitations

emphasize the importance of multidisciplinary and cross-regional collaboration. Overall, ESG research is

shifting from primarily descriptive analyses toward the development of actionable frameworks; however,

achieving harmonization remains essential to ensure comparability and bolster investor confidence, especially

in the Malaysian capital market.

ACKNOWLEDGEMENTS

The successful completion of data collection and the writing of this study was made possible by the dedicated

efforts of our colleagues and the research grant funded by Universiti Malaysia Sabah (UMS).

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Their implications on Malaysia. Tropical Aquatic and Soil Pollution, 3(2), 168-183.

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prospects. Journal of Business-to-Business Marketing, 30(1), 63-85.

41. Wong W.K., Teh B.H., & Tan S.H. (2023) The Influence of External Stakeholders on Environmental,

Social, and Governance (ESG) Reporting: Toward a Conceptual Framework for ESG Disclosure.

Foresight and STI Governance, 17(2), 9–20. DOI: 10.17323/2500-2597.2023.2.9.20

42. Zain, F. A. M., Muhamad, S. F., Abdullah, H., Tajuddin, S. A. F. S. A., & Abdullah, W. A. W. (2024).

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for sustainable takaful operations. International Journal of Islamic and Middle Eastern Finance and

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43. Zahari, A. I., Said, J., Muhamad, N., & Ramly, S. M. (2024). Ethical culture and leadership for

sustainability and governance in public sector organisations within the ESG framework. Journal of Open

Innovation: Technology, Market, and Complexity, 10(1), 100219.

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