DOI: 10.3897/brics-econ.7.e171174

Authors: Yanan Zhao, Elena Frolova

Abstract: ESG governance in emerging economies is facing a major challenge: the use of global standards is expanding rapidly, but institutional asymmetries, regulatory capacity constraints and ownership structures are limiting their effective implementation. Existing empirical research still focuses on developed markets, but firm-level data on ESG corporate governance for BRICS is still scarce, even though these countries play a crucial role in global sustainability transitions. Following the PRISMA framework, this study systematically reviews 45 peer-reviewed articles on ESG corporate governance in BRICS (2021–2025) indexed in Scopus and Web of Science. Using VOSviewer keyword co-occurrence analysis, we code evidence on governance mechanisms, theoretical frameworks, research designs, policy references, empirical outcomes and regional disparities. The findings show fragmented yet rising attention to the issue, with China and India relying on state-led frameworks and South Africa following code-based, market-oriented rules. Russia and Brazil display weaker visibility in English-language journals. Board composition, ownership concentration and executive incentives appear to be decisive, but enforcement is weakened by institutional gaps. Evidence clusters around the four themes: governance and performance, ESG and firm value, ESG and risk, gender and diversity. Theory application remains limited: stakeholder, agency and institutional theories are often cited but rarely operationalised. The study extends ESG governance research by incorporating cross-country institutional contexts into a comparative analysis. Practically, ESG governance requires a closer alignment between policy development and local capacity, stronger enforcement, and more diverse research approaches. Under the right conditions, the BRICS countries can contribute to shaping global ESG standards and advance sustainable development.

HTML

XML

PDF