Page 91 - Azerbaijan State University of Economics

THE JOURNAL OF ECONOMIC SCIENCES: THEORY AND PRACTICE, V.82, # 1, 2025, pp. 89-106

OBJECTIVES
This study aims to Conduct a systematic review of academic literature on sustainable
finance and investment analytics by using PRISMA framework and Identify
methodological patterns and theoretical contributions of the studies.

RESEARCH METHODOLOGY
The study has used a diverse and organised research methodology that helps in
capturing, analysing, and synthesising scholarly knowledge in the field of sustainable
finance and investment analytics. The two-pronged attacks to fill the knowledge gap
comprise Systematic Literature Review (SLR) and a Meta-Analysis (MA) as
suggested by the PRISMA (Preferred Reporting Items for Systematic Reviews and
Meta-Analyses).
The review process started with a search and identification of relevant scholarly
articles in the Dimensions database using a pre-selected set of keywords and inclusion
criteria. They were, among other things, the following concepts: sustainable finance,
ESG investing, green bonds, impact investing, responsible finance, and investment
analytics. The objective was to capture literature that directly addresses the ESG
integration, with financial instruments, such as green bonds, and with the use of a
data-based approach in sustainability-based finance.
The first dataset consisted of 2,792 publications, of which 525 were automatically
filtered based on publication year and relevance in the indexing platform. The
remaining 2267 records were manually filtered according to their thematic relevance
and academic soundness. Studies which were not focused on ESG or sustainable
finance, or studies which was not empirical or systematic in their method of analysis
were excluded Basheer Aboud Al (2020). This preliminary review was necessary as
a way of preventing literature that would not make sense and or be academically valid
to be supplied.
After this, 596 studies were evaluated with full text. Of them, 209 were removed because
of the incompatibility of their themes with them, primarily because of the mismatch with
the financial or investment focus. Finally, it was identified 387 publications in the general
literature review(Darvidou & Siskos, 2024). Owing to this list, 77 studies were chosen for
in-depth synthesis and meta-analysis. The studies were identified according to their
transparency in methodology, relevance to the theme, availability of quantitative data and
geographical and instrument coverage.

DATA SOURCE AND SEARCH STRATEGY
The data used for this systematic literature review and meta-analysis were exclusively
drawn from the Dimensions database, known for its broad coverage of

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