Financial Sustainability for a Sustainable Future: A Bibliometric Analysis

The issue of financial sustainability has become a major concern in various disciplines, especially in the wake of increasing global economic uncertainty, environmental change and social tensions. The concept is not only relevant to companies, but also non-profit organizations, governments and individuals, given the importance of long-term financial stability to support sustainable growth. Financial sustainability encompasses an entity's ability to maintain financial balance without relying excessively on external funding, while continuing to meet future needs and obligations. Financial sustainability is the maximum growth rate of operating income that can be achieved provided that the company maintains operating efficiency targets and financial policies without issuing new shares [1]. Financial sustainability is not merely about staying afloat; it's about an organization's capacity to maintain its financial footing while adapting and thriving over the long haul. This involves a strategic approach to managing financial resources that balances current needs with the imperative for future viability. In a world grappling with dwindling resources, the concept of sustainability takes center stage. Businesses and individuals alike must embrace sustainable practices to ensure their own longevity. Organizations aiming for enduring financial success must embed economic, social, and environmental sustainability into their core strategies [2, 3].

Achieving true financial sustainability requires a paradigm shift. It necessitates a business strategy that transcends organizational self-interest and prioritizes the protection, enhancement, and development of both human capital and natural ecosystems. This holistic approach safeguards the well-being of present and future generations. The term financial sustainability first emerged and gained attention in various contexts, including business, economics and non-profit organizations, in the late 20th century. The concept evolved with the increasing focus on sustainability in the global economy and financial sector. In the literature, financial sustainability is often associated with an entity's ability to manage financial resources sustainably, without over-reliance on external funding, while ensuring long-term operational continuity.

More specifically, the term financial sustainability became visible in the context of academic research and literature since the 1990s, especially in relation to non-profit organizations and the public sector. For example, influential articles [4] helped build an understanding of how non-profit entities maintain their financial viability. Meanwhile, articles in the business context have also begun to focus on the importance of financial sustainability in maintaining corporate stability and growth, especially after the various global financial crises. The study [5] discusses the role of financial sustainability in the context of social entrepreneurship and how social entities can continue to operate in a financially sustainable manner.

Furthermore, financial sustainability research spans various disciplines, focusing on the ability of organizations to cover costs, repay debts, and maintain assets [6]. Key areas include financial literacy, inclusion, behavior, and decision-making [7]. Sustainable finance research has evolved to encompass socially responsible investment, climate change, and green finance [8]. Studies emphasize the importance of contingency planning and innovative management for long-term financial sustainability [9]. The relationship between monetary factors and sustainability remains understudied in top academic journals [10]. Project complexity, trust in leadership, and employee readiness impact financial sustainability in project management [11]. Microfinance institutions face challenges in achieving financial sustainability, with various models proposed to measure it [12]. Research on financial behavior related to education, savings, and consumption has grown exponentially, contributing to sustainable development goals [13]. 

A recent literature review of sustainability-related research shows an increasing interest in sustainable finance and financial services. Studies show exponential growth in sustainability publications over the past decade, with key focus areas including environmental sustainability, climate change, and sustainable development [14]. The UK, China, and the US are emerging as major research centers for sustainable finance [15]. Financial reporting via the internet and FinTech is increasingly linked to sustainability practices [16, 17]. However, sustainability transformation in financial services has been slow, with limited research [18]. Auditing plays an important role in ensuring compliance with sustainability accounting standards, although it is still a specialized field [19]. These studies highlight the need for further research and practical implementation of sustainability principles in finance. Table 1 describes the research results on literature review of each article.

Table 1. Previous research on literature review of financial sustainability

3.1 Year of publication

The number of publications about financial sustainability indexed in the Scopus database from 2014-2024 was 4,836 documents. Figure 2 presents the distribution pattern of research results on financial sustainability. The growth of research publications on financial sustainability indexed on Scopus where the peak occurred in 2024 with 937 publications (19.38%). The number of research publications on repositories in the second rank occurred in 2023 with 815 publications (16.85%), followed by successively in 2022 with 638 publications (13.19%), 2021 with 493 publications (10.19%), 2020 as many as 478 publications (9.88%), 2019 as many as 388 publications (8.02%), 2018 as many as 308 publications (6.37%), 2017 as many as 234 publications (4.84%), 2016 as many as 205 publications (4.24%), 2015 as many as 187 publications (3.87%) and 2014 as many as 153 publications (3.16%).

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Figure 2. Number of publications per year on financial sustainability

3.2 Top 10 journals of scientific publications on financial sustainability

The search results show that based on 4,836 publications on financial sustainability indexed in the Scopus database, the publications were published in 464 journals. Of the 464 journals that have published research on financial sustainability, there are 10 top journals about 1.425 of all financial sustainability research as presented in Table 2. Of the 10 highest journals that publish research results on financial sustainability, the Journal of Cleaner Production is the most numerous, namely 413 publications (8.54%), followed by Business Strategy and The Environment as many as 183 publications (3.78%), Corporate Social Responsibility and Environmental Management as many as 122 publications (2.52%), Journal of Risk and Financial Management as many as 77 publications (1.59%), Sustainability Accounting Management and Policy Journal with 74 publications (1.53%), Journal of Sustainable Finance and Investment with 66 publications (1.36%), Technological Forecasting and Social Change with 63 publications (1.30%), Cogent Business and Management with 50 publications (1.03%), Journal of Business Ethics with 48 publications (0.99%), and Meditari Accountancy Research with 44 publications (0.91%).

Table 2. Top 10 journals publishing financial sustainability

Source: Scopus, Processed

3.3 Productive authors of financial sustainability based on citation

Table 3 shows that there are ten researchers who are most productive in publishing research results on financial sustainability. It was found that Buallay from Ahlia University, Bahrain is the most productive researcher who has published about financial sustainability as many as 13 publications and has been cited 1,763 times. Velte from Leuphana Universitat Luneberg, Germany has published 12 publications and has been cited 2,821 times. Garcia-Shanchez from IME Business School, Spain, Luthra from All India Council of Technical Education, India, de Villiers from The University of Auckland Business School, New Zealand. There are ten publications of financial sustainability research results with 12,189, 14,684, and 6,514 citations respectively.

Table 3. Top 10 authors of financial sustainability

Source: Scopus, Processed

3.4 Top 10 scientific publications by universities

Based on Figure 3, the most productive institution for scientific publications on financial sustainability based on affiliation/institution is Universiti Teknologi MARA with 42 publications, then, in a row, Universiti Sains Malaysia with 36 publications, followed by Universiti Utara Malaysia with 34 publications, University of Johannesburg and Sapienza Università di Roma with 31 publications each, Universidad de Granada with 12 publications, Brunel University London, Università del Salento 27 publications each and The Hong Kong Polytechnic University, RMIT University 26 publications each.

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Figure 3. Top 10 of scientific publications by universities

3.5 Top 10 scientific publications by countries

Research publications on financial sustainability indexed in the Scopus database are published by 130 countries, of which the United States has 560 publications, the United Kingdom has 508 publications, India has 464 publications, and Italy has 426 publications. Meanwhile, China and Australia published 337 and 302 publications respectively. Table 4 shows the distribution of countries that publish research on financial sustainability.

Table 4. Top 10 scientific publications by countries

3.6 Scientific publications on financial sustainability by subject

Table 5 illustrates the distribution of publications on financial sustainability across different academic disciplines. The field of Business, Management, and Accounting clearly dominates the research landscape with a substantial 2.074 publications, representing the largest share. Economics, Econometrics, and Finance form the second largest area of focus with 739 publications. Social Science and Environmental Science also contribute significantly to the literature, with 589 and 391 publications. Engineering, Decision Science, and Energy each have a moderate number of publications, with 309, 246 and 287 publications.

Table 5. Scientific publications on financial sustainability by subject

A noticeable drop-off occurs after Energy, with the remaining subjects having considerably fewer publications. Computer Science and Arts and Humanities both have 58-62 publications. Psychology, Agricultural and Biological Science, and Medicine have between 33 and 53 publications. Fields like Mathematics, Materials Science, and Nursing have a much smaller presence, with publications in the single digits or low teens. Finally, several disciplines, including Biochemistry, Genetics and Molecular Biology, Earth and Planetary Sciences, Veterinary, Physics and Astronomy, Chemical Engineering, Health Professions, Multidisciplinary, and Pharmacology, Toxicology and Pharmaceutics, have the fewest publications, each with only 2-8 entries. This suggests that research on financial sustainability is less prevalent in these areas.

3.7 Keywords

Bibliometric analysis, particularly using VOSviewer software, provides valuable insights into the research landscape of financial sustainability from 2014 to 2024. By analyzing frequently used keywords, this study utilizes three visualizations: Network Visualization, Overlay Visualization, and Density Visualization. VOSviewer also divides frequently used keywords for the emergence of co-citations of sources into clusters (Table 6).

Figure 4, a Network Visualization, represents keywords as circles, with size indicating frequency of occurrence. Larger circles represent more frequently used keywords, highlighting prominent research topics. The software automatically groups related keywords into clusters, each represented by a distinct color. For instance, the keyword "sustainability," being a central theme, appears as a larger circle due to its high occurrence.

Keywords for the emergence of co-citations of sources have been determined as shown in Table 6. The result using the VOSviewer indicates 109 items in 6 clusters, 2,466 links, and 11,400 total link strength.

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Figure 4. Trending research topics in the field financial sustainability Scopus database processed with VOSviewer

Table 6. Cluster of financial sustainability

Figure 5 visually illustrates the publication years of 4,836 articles, using a color gradient where brighter yellow hues represent more recent publications. The visualization highlights key topics such as waste management, ESG disclosure, industrial performance, governance approaches, environmental economics, planning, environmental technology, stakeholders, corporate governance, financial development, and economics.

Figure 6, generated using VOSviewer, provides a visual representation of research density within the field of financial sustainability. The color intensity reflects the occurrence of keywords, with darker shades indicating areas with substantial research and lighter shades highlighting less explored areas. This visualization Allows researchers to quickly identify areas where further investigation is needed, revealing potential research gaps and opportunities for contributing to new trends within the field of financial sustainability.

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Figure 5. Overlay visualization of the Scopus database processed with VOSviewer

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Figure 6. Potential trending topics for future research