Environmental, Social, and Governance (ESG) in Emerging Markets: Antecedents, Relevance, Consequences, and New Evidence on Emerging Themes

Dear Colleagues,

We invite you to submit a paper to a Special Issue of Administrative Sciences entitled ‘Environmental, Social, and Governance (ESG) in Emerging Markets: Antecedents, Relevance, Consequences, and New Evidence on Emerging Themes’.

(1) Focus, Scope, and Purpose

This Special Issue of Administrative Sciences explores the multidimensional nature of Environmental, Social, and Governance (ESG) factors in the context of emerging markets. With global momentum accelerating around responsible investment and sustainable corporate behavior, ESG has become a critical lens through which investors, regulators, and stakeholders evaluate firms. However, much of the literature and policy discourse remains centered on developed economies, leaving a significant gap in our understanding of ESG dynamics in emerging markets.

We welcome theoretical, empirical, and methodological contributions that examine ESG in emerging market firms (corporates) from diverse disciplinary perspectives, including—but not limited to—accounting, finance, and business management. Topics of interest include, but are not limited to, the following:

• Institutional, political, and cultural antecedents of ESG adoption and disclosure;
• The relationship between ESG performance and firm outcomes (e.g., financial performance, reputation, innovation, Merger and Acquisition (M&A) performance, etc.) in emerging market firms;
• Regulatory frameworks and governance mechanisms influencing ESG behaviors;
• ESG integration in investment decision-making (e.g., M&As), including sustainable finance and responsible investing;
• Comparative ESG strategies across emerging and developed markets;
• Stakeholder pressures, social expectations, and legitimacy in ESG reporting;
• ESG disclosure, transparency, and reporting quality in emerging markets;
• ESG data quality, transparency, and standardization challenges in developing contexts;
• Role of multinational enterprises and global supply chains in shaping ESG agendas;
• The role of regulators, NGOs, and civil society in shaping ESG norms;
• ESG implications for sustainable development, social equity, and climate resilience;
• Methodological innovations in measuring ESG impacts.

The primary goal of this Special Issue is to advance scholarly understanding of ESG practices, drivers, and outcomes in emerging market contexts. By bringing together new theoretical insights, robust empirical analyses, and innovative methodological approaches, we aim to illuminate the unique institutional and contextual factors that shape ESG in these settings. This Special Issue also seeks to contribute to ongoing debates around global sustainability standards, responsible investment, and inclusive economic growth by integrating perspectives from traditionally underrepresented economies.

(2) Contribution to Existing Literature

This Special Issue will complement and extend the existing ESG literature in several key ways:

Contextual Deepening: While most existing ESG studies focus on developed economies, this Special Issue centers on emerging markets where institutional voids, governance challenges, and socio-political dynamics present distinct opportunities and constraints (Khanna & Palepu, 2010; Jamali et al., 2017; Areneke et al., 2022).

Theoretical Enrichment: This Special Issue invites novel theoretical perspectives, including institutional theory, stakeholder theory, legitimacy theory, and resource-based views (amongst others), to help unpack ESG behavior in complex and evolving environments (Aguilera et al., 2007; Ioannou & Serafeim, 2015).

Empirical Broadening: By providing fresh empirical evidence from underrepresented geographies and alternative settings such as M&As (Hussain and Tunyi, 2025; Hussain et al., 2024), this Special Issue will enrich global comparative analyses and inform cross-border investment and policy frameworks (La Porta et al., 1998; Fatemi et al., 2018).

Policy and Practice Implications: This Special Issue will provide actionable insights for regulators, investors, corporations, and civil society actors involved in shaping ESG standards and strategies in emerging markets.

(3) Submission Guidelines

We request that, prior to submitting a manuscript, interested authors initially submit a proposed title and an abstract of 200–500 words summarizing their intended contribution. Please send it to the Guest Editors (tunyi.abongeh@swansea.ac.uk) or to the Assistant Editor Ms. Zoya Zhang (zoya.zhang@mdpi.com). Abstracts will be reviewed by the Guest Editors to ensure that they fit within the scope of the Special Issue. However, authors can choose to submit a paper directly. Manuscripts can be submitted until the deadline. All submissions that pass pre-check will undergo double-blind peer-review. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the Special Issue website.

Abstract Submission Deadline: 28 February 2026

Notification of Abstract Acceptance: 31 March 2026

(4) References

Aguilera, R. V., Rupp, D. E., Williams, C. A., & Ganapathi, J. (2007). Putting the S back in corporate social responsibility: A multilevel theory of social change in organizations. Academy of Management Review, 32(3), 836–863.

Areneke, G., Adegbite, E., & Tunyi, A. (2022). Transfer of corporate governance practices into weak emerging market environments by foreign institutional investors. International Business Review, 31(5), 101978

Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45–64.

Hussain, T. & Tunyi, A. (2025). Do environmental, social, and governance standards improve the bargaining power of bidders? An empirical investigation. Journal of Environmental Management, 373, 123468

Hussain, T., Tunyi, A., & Areneke, G. (2024). Environmental innovation and takeover performance. Business Strategy and the Environment, 33(7), 6586-6615.

Ioannou, I., & Serafeim, G. (2015). The impact of corporate social responsibility on investment recommendations: Analysts’ perceptions and shifting institutional logics. Strategic Management Journal, 36(7), 1053–1081.

Jamali, D., El Dirani, A. M., & Harwood, I. A. (2017). Exploring human resource management roles in corporate social responsibility: The CSR-HRM co-creation model. Business Ethics: A European Review, 24(2), 125–143.

Khanna, T., & Palepu, K. G. (2010). Winning in emerging markets: A road map for strategy and execution. Harvard Business Press.

La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., & Vishny, R. W. (1998). Law and finance. Journal of Political Economy, 106(6), 1113–1155.

Prof. Dr. Abongeh A. Tunyi
Dr. Geofry Areneke
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a double-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Administrative Sciences is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

• environmental, social, and governance (ESG)
• sustainability
• corporate social responsibility
• emerging market firms