The Rise of ESG in Emerging Economies: A Systematic Mapping of ASEAN's Sustainability Trajectory

ABSTRACT This study conducts a systematic review of environmental, social, and governance (ESG) research in ASEAN, addressing the fragmented state of scholarship in a region largely composed of developing economies. Guided by the SPAR‐4‐SLR protocol, the review integrates bibliometric mapping with a modified theory–context–theme–characteristics–methodology (TCTCM) framework to provide a multi‐dimensional synthesis of theoretical foundations, empirical contexts, thematic developments, study characteristics, and methodological orientations. Based on 287 peer‐reviewed articles published between 2004 and August 2025, retrieved from Web of Science and Scopus and complemented by snowballing, the analysis demonstrates that ESG research in ASEAN has expanded significantly, with disclosure practices, governance mechanisms, and institutional factors emerging as dominant themes. The findings reveal consistent links between ESG transparency, firm performance, and legitimacy, but also highlight underexplored areas such as biodiversity, green innovation, supply chains, and the interplay between conventional and Islamic finance. By consolidating dispersed insights, this study not only advances ESG scholarship in ASEAN but also provides actionable implications for regulators, firms, and investors while outlining a forward‐looking agenda for future research.