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The purpose of this study is to map the intellectual structure of sustainable finance and accounting (SFA) literature by identifying the influential aspects, main research streams and future research directions in SFA.

The results are obtained using bibliometric citation analysis and content analysis to conduct a bibliometric review of the intersection of sustainable finance and sustainable accounting using a sample of 795 articles published between 1991 and November 2023.

The most influential factors in the SFA literature are identified, highlighting three primary areas of research: corporate social responsibility and environmental disclosure; financial and economic performance; and regulations and standards.

SFA has experienced rapid development in recent years. The results identify the current research domain, guide potential future research directions, serve as a reference for SFA and provide inspiration to policymakers.

SFA typically encompasses sustainable corporate business practices and investments. This study contributes to broader social impacts by promoting improved corporate practices and sustainability.

This study expands on previous research on SFA. The authors identify significant aspects of the SFA literature, such as the most studied nations, leading journals, authors and trending publications. In addition, the authors provide an overview of the three major streams of the SFA literature and propose various potential future research directions, inspiring both academic research and policymaking.

This study investigates the relationships between environmental, social, and governance (ESG) controversies and insolvency risk in the insurance sector. Drawing from legitimacy and stakeholder theories, the authors explore the impact of ESG controversies on insurers’ insolvency risk and the moderating effect of ESG practices on this relationship.

This study utilises a dataset comprising 120 stock insurance firms spanning from 2011 to 2022. The authors employed system-GMM estimations to control for potential endogeneity and conducted several robustness checks.

ESG controversy positively influences insurers’ insolvency risk, with ESG practices mitigating these positive effects. The Governance (G) component of ESG practices plays a key role in counteracting the effects of ESG controversies on insurance companies’ insolvency risk.

This is the first study to investigate the direct relationship between ESG controversies and insolvency risk in the insurance industry. It underscores the critical influence of stakeholders’ perceptions of the company’s legitimacy, which is determined by the number of ESG controversies undertaken by the insurer company, on its insolvency risk. Additionally, by examining the three components of ESG practices individually, the authors offer insights into how managers can gain a competitive edge, particularly by utilising governance practices as safeguards against the adverse effects of ESG controversies on their financial risk.