Ashutosh Parhi
Assistant Professor, School of Management, Centurion University; Odisha

Rabi Narayan Subudhi
Professor, School of Management, Centurion University; Odisha, India

DoI: CJBES/ Vol.1.2/ Dec-2024…

Abstract

This systematic review explores the relationship between the Triple Bottom Line (TBL) framework—encompassing economic, environmental, and social dimensions—and firm financial performance. Using the PRISMA methodology, 54 empirical studies were selected from 633 initial documents for focused analysis. The findings highlight that environmental sustainability enhances operational efficiency, social sustainability builds stakeholder trust, and the economic dimension aligns sustainable practices with financial viability and competitiveness. A VOS-viewer network analysis underscores the interdisciplinary nature of TBL research, connecting sustainability, governance, and financial performance themes across diverse contexts. While TBL adoption demonstrates significant benefits, variability in outcomes due to industry, regional, and methodological differences suggests the need for tailored strategies. Advanced tools like big data analytics are recommended to address measurement inconsistencies and refine frameworks. This review positions TBL as a pivotal tool for balancing stakeholder interests with shareholder value, driving long-term sustainability and competitiveness. It emphasizes the importance of governance, stakeholder engagement, and region-specific approaches, particularly in emerging economies. Future research should focus on longitudinal impacts, sectoral variations, and integration of advanced methodologies to enhance TBL’s practical and strategic effectiveness in achieving global sustainability goals.

Keywords: VOS-viewer, SLR, PRISMA methodology, Triple Bottom Line (TBL)

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