Recent Developments in Financial Innovation Research and Sustainable Accounting Models Bibliometric Analysis approach

ABSTRACT


INTRODUCTION
The intertwining of financial innovation and sustainability reflects a fundamental shift in the global economic paradigm.
Financial innovation, characterized by the creation and deployment of novel financial instruments, services, and technologies, has historically driven economic growth and market efficiency [1].Over the past few decades, financial markets have witnessed a proliferation of innovations ranging from securitization and derivatives to algorithmic trading and blockchain technology [1].These innovations have revolutionized the way capital is allocated, risk is managed, and transactions are executed, shaping the contours of modern finance [2]- [4].
Concurrently, the imperative for sustainability has gained unprecedented traction amid mounting environmental degradation, social inequalities, and governance failures.The concept of sustainability, rooted in the Brundtland Commission's seminal definition as "development that meets the needs of the present without compromising the ability of future generations to meet their own needs," has evolved into a multifaceted framework encompassing environmental stewardship, social responsibility, and corporate governance.In response to growing concerns about climate change, resource depletion, human rights violations, and ethical business practices, stakeholders across the globe are calling for more sustainable business models, policies, and practices [5]- [7].
Against this backdrop, the convergence of financial innovation and sustainability offers promising avenues for addressing complex societal challenges while unlocking new economic opportunities [4].Innovations such as green bonds, impact investing, and sustainable finance frameworks are redefining the contours of financial markets, channeling capital towards environmentally and socially beneficial projects.Likewise, advances in sustainable accounting and reporting are enabling companies to measure, manage, and communicate their environmental and social impacts more effectively, fostering transparency and accountability [8]- [11].
Despite the burgeoning interest in both financial innovation and sustainable accounting, there remains a need to comprehensively analyze the evolving landscape of research in these domains.Existing literature tends to focus on specific aspects or case studies, often lacking a holistic view of the overarching trends, themes, and connections within the field.Moreover, as the fields continue to evolve rapidly, there is a gap in understanding the most recent developments and emerging research directions [4], [12], [13].This research aims to address these gaps by conducting a systematic bibliometric analysis to map the intellectual structure and trends in financial innovation research and sustainable accounting models.
The primary objective of this study is to provide a comprehensive overview and analysis of recent developments in financial innovation research and sustainable accounting models.Specifically, the research aims to: (1)

Financial Innovation
Financial innovation refers to the development of new financial products, services, or processes [14], [15].It is driven by the aspiration for making more profit and searching for new ways to achieve it [16].Financial innovation has provided many new financial products to institutions and has become a strong pillar for financial development [14].It plays a strategic role in facilitating sustainability in the financial sector [17].Innovations in financial instruments and payment methods have fueled financial innovation, which has the potential to boost the efficiency and profitability of the industry [18], [19].Financial innovation is considered one of the most important topics in the research community, with increasing trends in the use of information technology and modernization of products and services [20], [21].It has a positive and significant relationship with the profitability of the financial sector in the long run [22], [23].Financial innovation is crucial in the context of globalization and the emergence of global, virtual banks and financial groups that utilize disruptive technologies [24]- [26].

Sustainable Accounting
Sustainable accounting is the contribution of accounting to sustainable development.It has grown in importance in many countries.The motivation for sustainable accounting is to provide information about the sustainability of firms and their impact on society and the environment [27].Sustainable accounting involves producing and disclosing nonfinancial information related to ecological, social, and managerial aspects of a company's activities [28].It requires the implementation of accounting systems that take into account sustainable development and the needs of various stakeholders [29].The objectives of sustainable accounting include monitoring resources, holding individuals accountable, and assessing performance [30], [31].The tools of sustainable accounting include financial and non-financial disclosure, as well as reporting frameworks that promote continuing sustainability [5].

METHOD
This research employs a bibliometric analysis approach to systematically review and analyze the literature on financial innovation and sustainable accounting models.Initially, a comprehensive search of academic databases such as Web of Science, Scopus, and Google Scholar will be conducted using relevant keywords and search strings to identify peer-reviewed articles, conference papers, and other scholarly publications published within a defined time frame .The retrieved publications will then be screened based on predefined inclusion and exclusion criteria to ensure relevance to the research objectives.Subsequently, bibliometric techniques, including citation analysis, co-citation analysis, and coauthorship analysis, will be applied to quantitatively assess the intellectual structure, thematic trends, and knowledge networks within the literature.Key metrics such as citation counts, journal impact factors, and author h-index will be used to identify influential publications, authors, and journals.Additionally, visualization tool such as VOSviewer software will be employed to generate graphical representations of the bibliometric data, facilitating the identification of clusters, trends, and interdisciplinary connections.In the visualization, each circle (or 'node') represents a keyword or a concept, and the size of the node often corresponds to the frequency or weight of that keyword within the data set (such as how often a term appears in a collection of documents).The lines (or 'edges') between the nodes represent connections or relationships between these concepts,

RESULT AND DISCUSSION
The Es Accounting and Finance (ESAF)  such as how often they appear together in the literature.In this specific map, there are several distinct color-coded clusters which likely represent different thematic groupings of keywords: 1. Red Cluster: Centered around "enterprise", with related terms like "innovative activity", "innovative development", and "Ukraine".This could represent literature focused on business enterprises and their innovative activities, possibly within the context of the Ukrainian economy or business environment.2. Blue Cluster: With "bank" at the center, connected to terms such as "financing", "credit", "loan", and "fund".This cluster appears to focus on banking and financial services, including aspects of lending and credit.3. Purple Cluster: Highlighting "company" and linked with "accounting", "financial accounting", and "manager".This suggests a focus on corporate accounting practices and the roles of managers in financial accounting.4. Green Cluster: It contains "person" and "household", alongside keywords like "microfinance", "health", and "university".This could indicate a set of literature that spans personal finance, household economics, education, and health-related topics.5. Yellow Cluster: This cluster seems to include terms such as "reform", "program", "light", and "water", which may indicate literature on infrastructure, public policy, and program development, though it's less clear without more context.These clusters likely represent different research areas or themes that are being studied in relation to the broader topics of enterprise, banking, company management, individual economic behavior, and public policy.The specific relationships and the relevance of each cluster would depend on the context of the analysis, such as the time frame of the literature being analyzed, the geographic focus, and the specific field of study.
The lines between clusters can also provide valuable insights.They might indicate interdisciplinary research areas where concepts from different clusters are being studied together.For example, connections between the "enterprise" and "bank" clusters might suggest studies on how businesses interact with banks and financial institutions.This image is a temporal visualization from VOSviewer that illustrates the evolution of research trends over time within a specific field, as represented by the colored clusters of keywords and the overlay of a color gradient corresponding to years.The color gradient at the bottom, ranging from blue (2012) to yellow (2018), indicates the average year of appearance of the keywords within the dataset.From this visualization, we can deduce the following: 1.The Red to Yellow Gradient Cluster: Focusing on "enterprise" and "Ukraine", and moving through "innovative activity" to "innovative development".The shift from red to yellow suggests that research on enterprises, particularly in Ukraine, has been a consistent focus from 2012 through 2018, with increasing attention on innovation over time.2. The Blue Cluster: Centred around "bank", with terms like "fund", "credit", "loan" appearing in bluer shades, and moving towards "financial service" and "programme" in greener shades.This suggests that earlier research was more focused on fundamental banking functions like loans and credits, while more recent research (around the middle years) has shifted towards services and programs, which may reflect a trend towards more innovative or comprehensive banking services.

The Green Cluster: Anchored by
"company" and connected to "accounting" and "manager".The greener hue of "manager" indicates that the discussion around company management and the role of managers in financial accounting may have gained more attention in the middle of the studied timeframe.4. The Yellow-Green Cluster: Includes "person", "microfinance", and "university".This indicates a more recent focus on the personal aspect of finance, education-related finance, and possibly the impact of financial services on individuals, which aligns with the trend towards microfinance and financial inclusion.5.The Purple Cluster: This cluster, which contains terms like "reform", "program", "health", appears to be more consistently green, suggesting ongoing research interest in these areas throughout the middle years of the period studied, without a strong shift towards the end of the period.
In the early years, the emphasis seems to have been on foundational banking and finance concepts.As time progresses, there is a noticeable shift towards innovation, management, and personal finance, possibly reflecting changes in the global economic landscape and academic interests.

CONCLUSION
In conclusion, this research provides a thorough analysis of recent developments in financial innovation research and sustainable accounting models through a comprehensive bibliometric approach.The study identifies key themes, trends, and interdisciplinary connections within the literature, shedding light on the evolving landscape of scholarly inquiry in these domains.The analysis underscores the increasing importance of financial innovation in driving sustainable growth and highlights the integral role of sustainable accounting in promoting transparency and accountability in business practices.By mapping the intellectual structure of the field and identifying emerging research directions, this study offers valuable insights for academia, practitioners, policymakers, and other stakeholders.Moving forward, future research could explore interdisciplinary approaches, investigate the drivers of innovation and development, examine the impact of microfinance on household economics, delve into the nexus between education and health, and explore the integration of sustainability into corporate practices.Ultimately, this research aims to contribute to the advancement of knowledge and practices that foster both financial prosperity and environmental and social well-being in a rapidly changing global landscape.
Further research could expand the scope of bibliometric analysis to delve into recent trends and research contributions in financial innovation and sustainable accounting models, focusing on cross-country comparisons, citation analysis, collaboration networks, as well as interdisciplinary reviews revealing the relationships among various disciplines in the development of these concepts.By leveraging this approach, the research could provide richer insights into the dynamics of recent research and potential future directions in the context of sustainability and innovation in the fields of finance and accounting.
Figure 1.Network Visualization Source: Data Analysis Result, 2024

Table 1 .
Research Data Metrics

Table 3 .
Most Cited Article