Figure 3. Co-word clusters in the literature review

38 | Carlos Fúquene Retamoso

Figure 3. Co-word clusters in the literature review

The first cluster of keywords (color red) referred to the concept of Environmental Strategies Adoption (ESA), while the second and third keyword clusters (colors blue and green) mainly corresponded to ESA factors.

In the environmental strategies adoption cluster, authors have tagged their studies under categories such as CSR, Sustainability and Environmental Management. In those articles are also references to developing countries, circular economy, business models and capabilities. The green cluster being about factors of compliance, its authors tagged their work with terms like regulation, environmental regulation and environmental law, among others. Finally, the blue cluster is about influencing factors related to economic (e.g. business and business administration, finance and financial economics), social (e.g. corporate responsibility) and managerial aspects (e.g. psychology, behavioral, business ethics).

In relation to the distribution of articles on ESA around the world, the most influential works come from a group of researchers based in North America (42%), Europe (25%), the UK (11%), some regions of Southeast Asia (11%) and Latin America (5%). The present review indicates that it is still necessary to perform research and empirical work in Latin America, where Colombia, Brazil and Mexico stand out for the volume of publications (See Figure 4. Distribution of publications around the world).