ABSTRACT
The growing demand for socio-environmental responsibility has
consolidated ESG (Environmental, Social and Governance) practices as strategic guidelines for Small and Medium-sized Enterprises
(SMEs), which, although not the main focus of regulations, face indirect
pressures from value chains. This study examines the costs,
benefits, barriers, and opportunities of adopting and disclosing ESG
practices by SMEs through a Structured Literature Review, following
the method proposed by Massaro et al. (2016). A total of 29 articles
published between 2004 and 2024 in Scopus, Web of Science, and
Google Scholar were reviewed. The results indicate that, despite
financial, technical, and regulatory constraints, ESG adoption can
provide strategic benefits such as greater access to credit, risk mitigation,
operational improvements, and enhanced competitiveness. It
is concluded that successful implementation depends on balancing
internal capabilities with external incentives, such as public policies
and institutional support. This study contributes to accounting literature
by consolidating evidence on the subject and offering theoretical
and practical insights for managers, policymakers, and accountants
engaged in SMEs’ sustainable transition.

Keywords: ESG; SMEs; Strategic management; Information
disclosure; Sustainability.

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