Mapping the Intellectual Structure and Emerging Trends of Green Funds Research

ABSTRACT Green funds have become prominent sustainable finance instruments, yet evidence on their effectiveness remains fragmented across performance, disclosure credibility, investor behavior, and real‐economy impact. This study maps the intellectual structure and emerging trends of green fund research using a science‐mapping bibliometric design. A total of 1299 English‐language journal articles indexed in the Web of Science Core Collection (1980–11 December 2025) were analysed. Bibliographic coupling was applied to reveal contemporary research communities, while co‐word analysis was used to identify evolving concepts and future directions; thematic mapping and trend topic analysis provided structural and temporal validation. Results show four interconnected intellectual foundations spanning performance–values tensions, sustainability signaling and investor preferences, ESG integration as risk mitigation, and the institutional roots of responsible screening. Conceptually, the field is expanding from return–risk debates toward governance, disclosure, policy alignment, implementation, and impact‐oriented outcomes, including health‐related sustainability. These findings contribute to sustainable finance research by reframing green funds as legitimacy‐sensitive financial instruments embedded within broader informational, regulatory, and institutional systems, with implications for theory development, fund design and disclosure practices, and the formulation of regulatory frameworks aimed at enhancing credibility and real‐economy impact.