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Udisubakti Ciptomulyono
Departemen Teknik Dan Sistem Industri Institut Teknologi Sepuluh Nopember
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Journal : Heuristic

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Greenhouse Gas Emissions as a Strategic Financial Variable: A Systematic Literature Review and Bibliometric Analysis of the Manufacturing Industry Rianto, Agus; Ciptomulyono, Udisubakti
Heuristic Vol 23, No 2 (2026) (on progress)
Publisher : Fakultas Teknik Universitas 17 Agustus 1945 Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30996/heuristic.v23i1.133256

Abstract

Climate change has intensified regulatory pressure and market expectations for corporate decarbonization, particularly in carbon-intensive sectors such as manufacturing. Although numerous empirical studies have examined the relationship between greenhouse gas (GHG) emissions and financial performance, findings remain fragmented and sometimes divergent, creating uncertainty regarding the conditions under which emissions influence firm outcomes. This study synthesizes empirical evidence on the relationship between GHG emissions and financial performance in manufacturing firms through a systematic literature review of 16 studies published between 2019-2025, complemented by bibliometric analysis using VOSviewer to identify thematic clusters, research density, and temporal evolution. The results reveal a shift from treating emissions as environmental externalities toward conceptualizing them as strategic variables embedded within firm-level economic systems. Positive financial outcomes are more frequently observed when emission reduction aligns with efficiency improvements and technological progress, whereas short-term accounting effects and market-based responses may diverge depending on regulatory design and institutional context. The evidence indicates that the financial implications of carbon-related mechanisms are conditional on governance quality, policy design, market maturity, and performance measurement. These findings provide an integrative, contingency-oriented understanding of how decarbonization interacts with firm performance across heterogeneous institutional settings.
Co-Authors Achmad Danu Firdaus Agus Rianto AHMADI Ahmadi Ahmadi Akhmad Mulyadi Amarulla Octavian Annas S. Setiyoko Arief Nurtjahjo Arino Anzip Aritonang, Adhe Martha Veronika Azhari, Mohammad Iqbal Putra Bakti Nugroho Dwi Kushadianto Budianto, Akhmad David Artanto Dewi, Sri Rachmi Nadhifah Didik Wahyu Cahyono Dinariyana, Anak Agung Bagus Dwi Asmoro, Nurcahya Effi Latiffianti Eko Nurmianto Eko Nurmianto Endin Tri Hartanto Fodyansa, Aldo Fuad Achmadi Gogor Arif Handiwibowo Hakim, Muhammad Saiful Handaningtyas, Inggrid Handiwibowo, Gogor Arif Hanoraga, Tony Hartanto, Endin Tri Hendrixon Hatta Hendriyadi, Hendriyadi Herlina Herlina Herry, Herry Herwindo, Raden Denny Hery Setiyawan I. K. Gunarta Iwan Hendra Susilo Izzat Aulia Akbar Jani Rahardjo Jani Rahardjo Karina Ayu Trijana kusdiana, wawan Kusumaningrum, Ajeng Wardhani Lutfi Paliam Paraya M. Fatkhur Rohman Maghfur Rozudin Ozie Maranatha Wijayaningtyas Marcus Tukan Mohamad Solekhan Mohamad Yusak Anshori Mokh. Suef Moses Laksono Singgih Muhammad Ainul Fahmi Muksin Muksin Nabila, Debby Dea Nabila, Niken Salma Naifah, Sonia Ratnaduhita Nurani Ninditya Nareswari Novitasari, Dyah Nurdiansyah, Ervin Prakosa, Galih Arief Pritantyo, Firgha Ali Putra, I Nengah Putra, Riyan Afnanda Putu Dana Karningsih Rahmaningtyas, Ivana Rashida, Ailsa Dahayu Ratna Sari Dewi Ratna Sari Dewi Ridwan Taofiq Firdaus Rindi Kusumawardani, Rindi Rubiyantoro Murniawan Rut Dea Monica S Suharyo, Okol Safrudin, Muhammad Nur Salsabila, Disya Berliani Satria Fadil Persada Savitri, Niken Anggraini Septin Puji Astuti Setyani, Kartika Sjarief Wijaya Soehardjoepri Soehardjoepri Solekhan, Mohamad Sri Rachmi Nadhifah Dewi Srihandoko, Koko Stefanus Eko Wiratno Suef, Mokhammad Sunarta Sunarta Surono, Adi Susilo, Ferdy Hendarto Sutrisno Sutrisno Sutrisno, Sutrisno Suwarno, Panji Syahrullah, Yudi Tri Achmadi Trika Pitana Valmay, Altelah Anisa Wiediartini Wiediartini Wiscahyo, Gelar Witantyo Witantyo Wiwin Widiasih Yani, Beta Fitri Yudha Prasetyawan Zahra Nurkarima Budiwati Attori