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All Journal Jurnal Reviu Akuntansi dan Keuangan Jurnal Ekonomi Jurnal Ekonomi : Journal of Economic Liquidity: Jurnal Riset Akuntansi dan Manajemen JRB-Jurnal Riset Bisnis AKURASI: Jurnal Riset Akuntansi dan Keuangan SULUH: Jurnal Abdimas BERDAYA: Jurnal Pendidikan dan Pengabdian Kepada Masyarakat Community Development Journal: Jurnal Pengabdian Masyarakat RELEVAN : Jurnal Riset Akuntansi Jurnal Ilmiah Akuntansi Pancasila (JIAP) Greenation International Journal of Economics and Accounting Akurasi
Nelyumna Rizal
Fakultas Ekonomi Dan Bisnis Universitas Pancasila
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Health Professions Library & Information Science Public Health Social Sciences Other

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Does ESG Performance Accelerate SDG Convergence? Evidence from Indonesia and Emerging Markets, 2000–2022 Rizal, Nelyumna; Sudarmaji, Eka
Greenation International Journal of Economics and Accounting Vol. 4 No. 3 (2026): Greenation International Journal of Economics and Accounting (July - August 202
Publisher : Greenation Research & Yayasan Global Resarch National

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/gijea.v4i3.854

Abstract

This study investigates whether Environmental, Social, and Governance (ESG) performance functions as a structural catalyst for Sustainable Development Goal (SDG) convergence toward OECD benchmarks among emerging market economies. Positioned at the intersection of international development economics and corporate sustainability research, the paper addresses a clear empirical gap: while prior literature has documented rising ESG disclosure and improving SDG scores in developing nations independently, the conditional relationship between ESG pillar quality and the speed of SDG catching up remains unexamined at the country level, particularly in Southeast Asia. Using the Sustainable Development Report 2023 (N = 166 countries) and the SDG Index 2000–2022 panel dataset (4,140 observations), this study applies a four-stage methodological framework comprising Kruskal-Wallis non-parametric group tests, beta-convergence regression, Spearman rank correlation analysis, and an ESG-SDG gap decomposition aligned with the three-pillar ESG taxonomy. Results reveal significant unconditional beta-convergence in global SDG performance (β = −0.0042, p < .001), confirming that lower-scoring countries improve faster. Indonesia presents a compelling case: it records the strongest SDG 9 improvement trajectory in ASEAN (slope = +3.807 points per year, R² = 0.872 post-2015) yet remains 35.0 points below the OECD average on industry and innovation—its largest governance-pillar gap. Spearman correlations identify SDGs 3, 1, 9, and 16 as the most structurally embedded goals in overall national SDG performance (ρ > 0.84). The analysis maps each critical gap onto the corresponding ESG pillar, showing that Governance-aligned SDGs carry the deepest absolute deficits. These findings suggest that targeted governance ESG improvements—in supply chain accountability, board transparency, and institutional R&D investment—represent the highest-leverage pathway for Indonesia and comparable emerging economies to accelerate SDG convergence. Policy implications center on OJK regulatory enhancement and Bappenas-aligned ESG-SDG co-investment frameworks.
Co-Authors Adindafi Kartika Salwa Ameilia Damayanti Anninsa Lailatul Qodriyah Annisa Lailatul Qodariyah Athania Mahardiyanti Azizah, Widyaningsih Baskara Putratama Arta Bella Rusania Tisan Lie Dewi Trirahayu Eka Sudarmaji Fatimah Azzahrah Hanna Elisabeth Indah Masri Indra Ade Irawan Indra Satria Iqbal Tejokusumo Irawan, Indra Ade Khalida Utami LAILAH FUJIANTI Lailah Fujianti Muhamad Rubiul Yatim Nadira Farafelita Hasmiralda Nursari Nurul Hilmiyah Oktrivina, Amelia Rafrini Amyulianthy Razi Muhammad Retno Indarti Satra, Indra Shanti Lysandra Shinta Budi Astuti Sinta Budi Astuti Suyatna, Andini Rahmawati Tryas Chasbiandani Tyahya Whisnu Hendratni Wahyoeni, Sri Irviati Wahyudi, Ade Widyaningsih Azizah Yetty Murni Yetty Murni