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All Journal Jurnal Ilmiah Manajemen Dan Kewirausahaan Jurnal Publikasi Sistem Informasi dan Manajemen Bisnis
Arina Romaina
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Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Mengarahkan Transisi Hijau: Interaksi Tata Kelola Pemerintahan, Efektivitas Keuangan Hijau, dan Transformasi Struktural di Negara Berkembang Fauzan Sinatra; R Fawwaz Zaidan Pradipa; I Putu Wedana; Muhammad Fadhil Kasmuddin; Arina Romaina; Ardieansyah Ardieansyah; Luthfi Azhari
Jurnal Ilmiah Manajemen dan Kewirausahaan Vol. 5 No. 1 (2026): Januari: Jurnal Ilmiah Manajemen dan Kewirausahaan
Publisher : Lembaga Pengembangan Kinerja Dosen

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55606/jimak.v5i1.5917

Abstract

This article aims to critically analyze the interaction between green finance (GF) and green government (GG) in the context of development economics. The main focus is to evaluate how the quality of institutional governance moderates the effectiveness of green finance flows in achieving a sustainable transition. Based on this analysis, this research proposes a new conceptual model. This study uses a Systematic Literature Review (SLR) methodology on Scopus and Sinta-indexed scientific articles, as well as reputable institutional reports (OECD, World Bank, IFC) within the 2020-2025 timeframe. This approach is combined with theoretical model development to synthesize findings. The review identifies a "green finance effectiveness paradox." Although global GF capital flows have rapidly increased (reaching $8.2 trillion in 2024), their effectiveness in emerging markets (EMDEs) is questionable. Evidence shows significant greenwashing risks, where the issuance of instruments like green bonds is not always followed by emission reductions (AMRO, 2025). The review finds the root cause to be institutional; the biggest barrier for private investors is the absence of a comprehensive long-term transition strategy from the government (IFC, 2023). Empirical evidence (Bakry et al., 2023; Zhang et al., 2024) confirms that governance quality (e.g., government integrity, regulatory strength) is a significant determinant of environmental outcomes, indicating its role as a moderating variable. The Indonesian case study highlights a critical implementation gap: policy 'Commitment' (e.g., Green Taxonomy, POJK) is high, but implementation 'Capability' (especially for reaching MSMEs) remains very low (Paramita, 2025). The main contribution of this article is the development of the GG-GF-GST conceptual model. This model frames Green Governance (GG) operationalized through three pillars: Commitment, Capability, and Consensusas a fundamental moderating mechanism that filters (reduces greenwashing) and strengthens (increases effectiveness) Green Finance (GF) flows to achieve the ultimate goal of development economics, namely Green Structural Transformation (GST).
Mendekarbonisasi Negara Berkembang: Analisis Sistematis Nexus Green Government dan Green Finance dalam Mitigasi Perubahan Iklim Khilman Syahputra; Christ Valentino; Fahri Choiri Sinaga; Clevy Yesayas; Arina Romaina; Ardieansyah Ardieansyah; Luthfi Azhari
Jurnal Publikasi Sistem Informasi dan Manajemen Bisnis Vol. 5 No. 1 (2026): Januari : Jurnal Publikasi Sistem Informasi dan Manajemen Bisnis
Publisher : Pusat Riset dan Inovasi Nasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55606/jupsim.v5i1.5918

Abstract

Climate change presents a crucial development economics challenge, especially in Emerging Markets and Developing Economies (EMDEs), which face a massive climate finance gap. This article aims to systematically analyze the nexus between Green Government and Green Finance as a decarbonization solution. Using a Systematic Literature Review (SLR) methodology, this study synthesizes 52 peer-reviewed articles from Scopus and Sinta (2020-2025). Qualitative content analysis was used to map instruments, effectiveness, and implementation barriers. Findings show that the effectiveness of Green Finance instruments (e.g., Green Bonds) is empirically conditional upon a credible Green Government framework (e.g., third-party certification). However, this nexus is fundamentally broken in many EMDEs. Advanced governance instruments (like GPP and CBT) face an "implementation paradox," being too complex for low-capacity states. Analysis of innovations (like Green Sukuk in Indonesia) also identifies governance, not capital availability, as the main barrier. The article identifies a "vicious cycle": EMDEs' structural barriers (corruption, informality, low capacity) hinder effective Green Government. This governance failure prevents de-risking, causing 95% of global Green Finance to concentrate in developed nations. We conclude that policy interventions must shift from focusing on financial instruments to fixing fundamental governance preconditions.
Nexus Green Finance dan Green Government dalam Mitigasi Perubahan Iklim: A Systematic Literature Review Nur Febby Sagala; Nayra Jabrika Putri; Grisella Inggrid Ariesta; Rosalina Zita Pigome; Arina Romaina; Ardieansyah Ardieansyah; Luthfi Azhari
Jurnal Publikasi Sistem Informasi dan Manajemen Bisnis Vol. 5 No. 1 (2026): Januari : Jurnal Publikasi Sistem Informasi dan Manajemen Bisnis
Publisher : Pusat Riset dan Inovasi Nasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55606/jupsim.v5i1.5960

Abstract

The global transition toward a low-carbon economy faces a significant financing gap, especially in Emerging Markets and Developing Economies (EMDEs), making Green Finance (GF) a crucial mechanism whose effectiveness depends heavily on institutional quality and governance. This study presents a Systematic Literature Review (SLR) of 90 peer-reviewed articles published between 2020–2025 sourced from Scopus and Web of Science, analyzed using PRISMA guidelines, VOSviewer bibliometrics, and narrative synthesis. The findings reveal three main research clusters: the effectiveness of GF instruments and green innovation, the moderating role of institutional quality and environmental governance, and the development of green financial markets and policies. Across the literature, GF consistently demonstrates a mitigating effect on CO₂ emissions; however, this impact is not automatic and is strongly strengthened by high-quality governance, including regulatory effectiveness and rule of law, which reduce investment risks and curb greenwashing. Major research gaps identified include an overconcentration of studies in China, the absence of standardized indicators for GF and Green Government (GG), and limited micro-level evidence from other developing regions such as ASEAN. Overall, this review highlights the need for integrated policy approaches that simultaneously advance green financial development and reinforce environmental governance.
Co-Authors Christ Valentino Clevy Yesayas Fahri Choiri Sinaga Fauzan Sinatra Grisella Inggrid Ariesta I Putu Wedana Khilman Syahputra Luthfi Azhari Muhammad Fadhil Kasmuddin Nayra Jabrika Putri Nur Febby Sagala R Fawwaz Zaidan Pradipa Rosalina Zita Pigome