Identification Factors Affecting Corporate Sustainability in the Primary Consumer Goods Sector on the Indonesia Stock Exchange, 2020-2024

Dodi Areadi (Universitas Jambi)
Mukhzarudfa Mukhzarudfa (Universitas Jambi)
Ratih Kusumastuti (Universitas Jambi)
Wiwik Tiswiyanti (Universitas Jambi)

Formosa Journal of Multidisciplinary Research (FJMR)
Vol. 5 No. 4 (2026): April 2026

This study examined and mapped the determinants of corporate sustainability practices among companies in the primary consumer goods sector listed on the Indonesia Stock Exchange (IDX) over 2020–2024. Employing descriptive qualitative content analysis on 105 documents from 21 purposively selected companies, the study identified five sustainability pillars: innovation capacity, corporate governance, environmental management, corporate social responsibility, and human capital investment. Empirical findings reveal that corporate sustainability is shaped by the synergy of all five pillars, with notable implementation variation across sub-sectors, indicating the sustainability agenda has evolved into a strategic business pillar transcending mere regulatory compliance.