EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis
Vol 14 No 4 (2026): October

The Role Of ESG In Sustainable Financial Strategies and Innovation Towards Competitive Advantage Through GCG

Imelda Dian Rahmawati (Universitas Muhammadiyah Sidoarjo)
Ninda Ardiani (Universitas Muhammadiyah Sidoarjo)
Delia Putri Rusnanti (Universitas Muhammadiyah Sidoarjo)



Article Info

Publish Date
17 Oct 2026

Abstract

Study This aim For analyse influence Financial Strategy Sustainable and Innovation Finance to Superiority Competitive with Environmental, Social, and Governance (ESG) as variables mediation. Phenomenon increasing demands implementation principle sustainability and innovation in practice finance in the ESG era demands company For No only profit- oriented, but also on fulfilment stakeholder expectations and sustainability term long . Runway the theory used covering Resource-Based View (RBV), Stakeholder Theory, and Dynamic Capability Theory. Study This use approach quantitative with method Structural Equation modelling - Partial Least Square (SEM-PLS). Data obtained from [customize : questionnaire manager /executive company or secondary data in the form of report annual and sustainability reports of companies listed on the IDX and including in IDX ESG Leaders index]. Variable study operationalized through indicators that include aspect investment green, transparency finance, implementation product finance innovative, ESG scores, and indicator performance financial and non-financial For measure superiority competitive. Research results demonstrate financial strategy sustainable influential positive significant effect on competitive advantage (β=0.190; p=0.024), while financial innovation (β=-0.225; p=0.007) and ESG (β=-0.207; p=0.015) had a significant negative effect. ESG did not mediate the relationship and GCG did not moderate the effect of ESG on superiority competitive.

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Journal Info

Abbrev

ER

Publisher

Subject

Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Energy Other

Description

Ekombis Review: Jurnal Ilmiah Ekonomi dan Bisnis is a peer-reviewed journal. Ekombis invites academics and researchers who do original research in the fields of economics, management, and ...