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Environmental, Social, Governance, and Sustainable Business
Published by Institute for Advanced Science, Social, and Sustainable Future
ISSN : -     EISSN : 3062844X     DOI : https://doi.org/10.61511/esgsb.v1i2.2024
Core Subject : Science, Social,
Decision Sciences, Operations Research & Management Environmental Science
Aims: ESGSB journal strives to contribute to the advancement of research on the integration of ESG principles into business practices to promote sustainability. The journal is dedicated to exploring how businesses can align their operations with ESG standards while ensuring sustainable growth. ESGSB aims to be a key platform for innovative research that connects theoretical approaches with practical applications in sustainable business strategies. Focus: The journal’s focus lies in research that delves into the convergence of environmental, social, and governance factors with business sustainability. It prioritizes studies that explore the incorporation of ESG principles into core business strategies and decision-making processes. The emphasis is on providing actionable insights and frameworks that help businesses enhance their sustainability performance while tackling environmental, social, and governance challenges. Scope: This journal seeks to publish a broad range of scholarly articles, including: 1. Incorporating ESG into Business Strategy: Investigations into how businesses are integrating ESG criteria into their strategic planning and operational practices. This includes examining ESG-driven business models, risk management approaches, and strategies for long-term value creation. 2. Sustainable Supply Chain Practices: Research focused on sustainable supply chain management, particularly how businesses address environmental and social impacts within their supply chains. Topics include ethical sourcing, resource efficiency, and circular economy implementation. 3. Corporate Governance and Leadership: Studies that analyze the influence of corporate governance and ethical leadership on fostering sustainable business practices. This area covers governance structures, stakeholder engagement, and mechanisms for accountability in support of ESG objectives. 4. Corporate Social Responsibility and Community Engagement: Research on how businesses are responding to social challenges through CSR initiatives and active community involvement. This includes exploring the effects of CSR programs on local communities, social equity, and human rights issues. 5. Business Innovation for Environmental Sustainability: Exploration of how companies are innovating to minimize their environmental impact and contribute to sustainability. Topics include the development of green technologies, eco-friendly products, and sustainable resource management practices. 6. ESG Reporting and Sustainability Metrics: Analysis of how businesses report their ESG performance and the tools used to measure sustainability outcomes. This includes the study of transparency, standardization in ESG reporting, and the implications of ESG disclosures for various stakeholders. This scope reflects ESGSB’s dedication to deepening the understanding of how businesses can successfully integrate ESG principles into their operations to achieve sustainable growth while making positive contributions to society and the environment. The journal is committed to publishing research that provides practical insights and effective strategies for improving ESG performance in the business sector.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Strategi dan Menejemen
Articles 30 Documents
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CREDIT: Blockchain based trading optimization for circular credit systems accelerating green industry toward sustainable development goals 2030 Wa Ode Rahyani Azizah Azka Har
Environmental, Social, Governance and Sustainable Business Vol. 2 No. 1: (February) 2025
Publisher : Institute for Advanced Social, Science, and Sustainable Future

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61511/esgsb.v2i1.2025.2654

Abstract

Background: A major challenge in modern industry is the high volume of waste ending in landfills and the limited implementation of circular economy principles, which hinder sustainable industrial development. This condition creates an urgent need for governance and incentive systems that improve waste management while providing long-term economic motivation for industrial actors. Previous studies highlight the role of circular economy models, carbon credit mechanisms, and blockchain technology in enhancing environmental performance and system transparency. Methods: This study adopts a qualitative, literature-based conceptual research approach to analyze circular economy practices, circular and carbon credit systems, and blockchain-based sustainability applications. The analysis focuses on synthesizing relevant theoretical insights to examine industrial waste challenges and evaluate the potential role of digital incentive systems. Findings: The results indicate that the proposed Circular Resource Exchange and Digital Incentive Trading (CREDIT) framework integrates blockchain-based activity recording, third-party verification, circular credit allocation, and inter-company credit trading within a unified system. These mechanisms are expected to enhance transparency and accountability while providing economic incentives for industries to adopt circular practices and support recycling-oriented ecosystems. Conclusion: Blockchain-enabled circular credit trading is a promising conceptual instrument for supporting the transition toward green industry and sustainable development. However, the framework remains exploratory and requires empirical validation through pilot implementation and further applied research. Novelty/Originality of this article: This study proposes an integrated conceptual framework that combines circular economy principles with blockchain-based digital incentive mechanisms, offering a new approach to circular credit governance, particularly in the context of developing economies.
Sustainability accounting and the philosophy of Baudrillard and Foucault: The movement from representation to disciplinary power Bima Rafly Fachrezzi
Environmental, Social, Governance and Sustainable Business Vol. 3 No. 1: (February) 2026
Publisher : Institute for Advanced Social, Science, and Sustainable Future

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61511/esgsb.v3i1.2026.3209

Abstract

Background: This study critically examines sustainability accounting through the philosophical perspectives of Baudrillard and Foucault, highlighting a shift from representation to disciplinary power. While sustainability accounting is commonly perceived as a neutral mechanism for representing environmental and social realities, this study argues that it increasingly operates within a regime of simulation and control. Methods: Using a qualitative critical-theoretical approach grounded in Critical Discourse Analysis (CDA), this study analyzes key global sustainability frameworks and reports as discursive artefacts. Findings: The findings reveal that sustainability accounting constructs hyperreal representations of ecological reality, where ESG disclosures function as simulacra that obscure material environmental conditions. Furthermore, through a Foucauldian lens, sustainability accounting operates as a disciplinary technology that normalizes corporate behavior through mechanisms of visibility, standardization, and evaluation. As a result, organizations are driven to perform sustainability rather than substantively practice it. Conclusion: The study concludes that sustainability accounting should be understood not merely as a representational tool, but as a form of power that shapes knowledge, behavior, and moral expectations within global governance systems. Novelty/Originality of this article: This research contributes to the critical accounting literature by offering an integrated philosophical critique that repositions sustainability accounting as both a symbolic and disciplinary apparatus.
Green Balance artificial intelligence interactive dashboard for sustainable accounting: A conceptual design for environmental, social, and governance data extraction and comparative analysis Tiara Saharani Fatimah; Leila Luthfia Ahnaf; Nur Wisawalisma
Environmental, Social, Governance and Sustainable Business Vol. 2 No. 2: (August) 2025
Publisher : Institute for Advanced Social, Science, and Sustainable Future

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61511/esgsb.v2i2.2025.2766

Abstract

Background: In response to the increasing urgency of the global climate crisis, Indonesian regulations, as outlined in POJK No. 51 of 2017, mandate issuers to enhance transparency through the issuance of sustainability reports. However, these reports are primarily presented in static, non-standardized PDF documents, creating significant barriers for stakeholders seeking comparable industry data. This study develops Green Balance, an artificial intelligence-based platform designed to transform unstructured sustainability data into structured, measurable, and inter-company comparable information. Methods: The study employs the Waterfall Sysytem Development Life Cycle (SDLC) framework, integrating Natural Language Processing (NLP) and Machine Learning technologies, including Extreme Gradient Boosting and Random Forest. Macro-environmental feasibility is assessed using the PESTEL framework, while the Penta Helix model guides the collaborative development strategy. The research is grounded in Stakeholder Theory, emphasizing transparency as a fundamental right of information. Findings: The system successfully generates Green Scope, Green Trend, and Green Index features as objective parameters for comparing Environmental, Social, and Governance performance. In preliminary conceptual validation, the NLP-based extraction pipeline demonstrated a precision rate of approximately 87.3% in identifying ESG-relevant clauses from PDF-based sustainability reports, with an F1-Score of 0.84, benchmarked against manual expert annotation. Data processing time was reduced by an estimated 76% compared to conventional manual extraction methods. These results suggest that digitizing sustainability reports effectively mitigates greenwashing risks and enhances corporate accountability by providing accessible data for ethical investment decision-making. Conclusion: The application of artificial intelligence in sustainable accounting significantly improves information quality and transparency within the Indonesian capital market.  Novelty/Originality of this article: This study contributes an original technical model integrating multi-dimensional analysis (PESTEL and Penta Helix) specifically tailored for the Indonesian sustainability reporting ecosystem, a context previously limited in academic research.
The role of digital pawn and bullion markets in strengthening financial inclusion Handi Wilujeng Nugroho; Zakiyah Ulfa Aryani
Environmental, Social, Governance and Sustainable Business Vol. 3 No. 1: (February) 2026
Publisher : Institute for Advanced Social, Science, and Sustainable Future

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61511/esgsb.v3i1.2026.3566

Abstract

Background: Financial inclusion in Indonesia continues to face structural barriers, particularly among informal households and micro-enterprises that remain underserved by conventional banking systems. Although financial technology has expanded access to digital finance, unsecured digital lending has also generated concerns regarding over-indebtedness and systemic vulnerability. Digital gold pawn and bullion services offer an alternative inclusion model based on real-asset collateral. Methods: This study employs an integrated mixed-method approach combining descriptive quantitative analysis of secondary data from 2018–2024 with qualitative examination of financial regulations and governance frameworks related to digital gold-based finance. Findings: The findings indicate significant growth in digital gold pawn users, transaction values, and bullion accounts, particularly among unbanked populations and micro-enterprises. Gold-backed financing demonstrates lower default risk and more stable performance than unsecured digital credit due to the stabilizing role of tangible collateral. Digital integration has expanded geographic outreach and improved transaction efficiency, although regulatory fragmentation and uneven consumer protection remain important challenges. Conclusion: Digital gold-based finance can strengthen financial inclusion without undermining systemic resilience when technological scalability is structurally aligned with real-asset discipline and harmonized oversight. Novelty/Originality of this article: The study advances a hybrid financial inclusion framework that connects informal asset ownership with formal financial systems, and empirically demonstrates how asset-backed digital intermediation reshapes risk allocation, access dynamics, and stability outcomes within a developing digital economy.
Triple bottom line corporate social responsibility: Social, economic, and environmental impact analysis of community-based water management program Bidiyah Siska Fiyana
Environmental, Social, Governance and Sustainable Business Vol. 2 No. 2: (August) 2025
Publisher : Institute for Advanced Social, Science, and Sustainable Future

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61511/esgsb.v2i2.2025.2640

Abstract

Background: Corporate Social Responsibility (CSR) environmental programs often face challenges in demonstrating measurable social, economic, and environmental impacts. The Irrigation Volunteer Forum (Forum Relawan Irigasi/FRI) in Klaten is a community-based water management initiative supported by CSR and multi-stakeholder collaboration. This study analyzes the triple bottom line impacts of the FRI program and its contribution to creating shared value for people, planet, and profit. Methods: This qualitative case study was conducted in Juwiring Sub-district, Klaten District, Central Java, from October to December 2024. Data were collected through in-depth interviews with 25 informants, participatory observation, and document analysis. Data were analyzed using the interactive model of Miles et al. (2014). Findings: The FRI program generated positive impacts across three dimensions. Socially, it reduced conflicts in water distribution, increased trust among farmers, strengthened social solidarity, and improved institutional capacity. Economically, it eliminated irrigation pumping costs, reduced idle agricultural land, increased land utilization, and improved farmers’ income. Environmentally, the program restored blocked irrigation channels, rehabilitated previously unproductive land, improved water-flow efficiency, and supported ecosystem preservation. Key success factors included volunteerism, CSR support, multi-stakeholder collaboration, communication technology, local traditions of mutual cooperation, social solidarity, and inclusive gender participation. Conclusion: The FRI program demonstrates that community-based CSR initiatives can simultaneously generate social, economic, and environmental benefits through empowerment-oriented approaches. The findings show how partnerships between corporations and organized communities can create shared value using participatory water management practices. Novelty/Originality of this article: This study provides empirical evidence of the triple bottom line impacts of CSR-supported irrigation management and offers a replicable community-based model for sustainable value creation through people, planet, and profit dimensions.
Digital readiness and financial inclusion: Determinants of MSMEs adoption of digital gold pawn services Rio Laksamana; Isna Ayulestari
Environmental, Social, Governance and Sustainable Business Vol. 2 No. 2: (August) 2025
Publisher : Institute for Advanced Social, Science, and Sustainable Future

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61511/esgsb.v2i2.2025.3569

Abstract

Background: Financial service digitalization has emerged as a strategic mechanism for expanding financial inclusion, particularly among Micro, Small, and Medium Enterprises (MSMEs) facing persistent barriers to formal financing. Pegadaian, as Indonesia's state-owned pawnshop institution, has developed digital gold pawn services to enhance accessibility; however, successful adoption depends critically on MSME readiness and behavioral intentions. Methods: This study employs a quantitative approach using Structural Equation Modeling–Partial Least Squares (SEM-PLS) with data collected from 120 MSMEs actors in Pontianak City through purposive sampling. The research examines the influence of financial literacy, digital readiness, perceived ease of use, perceived security, and trust on adoption intention. Findings: Results reveal that digital readiness (β=0.412, p<0.001) emerges as the most dominant determinant of adoption intention, followed by financial literacy (β=0.287, p<0.01), perceived ease of use (β=0.245, p<0.01), perceived security (β=0.198, p<0.05), and trust in Pegadaian (β=0.176, p<0.05). The model explains 68.3% of the variance in adoption intention (R²=0.683). Conclusion: Pegadaian's digital gold pawn services demonstrate substantial potential for broadening MSME financial inclusion, particularly for non-bankable enterprises with gold collateral. Success requires user-oriented digitalization strategies, enhanced financial literacy programs, simplified service processes, and strengthened institutional trust and security mechanisms. Novelty/Originality of this article: This study uniquely examines MSME readiness for digital pawn services in a regional Indonesian context, extending digital adoption frameworks to asset-based financing and contributing to understanding financial inclusion pathways for non-bankable MSMEs.
From pawnshop to growth partner: Redefining Pegadaian’s role in empowering MSMEs digital marketing Aleika Dwi Hermawati; Andrian Haro; Dinanurliana Purwitasari; Febryan Widjanarko
Environmental, Social, Governance and Sustainable Business Vol. 3 No. 2: (August) 2026
Publisher : Institute for Advanced Social, Science, and Sustainable Future

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61511/esgsb.v3i2.2026.3432

Abstract

Background: Micro, small, and medium enterprises (MSMEs) play a central role in Indonesia’s people’s economy, yet their ability to adopt digital marketing remains uneven due to financial and capability constraints. This study examines the conceptual relationship between inclusive financing and MSMEs’ digital marketing capability by repositioning Pegadaian from a transactional lender to a potential growth partner. Methods: This study employs a qualitative descriptive–analytical approach through a structured literature review and conceptual synthesis. Secondary sources published between 2020 and 2025, including peer-reviewed journal articles, government reports, financial authority publications, and institutional sources, were analyzed thematically based on four dimensions: inclusive financing, digital marketing capability, productive business upgrading, and the institutional role of Pegadaian. Findings: The analysis indicates that accessible financing can reduce financial constraints and create greater capacity for MSMEs to invest in digital marketing activities, including content development, online promotion, digital tools, and channel management. The findings further suggest that financing functions as an enabling resource rather than a direct creator of digital marketing capability. Capacity-building and digital support are important complementary mechanisms that help MSMEs convert financial resources into productive digital activities. Conclusion: Inclusive financing can support MSME digital transformation by creating financial capacity for digital marketing investment and capability development. Pegadaian therefore has potential to extend its role beyond short-term financing toward an integrated growth-partner model that combines financial access, capacity-building, and ecosystem support. Novelty/Originality of this article: This study integrates inclusive financing and MSMEs’ digital marketing capability within the people’s economy perspective and proposes a conceptual framework positioning Pegadaian as an institutional enabler connecting financial inclusion with digital economic participation.
Digital transformation of pawnshop business: Marketing strategy and consumer trust in facing fintech competition Harianja, Hosianna Gracia Dei; Pardosi, Yoselin; Devitasari, Keisha Andani; Haro, Andrian
Environmental, Social, Governance and Sustainable Business Vol. 3 No. 2: (August) 2026
Publisher : Institute for Advanced Social, Science, and Sustainable Future

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61511/esgsb.v3i2.2026.3563

Abstract

Background: The emergence of financial technology (fintech) has fundamentally transformed Indonesia's lending landscape, creating significant challenges for traditional pawnshops. This study examines how pawnshop businesses can develop effective marketing strategies to maintain competitiveness and consumer trust amid fintech disruption. Methods: This research employs a qualitative methodology combining a systematic literature review (SLR) of 32 peer-reviewed articles (2021–2025) with a descriptive case study of PT Pegadaian. Data collection involves secondary data from Pegadaian’s annual reports (2019–2023), OJK statistics, and industry publications. Analysis utilizes explicit thematic coding through three iterative phases: open coding, thematic aggregation, and empirical triangulation to maintain interpretive reliability. Findings: The study reveals that successful pawnshop businesses integrate digital channels while maintaining their core value proposition of secure, regulated lending. Key strategies include mobile application development, simplified collateral assessments, and hybrid service models combining digital convenience with physical presence. Empirically, validated by PT Pegadaian’s annual reports and internal performance data, their strategic digital transformation successfully increased transaction volume by 43% while maintaining customer satisfaction above 80%. Results indicate that omnichannel marketing approaches yield significantly higher customer retention compared to purely digital or physical-only strategies. Conclusion: Pawnshop businesses can sustain competitive positioning through strategic digitalization that preserves fundamental trust advantages such as regulatory oversight and asset security while addressing consumer demands for speed and convenience. Novelty/Originality of this article: Unlike broader fintech studies, this research offers a unique conceptual contribution by developing a specialized omnichannel hybrid marketing matrix. It establishes a concrete strategic framework for traditional asset-backed institutions to structurally reconcile the tension between automated digital speed and physical trust mechanisms, validated by empirical data from Southeast Asia’s largest pawnshop market operator.
Harmonizing the digital bullion ecosystem: Implementing Network Value Alignment (NVA) to accelerate gold-based marketing performance through an agent network Ayiyah, Nur; Sifaudin, Muhammad; Verawati, Peti
Environmental, Social, Governance and Sustainable Business Vol. 3 No. 2: (August) 2026
Publisher : Institute for Advanced Social, Science, and Sustainable Future

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61511/esgsb.v3i2.2026.3570

Abstract

Background: Digital transformation in the bullion (gold) ecosystem in Indonesia demands synergy between application technology and the strategic role of physical agents. This study aims to analyze how digital service orientation (DSO) can accelerate Gold-Based Marketing Performance through the mediation of Network Value Alignment (NVA) and Service Climate. Methods: This quantitative study involved 720 Pegadaian agent respondents spread across urban (69.44%) and rural (30.56%) areas. The analysis tool used was Structural Equation Modeling (SEM) through AMOS 24 software. The sampling technique used purposive sampling with the criteria of active agents serving digital gold transactions. Findings: The modeling results with AMOS 24 show that NVA is a crucial mediating variable that aligns value expectations between Pegadaian and its agent network. Digital service orientation does not directly increase inclusion if it is not accompanied by strong network value alignment (NVA). This alignment has been proven to improve the service climate, which then has a significant impact on achieving gold savings targets and financing distribution. Conclusion: The implementation of the NVA strategy is the main foundation for the success of Gold-Based Marketing Performance through an agent network. Novelty/Originality of this article: This article applies the NVA concept to the digital bullion industry, a sector that has not been widely explored in the service management literature.
The moderating role of financial literacy in strengthening the effect of financial inclusion on economic growth: A system GMM approach to provincial panel data in Indonesia, 2016–2024 Ikhsanti, Putri Maziya
Environmental, Social, Governance and Sustainable Business Vol. 3 No. 2: (August) 2026
Publisher : Institute for Advanced Social, Science, and Sustainable Future

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61511/esgsb.v3i2.2026.3871

Abstract

Background: Financial inclusion is widely believed to foster growth through savings mobilisation and expanded financing, but its benefits are thought to depend on financial literacy. In Indonesia, inclusion has grown faster (80.51% in 2025) than literacy (66.46%), a gap of roughly 14 points. Prior studies mostly examine these variables separately, rarely treat literacy as a moderator, and often neglect endogeneity and growth dynamics. This study analyses the moderating role of literacy in the inclusion–growth nexus. Methods: This quantitative study uses secondary panel data for 34 Indonesian provinces over 2016–2024 (N = 306) from OJK, BPS, and Bank Indonesia. The dependent variable is economic growth (real GRDP); independent variables are the financial inclusion index (FI) and literacy index (FL), with the FI×FL interaction as moderator, and HDI, poverty, unemployment, and investment as controls. The primary estimator is two-step System GMM, benchmarked against Fixed Effects and Difference GMM, with diagnostics confirming instrument validity and no second-order serial correlation. Findings: Both inclusion and literacy positively affect growth. The FI×FL interaction is consistently positive across estimators (Fixed Effects β = 0.0066, p < 0.01; Difference GMM β = 0.0077, p < 0.05; System GMM β = 0.0089), showing literacy strengthens inclusion's growth effect, rising monotonically from negative to substantially positive. Conclusion: Expanding access yields a larger growth dividend when paired with adequate literacy; policy should integrate financial education. Novelty/Originality of this article: This study combines a literacy-moderation framework with a dynamic System GMM panel for 34 provinces, addressing endogeneity, bidirectional causality, and growth persistence.

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