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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 26 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 Fachrezzi, Bima Rafly
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.

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