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This study investigates the decoupling phenomenon between ESG (Environmental, Social, and Governance) sustainability reporting and communal Tri Hita Karana (THK) sustainability practices in a Rural Bank in Bali. Through Ethnographic Content Analysis (ECA) of official documents from BPR Luhur Damai covering 2023–2025, this study identifies that the Sustainability Report (SR), prepared strictly according to Financial Services Authority Regulation (POJK) 51/2017, does not incorporate substantial THK practices, namely banten (ceremonial offerings) Rp131.6 million, dana punia (religious donations) Rp8.5 million, and monthly banjar (communal community unit) contributions, producing a Hindu religious expenditure to formal Social and Environmental Responsibility (SER) ratio of 10:1. Drawing on the Institutional Logics perspective, this study identifies four decoupling mechanisms: (1) cognitive, namely THK as taken-for-granted, not perceived as “sustainability”; (2) administrative, namely departmental silos between Compliance and General Affairs; (3) template, namely POJK 51/2017 provides no space for local wisdom; and (4) capacity, namely limited Human Resources (HR) and institutional capacity. These findings lead to the concept of “invisible sustainability,” that is, real sustainability contributions that are invisible to conventional reporting frameworks, and “cultural accounting gap,” that is, the absence of accounting categories for local cultural-religious contributions. The theoretical contribution is demonstrating that decoupling in Global South contexts is not merely symbolic compliance but results from structural misalignment between transnational and communal logics that renders local sustainability contributions institutionally invisible.

This research investigates how Environmental, Social, and Governance (ESG) practices influence the tax liabilities of consumer cyclical companies in Indonesia between 2020 and 2024. By employing the Effective Tax Rate (ETR) as a proxy for tax burden, the study analyzes 160 data points from 32 purposively selected firms. Utilizing a Fixed Effect Model for panel data regression, the empirical results indicate that superior ESG performance significantly correlates with a higher ETR. This suggests that corporations with higher sustainability transparency tend to exhibit better tax compliance and avoid aggressive tax avoidance schemes. Grounded in stakeholder and legitimacy theories, these findings underscore that ethical ESG adoption strengthens public accountability and enhances the integrity of corporate governance within the Indonesian capital market.

This study aims to analyze the integration of tax policy with the Environmental, Social, and Governance (ESG) framework in supporting the achievement of sustainable development. Current sustainability challenges require public policies that are not only focused on state revenue collection but also capable of encouraging more environmentally friendly, inclusive, and accountable economic behavior. As a fiscal instrument, taxation has strategic potential to promote business activities aligned with ESG principles through incentives, disincentives, and strengthened policy governance. This study uses a qualitative approach with a literature review method to examine the relationship between tax policy, ESG, and sustainable development. The findings indicate that integrating tax policy with ESG can serve as an important instrument in supporting the transition toward a green economy, strengthening social responsibility, and improving transparency and accountability in fiscal policy. However, its implementation still faces challenges such as suboptimal policy harmonization, limited measurement indicators, and weak cross-sector integration. Therefore, a more comprehensive tax policy design is needed to make a tangible contribution to sustainable development.

This study examines how environmental, social, and governance issues shape the impact of financial success on firm value. To understand the link between the variables, the legitimacy theory and signal theory are employed. The population used includes non-financial enterprises from 2019–2023 that are listed on the Indonesia Stock Exchange (IDX) and are part of the Refinitiv database. Secondary data was gathered from the Indonesia Stock Exchange, official corporate websites, and the Refinitiv database in the form of sustainability reports, annual reports, and ESG scores. The sample size is 176 company data points over 5 years, selected using the purposive sampling method. Firm value is positively and significantly impacted by financial success, according to the research findings. ESG also improves the link between firm value and financial performance, according to the study. Lastly, the study's results also show that ESG increases business value, while not significantly. These findings suggest that the study's ESG variable is a pure moderator variable. Furthermore, the implications of the research both theoretically and practically have been discussed.

This study analyzes the influence of Green Accounting, Environmental Performance, and Corporate Governance on the Quality of Sustainability Reports in manufacturing companies listed on the Indonesia Stock Exchange (IDX). Report quality is measured by the completeness and transparency of disclosures based on GRI Standards. A quantitative method is employed, using a purposive sample of manufacturing firms from the 2020- 2023 period. Data is analyzed using multiple regression analysis. Green Accounting is proxied by environmental costs, Environmental Performance by PROPER ratings, Corporate Governance by the proportion of independent commissioners and institutional ownership, while report quality is measured through content analysis. The hypothesized results indicate that all three independent variables are expected to have a significant positive effect on Sustainability Report Quality. The implementation of green accounting, good environmental performance, and strong governance are predicted to enhance the quality of sustainability disclosures. This research contributes to environmental accounting literature and offers practical implications for regulators, investors, and corporate management in the context of ESG (Environmental, Social, and Governance) reporting.

Penelitian ini menganalisis praktik akuntansi keberlanjutan pada Arif Barbershop, sebuah usaha mikro, kecil, dan menengah (UMKM) di Jombang, Jawa Timur, Indonesia. Dengan menggunakan pendekatan studi kasus kualitatif, penelitian ini mengeksplorasi bagaimana barbershop menerapkan prinsip Environmental, Social, dan Governance (ESG) dalam operasional sehari-hari. Data dikumpulkan melalui wawancara mendalam dengan pemilik usaha dan dianalisis menggunakan analisis tematik. Temuan menunjukkan bahwa Arif Barbershop telah menerapkan praktik lingkungan dasar seperti pengelolaan limbah rambut melalui kantong plastik ke tempat pembuangan sampah, serta efisiensi energi dengan mematikan peralatan listrik setelah jam operasional. Dari aspek sosial, barbershop menjaga kepuasan pelanggan melalui konsistensi kualitas layanan dan sistem bagi hasil (60:40) kepada karyawan. Praktik tata kelola, meskipun bersifat informal, mencakup pencatatan keuangan sederhana menggunakan buku biasa. Namun demikian, barbershop belum memiliki izin usaha formal dan belum menerapkan kerangka akuntansi keberlanjutan yang terstandar. Penelitian ini menyoroti bahwa UMKM dapat mempraktikkan akuntansi keberlanjutan secara intuitif, dan menyarankan perlunya program pelatihan serta alat pelaporan yang disederhanakan.

Isu keberlanjutan penting bagi Bank Umum Syariah (BUS) yang mengedepankan keadilan dan kemaslahatan. Namun, implementasi Environmental, Social, and Governance (ESG) masih terkendala variasi kualitas pengungkapan, rendahnya transparansi, serta pembiayaan hijau yang belum optimal. Penelitian ini menganalisis pengaruh ESG terhadap keuangan berkelanjutan pada BUS di Indonesia. Menggunakan pendekatan kuantitatif dengan regresi linier berganda, sampel terdiri dari 10 BUS dari populasi 14 bank, dipilih secara purposive sampling berdasarkan laporan keberlanjutan 2020–2024. Data dianalisis dengan uji asumsi klasik, uji t, uji F, dan koefisien determinasi melalui IBM SPSS 25. Hasil menunjukkan Environmental dan Governance berpengaruh negatif signifikan terhadap Keuangan Berkelanjutan, sedangkan Social tidak berpengaruh signifikan meski berarah positif. Secara simultan, ESG berpengaruh signifikan dengan adjusted R2 0,172, artinya ESG hanya menjelaskan 17,2% variasi Keuangan Berkelanjutan. Temuan ini menegaskan implementasi ESG pada BUS perlu diperkuat, terutama aspek sosial dan tata kelola, agar selaras prinsip syariah

Penelitian ini bertujuan menganalisis peran akuntansi keberlanjutan dalam mengoptimalkan kinerja Environmental, Social, and Governance (ESG) serta memperkuat transparansi korporasi. Mengadopsi pendekatan kualitatif melalui metode studi literatur dari jurnal ilmiah, buku, serta laporan keberlanjutan PT Unilever Indonesia Tbk, hasil penelitian mengungkap bahwa akuntansi keberlanjutan secara signifikan meningkatkan performa ESG pada dimensi lingkungan, sosial, dan tata kelola, sekaligus mempertajam transparansi, akuntabilitas, serta kepercayaan stakeholders. Meskipun demikian, tantangan utama meliputi kurangnya standar pelaporan yang seragam dan kesulitan pengukuran data non-keuangan. Secara keseluruhan, akuntansi keberlanjutan menjadi instrumen strategis untuk mendukung peningkatan kinerja ESG dan keberlanjutan bisnis berkelanjutan.

This study examines the mediating role of SDG disclosure in the relationship between ESG score and financial performance within the mandatory reporting context of non-financial firms listed on the Indonesia Stock Exchange during 2021-2023. Using a purposive sample of 59 companies (177 observations), the analysis employs panel data regression and the Sobel test to evaluate ESG metrics from Refinitiv Eikon alongside disclosure and financial data from corporate reports. Empirical results show that ESG score does not significantly predict SDG disclosure nor directly affect financial performance measured by ROE. Furthermore, SDG disclosure shows no significant association with financial performance and fails to mediate the ESG-ROE relationship. Firm size is the only variable positively related to SDG disclosure, suggesting that reporting practices are more strongly driven by organizational resources and public visibility than by substantive ESG performance. Overall, the findings reveal a decoupling phenomenon, where sustainability reporting in Indonesia tends to reflect symbolic compliance rather than value-creating integration. The study concludes that a credibility gap exists in the capital market, as SDG disclosure has not yet functioned as an effective mechanism for converting ESG performance into financial gains. This study provides evidence on the limitations of SDG disclosure as a value transmission mechanism in emerging market, offering insights for regulators and market participants seeking to enhance the economic relevance and credibility of SDG reporting.

This study examines the effect of Environmental, Social, and Governance (ESG) ratings on firm performance and the moderating role of ESG rating disagreement within the Indonesian capital market. Using a panel dataset of 63 companies listed on the Indonesia Stock Exchange from 2021 to 2023 and employing a fixed-effects regression model, the analysis measures firm performance with Tobin’s Q, ESG ratings from Refinitiv Eikon, and ESG rating disagreement as the standard deviation between Refinitiv and Bloomberg scores. The empirical results indicate that ESG ratings do not have a statis-tically significant effect on firm performance, and ESG rating disagreement does not significantly moderate this relationship. These findings suggest that ESG-related information has not yet been fully internalized into firm valuation in Indonesia, with current ESG practices perceived as largely symbolic rather than substantively integrated into corporate strategy. The study concludes that both ESG ratings and rating disagreement fail to serve as effective mechanisms for enhancing firm performance in the Indonesian context, reflecting the early-stage development and compliance-driven nature of ESG adoption in emerging markets.

This study uses a bibliometric analysis based on Scopus data to map the literature on capital structure development for the period 2018–2023. Using articles from Q1 and Q2 indexed journals selected using the PRISMA 2020 guidelines, this study examines publication trends, dominant keywords, and theme evolution using VOSviewer. The results show a shift in focus from classical theories (such as trade-off and pecking order) to contemporary issues such as ESG, green finance, and digitalization. In addition, the majority of studies are still dominated by developed countries, while contributions from developing countries are still limited. These findings highlight the need for a contextual approach and updating of theoretical models in capital structure research, as well as providing an initial foundation for empirical studies in the technology sector of developing countries.

This study try to examine the impact of institutional, managerial, and public kepemilikan structures on the level of environmental, social, and governance (ESG) practices in manufacturing companies listed on the IDX between 2020 and 2024. This study's findings are supported by increasing transparency and business continuity, also in guiding ESG practices. The research method that is used is quantitative analysis using panel regression analysis. The study's sample consists of 27 manufacturing companies selected using the purposive sampling method, yielding a total of 135 observations over of a few years. The analysis's findings indicate that all the ownership do not significantly affect ESG. Conversely, company size and employee productivity as control variables have a positive impact on the ESG threshold. This shows the structure of kepemilikan is not the most important factor in determining ESG transparency for Indonesian manufacturing companies, which are primarily focused on the importance of jangka pendek. Implicitasi penelitian ini mengindikasi bahwa pengungkapan ESG is more negatively impacted by internal company capacity than by stock composition, therefore external regulations and technical assistance are crucial factors in guiding business operations.

Mining companies are increasingly required to demonstrate environmental, social, and governance (ESG) accountability through sustainability reporting (SR). However, empirical evidence regarding the impact of SR on firm value in Indonesia’s mining sector remains inconsistent. This study aims to systematically examine the relationship between sustainability reporting and firm value using legitimacy theory as the conceptual framework. A Systematic Literature Review was conducted following the PRISMA 2020 protocol, employing narrative and thematic synthesis. Peer-reviewed articles published between 2018 and 2025 were retrieved from Google Scholar, Garuda Portal, and SINTA databases using relevant keywords. From 4,260 initial records, 11 studies met the inclusion criteria after screening, deduplication, and quality appraisal using an adapted CASP checklist. The findings reveal three dominant patterns: most studies report a positive effect of SR on firm value through improved transparency, corporate reputation, and investor confidence; several studies find no significant relationship due to short-term investor orientation; while a minority report negative effects associated with low disclosure quality and greenwashing concerns. Furthermore, the effectiveness of SR is influenced by disclosure quality, corporate governance, profitability, and leverage. This study implies that sustainability reporting can enhance firm value when disclosures are credible, consistent, and material, supporting legitimacy theory and encouraging alignment with the GRI 14: Mining Sector 2024 standard.

This study investigates the interconnected roles of board gender diversity and Environmental, Social, and Governance (ESG) performance on firm performance within Indonesia's distinctive two-tier corporate governance system. Utilizing a panel dataset of 80 companies listed on the Indonesia Stock Exchange from 2021 to 2023 and employing a fixed-effects regression model, the analysis measures gender diversity on both the Board of Commissioners (BOC) and Board of Directors (BOD) using the Blau Index, with firm performance proxied by Tobin's Q and ESG performance sourced from Refinitiv Eikon scores. The empirical results reveal that gender diversity on both the BOC and BOD does not have a statistically significant effect on firm performance, failing to support agency, upper echelons, and gender socialization theories. Furthermore, ESG performance demonstrates a significant negative direct effect aligning with the trade-off perspective that current implementation costs outweigh benefits. Crucially, the analysis finds that ESG does not moderate the board diversity-performance relationship, as both interaction terms are statistically insignificant. These findings collectively indicate that the potential governance and strategic advantages of board gender diversity are not being realized in the Indonesian context. The study concludes that this is attributable to several structural barriers, including tokenistic board appointments, the early-stage and often symbolic nature of ESG adoption focused on compliance rather than integration, and a weak institutional environment characterized by voluntary frameworks and socio-cultural constraints that limit the substantive influence of women in governance roles.

The East African Breweries Limited is one of the most notable beverage manufacturers in East Africa. This study aims to explore the company’s integration of sustainable accounting, especially given the paucity of information on how organizations incorporate the now popular environmental, social and governance (ESG) considerations. It is for this reason that this paper hopes to provide profound insight into the mater especially within the Kenyan corporate context. The author utilized a descriptive qualitative approach and used highly credible secondary sources, including sustainability reports, expert reviews, policy documents and recent scholarly materials. Thematic content analysis ensured the study identifies strategies used by companies currently, the most strategic integration frameworks and the impact of these mechanisms on stakeholder value and overall decision-making. Findings show that the organization has made significant inroads in implementing sustainability. Still, there are challenges that continue to face this process, including inadequate integration into the financial decision-making process and poor reporting. Undoubtedly, this paper valuable real-world recommendations for boosting integration of sustainability efforts into accounting and contributes to the current academic discourse on the significance of corporate sustainable accounting in East Africa.  

This study examines the influence of foreign ownership, return on assets (ROA), and firm size on environmental, social, and governance (ESG) disclosure among energy sector companies listed on the Indonesia Stock Exchange (IDX) during 2022–2024. The sample was selected through purposive sampling, including firms that consistently published annual and sustainability reports in accordance with the Global Reporting Initiative (GRI) standards. ESG disclosure was measured as the proportion of disclosed GRI indicators to the total applicable indicators. Multiple linear regression analysis shows that foreign ownership and firm size significantly enhance ESG disclosure, while ROA has no significant effect. These results support legitimacy theory, suggesting that companies increase ESG transparency primarily to secure societal acceptance and maintain their social license to operate. In the energy sector, where environmental sensitivity and public scrutiny are high, ownership structure and firm scale emerge as stronger determinants of ESG disclosure than short-term profitability.

This study aims to analyze the effect of Environmental, Social, and Governance (ESG) performance on financial misreporting, with investor attention as a moderating variable in banking companies listed on the Indonesia Stock Exchange during the 2019–2022 period. The theoretical framework is grounded in Agency Theory and Legitimacy Theory to explain the role of ESG as an internal control mechanism and a means of gaining external legitimacy. The research employs a quantitative approach using secondary data from annual reports and sustainability reports. Financial misreporting is proxied by earnings management measured through discretionary accruals, while ESG performance is assessed using the GRI Standards index, and investor attention is proxied by institutional ownership. Data analysis was conducted using multiple regression and Moderated Regression Analysis (MRA). The findings reveal that all three ESG dimensions (environmental, social, and governance) have a significant negative effect on earnings management. Institutional investor attention is found to strengthen the negative relationship between environmental and social aspects with earnings management, but weaken the influence of governance. These results indicate that institutional investors tend to be more responsive to environmental and social issues compared to governance aspects. Practically, this study provides empirical evidence that ESG implementation can serve as a control instrument against financial misreporting in the banking sector, while theoretically enriching the literature on investor moderation in the relationship between ESG and earnings management practices.

This study investigates the relationship between Environmental, Social, and Governance (ESG) performance and corporate financial distress, with board gender diversity examined as a moderating variable. Using 96 firm-year observations from manufacturing companies listed on the Indonesia Stock Exchange (2022–2024), the analysis employs variance-based Structural Equation Modelling (SEM). The findings reveal that ESG performance does not exert a statistically significant effect on financial distress, and gender diversity does not moderate this relationship. These non-significant results constitute the central empirical contribution of the study, highlighting that ESG engagement and gender diversity have yet to translate into financial resilience in the Indonesian manufacturing context. The study underscores the importance of contextual factors—such as implementation costs, authenticity of ESG disclosures, and limited female representation on boards—in shaping the effectiveness of sustainability practices. The results provide theoretical implications for Stakeholder and Agency Theory and offer practical insights for managers, regulators, and investors in emerging markets.

The purpose of this study is to investigate the connection between the probability of financial statement fraud and the components of the Fraud Hexagon: pressure, opportunity, rationalization, capability, arrogance, and collusion. Additionally, we examine how Environmental, Social, and Governance (ESG) Disclosure functions as a moderator. Banks listed on the Indonesia Stock Exchange (IDX) between 2021 and 2024 are the subject of this study. We make use of secondary data gathered from business sustainability and annual reports. Purposive sampling was used to choose the bank sample depending on the completeness of the data. We use the Partial Least Squares (PLS) method of Structural Equation Modeling (SEM), which works well for evaluating models with complex variables, for the analysis. The results of this study are expected to provide insights into how each element of the Fraud Hexagon contributes to financial statement fraud and how ESG Disclosure can mitigate these risks.

This study explores Islamic legal perspectives on climate justice by integrating environmental ethics with economic responsibility within the wider framework of Sharia. Using a qualitative library research approach, it examines classical sources such as the Qur’an, Hadith, and uṣūl al-fiqh, alongside contemporary works on Islamic environmental ethics, sustainable development, and climate governance. The findings show that Islamic principles—including khalifah (stewardship), mīzān (balance), ‘adl (justice), and maslahah (public interest)—provide a strong ethical foundation for addressing climate change and preventing environmental corruption (fasād). The Maqāṣid al-Sharī‘ah, particularly the preservation of life, property, lineage, and the environment, support environmentally conscious policies and sustainable economic practices. Islamic finance instruments such as green sukuk and ESG-aligned investments further promote ecological responsibility. Overall, Islamic legal and economic traditions offer a comprehensive framework that links environmental sustainability with socio-economic equity, positioning Islamic thought as an important contributor to global climate justice discourse.