ESG Implications in Improving Green Business to Support Green Economy Strategy
DOI:
https://doi.org/10.35870/emt.v9i3.4079Keywords:
ESG, Green Business, Green Economy, Corporate PerformanceAbstract
Environmental, Social, and Government (ESG) is a principle that is currently widely used by companies as a form of support for sustainability programs. Where companies that have implemented ESG are expected to be able to run a business process that is included in the green business group which can ultimately support the green economy. This paper aims to find out the implications of the implementation of ESG carried out by companies in increasing green business which can ultimately support the green economy. This study uses a qualitative research method with data collection techniques in the form of literature studies. The results of the study obtained showed that there was a lot of supporting literature showing that the implementation of ESG in a company could have a lot of influence on the company's performance and make the company start running a green business. That way, support for the implementation of the green economy will be carried out optimally.
Downloads
References
Ahdiat, A. (2022). Pelestarian Lingkungan Indonesia Tergolong Buruk di Asia Pasifik. Databoks. Last modified.
Ali, H., Saputra, F., & Mahaputra, M. R. (2023). Penerapan green economy: analisis kendaraan listrik, pariwisata dan batu bara (Studi literature). Jurnal Humaniora, Ekonomi Syariah Dan Muamalah, 1(1), 1-14. https://doi.org/10.38035/jhesm.v1i1.2.
Alkhodary, D. A. (2023). Encouraging sustainability through the implementation of green business practices. Information Sciences Letters, 12(6), 2511-2529.
Chang, H. Y., Liang, L. W., & Liu, Y. L. (2021). Using environmental, social, governance (ESG) and financial indicators to measure bank cost efficiency in Asia. Sustainability, 13(20), 11139. https://doi.org/10.3390/su132011139.
Clark, G. L., Feiner, A., & Viehs, M. (2015). From the stockholder to the stakeholder: How sustainability can drive financial outperformance. Available at SSRN 2508281.
Damanik, G. N. F. (2023). Peran Sumber Daya Alam Terhadap Pembangunan Ekonomi Berkelanjutan Dalam Perspektif Ekonomi Islam. Journal of Sharia Business Management, 3(1), 168-178.
Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management Science, 60(11), 2835-2857. https://doi.org/10.1287/mnsc.2014.1984.
Ghadimi, P., O’Neill, S., Wang, C., & Sutherland, J. W. (2020). Analysis of enablers on the successful implementation of green manufacturing for Irish SMEs. Journal of Manufacturing Technology Management, ahead-of-print. https://doi.org/10.1108/jmtm-10-2019-0382.
Habib, A. M. (2023). Do business strategies and environmental, social, and governance (ESG) performance mitigate the likelihood of financial distress? A multiple mediation model. Heliyon, 9(7). https://doi.org/10.1016/j.heliyon.2023.e15334.
Hart, S. L., & Milstein, M. B. (2003). Creating sustainable value. The Academy of Management Executive, 17(2), 56-67. https://doi.org/10.5465/ame.2003.10025194.
Hu, A., Yuan, X., Fan, S., & Wang, S. (2023). The impact and mechanism of corporate ESG construction on the efficiency of regional green economy: An empirical analysis based on signal transmission theory and stakeholder theory. Sustainability, 15(17), 13236. https://doi.org/10.3390/su151713236.
Husada, E. V., & Handayani, S. (2021). Pengaruh pengungkapan ESG terhadap kinerja keuangan perusahaan (Studi empiris pada perusahaan sektor keuangan yang terdaftar di BEI periode 2017-2019). Jurnal Bina Akuntansi, 8(2).
Ksanthih, A. (2023). Green and sustainable business: Pentingnya penerapan perencanaan tren bisnis dalam pengembangan usaha (No. 9sgck). Center for Open Science.
Nahavandi, S. (2019). Industry 5.0—a humancentric solution. Sustainability, 11(16), 4371. https://doi.org/10.3390/su11164371.
Ruan, L., & Liu, H. (2021). Environmental, social, governance activities and firm performance: Evidence from China. Sustainability, 13(2), 767. https://doi.org/10.3390/su13020767.
Sitorus, A. P., & Siregar, S. (2023). ESG disclosure model and financial performance: The mediating role of leader exemplarity in sustainable organizations. Riset Akuntansi dan Keuangan Indonesia, 8(3), 357-374.
Sitorus, A. P., Siregar, S., & Nurlaila. (2023). Management of environmental, social, and governance (ESG) to fulfill stakeholder expectations in compliance with existing laws and regulations. Russian Law Journal, 1(6).
Suwarno, E. B. (2023). Peningkatan peran perbankan dalam mendorong percepatan penerapan green economy guna memperkuat ketahanan nasional. Laporan Lembaga Ketahanan Nasional Republik Indonesia.
Utomo, M. N., Rita, M. R., Pratiwi, S. R., & Puspitasari, I. (2022). Green Business: Strategi Membangun Kewirausahaan Berdaya Saing dan Berkelanjutan. Syiah Kuala University Press.
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Anggi Pratiwi Sitorus, Adam Nurkholik, Shintami Oktavia, Loranty Folia Simanjuntak, Rusiadi

This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
1. Copyright Retention and Open Access License
Authors retain copyright of their work and grant the journal non-exclusive right of first publication under the Creative Commons Attribution 4.0 International License (CC BY 4.0).
This license allows unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
2. Rights Granted Under CC BY 4.0
Under this license, readers are free to:
- Share — copy and redistribute the material in any medium or format
- Adapt — remix, transform, and build upon the material for any purpose, including commercial use
- No additional restrictions — the licensor cannot revoke these freedoms as long as license terms are followed
3. Attribution Requirements
All uses must include:
- Proper citation of the original work
- Link to the Creative Commons license
- Indication if changes were made to the original work
- No suggestion that the licensor endorses the user or their use
4. Additional Distribution Rights
Authors may:
- Deposit the published version in institutional repositories
- Share through academic social networks
- Include in books, monographs, or other publications
- Post on personal or institutional websites
Requirement: All additional distributions must maintain the CC BY 4.0 license and proper attribution.
5. Self-Archiving and Pre-Print Sharing
Authors are encouraged to:
- Share pre-prints and post-prints online
- Deposit in subject-specific repositories (e.g., arXiv, bioRxiv)
- Engage in scholarly communication throughout the publication process
6. Open Access Commitment
This journal provides immediate open access to all content, supporting the global exchange of knowledge without financial, legal, or technical barriers.