PENGARUH PRAKTIK ESG DAN INVESTMENT DECISION-MAKING TERHADAP SUSTAINABILITY PERFORMANCE DENGAN GREEN INNOVATION SEBAGAI VARIABEL MODERASI: SEBUAH STUDI LITERATUR REVIEW

Authors

Adhiya Mizvi Universitas Sriwijaya
Nur Fadilah Hanifah Universitas Sriwijaya
Rela Sari Universitas Sriwijaya

DOI:

Keywords:

ESG, Pengambilan Keputusan Investasi, Kinerja Keberlanjutan, Inovasi Hijau, Tinjauan Literatur Sistematis

Abstract

Penelitian ini secara sistematis meninjau dan mensintesis bukti empiris mengenai pengaruh praktik Environmental, Social, and Governance (ESG) dan pengambilan keputusan investasi terhadap kinerja keberlanjutan, dengan inovasi hijau dikaji sebagai faktor moderasi. Menggunakan pendekatan Systematic Literature Review (SLR) yang dipandu oleh PRISMA, lima puluh artikel relevan yang diterbitkan antara tahun 2020 hingga 2025 dan mayoritas terindeks Scopus serta Web of Science dianalisis secara komprehensif. Hasil penelitian menunjukkan bahwa penerapan ESG dan keputusan investasi berorientasi keberlanjutan umumnya memberikan pengaruh positif dan signifikan terhadap kinerja keberlanjutan. Namun, beberapa studi menunjukkan temuan yang tidak konsisten, mengindikasikan adanya variasi kontekstual antar industri dan wilayah. Inovasi hijau secara konsisten berperan sebagai moderator yang memperkuat, sehingga meningkatkan hubungan positif antara ESG dan hasil keberlanjutan. Stakeholder Theory muncul sebagai landasan teori yang paling dominan dalam menjelaskan hubungan tersebut. Temuan ini menekankan pentingnya integrasi prinsip ESG dengan strategi inovasi hijau untuk mencapai nilai keberlanjutan jangka panjang. Bagi praktisi, perusahaan didorong untuk mengadopsi pendekatan ESG dan inovasi secara simultan guna memenuhi ekspektasi pemangku kepentingan. Bagi investor, menilai kapasitas inovasi hijau suatu perusahaan sangat penting dalam mengevaluasi komitmen ESG dan potensi kinerja masa depannya.

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