Main Article Content
Abstract
Purpose: This study aims to map and synthesize the research landscape of corporate sustainable performance in Indonesia by identifying dominant themes, theories, methods, and future research directions.
Research Method: The study employs a systematic bibliometric approach to analyze prior studies on corporate sustainable performance in Indonesia. The analysis, using the TCCM framework, focuses on research themes, theoretical foundations, methodological choices, authorship patterns, institutional contributions, and research gaps.
Results and Discussion: The findings reveal a strong dominance of quantitative methods, especially survey-based designs and SEM/PLS-SEM analysis. The literature relies heavily on stakeholder theory and the resource-based view. Key research themes include sustainability, corporate social responsibility, corporate governance, and financial performance, while emerging topics include environmental innovation, ESG, and organizational capabilities. The field shows a semi-concentrated authorship and institutional structure, indicating established scholarly leadership and growing participation.
Implications: The study suggests the need for greater theoretical diversity, deeper contextual analysis, and more robust methodologies, including longitudinal and theory-driven approaches. The findings also provide insights for firms and policymakers to integrate sustainability into corporate strategy and governance.
Originality: This study provides a structured overview of research on corporate sustainable performance in Indonesia and identifies key research gaps using the TCCM framework.
Keywords
Article Details

This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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- Aisjah, S., Prabandari, S. P., & Hamid, W. (2022). Sustainability factors of Sharia banks in Indonesia. Quality - Access to Success, 23(190), 384–390.
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- Ali, M., Shujahat, M., Fatima, N., Lopes de Sousa Jabbour, A. B., Vo-Thanh, T., Salam, M. A., & Latan, H. (2024). Green HRM practices and corporate sustainability performance. Management Decision, 62(11), 3681–3703. https://doi.org/10.1108/MD-05-2023-0787
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- Bachtiar, Y., Mujennah, & Husien, N. M. (2025). Bridging transparency and risk nexus: Does ESG performance, financial reporting quality, and corporate risk-taking matter? Evidence from Indonesia. Risks, 13(12), 232.
- Cahyono, S., Harymawan, I., & Kamarudin, K. A. (2023). The impacts of tenure diversity on boardroom and corporate carbon emission performance: Exploring the moderating role of corporate innovation. Corporate Social Responsibility and Environmental Management, 30(5), 2507–2535. https://doi.org/10.1002/csr.2500
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- Fitriana, R., Zarkasyi, W., Suharman, H., & Sukmadilaga, C. (2023). CSR, risk management quality and corporate sustainable performance: A mediated moderation of corporate performance and environmental uncertainty. Pakistan Journal of Commerce and Social Sciences, 17(4), 849–871.
- Ghofar, A., Muhammad, M., & Maneemai, P. (2024). Adapting to uncertainty: Gender diversity in boardrooms and its role in enhancing sustainable corporate governance and ESG performance in the era of COVID-19. Corporate Board: Role, Duties and Composition, 20(1), 80–91.
- Gracia, O., & Siregar, S. V. (2021). Sustainability practices and the cost of debt: Evidence from ASEAN countries. Journal of Cleaner Production, 300, 126942. https://doi.org/10.1016/j.jclepro.2021.126942
- Gunawan, J., Permatasari, P., & Fauzi, H. (2022). The evolution of sustainability reporting practices in Indonesia. Journal of Cleaner Production, 358, 131798. https://doi.org/10.1016/j.jclepro.2022.131798
- Hasudungan, A., & Bhinekawati, R. (2022). The effects of CSR disclosure on asymmetric information and ROI of publicly listed companies in SRI-Kehati index in Indonesia. Corporate Governance (Bingley), 22(7), 1587–1604.
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- Ifada, L. M., Hendar, H., & Mohd Saleh, N. (2024). Board governance model, institutions, financial performance, and environmental performance: Stakeholder supremacy or coordination problems? Corporate Social Responsibility and Environmental Management, 31(5), 3869–3883.
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- Indriastuti, M., Chariri, A., & Fuad, F. (2023). Enhancing firm value: The role of enterprise risk management, intellectual capital, and corporate social responsibility. Contaduría y Administración, 70(1), 184–210.
- Ismail, N., Anridho, N., Isa, M. A. M., Rahman, N. H. A., & Ismail, N. (2022). Corporate sustainability and firms’ financial performance: Evidence from Malaysian and Indonesian public listed companies. International Journal of Economics and Management, 16(2), 213–224.
- Jabbour, A. B. L. D. S., Jabbour, C. J. C., Latan, H., Teixeira, A. A., & de Oliveira, J. H. C. (2015). Quality management, environmental management maturity, green supply chain practices and green performance of Brazilian companies with ISO 14001 certification. Transportation Research Part E, 74, 139–151.
- Jatmiko, W., Smaoui, H., & Hendranastiti, N. (2025). Competing institutional logics in corporate ESG: Evidence from developing countries. Business Strategy and the Environment, 34(5), 6184–6209.
- Joni, J., Rapina, R., & Kutubi, S. S. (2025). Sustainable development: How ESG score shapes corporate risk-taking in politically linked firms. Business Strategy and Development, 8(3), e70196.
- Khan, M. A. (2025). Investigating the intersection of organizational behavior, supply chain practices, economic outcomes, financial excellence and CSR. Measuring Business Excellence, 29(3), 551–572.
- Kurnianto, S., & Tjahjadi, B. (2025). Sustainability management control system and sustainability performances in Indonesia. International Journal of Management and Sustainability, 14(1), 102–120.
- Lindrianasari, & Kuncoro, E. A. (2024). Internal auditors’ artificial intelligence capabilities and sustainable competitive advantage. Corporate and Business Strategy Review, 5(1), 38–44.
- Ludigdo, U., Prihatiningtias, Y. W., Zakaria, Z. B., Hussein, A. S., Nugraha, R. A., Sari, D. M., Arimbawa, P. A. P., & Lhutfi, I. (2025). Strategic integration of CSR, innovation-performance models, and upper echelon theory for predicting green business performance. Cogent Business & Management, 12(1), 2538708.
- Lule, B., Wuryaningrat, N. F., Walean, R. H., & Mandagi, D. W. (2026). Artificial empathy in marketing: Conceptual mapping, antecedents and consequences. International Journal of Innovation Science. https://doi.org/10.1108/IJIS-08-2025-0411
- Mandagi, D. W., Rantung, D. I., & Aseng, A. C. (2026). Sustainable digital marketing in tourism: State of the art and future research agenda. Journal of Hospitality and Tourism Insights. https://doi.org/10.1108/JHTI-11-2025-1368
- Marfu, A., Abbas, H., Sya, A., Purwanto, A., Nadiroh, Sumargo, B., Wulandari, S. S., Daiman, Malaihollo, C. A., Syakyakirti, Tanubrata, D., & Pratiwi, D. I. (2025). Harnessing emotional and cultural intelligence for corporate sustainability in Indonesia. Sustainable Futures, 10, 100992.
- Meiryani, M., Warganegara, D. L., & Andini, V. (2023). Big data, machine learning, artificial intelligence and blockchain in corporate governance. Foresight and STI Governance, 17(4), 69–78.
- Modjo, M. I., Hutagaol-Martowidjojo, Y., & Victoria, M. (2025). Shaping performance in downturns: The role of ESG and Shariah compliance in Indonesia. Cogent Business & Management, 12(1), 2537798.
- Mulya, A. S. (2017). The influence of value-added enterprise and corporate governance on enterprise sustainability. International Journal of Economic Research, 14(4), 457–467.
- Nuryakin, Nurjanah, A., & Ardyan, E. (2022). Open innovation strategies and SMEs’ performance. Management Systems in Production Engineering, 30(3), 214–222.
- Rahmaniati, N. P. G., & Ekawati, E. (2024). The role of Indonesian regulators on ESG implementation effectiveness. Cogent Business & Management, 11(1), 2293302.
- Sari, E., Ma’aram, A., Shaharoun, A. M., Chofreh, A. G., Goni, F. A., Klemeš, J. J., Marie, I. A., & Saraswati, D. (2021). Measuring sustainable cleaner maintenance contributions. Journal of Cleaner Production, 312, 127717.
- Sutriadi, R., Hadicahyono, D. A., & Drestalita, N. C. (2025). Understanding a smart sustainable city theme. International Journal of Technology, 16(4), 1143–1153.
- Tandiawan, V., Ismanto, J., Sana, I. N. L., Suyatno, A., & Judijanto, L. (2025). The impact of corporate governance and financial performance on firm value. Quality - Access to Success, 26(208), 132–137.
- Tappy, Y. P., & Mandagi, D. W. (2026). Two decades of nursing service quality research in Asia. International Journal of Health Care Quality Assurance. https://doi.org/10.1108/IJHCQA-12-2025-0215
- Ulum, I., Kharismawati, N., & Syam, D. (2017). Modified value-added intellectual coefficient (MVAIC). International Journal of Learning and Intellectual Capital, 14(3), 207–219.
- Wahyuningrum, I. F. S., Baroroh, N., Yanto, H., Hidayah, R., Puspita, A. S., & Elviana, L. D. (2025). Corporate governance: Driving climate change disclosure and advancing SDGs. Journal of Risk and Financial Management, 18(5), 234.
- Wiguna, M., Indarti, S., Thamrin, & Andreas. (2023). Determinants of sustainable development: The role of CSR disclosure. Problems and Perspectives in Management, 21(2), 210–220.
- Winarno, A., & Silvianita, A. (2024). The role of socially responsible HRM in improving performance. Qubahan Academic Journal, 4(3), 454–468.
References
Abidin, Z., Jalal, J., & Sodiq, A. (2025). The five tiers of corporate social responsibility (CSR): From risk management to social business. Social Responsibility Journal, 21(5), 940–961.
Aisjah, S., Prabandari, S. P., & Hamid, W. (2022). Sustainability factors of Sharia banks in Indonesia. Quality - Access to Success, 23(190), 384–390.
Algarni, M. A., Ali, M., Albort-Morant, G., Leal-Rodríguez, A. L., Latan, H., & Ali, I. (2022). Make green, live clean! Linking adaptive capability and environmental behavior with financial performance through corporate sustainability performance. Journal of Cleaner Production, 346, 131156. https://doi.org/10.1016/j.jclepro.2022.131156
Ali, M., Ali, I., Albort-Morant, G., & Leal-Rodríguez, A. L. (2023). Green means long life: Green competencies for corporate sustainability performance. Journal of Cleaner Production, 382, 135201. https://doi.org/10.1016/j.jclepro.2022.135201
Ali, M., Malik, M., Yaqub, M. Z., Chiappetta Jabbour, C. J., Lopes de Sousa Jabbour, A. B., & Latan, H. (2023). Green means long life: Green competencies for corporate sustainability performance: A moderated mediation model of green organizational culture and top management support. Journal of Cleaner Production, 427, 139174. https://doi.org/10.1016/j.jclepro.2023.139174
Ali, M., Shujahat, M., Fatima, N., Lopes de Sousa Jabbour, A. B., Vo-Thanh, T., Salam, M. A., & Latan, H. (2024). Green HRM practices and corporate sustainability performance. Management Decision, 62(11), 3681–3703. https://doi.org/10.1108/MD-05-2023-0787
Amin, B., Hakimah, Y., Madjir, S., & Noviantoro, D. (2019). The role of transformational leadership in enhancing corporate sustainability capabilities and sustainable supply chain management. Polish Journal of Management Studies, 20(2), 83–92. https://doi.org/10.17512/pjms.2019.20.2.07
Bachtiar, Y., Mujennah, & Husien, N. M. (2025). Bridging transparency and risk nexus: Does ESG performance, financial reporting quality, and corporate risk-taking matter? Evidence from Indonesia. Risks, 13(12), 232.
Cahyono, S., Harymawan, I., & Kamarudin, K. A. (2023). The impacts of tenure diversity on boardroom and corporate carbon emission performance: Exploring the moderating role of corporate innovation. Corporate Social Responsibility and Environmental Management, 30(5), 2507–2535. https://doi.org/10.1002/csr.2500
Devie, D., Liman, L. P., Tarigan, J., & Jie, F. (2020). Corporate social responsibility, financial performance and risk in Indonesian natural resources industry. Social Responsibility Journal, 16(1), 73–90. https://doi.org/10.1108/SRJ-06-2018-0155
Dinarjito, A. (2025). The influence of AKHLAK as a green corporate identity on the sustainability performance of SOEs with green innovation as an intervening variable: Case study of SOEs in Indonesia’s manufacturing sector. International Journal of Accounting and Economics Studies, 12(2), 213–224.
Fitriana, R., Zarkasyi, W., Suharman, H., & Sukmadilaga, C. (2023). CSR, risk management quality and corporate sustainable performance: A mediated moderation of corporate performance and environmental uncertainty. Pakistan Journal of Commerce and Social Sciences, 17(4), 849–871.
Ghofar, A., Muhammad, M., & Maneemai, P. (2024). Adapting to uncertainty: Gender diversity in boardrooms and its role in enhancing sustainable corporate governance and ESG performance in the era of COVID-19. Corporate Board: Role, Duties and Composition, 20(1), 80–91.
Gracia, O., & Siregar, S. V. (2021). Sustainability practices and the cost of debt: Evidence from ASEAN countries. Journal of Cleaner Production, 300, 126942. https://doi.org/10.1016/j.jclepro.2021.126942
Gunawan, J., Permatasari, P., & Fauzi, H. (2022). The evolution of sustainability reporting practices in Indonesia. Journal of Cleaner Production, 358, 131798. https://doi.org/10.1016/j.jclepro.2022.131798
Hasudungan, A., & Bhinekawati, R. (2022). The effects of CSR disclosure on asymmetric information and ROI of publicly listed companies in SRI-Kehati index in Indonesia. Corporate Governance (Bingley), 22(7), 1587–1604.
Hutahayan, B. (2020). The mediating role of human capital and management accounting information system in the relationship between innovation strategy and internal process performance and the impact on corporate financial performance. Benchmarking: An International Journal, 27(4), 1289–1318. https://doi.org/10.1108/BIJ-02-2018-0034
Hutahayan, B., Sitompul, H., Hidayat, K., & Sunarti, S. (2025). Does the use of renewable energy influence firm performance? An empirical study on the Indonesian energy sector. Business Strategy and Development, 8(4), e70237.
Ifada, L. M., Hendar, H., & Mohd Saleh, N. (2024). Board governance model, institutions, financial performance, and environmental performance: Stakeholder supremacy or coordination problems? Corporate Social Responsibility and Environmental Management, 31(5), 3869–3883.
Indriastuti, M., & Chariri, A. (2021). The role of green investment and corporate social responsibility investment on sustainable performance. Cogent Business & Management, 8(1), 1960120. https://doi.org/10.1080/23311975.2021.1960120
Indriastuti, M., Chariri, A., & Fuad, F. (2023). Enhancing firm value: The role of enterprise risk management, intellectual capital, and corporate social responsibility. Contaduría y Administración, 70(1), 184–210.
Ismail, N., Anridho, N., Isa, M. A. M., Rahman, N. H. A., & Ismail, N. (2022). Corporate sustainability and firms’ financial performance: Evidence from Malaysian and Indonesian public listed companies. International Journal of Economics and Management, 16(2), 213–224.
Jabbour, A. B. L. D. S., Jabbour, C. J. C., Latan, H., Teixeira, A. A., & de Oliveira, J. H. C. (2015). Quality management, environmental management maturity, green supply chain practices and green performance of Brazilian companies with ISO 14001 certification. Transportation Research Part E, 74, 139–151.
Jatmiko, W., Smaoui, H., & Hendranastiti, N. (2025). Competing institutional logics in corporate ESG: Evidence from developing countries. Business Strategy and the Environment, 34(5), 6184–6209.
Joni, J., Rapina, R., & Kutubi, S. S. (2025). Sustainable development: How ESG score shapes corporate risk-taking in politically linked firms. Business Strategy and Development, 8(3), e70196.
Khan, M. A. (2025). Investigating the intersection of organizational behavior, supply chain practices, economic outcomes, financial excellence and CSR. Measuring Business Excellence, 29(3), 551–572.
Kurnianto, S., & Tjahjadi, B. (2025). Sustainability management control system and sustainability performances in Indonesia. International Journal of Management and Sustainability, 14(1), 102–120.
Lindrianasari, & Kuncoro, E. A. (2024). Internal auditors’ artificial intelligence capabilities and sustainable competitive advantage. Corporate and Business Strategy Review, 5(1), 38–44.
Ludigdo, U., Prihatiningtias, Y. W., Zakaria, Z. B., Hussein, A. S., Nugraha, R. A., Sari, D. M., Arimbawa, P. A. P., & Lhutfi, I. (2025). Strategic integration of CSR, innovation-performance models, and upper echelon theory for predicting green business performance. Cogent Business & Management, 12(1), 2538708.
Lule, B., Wuryaningrat, N. F., Walean, R. H., & Mandagi, D. W. (2026). Artificial empathy in marketing: Conceptual mapping, antecedents and consequences. International Journal of Innovation Science. https://doi.org/10.1108/IJIS-08-2025-0411
Mandagi, D. W., Rantung, D. I., & Aseng, A. C. (2026). Sustainable digital marketing in tourism: State of the art and future research agenda. Journal of Hospitality and Tourism Insights. https://doi.org/10.1108/JHTI-11-2025-1368
Marfu, A., Abbas, H., Sya, A., Purwanto, A., Nadiroh, Sumargo, B., Wulandari, S. S., Daiman, Malaihollo, C. A., Syakyakirti, Tanubrata, D., & Pratiwi, D. I. (2025). Harnessing emotional and cultural intelligence for corporate sustainability in Indonesia. Sustainable Futures, 10, 100992.
Meiryani, M., Warganegara, D. L., & Andini, V. (2023). Big data, machine learning, artificial intelligence and blockchain in corporate governance. Foresight and STI Governance, 17(4), 69–78.
Modjo, M. I., Hutagaol-Martowidjojo, Y., & Victoria, M. (2025). Shaping performance in downturns: The role of ESG and Shariah compliance in Indonesia. Cogent Business & Management, 12(1), 2537798.
Mulya, A. S. (2017). The influence of value-added enterprise and corporate governance on enterprise sustainability. International Journal of Economic Research, 14(4), 457–467.
Nuryakin, Nurjanah, A., & Ardyan, E. (2022). Open innovation strategies and SMEs’ performance. Management Systems in Production Engineering, 30(3), 214–222.
Rahmaniati, N. P. G., & Ekawati, E. (2024). The role of Indonesian regulators on ESG implementation effectiveness. Cogent Business & Management, 11(1), 2293302.
Sari, E., Ma’aram, A., Shaharoun, A. M., Chofreh, A. G., Goni, F. A., Klemeš, J. J., Marie, I. A., & Saraswati, D. (2021). Measuring sustainable cleaner maintenance contributions. Journal of Cleaner Production, 312, 127717.
Sutriadi, R., Hadicahyono, D. A., & Drestalita, N. C. (2025). Understanding a smart sustainable city theme. International Journal of Technology, 16(4), 1143–1153.
Tandiawan, V., Ismanto, J., Sana, I. N. L., Suyatno, A., & Judijanto, L. (2025). The impact of corporate governance and financial performance on firm value. Quality - Access to Success, 26(208), 132–137.
Tappy, Y. P., & Mandagi, D. W. (2026). Two decades of nursing service quality research in Asia. International Journal of Health Care Quality Assurance. https://doi.org/10.1108/IJHCQA-12-2025-0215
Ulum, I., Kharismawati, N., & Syam, D. (2017). Modified value-added intellectual coefficient (MVAIC). International Journal of Learning and Intellectual Capital, 14(3), 207–219.
Wahyuningrum, I. F. S., Baroroh, N., Yanto, H., Hidayah, R., Puspita, A. S., & Elviana, L. D. (2025). Corporate governance: Driving climate change disclosure and advancing SDGs. Journal of Risk and Financial Management, 18(5), 234.
Wiguna, M., Indarti, S., Thamrin, & Andreas. (2023). Determinants of sustainable development: The role of CSR disclosure. Problems and Perspectives in Management, 21(2), 210–220.
Winarno, A., & Silvianita, A. (2024). The role of socially responsible HRM in improving performance. Qubahan Academic Journal, 4(3), 454–468.