The Effect of Sustainable Production, Green Intellectual Capital, and Green Technology Innovation on Sustainable Finance with Green Strategic Management as a Moderating Variable
DOI:
https://doi.org/10.38035/dijemss.v7i4.6570Keywords:
Sustainable Production, Green Intellectual Capital, Green Technological Innovation, Sustainable Finance, Green Strategic ManagementAbstract
This study aims to examine the effects of sustainable production, green intellectual capital, and green technological innovation on sustainable finance, as well as the moderating role of green strategic management in these relationships. A total of 352 respondents from production companies in Indonesia were randomly selected and participated by completing the questionnaires. Each indicator item in each variable was assessed using an interval scale. The results show positive relationships between sustainable production, green intellectual capital, and green technological innovation with sustainable finance. The positive correlation between sustainable production and sustainable finance can be strengthened by green strategic management. However, green strategic management does not strengthen the relationship between green intellectual capital and sustainable finance, nor between green technological innovation and sustainable finance. This study has implications for production companies in Indonesia that are trying to implement environmentally friendly processes to reduce corporate risk. Innovation and guidance can be implemented for companies that are just starting sustainable production and towards achieving sustainable finance.
References
Abdul-Rashid, S. H., Sakundarini, N., Raja Ghazilla, R. A., & Thurasamy, R. (2017). The impact of sustainable manufacturing practices on sustainability performance. International Journal of Operations & Production Management, 37(2), 182–204. Doi:10.1108/ijopm-04-2015-0223
Angela, P., & Handoyo, S. (2021). The determinants of environmental disclosure quality: Empirical evidence from Indonesia. Journal of Accounting Auditing and Business, 4(1). Doi: 10.24198/jaab.v4i1.31489
A. Ivan, and S. Raharja. (2021). Pengaruh Kepemilikan Keluarga, Kepemilikan Institusi dan Kepemilikan Asing terhadap Kinerja Keuangan Perusahaan. Diponegoro Journal of Accounting, 10(2).
Acemoglu, D., Aghion, P., Bursztyn, L., & Hemous, D. (2012). The Environment and Directed Technical Change. American Economic Review, 102(1), 131-166.
Ahmad, A., Ikram, A., Rehan, M. F., & Ahmad, A. (2022). Going green: Impact of green supply chain management practices on sustainability performance. Frontiers in Psychology, 13, 973676. https://doi.org/10.3389/fpsyg.2022.973676
Ahmadi-Gh, Z., & Bello-Pintado, A. (2022). Why is manufacturing not more sustainable? The effects of different sustainability practices on sustainability outcomes and competitive advantage. Journal of Cleaner Production, 337, 130392. https://doi.org/10.1016/J.JCLEPRO.2022.130392
AL-Khatib, A. W., & Shuhaiber, A. (2022). Green intellectual capital and green supply chain performance: does big data analytics capabilities matter?. Sustainability, 14(16), 10054. https://doi.org/10.3390/su141610054
Ali, H.; Chen, T., & Hao, Y. (2021). Sustainable Manufacturing Practices, Competitive Capabilities, and Sustainable Performance: Moderating Role of Environmental Regulations. Sustainability, 13(18), 1-18, 10051. https://doi.org/10.3390/su131810051
Ambec, S., & Lanoie, P. (2008). Does it pay to be green? A systematic overview. Academy of Management Perspectives, 22(4). https://doi.org/10.5465/amp.2008.35590353
Amini Chermahini, M., & Saremi, Y. (2018). Intellectual Capital and Corporate Performance in the Context of Sustainability. Sustainability Accounting, Management and Policy Journal, 9(4), 441-467.
Anex, R., P. (2000). Stimulating Innovation in Green Technology. American Behavioral Scientist. Vol 44 (2), pp 188-212.
Babiak, K., & Trendafilova, S. (2011). CSR and environmental responsibility: Motives and pressures to adopt green management practices. Corporate Social Responsibility and Environmental Management, 18(1). https://doi.org/10.1002/csr.229
Benevene, P., Buonomo, I., Kong, E., Pansini, M., & Farnese, M. L. (2021). Management of green intellectual capital: Evidence-based literature review and future directions. Sustainability, 13(15), 8349. https://doi.org/10.3390/su13158349
Bhanot, N., Rao, P. V., & Deshmukh, S. G. (2017). An integrated approach for the enablers and barriers of sustainable manufacturing. Journal of Cleaner Production, 142, 4412–4439. Doi:10.1016/j.jclepro.2016.11.123
Bilgin, M. (2009). The PEARL model: Gaining competitive advantage through sustainable development. Journal of Business Ethics, 85(SUPPL. 3). https://doi.org/10.1007/s10551-009-0210-1
Bottani, E.; Gentilotti, M.C.; Rinaldi, M. A. (2017). Fuzzy logic-based tool for the assessment of corporate sustainability: A case study in the food machinery industry. Sustainability, 9, 583.
Brown, T. A. (2015). Confirmatory factor analysis for applied research. Guilford Publications.
Burritt, R. L., Herzig, C., Schaltegger, S., & Viere, T. (2019). Diffusion of environmental management accounting for cleaner production: Evidence from some case studies. Journal of Cleaner Production, 224, 479-491.
Cantele, C., Zardini, A.(2018). Is Sustainability a Competitive Advantage for Small Business? An Empirical Analysis of Possible Mediators in The Sustainability-Financial Performance Relationship. Journal of Cleaner Production,182,166-176.
Carroll, A. B. (1999). Corporate social responsibility: Evolution of a definitional construct. Business and Society, 38(3). https://doi.org/10.1177/000765039903800303
Chang, C. and Chen, Y. (2012), “The determinants of green intellectual capital”, Management Decision, Vol. 50 No. 1, pp. 74-94. https://doi.org/10.1108/00251741211194886
Chandra, M., & Augustine, Y. (2019). Pengaruh Green Intellectual Capital Index dan Pengungkapan Keberlanjutan Terhadap Kinerja Keuangan dan Non Keuangan Perusahaan dengan Transparansi sebagai Variabel Moderasi. Jurnal Magister Akuntansi Trisakti. https://doi.org/10.25105/jmat.v6i1.5066
Chen, YS., Lai, SB. & Wen, CT.(2006).The Influence of Green Innovation Performance on Corporate Advantage in Taiwan. Jurnal of Business Ethics 67, 331–339. https://doi.org/10.1007/s10551-006-9025-5
Chen, Y.S., 2008. The driver of green innovation and green image-green core competence. Jurnal of Business Ethics. 81 (3), 531–543.
Chung, Y. C., and Tsai, C. H. (2007). The Effect of Green Design Activities on New Product Strategies and Performance: An Empirical Study among High-tech Companies. International Journal of Management, 24(2).
Coad, A., & Guenther, C. (2014). Processes of firm growth and diversification: theory and evidence. Small Business Economics, 43, 857-871. https://doi.org/10.1007/s11187-014-9566-4.
Creswell, J. W., & Plano Clark, V. L. (2017). Designing and Conducting Mixed Methods Research. SAGE Publications.
D’Angelo, V., Cappa, F., & Peruffo, E. (2022). Green manufacturing for sustainable development: The positive effects of green activities, green investments, and non-green products on economic performance. Business Strategy and the Environment, 32(4), 1900–1913. https://doi. Org/10.1002/bse.3226
De Felice, A. P. (2015). Optimization of Manufacturing System through World Class Manufacturing. IFAC-PapersOnLine. 48(3), 741-746. https://doi.org/10.1016/j.ifacol.2015.06.171.
de Winter*, J. C. F., Dodou*, D., & Wieringa, P. A. (2009). Exploratory Factor Analysis With Small Sample Sizes. Multivariate Behavioral Research, 44(2), 147–181. https://doi.org/10.1080/00273170902794206
Dhyanasaridewi, I., & Augustine, Y. (2021). The Role Of Sustainability Innovations And E-Bussiness, In Achieving Firm Performance With A Sustainable Competitive Advantage As Mediation. Jurnal Ekonomi, 3(1).
Diabat, A., Kannan, D., & Mathiyazhagan, K. (2014). Analysis of enablers for implementation of sustainable supply chain management – A textile case. Journal of Cleaner Production, 83, 391–403. Doi:10.1016/j.jclepro.2014.06.081.
Digalwar,A.,K., Mundra,N., Tagalpallewar,A.,R., Sunnapwar,V.,K. (2017) “Road map for the implementation of green manufacturing practices in Indian manufacturing industries: An ISM approach”, Benchmarking: An International Journal, Vol. 24 Issue: 5, pp.1386-1399, https:// doi.org/10.1108/BIJ-08-2015-0084.
Dubey, R., Gunasekaran, A., Papadopoulos, T., & Childe, S. J. (2015). Green supply chain management enablers: Mixed methods research. Sustainable Production and Consumption, 4, 72–88. Doi:10.1016/j.spc.2015.07.001.
Easley, D. and O’Hara, M. (2004), “Information and the cost of capital”, Journal of Finance, Vol. 59, pp. 1553-84.
Eiadat, Y., Kelly, A., Roche, F., & Eyadat, H. (2008). Green and competitive? An empirical test of the mediating role of environmental innovation strategy. Journal of World Business, 43(2), 131–145.
Elkins, P., Zenghelis, D. (2021). The cost and benefits of environmental sustainability. Institute for Global Environmental Strategies. Vol 16, pp949-965.
Fabrigar, L. R., Wegener, D. T., MacCallum, R. C., & Strahan, E. J. (1999). Evaluating the use of exploratory factor analysis in psychological research. Psychological Methods, 4(3), 272–299.
Firmansyah, A. (2017). “Pengaruh Green Intellectual Capital dan Manajemen Lingkungan Organisasi Terhadap Green Organization dan Dampaknya Terhadap Green Competitive Advantage, Jurnal Substansi, Vol 1 (1).
Garetti, M., and Taisch, M. (2012). Sustainable manufacturing: trends and research challenges, Production Planning & Control, 23, 83-104.
Ghozali, Imam. (2017). Ekonometrika Teori, Konsep dan Aplikasi dengan IBM Small Stata 14.2. Semarang: Badan Penerbit Universitas Diponegoro.
Giwangkara, J. (2021). The Urgency of Renewable Energy Transition in Indonesia. Problema Transisi Enegi di Indonesia, 1-24.
Gryglewicz, S. A theory of corporate financial decisions with liquidity and solvency concerns. J. Financ. Econ. 2011, 99, 365–384.
Gujarati, D. N., & Porter, D. C. (2017). Basic econometrics 5th edition.
Guthrie, J., Petty, R., Yongvanich, K., & Ricceri, F. (2004). Using content analysis as a research method to inquire into intellectual capital reporting.
Guo, C. Q., Wang, X., Cao, D. D., & Hou, Y. G. (2022). The impact of green finance on carbon emission—analysis based on mediation effect and spatial effect. Frontiers in Environmental Science, 10, 844988. https://doi.org/10.3389/fenvs.2022.844988
Hair, J. F., Risher, J. J., Sarstedt, M., & Ringle, C. M. (2019). When to use and how to report the results of PLS-SEM. European Business Review, 31(1), 2-24. https://doi.org/10.1108/EBR-11-2018- 0203
Haleem, A., Javaid, M., Singh, R. P., Suman, R., & Qadri,M. A. (2023). A pervasive study on Green Manufacturing towards attaining sustainability. Green Technologies and Sustainability, 1(2), 100018. https://doi.org/10.1016/j.grets.2023.100018.
Hayes, A. F. (2013). Methodology in the social sciences.Introduction to mediation, moderation, and conditional process analysis: A regression-based approach. Guilford Press.
Hironaka, C. (2016). Sustainability and Business: What is Green Company Image? IOP Conference Series Earth and Environmental Science, 32(1). 10.1088/1755-1315/32/1/012049
Henock, M.S. Financial sustainability and outreach performance of saving and credit cooperatives: The case of Eastern Ethiopia. Asia Pac. Manag. Rev. 2019, 24, 1–9.
Hermundsdottir, A., Aspelund, A.(2022). Competitive Sustainable Manufacturing – Sustainable Strategies, Environmental and Social Innovations, and Their Effects on Firm Performance. Journal of Cleaner Production, 370. https://doi.org/10.1016/j.jclepro.2022.133474.
Hsiao, C.-Y., Huang, S.-M., Kang, Y.-Y., & Li, Y.-X. (2022). The Impact of ESG Performance on Business Performance before and after the COVID-19-Taking the Chinese Listed Companies as a Sample. Asian Journal of Economics, Business and Accounting, 22(5), 56–68. https://doi.org/10.9734/ajeba/2022/v22i530563
Huang, J. W., & Li, Y. H. (2017). Green innovation and performance: The view of organizational capability and social reciprocity. Journal of Business Ethics, 145, 309-324. https://doi.org/10.1007/s10551-015-2903-y
Huang, S. Y., Ye, H. Y., Zhang, H. Y., Zeng, Y., & Chen, S. H. (2021). The Impact of Technological Innovation on the Financial Sustainability of Enterprises—Taking the New Energy Industry as an Example. China Science and Technology Forum, 2, 51-57.
Hwang, J.; Kim, H.; Jung,D.(2021). The Effect of ESG Activities on Financial Performance during the COVID-19 Pandemic—Evidence from Korea. Sustainability (13). https://doi.org/10.3390/su132011362
Inman, R.A., Green, K.W., 2018. Lean and green combine to impact environmental and operational performance. Int. J. Prod. Res. 56 (14), 4802–4818. https://doi.org/ 10.1080/00207543.2018.1447705.
Jenkin, T. A., Webster, J., & McShane, L. (2011). An agenda for “Green” information technology and systems research. Information and Organization, 21(1), 17–40. Doi:10.1016/j.infoandorg.2010.09.003
Jiakui, C., Abbas, J., Najam, H., Liu, J., & Abbas, J. (2023). Green technological innovation, green finance, and financial development and their role in green total factor productivity: Empirical insights from China. Journal of Cleaner Production,382,135131.https://doi.org/https://doi.org/10.1016/j.jclepro.2022.135131
Johnston, M. P. (2017). Secondary Data Analysis: A Method of which the Time Has Come. Qualitative and Quantitative Methods in Libraries (QQML), 3, 619-626.
Keefe, Joseph F. (2011). “From socially responsible investing to sustainable investing”. Green Money Journal, Spring.
Khan, H. H. A., Ahmad, N., Yusof, N. M., & Chowdhury, M. A. M. (2024). Green finance and environmental sustainability: a systematic review and future research avenues. Environmental Science and Pollution Research, 31(6), 9784-9794. Doi: https://doi.org/10.1007/s11356-023-31809-6
Khotari, S.,P., Werner, J., B. (2006). Econometrics of Event Studies. Handbook of Corporate Finance: Empirical Corporate Finance. Vol A, Ch 1.
Kotsantonis, S., Serafeim, G., & Serafeim, I. (2016). Common risk factors in the returns on stocks and bonds. Harvard Business School Working Paper, 16(45).
Kumar, S., Sharma, D., Rao, S., Lim, W. M., & Mangla, S. K. (2022). Past, present, and future of sustainable finance: insights from big data analytics through machine learning of scholarly research. Annals of Operations Research, 1-44. Doi: https://doi.org/10.1007/s10479-021-04410-8
Laari, S., Toyli, ¨ J., Ojala, L., 2017. Supply chain perspective on competitive strategies and green supply chain management strategies. J. Clean. Prod. 141, 1303–1315. Doi: https://doi.org/10.1016/j.jclepro.2016.09.114.
Lai, K.H., Wong, C.W., 2012. Green logistics management and performance: some empirical evidence from Chinese manufacturing exporters. Omega 40 (3), 267–282.
Lai, X. (2019). Green Technology Innovations Development in China: Trend and Application. In (Ed.), Innovation in Global Green Technologies 2020. IntechOpen. Doi: https://doi.org/10.5772/intechopen.89599.
Liu, C., & Wu, S. S. (2023). Green finance, sustainability disclosure and economic implications. Fulbright Review of Economics and Policy, 3(1), 1-24.
Loderer, C., & Waelchli, U. (2010). Protecting minority shareholders: Listed versus unlisted firms. Financial Management, 39(1), 33–57. Doi: https://doi.org/10.1111/j.1755- 053X.2009.01065.x
Lodhia, S. K., & Sharma, U. (2019). Sustainability accounting and reporting: recent perspectives and an agenda for further research. Pacific Accounting Review, 31 (3), 309-312. https://doi.org/10.1108/PAR-02-2019-121
Luchs, M.G., Naylor, R.W., Irwin, J.R., Raghunathan, R., 2010. The sustainability liability: Potential negative effects of ethicality on product preference. J Mark. 74 (5), 18–31.
Lusmeida, H., Augustine, Y. (2022). The Effect of Enterprise Risks Management, Towards Sustainable Finance Moderated By Intellectual Capital. Technium Social Sciences Journal. 29, 481-496.
Macchiavello, E., & Siri, M. (2022). Sustainable finance and fintech: Can technology contribute to achieving environmental goals? A preliminary assessment of ‘green fintech’and ‘sustainable digital finance’. European Company and Financial Law Review, 19(1), 128-174.
Malek, J. & Desai, J. T. (2019). Interpretive structural based analysis of sustainable manufacturing enablers, J. Clean. Prod. 238, https://doi.org/10.1016/j. jclepro.2019.117996.
Malek,J., & Desai,T.N.(20 19). Prioritization of sustainable manufacturing barriers using Best Worst Method, J. Clean. Prod. 226, 589–600, https://doi.org/10.1016/j. jclepro.2019.04.056.
Malek,J., & Desai,T.N.(2022). Investigating the role of sustainable manufacturing adoption in improving the organizational performance. Technology in Society. https://doi.org/10.1016/J.TECHSOC.2022.101940
Malviya, R. Kant. (2017). Modeling the enablers of green supply chain management: an integrated ISM – fuzzy MICMAC approach, Benchmark Int. J. 536–568, https://doi.org/10.1108/BIJ-08-2015-0082.
Mansoor, A., Jahan, S., & Riaz, M. (2021). Does green intellectual capital spur corporate environmental performance through green workforce?. Journal of Intellectual Capital, 22(5), 823-839. https://doi.org/10.1108/JIC-06-2020-0181
Marco-Lajara, B., Zaragoza-Sáez, P.C., Martínez-Falcó, J. and Sánchez-García, E. (2023), “Does green intellectual capital affect green innovation performance? Evidence from the Spanish wine industry”, British Food Journal, Vol. 125 No. 4, pp. 1469-1487. https://doi.org/10.1108/BFJ-03-2022-0298
Marquis, C., Qian, C., 2013. Corporate social responsibility reporting in China: symbol or substance? Organ. Sci. 25 (1), 127–148.
Mathiyazhagan, K., Govindan, K., & Noorul Haq, A. (2013). Pressure analysis for green supply chain management implementation in Indian industries using analytic hierarchy process. International Journal of Production Research, 52(1), 188–202. Doi:10.1080/00207543.2013.831190
Migliorelli, M. (2021). What do we mean by sustainable finance? Assessing existing frameworks and policy risks. Sustainability, 13(2), 975. Doi: https://doi.org/10.3390/su13020975
Mistry, V., Sharma, U., & Low, M. (2014). Management accountants' perception of their role in accounting for sustainable development: An exploratory study. Pacific Accounting Review, 26(1/2), 112-133.
Nachrowi, N. D., & Usman, H. (2006). Pendekatan dan praktis ekonometrika untuk analisis ekonomi dan keuangan. Jakarta: Lembaga Penerbit Fakultas Ekonomi Universitas Indonesia.
Nagariya, R., Kumar, D., Kumar, I., & Patel, B. S. (2021). Service only supply chain: Sustainable practices for achieving higher performance and sustainable development goals. In Handbook of research on novel practices and current successes in achieving the sustainable development goals, 242–258). IGI Global. https://doi.org/10.4018/978-1-79988426-2.ch012
Nilayanti, M.,Suaryana, IGA. (2019). Pengaruh Kepemilikan Manajerial dan Kepemilikan Institusional Terhadap Kinerja Keuangan Perusahaan Dengan Kebijakan Deviden Sebagai Pemoderasi. E-Jurnal Akuntansi Universitas Udayana, 26(2), 906-936.
Nguyen, N.,P, Adomako, S.(2021). Environmental proactivity, competitive strategy, and market performance: The mediating role of environmental reputation. Bus Strat Env, 30. https://doi.org/10.1002/bse.2729
Nguyen, T. T. T., Nguyen, T. T. T., Tran, T. T., Luong, T. A., & Luu, K. C. (2022). The effect of corporate social responsibility on green supply chain management and firm performance. Uncertain Supply Chain Management, 10(3). https://doi.org/10.5267/j.uscm.2022.3.013
Oktris, L., Augustine, Y., Arsjah, R. J. (2022). Pengungkapan Emisi Karbon. Pustaka Pranala. Yogyakarta.
Olayeni, A., Ogbo, A., Okwo, H., Chukwu, B., Ifediora, C., & Ezenwakwelu, C. (2021). Green Strategy Effect on Financial and Environmental Performance: A Mediation Analysis of Product Quality. Sustainability, 13(4), 2115. MDPI AG. Retrieved from http://dx.doi.org/10.3390/su13042115.
Orlitzky, Marc, Frank L. Schmidt, and Sara L. Rynes. (2003) “Corporate Social and Financial Performance: A Meta-Analysis.” Organization Studies 24(3).
Paul, M., et al. (2024). Sustainable Manufacturing: A Review and Framework Derivation. Sustainability, 16(1), 119. DOI: 10.3390/su16010119
Pastor, L., Veronesi, P. (2009). Technological Revolutions and Stock Prices. American Economic Association. Vol 99(4), pp1451-1483.
Peng, Y.S., Lin, S.S. (2008). Local responsiveness pressure, subsidiary resources, green management adoption and subsidiary’s performance: evidence from Taiwanese manufactures. J. Bus. Ethics 79 (1–2), 199–212.
Prasad, R.P. Pradhan, K. Gaurav, P.P. Chatterjee, I. Kaur, S. Dash, S. Nayak. (2018). Analysing the critical success factors for implementation of sustainable supply chain management: an Indian case study. 3–25, https://doi.org/10.1007/s40622-017-0171-7.
Qiu, J., Wang, J., Zhou, Y. (2018). Technology and Return Predictability. SSRN.
Rachmawati, S. (2021). Green Strategy Moderate The Effect of Carbon Emission Disclosure and Environmental Performance on Firm Value. International Journal of Contemporary Accounting. Vol 3(2). Pp133-152. http://dx.doi.org/10.25105/ijca.v3i2.12439.
Rao, P. and Holt, D. (2005). Do green supply chains lead to competitiveness and economic performance?, International Journal of Operation and Production Management, Vol 5, Issue 9, pp. 898 – 916.
Raar, Jean. (2002). “Environmental initiatives: towards triple-bottom line reporting”. Corporate Communication: an International Journal. Volume 7 Number 3 pp. 169-183.
Rodrigues, M., & Franco, M. (2023). Green Innovation in Small and Medium-Sized Enterprises (SMEs): A Qualitative Approach. Sustainability, 15(5), 4510. https://doi.org/10.3390/su15054510
S. Dhull, M. Narwal. (2018). Prioritizing the drivers of green supply chain management in Indian manufacturing industries using fuzzy TOPSIS method : government , industry , environment , and public perspectives, Process Integration and Optimization for Sustainability, 2, 47–60.
Saha, M., Darnton, G., 2005. Green companies or green companies: are companies really green, or are they pretending to be? Bus. Soc. Rev. 110 (2), 117–157.
Salwa et. al. (2017). The impact of sustainable manufacturing practices on sustainability performance: empirical evidence from Malaysia. International Journal of Operations & Production Management, Vol. 37 (2). http://dx.doi.org/10.1108/IJOPM-04-2015-0223.
Sardaro, R.; Bozzo, F.; Petrillo, F.; Fucilli, V. Measuring the financial sustainability of vine landraces for better conservation programmes of Mediterranean agro-biodiversity. Land Use Policy 2017, 68, 160–167.
Schaltegger, S., & Burritt, R. (2017). Contemporary environmental accounting: issues, concepts and practice. Routledge.
Scharmer VM, Vernim S, Horsthofer-Rauch J, Jordan P, Maier M, Paul M, Schneider D, Woerle M, Schulz J, Zaeh MF. Sustainable Manufacturing: A Review and Framework Derivation. Sustainability. 2024; 16(1):119. https://doi.org/10.3390/su16010119
Schwab, L.; Gold, S.; Reiner, G. (2019). Exploring financial sustainability of SMEs during periods of production growth: A simulation study. Int. J. Prod. Econ, 212, 8–18.
Sekaran, U. and Bougie, R. (2016) Research Methods for Business A Skill-Building Approach. 7th Edition, Wiley & Sons, West Sussex.
Setyowati, A. B. (2023). Governing sustainable finance: insights from Indonesia. Climate Policy, 23(1), 108-121. Doi: https://doi.org/10.1080/14693062.2020.1858741
Shamsi, M. K.; Siddiqui, Z.,S. (2017). Green Product and Customer Behaviour: An Analytical Study. Pertanika Journal of Social Science and Humanities, 25(4), 1545-1554.
Sharma S, Durand RM, Gur-Arie O (1981) Identification and analysis of moderator variables. J Mark Res 18:291–300
Singh, S. Rastogi (2003). Technological Dynamism in Asia. Research Policy, 32(6), 1031-1054.
Singh, S. Rastogi, M. Aggarwal. (2016). Analyzing the factors for implementation of green supply chain management. 246–264, https://doi. Org/10.1108/CR-06-2015-0045.
Singh, S. K., Chen, J., Del Giudice, M., & El-Kassar, A. N. (2019). Environmental ethics, environmental performance, and competitive advantage: Role of environmental training. Technological Forecasting and Social Change, 146, 203-211. https://doi.org/10.1016/j.techfore.2019.05.032
Soewarno, N., Tjahjadi, B., & Fithrianti, F. (2019). Green innovation strategy and green innovation: The roles of green organizational identity and environmental organizational legitimacy. Management decision, 57(11), 3061-3078.
Song, W &Yu, H. (2017). Green Innovation Strategy and Green Inovation: The Roles of Green Creativity and Green Organizational Identity. https://doi.org/10.1002/csr.1445
Sudibyo. (2019). The Adoption of Environmental Consciousness and Environmental Leadership as driver of Competitive Advantage. OIDA International Journal of Sustainable Development, 12(9).
Sugiharti, L., Rudi Purwono, D., Primanthi, M. R., & Padilla, M. A. E. (2019). Indonesia Industrial Productivity Growth: Evidence of Re-Industrialization od De-Industrialization?. Periodica Polytechnica Social and Management Sciences, 27(2), 108-118.
Sun, William, Celine Louche, and Roland Pérez. (2015) “Finance and Sustainability: Exploring the Reality We Are Making in Finance and Sustainability: Towards a New Paradigm.” A Post-Crisis Agenda. Emerald Group Publishing Limited: Bingley, UK, pp. 3–15.
Sustainable Finance. High-level definitions. (2020) International Capital Market Association (ICMA), Zurich.
Takeaways, K. (2019). The ESG Advantage: Exploring Links To Corporate Financial Performance.
Toke, L.,K., Kalpande, S.,D. (2017). A Framework of Enabler’s Relationship for Implementation of Green Manufacturing in Indian Contect. International Journal of Sustainable Development and World Ecology. http://dx.doi.org/10.1080/13504509.2017.1393635
The World Commission on Environment and Development (1987) “Our Common Future.” WCED, Oslo.
Touchen Li, et. al. 2018. Research on the effect of Green Technology Innovation in China’s Provincial High-End Manufacturing Industry Based on the RAGA-PP-SFA Model. Mathematical Problems in Engineering. https://doi.org/10.1155/2018/9463707.
United Nations (1972). Declaration of the United Nations Conference on the Human Environment. United Nations.
Valero-Gil, J., Surroca, J. A., Tribo, J. A., Gutierrez, L., & Montiel, I. (2023). Innovation vs. standardization: The conjoint effects of eco-innovation and environmental management systems on environmental performance. Research Policy, 52(4), 104737.
Weber, Olaf, and Sven Remer. (2011).Social Banks and the Future of Sustainable Finance. Routledge: New York, USA, pp. 15–47.
Wedari, L. K., & Alfian, H. (2024). Does Green Innovation Impact on Profitability of Indonesian Consumer Non-Cyclicals Companies?. International Journal of Sustainable Development & Planning, 19(7).
Wicki S, Hansen EG. (2019). Green technology innovation: Anatomy of exploration processes from a learning perspective. Bus Strat Env. 28. 970–988. https://doi.org/10.1002/bse.2295
Wu, W.P., 2008. Dimensions of social capital and firm competitiveness improvement: the mediating role of information sharing. J. Manag. Stud. 45 (1), 122–146.
Wong, Ken. (2013). Partial least squares structural equation (PLS-SEM) techniques using SmartPLS. Marketing Bulletin. 24. 1-32.
Xi, L. S., & Zhao, H. (2022). Executive Dual Environmental Perceptions, Green Innovation and Corporate Sustainability Performance. Economic Management, 44, 139-158.
Xu.,F., Ji.,Q.,Yang.,M. (2021). The Pitfall of Selective Environmental Information Disclosure on Stock Price Crash Risk: Evidence from Polluting Listed Companies in China. Frontiers in Environmental Science.
Yang, J., et al., Strategic flexibility, green management, and firm competitiveness in an emerging economy, Technol. Forecast. Soc. Change (2015), http://dx.doi.org/10.1016/j.techfore.2015.09.01
Yang, Z. (2023). The impact of green finance on high-quality economic development in China: vertical fiscal imbalance as the moderating effect. Sustainability, 15(12), 9350. https://doi.org/10.3390/su15129350
Yuliana, Y., & Wedari, L. K. (2023). Carbon Performance, Green Strategy, Financial Performance Effect on Carbon Emissions Disclosure: Evidence from High Polluting Industry in Indonesia. International Journal of Sustainable Development & Planning, 18(5).
Zabolotnyy, S.; Wasilewski, M.(2019). The Concept of Financial Sustainability Measurement: A Case of Food Companies from Northern Europe. Sustainability,11(18),https://doi.org/10.3390/su11185139
Zahra, A., Ayub,H.& Abdullah.(2022). Impact of Green Intellectual Capital on Sustainable Green Banking: Moderating Role of Competitive Pressure. Journal of Accounting and Finance in Emerging Economies, 8 (2), 251-262.
Zairis, G., Liargovas, P., & Apostolopoulos, N. (2024). Sustainable finance and ESG importance: A systematic literature review and research agenda. Sustainability, 16(7), 2878. Doi: https://doi.org/10.3390/su16072878
Zhang, N., Sun, J., Tang, Y., Zhang, J., Boamah, V., Tang, D., & Zhang, X. (2023). How Do Green Finance and Green Technology Innovation Impact the Yangtze River Economic Belt’s Industrial Structure Upgrading in China? A Moderated Mediation Effect Model Based on Provincial Panel Data. Sustainability, 15(3), 2289. MDPI AG. Retrieved from http://dx.doi.org/10.3390/su15032289
Zihan, W., & Makhbul, Z. K. M. (2024). Green Human Resource Management as a Catalyst for Sustainable Performance: Unveiling the Role of Green Innovations. Sustainability, 16(4), 1453. https://doi.org/10.3390/su16041453
Zioło, M. et al (2019) “How to Design More Sustainable Financial Systems: The Roles of Environmental, Social, and Governance Factors in the Decision-Making Process.” Sustainability 11(20)
Ziolo, M. et al. (2021). Sustainable Finance Systems Toward Sustainable Finance. Institutional and Managerial Approach. Procedia Computer Science. DOI 10.1016/j.procs.2021.09.200
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Sebastianus Laurens, Khomsiyah Khomsiyah, Titik Aryati

This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish their manuscripts in this journal agree to the following conditions:
- The copyright on each article belongs to the author(s).
- The author acknowledges that the Dinasti International Journal of Education Management and Social Science (DIJEMSS) has the right to be the first to publish with a Creative Commons Attribution 4.0 International license (Attribution 4.0 International (CC BY 4.0).
- Authors can submit articles separately, arrange for the non-exclusive distribution of manuscripts that have been published in this journal into other versions (e.g., sent to the author's institutional repository, publication into books, etc.), by acknowledging that the manuscript has been published for the first time in the Dinasti International Journal of Education Management and Social Science (DIJEMSS).









































