PENGARUH DIGITALISASI EKONOMI TERHADAP PEMBANGUNAN BERKELANJUTAN DI INDONESIA: PENDEKATAN ARDL

2026-05-14T06:52:29+00:00

Purpose – This study analyzes the impact of economic digitalization on sustainable development in Indonesia by employing Adjusted Net Savings (ANS) as a proxy for intergenerational sustainability. It also investigates whether human capital enhances the effectiveness of digitalization in generating long-term sustainable economic outcomes. Research Paper Design/methodology/approach – The research utilizes annual time-series data covering the period 2005–2024, sourced from Statistics Indonesia, Bank Indonesia, the Ministry of Finance, and the World Bank. Economic digitalization is proxied by household internet access, electronic money transaction value, the number of internet subscribers, and government ICT expenditure, while human capital is measured by average years of schooling. The empirical strategy integrates multiple linear regression and Moderated Regression Analysis (MRA) to estimate direct and conditional effects. To capture dynamic relationships, the Autoregressive Distributed Lag (ARDL) model and Bounds Testing approach are employed to examine short-run and long-run cointegration. Findings – The results reveal that economic digitalization exerts a positive and statistically significant effect on ANS in both the short and long run. Electronic money transactions and internet subscription growth emerge as the most influential drivers of sustainability. The Bounds Test confirms the presence of long-run cointegration, and MRA results indicate that human capital significantly strengthens the digitalization.sustainability impact of Originality/value – This study provides dynamic national-level evidence on the sustainability implications of digital transformation and highlights the moderating role of human capital in digital-led development.

PENCEGAHAN FRAUND DALAM MENDUKUNG PEMBANGUNAN BERKELANJUTAN

2026-05-14T06:53:57+00:00

This study aims to explore how fraud prevention efforts can play a strategic role in supporting the sustainable development agenda in Indonesia. This research is driven by the concern that fraud practices are not merely financial crimes, but serious threats that erode public trust and hinder the equitable distribution of welfare, which are the ideals of development. This study employs a qualitative approach using a systematic literature review method. Data were collected from various reputable scientific journals, current textbooks, and government regulations. The analysis was conducted by dissecting the literature to find the common thread between fraud theory and sustainability principles. The findings indicate that effective fraud prevention—through radical transparency, measurable accountability, and good governance—has a direct positive impact on economic and social sustainability. Strengthening internal controls and adopting digital technology are identified as vital instruments to cut off opportunities for fraud, ensuring that state resources truly reach the people who need them. The novelty of this research lies in the perspective that positions fraud prevention not just as a technical accounting mechanism, but as a moral and strategic pillar within the framework of sustainable development (SDGs). This addresses a gap in the literature that has tended to separate forensic audit issues from macro development issues

DIGITAL GREEN WAQF: INTEGRASI WAKAF HIJAU DAN KEUANGAN SYARIAH DIGITAL DALAM MENDUKUNG SDGs

2026-05-14T07:50:22+00:00

The global environmental crisis requires
substantial and sustainable financing, yet the
realization of productive waqf in Indonesia
remains limited and largely concentrated in
static assets, creating a financing gap for green
economic development. This study aims to
develop a conceptual model of Digital Green
Waqf as an alternative financing framework by
leveraging Indonesia’s estimated annual waqf
potential of IDR 180 trillion. This research adopts
a qualitative approach through a literature
review, synthesizing relevant secondary sources
using descriptive analytical techniques. The
study conceptually demonstrates that the
utilization of digital sharia-based financial
platforms has the potential to enhance
transparency, inclusiveness, and accountability
in waqf management, thereby enabling the
strategic allocation of waqf funds to
environmentally sustainable sectors such as
renewable energy and reforestation. The
findings are presented as a conceptual
framework rather than empirical or causal
evidence and are intended to offer an integrative
perspective on mobilizing waqf for supporting
the 2030 Sustainable Development Goals (SDGs).
The proposed model is theoretically reinforced
by an expanded interpretation of maqāṣid al
sharīʿah that incorporates environmental
preservation.

DO PLASTIC BAG POLICIES AFFECT REGIONAL ECONOMIC PERFORMANCE EVIDENCE FROM SEVERAL INDONESIAN CITIES, 2015-2024

2026-05-14T07:51:02+00:00

Indonesian transition toward sustainable development has placed plastic use control at the center of environmental and economic policy debates, in line with national commitment to the Sustainable Development Goals (SDGs) and Net Zero Emission. While reducing plastic consumption is expected to lower pollution and emissions, concerns remain about potential economic consequences for regional economies and reliant on plastic packaging. Empirical evidence at regional level developing countries is limited. This study examines the impact of plastic reducing or control policies on regional economic performance in
Indonesia by exploiting variations in policy adoption across city using an annual city-level panel dataset (2015-2024) from Indonesian Statistic Bureau (BPS)
and local regulations. This study adds originality by providing city-level causal evidence on how these policies affect regional economies. Using a staggered Difference-in Difference approach, the analysis focuses on two sectors of GRDP, which are Accommodation and Food Service Activities, also Water Management, and Recycling. Results show short-term economic effects that dissipate over time, with robustness check confirming insignificant long-term impacts. Policy effectiveness depends on strong institutions, implementation fiscal quality, incentives, while and sustainable packaging adaptation can stimulate creative economic innovation. Despite data limitations, this study highlights the need for improvedimplementation design and future micro-level, also
integrated waste management data.

Analisis Potensi Panas Buang AC di Rumah Sakit

2026-05-14T08:19:35+00:00

This study analyzes the potential utilization of waste heat from split-type air conditioning (AC) systems in hospital buildings as an alternative
energy source for water heating to improve energy efficiency and reduce electricity operating costs. Hospital cooling systems consume substantial electricity and generate condenser waste heat that is typically unused. A case study was conducted on a hospital HVAC system by
identifying installed unit capacities, calculating heat rejection potential using thermodynamic parameters and energy balance, and designing a
heat recovery system with heat exchangers and storage tanks. An economic feasibility assessment was performed, including capital expenditure
(CAPEX), operational expenditure (OPEX), energy savings, and payback period calculations. The results show that total waste heat potential reaches 3,234.96 kWh per day, with approximately 70% (2,264.47 kWh per day) considered recoverable. The hospital’s hot water demand of
10,000 liters per day requires about 349 kWh of energy, which can be fully supplied by the available AC waste heat. This corresponds to a
reduction of 349 kWh in daily electricity consumption and cost savings of approximately Rp 523,500 per day or Rp 191,077,500 annually. The
required investment is estimated at Rp 700,000,000, with annual operating costs of Rp 49,710,000 and net annual savings of Rp 141,367,500, resulting in a payback period of approximately 4.95 years. The novelty of this research lies in its integrated quantitative assessment based on actual capacity data, linking waste heat potential analysis, system design, and economic feasibility evaluation for hospital utilities. The findings demonstrate that AC waste heat recovery is technically feasible, economically viable, and applicable as an energy efficiencystrategy for healthcare building services.

POTENSI LIMBAH PERTANIAN LOKAL SEBAGAI MEDIA ALTERNATIF BUDIDAYA JAMUR TIRAM

2026-05-14T07:55:54+00:00

Agricultural waste such as chili stems, corn cobs, and rice straw are abundant biomass resources in Batukarang Village, Payung District, Karo Regency, North Sumatra; however, their utilization remains limited. These materials have strong potential as alternative substrates for oyster mushroom (Pleurotus ostreatus) cultivation, which requires lignocellulosic substrates to support mycelial growth. This study aimed to examine the effects of different agricultural waste-based substrates on mycelial growth and the economic feasibility of oyster mushroom cultivation. The research employed a Completely Randomized Design (CRD) with three treatments: control medium (sawdust, rice husk, bran, and lime), Treatment 1 (local agricultural waste combined with sawdust, rice husk, bran, and lime), and Treatment 2 (local agricultural waste supplemented with bran and wood ash). Observed parameters included the percentage of successful mycelial growth, mycelial growth rate, and economic analysis consisting of Break Even Point (BEP) and Revenue Cost Ratio (R/C). The results showed that Treatment 1 and Treatment 2 achieved 100% optimal mycelial growth, higher than the control medium (80%). Biologically, Treatment 1 exhibited the most optimal mycelial growth rate, while economically, Treatment 2 showed the lowest BEP and the highest R/C value, indicating greater efficiency and profitability. This study demonstrates that the utilization of local agricultural waste as a cultivation substrate not only supports optimal mycelial growth but also improves cost efficiency and promotes sustainable resource use

INTEGRASI SKEDUL TRANSPARANSI BIAYA LINGKUNGAN UNTUK MITIGASI GREENWASHING DI INDONESIA

2026-05-14T07:57:22+00:00

Purpose – This research aims to propose a
conceptual integration strategy through a
standardized environmental cost transparency
framework to mitigate greenwashing practices in
Indonesia. It addresses the gap between narrative
sustainability
claims
and actual financial
allocations, which often leads to information
asymmetry in corporate reporting.
Design/methodology/approach – The study
employs a qualitative descriptive method with a
content analysis approach. The data is derived
from the 2024 annual reports and financial
statements of seven strategic entities on the
Indonesia Stock Exchange (IDX), selected through
purposive sampling. The analysis is conducted
through a three-stage process: identification of
narrative claims, tracing financial allocations in
the Notes to Financial Statements (CaLK), and the
construction of a reconciliation model using PSAK
57 as the accounting standard.
Findings – Qualitative content analysis identifies a
"transparency gap" where environmental discourse
lacks recognized constructive obligations. This study
formulates a conceptual Environmental Cost
Transparency Schedule to bridge narrative claims
and financial liabilities. As a theoretical synthesis—
distinct from causal empirical research—it serves as
a conceptual "guardrail" to validate sustainability
through audited financial data.
Originality/value – This study contributes a
conceptual model that integrates narrative
sustainability reporting with formal accounting
standards (PSAK 57), offering a standardized
theoretical
approach to enhance financial
transparency in the green economy.

PERAN SISTEM PEMBAYARAN DIGITAL DALAM INKLUSI KEUANGAN DAN STABILITAS EKONOMI

2026-05-14T08:01:04+00:00

The development of digital payment systems in Indonesia has grown rapidly, driven by technological advancements and increased digital financial service usage. These systems function not only as transaction tools but also as strategic instruments to promote financial inclusion and national economic stability. This study aims to analyze the role of digital payments in enhancing financial inclusion and their contribution to the national economy. Using a descriptive qualitative approach, data was gathered through literature studies of official reports from Bank Indonesia, the Financial Services Authority (OJK), and relevant scientific journals. The results indicate that innovations such as electronic money and QRIS effectively expand financial access, increase transaction efficiency, and accelerate money circulation. These factors contribute positively to economic stability. However, rapid innovation introduces challenges, including data security risks and the need for rigorous oversight. Consequently, Bank Indonesia’s role as a regulator is vital in ensuring the security, stability, and sustainability of the digital payment ecosystem to support long-term economic resilience.

Design/methodology/approach – Penelitian ini menggunakan metode pendekatan kualitatif deskriptif dengan data sekunder yang diperoleh dari laporan resmi Bank Indonesia, Otoritas Jasa Keuangan, serta jurnal ilmiah terkait sistem pembayaran digital. Pengumpulan data dilakukan melalui studi literatur dan dokumentasi, sedangkan analisi data menggunakan analisi isi untuk mengkaji peran sistem pembayaran digital terhadap inklusi keuangan dan stabilitas ekonomi nasional. Penelitian ini menggunakan software khusus dan hanya memanfaatkannya untuk

ANALISIS PENGARUH ENVIRONMENT, SOSIAL AND GOVERNANCE (ESG) TERHADAP RETURN SAHAM

2026-05-14T08:03:25+00:00

This study examines the influence of Environmental, Social, and Governance (ESG) factors on stock returns in response to the growing integration of sustainability considerations into investment decision-making. Although ESG has become increasingly important in capital markets, empirical evidence regarding its impact on stock returns remains inconclusive. Using a qualitative literature review approach, this research synthesizes findings from reputable academic journals, financial reports, and institutional publications. The analysis applies signaling theory to explain how ESG disclosure serves as non-financial information that reduces information asymmetry between firms and investors. The findings indicate that the relationship between ESG performance and stock returns is context dependent and varies across ESG dimensions. Environmental and social performance can enhance corporate reputation and reduce long-term risk, although high implementation costs may negatively affect short-term returns. Governance performance demonstrates a relatively stronger and more consistent influence due to its direct association with transparency, accountability, and investor protection. Overall, ESG does not consistently generate higher short-term stock returns but plays a significant role in strengthening long-term firm value and investor confidence. This study positions ESG as a complementary factor in sustainable investment analysis rather than a standalone determinant of stock performance.

Peran Qris Terhadap Perilaku Konsumtif Generasi Z

2026-05-14T08:06:11+00:00

This study aims to understand how the use of QRIS (Quick Response Code Indonesian Standard) affectsthe consumptive behavior of Generation Z in
Indonesia. The background of this study stems from the phenomenon of increasing use of digital payments among young people, who are known to be very familiar with technology and often make impulsive purchases. Most previous studies have focused more on the technical aspects of QRIS and its benefits for MSMEs, while its direct influence on the consumption patterns of Generation Z has not been widely studied. Therefore, this study was conducted using a descriptive qualitative approach through in-depth interviews with students aged 17– 25 who actively use QRIS in their daily lives, supplemented by field observations and supporting document reviews. The analysis was conducted by exploring the main themes from the respondents' experiences and stories, thereby obtaining a complete picture of the relationship between QRIS and consumptive behavior. The results of the study show that QRIS does indeed influence the way Generation Z shops. The ease and speed of transactions make them shop more often, even for non-urgent needs. QRIS is also seen as a symbol of modernity, encouraging them to prefer MSMEs that already provide digital payment services. On the other hand, QRIS helps MSMEs become more efficient and secure in their transactions, but it also creates new consumption habits that make financial control more difficult. The novelty of this research lies in its focus on the real experiences of Generation Z, not just the technical aspects. This research shows that QRIS is not just a payment tool, but part of a digital lifestyle that shapes new social norms. These findings are expected to enrich the literature on finance and consumer behavior, as well as provide practical input for strengthening

KONTRIBUSI AFFILIATOR TIKTOK SHOP DALAM MENINGKATKAN AKSES PASAR UMKM DALAM MEWUJUDKAN EKONOMI INDONESIA BERKELANJUTAN

2026-05-14T08:04:34+00:00

This study analyzes the contribution of TikTok Shop affiliates in expanding market access for Micro, Small, and Medium Enterprises (MSMEs) and itsimplications for sustainable economic development in Indonesia. MSMEs constitute a major pillar of the UMKM, Affiliates, TikTok Shop, national economy, contributing around 60% to GDP Sustainable Economics, Market Access. and absorbing 97% of the workforce, yet continue to face structural barriers related to market access, digital literacy, and promotional costs. The Library Research emergence of social commerce through affiliate systems offers a cost-efficient digital collaboration model that enables MSMEs to reach wider audiences. This research employs a descriptive qualitative approach through library research using secondary data from academic journals, official government reports, and digital platform publications. The findings reveal that TikTok Shop affiliates significantly enhance product visibility and consumer trust, which in turn increase MSME sales by 35–60% with lower promotional expenditures. Digitalization also strengthens entrepreneurial ecosystems by creating new income opportunities, particularly in regions such as Sumatra, where affiliate programs contribute to economic inclusion. Although digital adoption among MSMEs has reached 83.8%, persistent challenges remain in marketing quality and digital competency, necessitating continuous training and policy support. This study concludes that affiliate-based social commerce plays a strategic role in fostering MSME competitiveness and contributes to Indonesia’s sustainable and inclusive digital economy.

PEMANFAATAN ECENG GONDOK SEBAGAI VEGAN LEATHER BERBASIS GREEN ECONOMY

2026-05-14T08:12:05+00:00

The uncontrolled growth of water hyacinth (Eichhornia crassipes) in the Wonokerto River has caused serious environmental problems, including sedimentation, which directly affect surrounding communities. Therefore, this study aims to analyze the environmental impacts of water hyacinth (Eichhornia crassipes) in the Wonokerto River, examine its potential as a raw material for vegan leather production, and assess the compatibility of this utilization with green economy principles. This research employs a qualitative approach using a library research method. Secondary data were collected from relevant national and international journals. Data collection was conducted through systematic literature searches using academic databases, while data analysis was carried out using content analysis to identify key patterns, concepts, and relationships between environmental issues, material innovation, and sustainable development. The findings indicate that water hyacinth contains a high cellulose fiber content, making it a promising renewable and biodegradable raw material for vegan leather production. Compared to its conventional utilization as compost or organic fertilizer, vegan leather offers higher economic value and broader application potential, particularly in the sustainable fashion and creative industries. The originality of this study lies in its integrative conceptual approach that repositions water hyacinth from an environmental burden into a high value sustainable material within the green economy framework. However, this study is limited to a conceptual and theoretical analysis based on secondary data and does not involve laboratory testing, field observation, or quantitative economic assessment. Therefore, the findings provide a theoretical foundation and initial framework for future empirical studies on biomass-based sustainable material development.

FRAUDLENS DETEKSI FRAUD LAPORAN KEUANGAN BERBASIS BENFORD DAN ISOLATION FOREST

2026-05-14T08:38:58+00:00

Financial fraud detection is often hindered by the fundamental limitations of single method approaches, where statistical methods are prone to overlooking micro scale manipulation while

Artificial Intelligence (AI) algorithms risk bias when facing massive data distortion. To address these security gaps, this study aims to design and build a fraud detection system named FraudLens to produce an effective and affordable computer assisted audit instrument for micro entities. Using a Research and Development (R&D) approach with a prototyping model, this research utilizes simulation data (synthetic data) divided into three dataset scenarios (normal, minor manipulation, and massive) to overcome real data privacy constraints. The system development uses Python 3.10 and the Pandas library with a Streamlit web based interface, applying a hybrid analysis tool that integrates Benford's Law statistical method and the Unsupervised Machine Learning Isolation Forest algorithm. Research findings reveal significant contradictory results: in the minor manipulation scenario, the statistical method failed to detect anomalies, yet the Isolation Forest algorithm achieved a 100% detection rate, conversely, in the massive manipulation scenario, the AI algorithm experienced a fatal detection failure with only a 5.3% success rate due to the Masking Effect phenomenon, while Benford's Law successfully identified manipulation indications with a MAD score of 0.0817. The novelty of this research lies in the empirical proof that without cross validation, AI is susceptible to Normalization of Deviance, making the integration of both methods absolutely necessary to create a double layered defense mechanism that covers the blind spots of each approach in maintaining audit integrity.

FYTOGEL: WEARABLE PHYTO-INTERACTION BERBASIS POLA STRES VEGETASI VIRTUAL UNTUK MODULASI EMOSI PELAJAR DAN STIMULUS EKONOMI SIRKULAR KOMPOS BIO-DIGITAL SEKOLAH

2026-05-14T08:15:46+00:00

Urban students face increasing psychological stress
and low engagement in sustainable waste
management, driven by limited access to green
spaces and fragmented digital welleing initiatives.
This study develops and conceptually validates
FytoGel, a bio-digital wearable system integrating
phyto-interaction, virtual plant care, and micro-
scale circular economy principles within a school
digital ecosystem. Using a design based research
and early-stage R&D approach, data were
generated through literature review, system
requirement analysis, and iterative conceptual
modeling. System architecture, interaction flows,
and symbolic reward mechanisms were developed
using diagrammatic tools and low fidelity
prototyping, followed by internal coherence
validation across biological, digital, and behavioral
components. The findings indicate that FytoGel
produces coherent outputs in the form of system
models, initial prototypes, and interaction schemes,
while demonstrating that micro scale circular
economy concepts can be embedded in school
digital systems without significant operational
burden. However, no empirical evidence of
psychological effectiveness or behavioral change is
provided. The study’s originality lies in offering an
interdisciplinary conceptual framework bridging
wearable technology, phyto-interaction, and
circular economy logic as a foundation for future
experimental research.

CANTING STRATEGI DIGITALISASI TERPADU EKONOMI KREATIF DAN PARIWISATA BERKELANJUTAN DI PEKALONGAN

2026-05-14T08:17:54+00:00

This study aims to analyze the fragmentation of digital platforms supporting the creative economy and tourism ecosystem in Pekalongan and to formulate an integrated digitalization strategy through the CANTING (Creative and Tourism Integrated Networking Gateway) application. The research is conducted based on the argument that fragmented digital services reduce user experience, limit market access for creative economy actors, and hinder the realization of sustainable local economic development. A qualitative descriptive approach is employed using primary data collected through interviews with students and community members from various regions, as well as secondary data obtained from literature studies, official statistics, and policy documents. Data analysis is conducted using qualitative interpretative analysis supported by triangulation techniques, with the Technology Acceptance Model (TAM), Digital Ecosystem Theory, and sustainable tourism concepts as the analytical frameworks. The findings indicate that the current digital ecosystem of tourism and creative economy in Pekalongan is characterized by platform fragmentation, low integration of services, and suboptimal user experience. The proposed CANTING application offers an integrated mobile-based solution by combining tourism information, e-ticketing, creative economy marketplaces, cultural education, and interactive mapping into a single digital gateway. This integration is expected to enhance perceived ease of use and perceived usefulness, strengthen the linkage between tourism and

Analisis Penerapan Ekonomi Hijau melalui Implementasi Pajak Karbon pada Sektor Batu Bara di Indonesia

2026-05-14T08:20:56+00:00

The transition to a green economy makes carbon tax an important fiscal tool to reduce emissions while increasing government revenue. However, previous studies mainly discuss carbon tax from general economic, legal, or environmental perspectives, and there is still limited research linking it directly to green economic transformation in specific sectors. This study aims to examine the potential role of carbon tax in supporting environmental sustainability and economic value. Using a qualitative descriptive approach based on literature and policy review, the results show that carbon tax can encourage emission reduction, promote green investment, and support fiscal sustainability when supported by appropriate policies. The main policy implications highlight the need for stronger institutional coordination, gradual tax rate adjustments, and integration with renewable energy incentives to ensure effective and fair implementation

STOCKSENTRA KOMPAS AI LITERASI INVESTASI SAHAM PEMULA

2026-05-14T08:25:53+00:00

Indonesia has experienced rapid growth in young retail stock investors, yet investment literacy still lags
behind the pace of participation, increasing the risk of trend driven decisions. Novice investors are exposed
to fast moving digital information (news headlines and online discussions) and may accept “positive”
narratives without minimal analytical verification. This study designs and presents STOCKSENTRA
(Sentiment and Fundamental Tracker), an AI enabled educational prototype that integrates news
sentiment with issuer fundamentals to promote verificationoriented decision processes. Using a Design
Science Research (DSR) approach, the artifact combines (1) news based sentiment scoring and concise
summaries with identifiable sources and (2) key fundamental indicators with historical ratio visualizations.
Its core mechanism is a sentiment to fundamental linkage that converts news narratives into structured
verification prompts, delivered as a twosided cue (“Positive Reasons” versus “Potential Risks”). A
webbased prototype was demonstrated on Indonesian listed equities, with implementation evidence
reported through screenshots and a feature implementation matrix. The results show a stepwise
verification workflow that encourages users to consider supporting evidence and risks before forming
conclusions. This study contributes an integrated educational scaffold rather than a trading
recommendation and provides a replicable prototype concept and foundation for future userbased
effectiveness evaluation.

ANALISIS BIBLIOMETRIK PERAN CRYPTOCURRENCY DALAM MENDUKUNG INVESTMENT SUSTAINABILITY (2015–2025)

2026-05-14T08:27:27+00:00

The global shift toward sustainable investment and ESG integration has reshaped modern financial systems, encouraging the exploration of digital financial innovations that align economic performance with environmental responsibility. Among these innovations, cryptocurrency and blockchain technology have gained substantial academic attention due to their potential to enhance transparency, efficiency, and financial inclusion. However, the sustainability of cryptocurrency remains highly debated, particularly concerning energy consumption, carbon emissions, and regulatory implications. Despite the rapid growth of related publications, existing studies remain fragmented across themes such as green finance, environmental impact, decentralized finance, and digital asset governance, with limited comprehensive mapping of the field. This study aims to analyze the development, intellectual structure, and thematic evolution of global research on the role of cryptocurrency in supporting investment sustainability during the period 2015–2025. A quantitative descriptive approach using bibliometric analysis was employed. Data were collected from the Scopus database, resulting in 429 peer-reviewed journal articles selected through a systematic keyword strategy. Bibliometrix (R) was used to examine publication trends, influential contributors, and citation patterns, while VOSviewer was utilized to visualize keyword co-occurrence networks and thematic clusters. The findings indicate a significant increase in scholarly attention after 2019, reflecting growing concerns regarding sustainable digital finance and environmental accountability. Network analysis identifies sustainability, blockchain, ESG, green finance, energy consumption, and regulatory frameworks as dominant research clusters. Overlay visualization demonstrates a temporal shift from early conceptual discussions on digital currencies toward applied research focusing on environmental impacts, low-energy consensus mechanisms, and sustainable crypto investment strategies. Several emerging themes remain underexplored, offering strategic directions for future research.

HIJAU DI ATAS KERTAS INVESTASI BERKELANJUTAN DI INDONESIA

2026-05-14T08:36:30+00:00

Sustainable investment has emerged as a strategic instrument in advancing the Sustainable Development Goals (SDGs), particularly through the integration of Environmental, Social, and Governance (ESG) principles into financial decisionmaking. In Indonesia, regulatory frameworks and green financial instruments, including green bonds, have been formally established to promote responsible investment practices. However, a critical gap persists between regulatory commitments and their substantive implementation, particularly in terms of impact attribution, transparency, and monitoring mechanisms. This discrepancy raises concerns regarding accountability and the potential risk of greenwashing. This study aims to analyze the implementation of ESG-based sustainable investment in Indonesia and to identify factors contributing to the divergence between regulatory commitments and practical execution. The research employs a qualitative descriptive approach through a structured literature review of ten national and international academic articles published between 2019 and 2025, complemented by sustainability reports and relevant policy documents. Data were analyzed using content analysis to identify recurring conceptual patterns, implementation challenges, and transparency gaps. The findings reveal that although ESG regulations and disclosure requirements are institutionally established, impact measurement remains largely aggregated and insufficiently linked to project-level outcomes, limiting verifiability and increasing greenwashing risk. As a contribution, this study proposes a conceptual technology-based transparency framework in the form of a prototype application model designed to enhance ESG data integration, traceability, and monitoring mechanisms. Although illustrative and not yet empirically validated, the proposed framework provides an initial strategic approach to strengthening accountability and credibility in sustainable investment governance in Indonesia.

PERAN LITERASI INVESTOR DALAM MENDORONG INVESTASI ESG YANG BERKELANJUTAN DI INDONESIA

2026-05-14T09:29:19+00:00

This study aims to analyze the role of investor literacy in promoting the development of Environmental, Social, and Governance (ESG) based investments as part of a sustainable investment strategy in Indonesia. Although the number of capital market investors has increased significantly in recent years, the overall level of investment literacy remains relatively low. As a result, many investors tend to adopt short-term and speculative investment behaviors, limiting their participation in long-term and sustainability oriented financial instruments such as ESG investments, which integrate financial returns with environmental, social, and corporate governance considerations. This research employs a qualitative approach using a literature review method by examining relevant academic studies, official reports, and policy documents published within the last decade. The data were analyzed descriptively through several stages, including the identification of investor literacy concepts, thematic classification of findings, and synthesis of previous research to explore the relationship between literacy levels, investment behavior, and ESG preferences. The findings indicate that investor literacy plays a significant role in shaping rational and long-term investment decisions and increasing investor acceptance of ESG instruments. Improved literacy encourages a shift from speculative investments toward more sustainable investment practices. Therefore, strengthening investor education and financial literacy programs is essential to expand ESG adoption and support sustainable economic development.