DAMPAK GREEN FINANCE DAN FAKTOR- FAKTOR KEBERLANJUTAN TERHADAP KINERJA KEUANGAN PERUSAHAAN: SYSTEMATIC LITERATURE REVIEW

Abstrak

This study examines the impact of green finance and sustainability-related factors on corporate financial performance through a Systematic Literature Review (SLR) of 28 SINTA-accredited journal articles published between 2021 and 2025. The literature was collected using Publish or Perish from Google Scholar and Scopus databases and selected through a PRISMA-based screening process to ensure relevance and quality. The review reveals mixed and inconclusive findings regarding the relationship between green finance instruments, including Corporate Social Responsibility (CSR), green accounting, and Environmental, Social, and Governance (ESG) practices, and financial performance, where some studies report positive effects through improved efficiency, reputation, and investor confidence, while others find insignificant or negative impacts due to high implementation costs and sector-specific characteristics. Methodologically, prior studies are predominantly quantitative and rely on multiple linear regression, with stakeholder theory and legitimacy theory as the dominant theoretical frameworks. This study also identifies significant research gaps, particularly the limited adoption of IFRS Sustainability Disclosure Standards (IFRS S1 and IFRS S2) and the weak alignment between green finance practices and the Sustainable Development Goals (SDGs), as well as the concentration of research in the manufacturing sector. The findings contribute to the sustainability accounting literature by synthesizing recent empirical evidence and highlighting the need for future research that integrates global sustainability reporting standards and broader sectoral coverage to better assess the long-term financial implications of green finance in Indonesia.