Analysis of the Influence of Corporate Social Responsibility and Corporate Governance on Financial Performance in Mining Companies Mediated by Green Innovation
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Dec 29, 2024
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Abstract
Financial performance is influenced by several factors, namely corporate social responsibility and corporate governance, which are mediated by green innovation. This study uses a quantitative method. The data collection type for this research is secondary data. The sample used in the research consists of mining companies. The analysis method used in this study is Panel Regression. The purpose of this research is to analyze the effect of corporate social responsibility and corporate governance on financial performance mediated by green innovation. Financial performance is the dependent variable, corporate social responsibility and corporate governance are the independent variables, and green innovation is the mediating variable. The results of this study show that corporate social responsibility has a significant positive effect on financial performance. Corporate governance does not have a significant effect on financial performance. Green innovation did not successfully mediate the relationship between corporate social responsibility and corporate governance on financial performance.
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References
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Addini, Nurul, Charoline Cheisviyanny, and Mia Angelina Setiawan. (2019). “Analisis Pengungkapan Corporate Social Responsibility PT. Aneka Tambang Tbk Berdasarkan Global Reporting Initiatives (GRI) Dan Kaitannya Terhadap PROPER.” Jurnal Eksplorasi Akuntansi 1(3): 922–41.
Ag ustia, Dian, Tjiptohadi Sawarjuwono, and Wiwiek Dianawati. (2019). “The Mediating Effect of Environmental Management Accounting on Green Innovation - Firm Value Relationship.” International Journal of Energy Economics and Policy 9(2): 299–306.
Akdere, Çinla, and Pelin Benli. (2018). “The Nature of Financial Innovation: A Post-Schumpeterian Analysis.” Journal of Economic Issues 52(3): 717–48.
Albort-Morant, Gema, Jörg Henseler, Antonio Leal-Millán, and Gabriel Cepeda-Carrión. (2017). “Mapping the Field: A Bibliometric Analysis of Green Innovation.” Sustainability (Switzerland) 9(6): 1–15.
Aldama, Reza Adita, Eliadi Herwiyanti, and Kiky Srirejeki. (2021). “Peran Mediasi Reputasi Pada Hubungan Pengungkapan Csr Terhadap Profitabilitas Bank Di Asean Dari Perspektif Green Banking Reza Adita Aldama Eliada Herwiyanti Kiky Srirejeki.” Jurnal Bisnis dan Akuntansi 23(1): 49–64. http://jurnaltsm.id/index.php/JBA.
Arian, Adam, John Sands, and Stuart Tooley. (2023). “Industry and Stakeholder Impacts on Corporate Social Responsibility (CSR) and Financial Performance: Consumer vs. Industrial Sectors.” Sustainability 15(16): 12254.
Asni, Nur, and Dian Agustia. (2022). “Does Corporate Governance Induce Green Innovation? An Emerging Market Evidence.” Corporate Governance (Bingley) 22(7): 1375–89.
Bartolacci, Francesca, Andrea Caputo, and Michela Soverchia. (2020). “Sustainability and Financial Performance of Small and Medium Sized Enterprises: A Bibliometric and Systematic Literature Review.” Business Strategy and the Environment 29(3): 1297–1309.
Baxter, Peter. (2014). “Corporate Governance Ratings and Financial Performance: Evidence from Australia.” International Journal of Corporate Governance 5(3/4): 178.
Bear, Stephen, Noushi Rahman, and Corinne Post. (2010). “The Impact of Board Diversity and Gender Composition on Corporate Social Responsibility and Firm Reputation.” Journal of Business Ethics 97(2): 207–21.
Bekk, Magdalena, Matthias Spörrle, Rebekka Hedjasie, and Rudolf Kerschreiter. (2016). “Greening the Competitive Advantage: Antecedents and Consequences of Green Brand Equity.” Quality and Quantity 50(4): 1727–46.
Bilimora, Diana. (2000). “BllLDING THE BUSINESS CASE FOR WOMEN CORPORATE DIRECTORS DIANA BILIMOR1A.” : 25–40.
Board, C E O, James D Westphal, and Edward J Zajac. (1995). “Johnson Graduate School of Management , Cornell University Who Shall Govern ? Demographic Similarity , and New Director Selection.” Administrative Science Quarterly 40(1): 60–83.
Bonna, Adu et al. (2012). “Walden University.”
Bruner, Christopher M. (2022). “Corporate Governance Reform and the Sustainability Imperative.” Yale Law Journal 131(4): 1217–77.
Cadbury, Adrian. (2000). “The Corporate Governance Agenda.” Corporate Governance: An International Review 8(1): 7–15.
Cancino, Christian A., Ariel I. La Paz, Arkalgud Ramaprasad, and Thant Syn. (2018). “Technological Innovation for Sustainable Growth: An Ontological Perspective.” Journal of Cleaner Production 179: 31–41. https://doi.org/10.1016/j.jclepro.2018.01.059.
Chen, Honghui, and Xiayang Wang. (2011). “Corporate Social Responsibility and Corporate Financial Performance in China: An Empirical Research from Chinese Firms.” Corporate Governance 11(4): 361–70.
Dani, Andreia Carpes, Jaime Dagostim Picolo, and Roberto Carlos Klann. (2019). “Gender Influence, Social Responsibility and Governance in Performance.” RAUSP Management Journal 54(2): 154–77.
Donaldson, Thomas, and L E E E Preston. (1995). “The Stakeholder Theory of the Corporation : Concepts , Evidence , and Implications Author ( s ): Thomas Donaldson and Lee E . Preston Source : The Academy of
Management Review , Jan ., 1995 , Vol . 20 , No . 1 ( Jan ., 1995 ), Pp . Published by : Academy .” 20(1): 65–91.
Dong, Hang, and Javier Gil-bazo. (2020). “International Review of Financial Analysis Sentiment Stocks.” International Review of Financial Analysis 72(September): 101573. https://doi.org/10.1016/j.irfa.2020.101573.
Dworkin, Terry Morehead, and Cindy A. Schipani. (2019). “The Role of Gender Diversity in Corporate Governance.” SSRN Electronic Journal 105.
Gök, Osman, and Sinem Peker. (2017). “Understanding the Links among Innovation Performance, Market Performance and Financial Performance.” Review of Managerial Science 11(3): 605–31.
Hesniati, Hesniati, Lovis Vernando, Hery Haryanto, and Hengky Arviano. (2024). “Board Gender Diversity and Its Impact on Firm Risk-Taking.” Jurnal Dinamika Manajemen 15(1): 1–9.
Hill, W L. (1992). “Stakeholder-Agency Theory Charles w. l. Hill Thomas.” (March).
Hillman, A. J, A. A Cannella, and I. C Harris. (2002). “Women and Racial Monorities in the Boardroom: How Do They Differ?” Journal of Management 28(6): 747–63.
Homayoun, Saeid et al. (2023). “The Controversial Link between CSR and Financial Performance: The Mediating Role of Green Innovation.” Sustainability (Switzerland) 15(13).
Huong, Pham Thu et al. (2021). “Environmental Management, Green Innovation, and Social–Open Innovation.” Journal of Open Innovation: Technology, Market, and Complexity 7(1).
Jatiningrum, Citrawati, Mohamad Ali Abdul-Hamid, and Oluwatoyin Muse Johnson Popoola. (2016). “The Impact of Disclosure Quality on Corporate Governance and Earnings Management: Evidence from Companies in Indonesia.” International Journal of Economics and Financial Issues 6(4): 118–25.
Jayaraman, Kalaivani, Sreenivasan Jayashree, and Magiswary Dorasamy. (2023). “The Effects of Green Innovations in Organizations: Influence of Stakeholders.” Sustainability (Switzerland) 15(2).
Khan, Parvez Alam, and Satirenjit Kaur Johl. (2019). “Nexus of Comprehensive Green Innovation, Environmental Management System-14001-2015 and Firm Performance.” Cogent Business and Management 6(1).
Khan, Parvez Alam, Satirenjit Kaur Johl, Anil Kumar, and Sunil Luthra. (2023). “Hope-Hype of Green Innovation, Corporate Governance Index, and Impact on Firm Financial Performance: A Comparative Study of Southeast Asian Countries.” Environmental Science and Pollution Research 30(19): 55237–54. https://doi.org/10.1007/s11356-023-26262-4.
Khornida, Dewi. (2024). “ESG and Firm Performance : The Moderating Role of Gender Diversity.” 14(1): 49–61.
Kraus, Sascha, Shafique Ur Rehman, and F. Javier Sendra García. (2020). “Corporate Social Responsibility and Environmental Performance: The Mediating Role of Environmental Strategy and Green Innovation.” Technological Forecasting and Social Change 160(July): 120262. https://doi.org/10.1016/j.techfore.2020.120262.
Kristina, Marheni Dewi Khornida, and Universitas Internasional Batam. (2023). “Peran Financial Leverage Sebagai Pemoderasi Pengaruh Corporate Social Responsibility Terhadap Financial Performance.” JIAFE (Jurnal Ilmiah Akuntansi Fakultas Ekonomi) 9(2): 67–80.
Lee, Jen Sin, Xiao Yan Deng, and Chih Hsiung Chang. (2023). “Examining the Interactive Effect of Advertising Investment and Corporate Social Responsibility on Financial Performance.” Journal of Risk and Financial Management 16(8).
Lee, Siew −.Peng. (2021). “Environmental Responsibility, CEO Power and Financial Performance in the Energy Sector.” Review of Managerial Science 15(8): 2407–26. https://doi.org/10.1007/s11846-020-00430-z.
Li, Liang et al. (2023). “Corporate Social Responsibility Information Disclosure and Financial Performance: Is Green Technology Innovation a Missing Link?” Sustainability (Switzerland) 15(15).
Ma, Chao et al. (2023). “The Corporate Social Responsibility and Its Impact on Financial Performance: A Case of Developing Countries.” Sustainability (Switzerland) 15(4): 1–19.
Mahrani, Mayang, and Noorlailie Soewarno. (2018). “The Effect of Good Corporate Governance Mechanism and Corporate Social Responsibility on Financial Performance with Earnings Management as Mediating Variable.” Asian Journal of Accounting Research 3(1): 41–60.
Makpotche, Marcellin, Kais Bouslah, and Bouchra M’Zali. (2024). “Corporate Governance and Green Innovation: International Evidence.” Review of Accounting and Finance 23(2): 280–309.
Mehmood, Khawaja K., and Jalal Rajeh Hanaysha. (2022). “Impact of Corporate Social Responsibility, Green Intellectual Capital, and Green Innovation on Competitive Advantage: Building Contingency Model.” International Journal of Human Capital and Information Technology Professionals 14(1): 1–14.
Munir, Asma, Farman Ullah Khan, Muhammad Usman, and Sobia Khuram. (2019). “Relationship between Corporate Governance, Corporate Sustainability and Financial Performance.” Pakistan Journal of Commerce and Social Science 13(4): 915–33.
Novitasari, Maya, and Dian Agustia. (2022). “The Role of Green Supply Chain Management and Green Innovation in the Effect of Corporate Social Responsibility on Firm Performance.” Gestao e Producao 29: 1–20.
Padilla-Lozano, Carmen Paola, and Pablo Collazzo. (2022). “Corporate Social Responsibility, Green Innovation and Competitiveness – Causality in Manufacturing.” Competitiveness Review 32(7): 21–39.
Rehman, Saif, René Orij, and Hashim Khan. (2020). “The Search for Alignment of Board Gender Diversity, the Adoption of Environmental Management Systems, and the Association with Firm Performance in Asian Firms.” Corporate Social Responsibility and Environmental Management 27(5): 2161–75.
Reiter, Sebastian (McKinsey & Company), Patrick (McKinsey & Company) Schulze, and Ken (McKinsey & Company) Somers. (2020). “Reimagining Industrial Operations.” McKinsey & Company (May).
Rossi, Matteo et al. (2021). “Does a Board Characteristic Moderate the Relationship between CSR Practices and Financial Performance? Evidence from European ESG Firms.” Journal of Risk and Financial Management 14(8).
Salman, S. (2001). “Innovation and Corporate Sustainability : An Investigation into The ...” Business Strategy and the Environment 10(5): 300. http://search.proquest.com/docview/213771423?accountid=27871%5Cnhttp://sfx.library.wur.nl:9003/sfx_local?url_ver=Z39.88-2004&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&genre=article&sid=ProQ:ProQ:abiglobal&atitle=Innovation+and+corporate+sustainability:+An+.
Sarfraz, Muddassar et al. (2023). “Toward a New Understanding of Environmental and Financial Performance through Corporate Social Responsibility, Green Innovation, and Sustainable Development.” Humanities and
Social Sciences Communications 10(1): 1–18.
Seetharaman, A, Nitin Patwa, and Priyanka Suchdev. (2020). “Anatomy of the Fund Management Industry.” Accounting and Finance Research 9(2): 84.
Shahzad, Mohsin et al. (2020). “Relation of Environment Sustainability to CSR and Green Innovation: A Case of Pakistani Manufacturing Industry.” Journal of Cleaner Production 253: 119938. https://doi.org/10.1016/j.jclepro.2019.119938.
Shoimah, Imro et al. (2021). “Adaptasi Laporan Keuangan Pada Entitas Nonlaba Berdasarkan Isak 35 ( Studi Kasus Pada Universitas Ibrahimy Sukorejo Situbondo ).” 21(2): 243–59.
Sonpar, Karan, and Reginald A Litz. (2008). Stakeholder Theory : Reviewing A.
Suprapto, Yandi, and Irvin Ng. (2023). “Does Board Gender Diversity Affect Financial Distress.” Matrik : Jurnal Manajemen, Strategi Bisnis dan Kewirausahaan (2020): 109.
Tabash, Mosab I., Akinwumi Olusegun Akinola, and Ahmed Abousamak. (2021). “Corporate Governance and Financial Performance of Quoted Deposit Money Banks in Nigeria: An Empirical Investigation.” African Journal of Business and Economic Research 16(3): 235–56.
Tian, Hongna, Liyan Zhao, Li Yunfang, and Wei Wang. (2023). “Can Enterprise Green Technology Innovation Performance Achieve ‘Corner Overtaking’ by Using Artificial Intelligence?—Evidence from Chinese Manufacturing Enterprises.” Technological Forecasting and Social Change 194(July): 122732. https://doi.org/10.1016/j.techfore.2023.122732.
Ulum, Heni Kholifatul, and Ambang Aries Yudanto. (2022). “Mengukur Kinerja Dan Risiko Keuangan BUMN Sub-Klaster Minyak Dan Gas.” INOBIS: Jurnal Inovasi Bisnis dan Manajemen Indonesia 6(1): 90–103.
Wang, Hetong et al. (2022). “Green Credit Policy, Government Behavior and Green Innovation Quality of Enterprises.” Journal of Cleaner Production 331(May 2021): 129834. https://doi.org/10.1016/j.jclepro.2021.129834.
Wei, Jiang, Xue Rong Peng, and Yan Zhang. (2012). “CSR Strategy, Green Innovation, and Firm Performance: A Conceptual Framework.” 2012 International Symposium on Management of Technology, ISMOT 2012: 482–85.
Yim, Sean, Young Han Bae, Hyunwoo Lim, and Jae Hwan Kwon. (2019). “The Role of Marketing Capability in Linking CSR to Corporate Financial Performance: When CSR Gives Positive Signals to Stakeholders.” European Journal of Marketing 53(7): 1333–54.
Zafar, Feryal, Shaheera Munir, and Muhammad Saqib Khan. (2021). “Impact of Corporate Governance on Firm Performance: Evidence From Pakistan.” Journal of Social Research Development 02(01): 16–28.
Zhan, Shuyuan. (2023). “ESG and Corporate Performance: A Review.” SHS Web of Conferences 169: 01064.
Addini, Nurul, Charoline Cheisviyanny, and Mia Angelina Setiawan. (2019). “Analisis Pengungkapan Corporate Social Responsibility PT. Aneka Tambang Tbk Berdasarkan Global Reporting Initiatives (GRI) Dan Kaitannya Terhadap PROPER.” Jurnal Eksplorasi Akuntansi 1(3): 922–41.
Ag ustia, Dian, Tjiptohadi Sawarjuwono, and Wiwiek Dianawati. (2019). “The Mediating Effect of Environmental Management Accounting on Green Innovation - Firm Value Relationship.” International Journal of Energy Economics and Policy 9(2): 299–306.
Akdere, Çinla, and Pelin Benli. (2018). “The Nature of Financial Innovation: A Post-Schumpeterian Analysis.” Journal of Economic Issues 52(3): 717–48.
Albort-Morant, Gema, Jörg Henseler, Antonio Leal-Millán, and Gabriel Cepeda-Carrión. (2017). “Mapping the Field: A Bibliometric Analysis of Green Innovation.” Sustainability (Switzerland) 9(6): 1–15.
Aldama, Reza Adita, Eliadi Herwiyanti, and Kiky Srirejeki. (2021). “Peran Mediasi Reputasi Pada Hubungan Pengungkapan Csr Terhadap Profitabilitas Bank Di Asean Dari Perspektif Green Banking Reza Adita Aldama Eliada Herwiyanti Kiky Srirejeki.” Jurnal Bisnis dan Akuntansi 23(1): 49–64. http://jurnaltsm.id/index.php/JBA.
Arian, Adam, John Sands, and Stuart Tooley. (2023). “Industry and Stakeholder Impacts on Corporate Social Responsibility (CSR) and Financial Performance: Consumer vs. Industrial Sectors.” Sustainability 15(16): 12254.
Asni, Nur, and Dian Agustia. (2022). “Does Corporate Governance Induce Green Innovation? An Emerging Market Evidence.” Corporate Governance (Bingley) 22(7): 1375–89.
Bartolacci, Francesca, Andrea Caputo, and Michela Soverchia. (2020). “Sustainability and Financial Performance of Small and Medium Sized Enterprises: A Bibliometric and Systematic Literature Review.” Business Strategy and the Environment 29(3): 1297–1309.
Baxter, Peter. (2014). “Corporate Governance Ratings and Financial Performance: Evidence from Australia.” International Journal of Corporate Governance 5(3/4): 178.
Bear, Stephen, Noushi Rahman, and Corinne Post. (2010). “The Impact of Board Diversity and Gender Composition on Corporate Social Responsibility and Firm Reputation.” Journal of Business Ethics 97(2): 207–21.
Bekk, Magdalena, Matthias Spörrle, Rebekka Hedjasie, and Rudolf Kerschreiter. (2016). “Greening the Competitive Advantage: Antecedents and Consequences of Green Brand Equity.” Quality and Quantity 50(4): 1727–46.
Bilimora, Diana. (2000). “BllLDING THE BUSINESS CASE FOR WOMEN CORPORATE DIRECTORS DIANA BILIMOR1A.” : 25–40.
Board, C E O, James D Westphal, and Edward J Zajac. (1995). “Johnson Graduate School of Management , Cornell University Who Shall Govern ? Demographic Similarity , and New Director Selection.” Administrative Science Quarterly 40(1): 60–83.
Bonna, Adu et al. (2012). “Walden University.”
Bruner, Christopher M. (2022). “Corporate Governance Reform and the Sustainability Imperative.” Yale Law Journal 131(4): 1217–77.
Cadbury, Adrian. (2000). “The Corporate Governance Agenda.” Corporate Governance: An International Review 8(1): 7–15.
Cancino, Christian A., Ariel I. La Paz, Arkalgud Ramaprasad, and Thant Syn. (2018). “Technological Innovation for Sustainable Growth: An Ontological Perspective.” Journal of Cleaner Production 179: 31–41. https://doi.org/10.1016/j.jclepro.2018.01.059.
Chen, Honghui, and Xiayang Wang. (2011). “Corporate Social Responsibility and Corporate Financial Performance in China: An Empirical Research from Chinese Firms.” Corporate Governance 11(4): 361–70.
Dani, Andreia Carpes, Jaime Dagostim Picolo, and Roberto Carlos Klann. (2019). “Gender Influence, Social Responsibility and Governance in Performance.” RAUSP Management Journal 54(2): 154–77.
Donaldson, Thomas, and L E E E Preston. (1995). “The Stakeholder Theory of the Corporation : Concepts , Evidence , and Implications Author ( s ): Thomas Donaldson and Lee E . Preston Source : The Academy of
Management Review , Jan ., 1995 , Vol . 20 , No . 1 ( Jan ., 1995 ), Pp . Published by : Academy .” 20(1): 65–91.
Dong, Hang, and Javier Gil-bazo. (2020). “International Review of Financial Analysis Sentiment Stocks.” International Review of Financial Analysis 72(September): 101573. https://doi.org/10.1016/j.irfa.2020.101573.
Dworkin, Terry Morehead, and Cindy A. Schipani. (2019). “The Role of Gender Diversity in Corporate Governance.” SSRN Electronic Journal 105.
Gök, Osman, and Sinem Peker. (2017). “Understanding the Links among Innovation Performance, Market Performance and Financial Performance.” Review of Managerial Science 11(3): 605–31.
Hesniati, Hesniati, Lovis Vernando, Hery Haryanto, and Hengky Arviano. (2024). “Board Gender Diversity and Its Impact on Firm Risk-Taking.” Jurnal Dinamika Manajemen 15(1): 1–9.
Hill, W L. (1992). “Stakeholder-Agency Theory Charles w. l. Hill Thomas.” (March).
Hillman, A. J, A. A Cannella, and I. C Harris. (2002). “Women and Racial Monorities in the Boardroom: How Do They Differ?” Journal of Management 28(6): 747–63.
Homayoun, Saeid et al. (2023). “The Controversial Link between CSR and Financial Performance: The Mediating Role of Green Innovation.” Sustainability (Switzerland) 15(13).
Huong, Pham Thu et al. (2021). “Environmental Management, Green Innovation, and Social–Open Innovation.” Journal of Open Innovation: Technology, Market, and Complexity 7(1).
Jatiningrum, Citrawati, Mohamad Ali Abdul-Hamid, and Oluwatoyin Muse Johnson Popoola. (2016). “The Impact of Disclosure Quality on Corporate Governance and Earnings Management: Evidence from Companies in Indonesia.” International Journal of Economics and Financial Issues 6(4): 118–25.
Jayaraman, Kalaivani, Sreenivasan Jayashree, and Magiswary Dorasamy. (2023). “The Effects of Green Innovations in Organizations: Influence of Stakeholders.” Sustainability (Switzerland) 15(2).
Khan, Parvez Alam, and Satirenjit Kaur Johl. (2019). “Nexus of Comprehensive Green Innovation, Environmental Management System-14001-2015 and Firm Performance.” Cogent Business and Management 6(1).
Khan, Parvez Alam, Satirenjit Kaur Johl, Anil Kumar, and Sunil Luthra. (2023). “Hope-Hype of Green Innovation, Corporate Governance Index, and Impact on Firm Financial Performance: A Comparative Study of Southeast Asian Countries.” Environmental Science and Pollution Research 30(19): 55237–54. https://doi.org/10.1007/s11356-023-26262-4.
Khornida, Dewi. (2024). “ESG and Firm Performance : The Moderating Role of Gender Diversity.” 14(1): 49–61.
Kraus, Sascha, Shafique Ur Rehman, and F. Javier Sendra García. (2020). “Corporate Social Responsibility and Environmental Performance: The Mediating Role of Environmental Strategy and Green Innovation.” Technological Forecasting and Social Change 160(July): 120262. https://doi.org/10.1016/j.techfore.2020.120262.
Kristina, Marheni Dewi Khornida, and Universitas Internasional Batam. (2023). “Peran Financial Leverage Sebagai Pemoderasi Pengaruh Corporate Social Responsibility Terhadap Financial Performance.” JIAFE (Jurnal Ilmiah Akuntansi Fakultas Ekonomi) 9(2): 67–80.
Lee, Jen Sin, Xiao Yan Deng, and Chih Hsiung Chang. (2023). “Examining the Interactive Effect of Advertising Investment and Corporate Social Responsibility on Financial Performance.” Journal of Risk and Financial Management 16(8).
Lee, Siew −.Peng. (2021). “Environmental Responsibility, CEO Power and Financial Performance in the Energy Sector.” Review of Managerial Science 15(8): 2407–26. https://doi.org/10.1007/s11846-020-00430-z.
Li, Liang et al. (2023). “Corporate Social Responsibility Information Disclosure and Financial Performance: Is Green Technology Innovation a Missing Link?” Sustainability (Switzerland) 15(15).
Ma, Chao et al. (2023). “The Corporate Social Responsibility and Its Impact on Financial Performance: A Case of Developing Countries.” Sustainability (Switzerland) 15(4): 1–19.
Mahrani, Mayang, and Noorlailie Soewarno. (2018). “The Effect of Good Corporate Governance Mechanism and Corporate Social Responsibility on Financial Performance with Earnings Management as Mediating Variable.” Asian Journal of Accounting Research 3(1): 41–60.
Makpotche, Marcellin, Kais Bouslah, and Bouchra M’Zali. (2024). “Corporate Governance and Green Innovation: International Evidence.” Review of Accounting and Finance 23(2): 280–309.
Mehmood, Khawaja K., and Jalal Rajeh Hanaysha. (2022). “Impact of Corporate Social Responsibility, Green Intellectual Capital, and Green Innovation on Competitive Advantage: Building Contingency Model.” International Journal of Human Capital and Information Technology Professionals 14(1): 1–14.
Munir, Asma, Farman Ullah Khan, Muhammad Usman, and Sobia Khuram. (2019). “Relationship between Corporate Governance, Corporate Sustainability and Financial Performance.” Pakistan Journal of Commerce and Social Science 13(4): 915–33.
Novitasari, Maya, and Dian Agustia. (2022). “The Role of Green Supply Chain Management and Green Innovation in the Effect of Corporate Social Responsibility on Firm Performance.” Gestao e Producao 29: 1–20.
Padilla-Lozano, Carmen Paola, and Pablo Collazzo. (2022). “Corporate Social Responsibility, Green Innovation and Competitiveness – Causality in Manufacturing.” Competitiveness Review 32(7): 21–39.
Rehman, Saif, René Orij, and Hashim Khan. (2020). “The Search for Alignment of Board Gender Diversity, the Adoption of Environmental Management Systems, and the Association with Firm Performance in Asian Firms.” Corporate Social Responsibility and Environmental Management 27(5): 2161–75.
Reiter, Sebastian (McKinsey & Company), Patrick (McKinsey & Company) Schulze, and Ken (McKinsey & Company) Somers. (2020). “Reimagining Industrial Operations.” McKinsey & Company (May).
Rossi, Matteo et al. (2021). “Does a Board Characteristic Moderate the Relationship between CSR Practices and Financial Performance? Evidence from European ESG Firms.” Journal of Risk and Financial Management 14(8).
Salman, S. (2001). “Innovation and Corporate Sustainability : An Investigation into The ...” Business Strategy and the Environment 10(5): 300. http://search.proquest.com/docview/213771423?accountid=27871%5Cnhttp://sfx.library.wur.nl:9003/sfx_local?url_ver=Z39.88-2004&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&genre=article&sid=ProQ:ProQ:abiglobal&atitle=Innovation+and+corporate+sustainability:+An+.
Sarfraz, Muddassar et al. (2023). “Toward a New Understanding of Environmental and Financial Performance through Corporate Social Responsibility, Green Innovation, and Sustainable Development.” Humanities and
Social Sciences Communications 10(1): 1–18.
Seetharaman, A, Nitin Patwa, and Priyanka Suchdev. (2020). “Anatomy of the Fund Management Industry.” Accounting and Finance Research 9(2): 84.
Shahzad, Mohsin et al. (2020). “Relation of Environment Sustainability to CSR and Green Innovation: A Case of Pakistani Manufacturing Industry.” Journal of Cleaner Production 253: 119938. https://doi.org/10.1016/j.jclepro.2019.119938.
Shoimah, Imro et al. (2021). “Adaptasi Laporan Keuangan Pada Entitas Nonlaba Berdasarkan Isak 35 ( Studi Kasus Pada Universitas Ibrahimy Sukorejo Situbondo ).” 21(2): 243–59.
Sonpar, Karan, and Reginald A Litz. (2008). Stakeholder Theory : Reviewing A.
Suprapto, Yandi, and Irvin Ng. (2023). “Does Board Gender Diversity Affect Financial Distress.” Matrik : Jurnal Manajemen, Strategi Bisnis dan Kewirausahaan (2020): 109.
Tabash, Mosab I., Akinwumi Olusegun Akinola, and Ahmed Abousamak. (2021). “Corporate Governance and Financial Performance of Quoted Deposit Money Banks in Nigeria: An Empirical Investigation.” African Journal of Business and Economic Research 16(3): 235–56.
Tian, Hongna, Liyan Zhao, Li Yunfang, and Wei Wang. (2023). “Can Enterprise Green Technology Innovation Performance Achieve ‘Corner Overtaking’ by Using Artificial Intelligence?—Evidence from Chinese Manufacturing Enterprises.” Technological Forecasting and Social Change 194(July): 122732. https://doi.org/10.1016/j.techfore.2023.122732.
Ulum, Heni Kholifatul, and Ambang Aries Yudanto. (2022). “Mengukur Kinerja Dan Risiko Keuangan BUMN Sub-Klaster Minyak Dan Gas.” INOBIS: Jurnal Inovasi Bisnis dan Manajemen Indonesia 6(1): 90–103.
Wang, Hetong et al. (2022). “Green Credit Policy, Government Behavior and Green Innovation Quality of Enterprises.” Journal of Cleaner Production 331(May 2021): 129834. https://doi.org/10.1016/j.jclepro.2021.129834.
Wei, Jiang, Xue Rong Peng, and Yan Zhang. (2012). “CSR Strategy, Green Innovation, and Firm Performance: A Conceptual Framework.” 2012 International Symposium on Management of Technology, ISMOT 2012: 482–85.
Yim, Sean, Young Han Bae, Hyunwoo Lim, and Jae Hwan Kwon. (2019). “The Role of Marketing Capability in Linking CSR to Corporate Financial Performance: When CSR Gives Positive Signals to Stakeholders.” European Journal of Marketing 53(7): 1333–54.
Zafar, Feryal, Shaheera Munir, and Muhammad Saqib Khan. (2021). “Impact of Corporate Governance on Firm Performance: Evidence From Pakistan.” Journal of Social Research Development 02(01): 16–28.
Zhan, Shuyuan. (2023). “ESG and Corporate Performance: A Review.” SHS Web of Conferences 169: 01064.