Proceedings of the9th International Conference on Business, Economics, Social Sciences & Humanities – Economics, Business and Management Track (ICOBEST-EBM 2026)

9th International Conference on Business, Economics, Social Sciences & Humanities – Economics, Business and Management Track (ICOBEST-EBM 2026)

📍Bandung, Indonesia🗓️ 4 June 2026
<Previous Article In Volume
Next Article In Volume>

Sustainable Finance and Firm Performance: A Systematic Literature Review

Authors
Angky Febriansyah1, *, Bilhaqqi Kitabullah1
1Universitas Komputer Indonesia, Bandung, Indonesia
*Corresponding author. Email: angky@email.unikom.ac.id
Corresponding Author
Angky Febriansyah
Available Online 4 September 2026.
DOI
10.2991/978-94-6239-752-1_28How to use a DOI?
Keywords
Sustainable Finance; ESG; Financial Performance; Emerging Markets; Developed Markets; Indonesia
Abstract

Research examines eco-social-governance (ESG) factors and corporate financial performance through a systematic review of the literature (SLR) that consists of international and national publications from 2015 to 2025. According to the results of the analysis, adopting ESG practices is positively correlated with firm value and investment returns. There is a huge difference between developed and emerging markets, which is that developed markets tend to embed ESG in their cost of capital structure, while developing markets including Indonesia are more focused on regulatory compliance and reputation management. In Indonesia, social and governance aspects are shown to contribute positively to the firm value, whereas environmental factors may lead to short-term cost burdens affecting profitability. This research proposes the adoption of ESG as a core business strategy and the use of digital technology for greater transparency in order to prevent green-washing practices.

Copyright
© 2026 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Download article (PDF)

<Previous Article In Volume
Next Article In Volume>
Volume Title
Proceedings of the9th International Conference on Business, Economics, Social Sciences & Humanities – Economics, Business and Management Track (ICOBEST-EBM 2026)
Series
Advances in Economics, Business and Management Research
Publication Date
4 September 2026
ISBN
978-94-6239-752-1
ISSN
2352-5428
DOI
10.2991/978-94-6239-752-1_28How to use a DOI?
Copyright
© 2026 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Angky Febriansyah
AU  - Bilhaqqi Kitabullah
PY  - 2026
DA  - 2026/09/04
TI  - Sustainable Finance and Firm Performance: A Systematic Literature Review
BT  - Proceedings of the9th International Conference on Business, Economics, Social Sciences & Humanities – Economics, Business and Management Track (ICOBEST-EBM 2026)
PB  - Atlantis Press
SP  - 336
EP  - 348
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6239-752-1_28
DO  - 10.2991/978-94-6239-752-1_28
ID  - Febriansyah2026
ER  -