Environmental, Social, and Governance (ESG) in Indonesia: Insights from Bibliometric Analysis

Abstract

 The implementation of Environmental, Social, and Governance (ESG) criteria is gaining momentum 
worldwide and in Indonesia. Unlike green financing, which focuses on environmental projects, or climate terminology 
that often pertains to carbon emissions and climate change mitigation, ESG encompasses a broader spectrum, 
including social equity and corporate governance issues for a holistic sustainability strategy. This research analyzes 
the classification, trends, and potential future directions of ESG (Environmental, Social, and Governance) studies in 
Indonesia. Utilizing the robust and reliable Scopus database, combined with tools such as Publish or Perish, Mendeley, 
and VOSviewer, this paper examines the keyword “ESG” and “Indonesia” from 2018 to 2024. The findings indicate 
that research related to this keyword can be categorized into three main clusters: the role of ESG, country-based ESG 
comparisons, and ESG during the pandemic. Currently, trending topics include the role of ESG, strategy, government 
policies, and financial performance. However, there is a limited amount of literature on specific topics that present 
opportunities for future research, such as ESG factors, investment decisions, corporate social responsibility, climate 
change, and competitive advantage. Additionally, there are research gaps that could be explored further, such as the 
relationship between ESG activities and investment decisions, or climate change and sustainable development.