New issue of the Corporate Governance and Sustainability Review journal
The editorial team of Virtus Interpress is honored to present the special issue (Volume 9, Issue 3) of the journal “Corporate Governance and Sustainability Review” in 2025. The articles in this issue collectively capture the evolving intersections of governance, sustainability, and technology in corporate environments. Across diverse contexts, from environmental, social, and governance (ESG) integration and artificial intelligence (AI) adoption to blockchain governance and intellectual capital, these studies reflect a vibrant shift toward understanding how firms are reconfiguring strategic priorities to align financial performance with sustainable value creation.
The main aim of the first paper by G. Srinivas Kulkarni and Nikhil Belavadiis is to analyze the impact of environmental, social, and governance (ESG) factors on financial performance (market value), within the context of US markets, utilizing financial data from firms listed on the US S&P 500 index, focusing on energy stocks over the decade spanning 2015 to 2023. The results demonstrate significant positive correlations between capital expenditure (CapEx), ESG factors, and market value. Although no direct link between environmental factors and revenue was identified, CapEx and enterprise disclosure scores showed a positive significance. Additionally, the capital spending, with mediated sales revenue, has a significant positive impact on ESG. This investigation enriches the available knowledge on ESG influences and the effectiveness of energy enterprises by underlining the importance of financial outlay.
The next study by Shinnawatra Junchairussamee, Tanpat Kraiwanit, and Atipon Satranarakun investigates how blockchain can be strategically embedded within agricultural governance systems in developing economies, where policy implementation is often hindered by fragmented data infrastructures, institutional inefficiencies, and limited transparency.
Sara Ghouati, Salah Oulfarsi, and Adil El Amri analyze the integration of artificial intelligence (AI) in supply chain management through a systematic review and bibliometric analysis of 292 articles (2020–2023) from Scopus. They examine three areas: the evolution of research, the impact of AI on processes, and its strategic influence. This study provides valuable insights to guide researchers and practitioners in leveraging AI technologies to improve supply chain efficiency, resilience, and performance.
The next paper by Amal Mohammed Yamani, Nadia Yusuf, Mostafa Fady Fawzy, and Asma Alguraisy addresses the research problem of quantifying how the quality of such reporting impacts firm value. Specifically, its purpose is to examine the influence of high-quality CSR reporting on both financial performance and sustainable business strategies, focusing on return on equity (ROE), return on assets (ROA), net profit margin (NPM), and earnings per share (EPS). It further explores connections between innovative sustainable products, employee satisfaction, and CSR quality.
Gentiga Muhammad Zairin, Thien Sang Lim, Hera Khairunnisa, Dwi Kismayanti Respati, Ayatulloh Michael Musyaffi, Septi Nurmalita, and Wong Chee Hoo investigate the relationship between institutional ownership, ESG performance, and financial outcomes in Indonesian listed companies. Using a quantitative approach, it analyzes 705 non-financial firms listed on the Indonesia Stock Exchange (IDX) in 2022. The findings reveal that institutional ownership does not significantly influence ESG performance. This study provides the first empirical insight into the complex interaction between institutional ownership, ESG, and financial outcomes within the Indonesian capital market, expanding the literature on sustainable finance in emerging markets.
Afaf Izzati Nafhah Radzi, Haslinda Yusoff, Fadzlina Mohd Fahmi, and Nur Syuhada Jasni explore existing studies on how SDGs relate to business performance. The objectives are to discover the ongoing trends in publications, essential contributors, top-cited articles, and common themes. The authors analyzed 480 articles from Scopus-indexed journals between 2017 and 2024 using biblioMagika, OpenRefine, Microsoft Excel, and VOSviewer and identified five research themes: sustainability reporting, green innovation, stakeholder theory, gender equality, and circular economy. Insights from the results help researchers see the latest trends, the variety of participants, and the main themes that signal what is essential for global sustainability.
The purpose of the paper by Candace E. Ybarra and Thomas A. Turk is to identify the source of the inconsistency and introduce a framework for evaluating ESG initiatives. We describe several approaches to ESG, including “greenwashing”, “borrowed virtue”, and “bureaucratic ESG”, and contrast these with “strategic ESG”. The authors rely on the resource-based view (RBV) of the firm to develop the circumstances under which corporate ESG programs have the potential to sustain a competitive advantage and qualify as “strategic ESG”. They conclude that ESG investments that are imitable cannot provide a basis for sustainable competitive advantage.
Bambang Agus Sumantri, Titus Kristanto, Sekar Widyasari Putri, M. Anas, Dema Yulianto, and Lilia Pasca Riani analyze the pattern of dynamic capabilities (resilient, innovative, independent, and wise) and proficiency capabilities as Gen Z characters in maintaining sustainable competitive advantage. The sample consisted of 768 respondents, with the model and hypothesis testing method using partial least squares structural equation modeling (PLS-SEM). The results show that proficiency capabilities have a positive effect on sustainable competitive advantage.
The next research paper by Nitashree Barman explores how corporate social responsibility (CSR) initiatives relate to the performance of Indian banks. With increasing regulatory emphasis on CSR spending, understanding its influence on bank operational efficiency is crucial. The research estimates efficiency levels of 27 National Stock Exchange of India Limited (NSE) listed banks from 2015 to 2020 and explores the CSR-efficiency relationship. Based on these findings, the study infers that embedding CSR within fundamental business strategies can deliver a twofold advantage —boosting social impact while also improving financial performance.
The final study paper by Haili Yan, San Tze Ong, and Nadiah Binti Ruza investigates the role played by environmental, social, and governance (ESG) practice, together with intellectual and human capital, to improve firm competitiveness and influence the level of internationalization. The results show that strong ESG performance contributes to market reputation, risk resilience, and financial stability. Moreover, strategic investments in human and intellectual capital expand the potential of a company to innovate and obtain useful resources from the global market. The study adds to the growing literature on responsible competitiveness and insights for policy makers, corporate strategy makers, and international investors interested in negotiating the intersection of sustainable and worldwide corporate strategy.
The full issue of the journal is available at the following link.
We wish you a pleasant and informative reading!
