SEMINAR NASIONAL

Peran Penting ESG dalam Mencapai Tujuan

Pembangunan Berkelanjutan bagi Indonesia

PROF . Eko Ganis Sukoharsono, SE, MCom (Accy), MCom-Hons, CSRS, CSRA, CA, PH.D

Professor of Sustainability Accounting

Universitas Brawijaya

UMB Jakarta, 08 Agustus 2023

 Presentation:
1. What is ESG? Its Definition and Meaning
a) ESG in Criteria
b) ESG as a Corporate Performance
2. Major ESG Rating Providers
3. Who is the Top ESG Rating?
4. Why is ESG Important?
5. ESG Values: Its Opportunities for Business Persons
a) Internal Benefits
b) External Benefits
6. ESG in the Research Perspectives
2
 What is ESG? Its Definition and Meaning
ESG stands for Environmental Social and Governance, is
defined as key factors to measure the sustainability and
ethical impact of an investment in a business or
organization.
Most socially responsible investors check companies
out using ESG criteria to screen investments.

It is a generic term used in capital markets and commonly

used by investors to evaluate the behavior of companies,
as well as determining their future financial performance.

Prof Eko Ganis Sukoharsono, Ph.D

4

Environmental, Social and Governanc

What is ESG?
ESG reporting is the disclosure of data Environmental
explaining a company’s impact and added
value in three areas: environment, social and
corporate governance.
It is a framework considering environmental,
social and governance factors alongside
financial factors in the investment decision-
making process. Social
Governance
2
It is also a process to assess which
companies perform/score on each factor: E-S
& G, and determine if it is a viable
investment.
5
ESG in Criteria
Environmental
Assesses how a
company performs asa
steward of nature.
It analyses how its
activities impact the
environment and
manage environmental
risks.
It includes both direct
operations and across
the supply chain.
Social Criteria Governance
Examines the strengths Deals with a
and weaknesses of company’s leadership,
executive pay,audits,
how a company internal controls, and
manages relationships shareholder rights.
with employees,
suppliers, customers, Investors want to know
and the communities if they can trustthe
company and what
where it operates. kind of decisionsare
3
taken behind closed
doors.
.
6

Examples of ESG

Environmental Social Governance

• Employee development and • Shareholders rights

• Emissions: greenhouse gases and
air, water and ground pollution
emissions.
• Resources used: virgin or recycled
materials in production processes
• Ensure that maximum material in
the product is cycled back into the
economy rather than ending up in a
landfill.
labour practices.
• Product liabilities: safety and
quality of product.
• Supply chain labour and health
and safety standards; and
controversial sourcing issues.
• Provision of access to
products and services to
underprivileged so4cial
groups.
• Board diversity
• Compensation of executives
• How the compensation is aligned
with the company’s sustainability
performance
• Corporate behaviour such as anti-
competitive practices and corruption.

• Good stewards of water resources;

deforestation and biodiversity
disclosures.
• Positive sustainability impacts.
 ESG as a Corporate Performance
• Corporate performance is the blended analysis of how well a
particular organization accomplishes its goals. These goals are highly
dependent on the organization, but tend to fall within the set
categories of financial, market and shareholder performance.

Corporate performance is a term used to describe the various processes and

methodologies involved in aligning an organization's strategies and goals to
its plans and executions in order to control the success of the company.

Corporate performance means Integral’s annual financial and

operational performance measures and specific objectives
established by top Executive and approved by the Committee.

Prof Eko Ganis Sukoharsono, Ph.D

 Types of Corporate Performance
Financial Performance

Market Performance

Cultural and Social Performance

Types of
Corporate Process Performance
Performance
Human Resource Relationship Performance

Environmental Performance

Technological Adaptation Performance

Here is a current issue on Sustainability Performance Based on ESG

8

Prof Eko Ganis Sukoharsono, Ph.D

9

Major ESG Rating Providers

MSCI ESG Ratings

Sustainalytics’ ESG Risk Ratings

Bloomberg ESG Disclosures Scores

FTSE Russell’s ESG Ratings

ISS Ratings and Rankings

5
CDP Climate, Water and Forest Scores

S&P Global ESG Score

Moody’s ESG Solutions Group

1
0
Major ESG Rating Providers
MSCI Inc. is an American finance
MSCI ESG Ratings
company headquartered in New York City. MSCI is a
global provider of equity, fixed income, real estate
Sustainalytics’ ESG Risk Ratings
indexes, multi-asset portfolio
analysis tools, ESG and climate products. It operates
Bloomberg ESG Disclosures Scores
the MSCI World, MSCI All Country World Index (ACWI)
and MSCI Emerging Markets Indexes among others.
FTSE Russell’s ESG Ratings
Headquarters at 7 World Trade Center
Type Public
ISS Ratings and Rankings Revenue US$2.25 billion (2022)
Traded as •NYSE: MSCI
Operating income US$1.21 billion (2022)
•S&P 500 component
Net income US$871 million (2022)
FoundedCDP Climate, Water1968; 55 years ago 5
and Forest Scores
Total assets US$5.00 billion (2022)
Headquarters 7 World Trade Center
Manhattan, New York City Total equity US$−1.01 billion (2022)
S&P Global ESG Score
, United States Number of employees 4,759 (2022)
Key people •Henry A. Fernandez (CEO) Website www.msci.com
•Baer Pettit
Moody’s ESG Solutions Group(President)
•Andrew Wiechmann (CFO)
•Scott Crum (CHRO)
Services •stock market indexes
•portfolio analytics
1
1
Major ESG Rating Providers
MSCI ESG Ratings

Sustainalytics’ ESG Risk Ratings

Sustainalytics
Bloomberg ESG Disclosures Scores
Industry Financial services
FTSE Russell’s ESG Ratings Predecessor Jantzi Research, DSR, Siri Company, GES
International
ISS Ratings and Rankings Founded 1992
Founder Michael Jantzi
5
CDP Climate, Water and Forest Scores Headquarters Amsterdam, , Netherlands
N of locations 17
S&P Global ESG Score
Products ESG Research & Ratings, Investment
Stewardship
Moody’s ESG Solutions Group
Owner Morningstar, Inc.
N of employees 1000+
Website Sustainalytics
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2
Major ESG Rating Providers
Type Private, limited partnership
MSCI ESG Ratings Industry Technology, Financial technology, mass
media
Sustainalytics’ ESG Risk Ratings
Founded October 1, 1981; 41 years ago
Bloomberg ESG Disclosures Scores Founders •Michael Bloomberg, Thomas Secunda
Duncan MacMillan, Charles Zegar
Bloomberg L.P. providesFTSE Russell’s
financial software tools and
ESG Ratings Headquarters Bloomberg Tower, New York, USA
enterprise applications such as analytics and equity
N of locations 176 offices (2021)
trading platform, data services, andand
ISS Ratings news to financial
Rankings
companies Key people •Peter Grauer
(chairman)
CDP Climate, Water and Forest Scores
5
•Michael Bloomberg
(co-founder & CEO)
S&P Global ESG Score Revenue US$10 billion (2019)
Owner Michael Bloomberg (88%)
Moody’s ESG Solutions Group Others (12%)
N of employees 20,000
1
3
Major ESG Rating Providers
Revinitiv, a LSEG is headquartered in the United
MSCI ESG Ratings Kingdom, with significant operations in 70 countries
across EMEA, North America, Latin America and Asia
Sustainalytics’ ESG Risk Ratings
Pacific. It employs 25,000 people globally, more than half
located in Asia Pacific.
Bloomberg ESG Disclosures Scores
FTSE Russell

FTSE Russell’s ESG Ratings

Type Subsidiary sMGB
Industry Finance
ISS Ratings and Rankings Founded 1995
Headquarters 10 Upper Bank Street
CDP Climate, Water and Forest Scores
5 London, England, UK
Key people Arne Staal (CEO)
S&P Global ESG Score Products Financial indices
Parent London Stock Exchange Group
Moody’s ESG Solutions Group
Website ftserussell.com
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Major ESG Rating Providers
MSCI ESG Ratings

Sustainalytics’ ESG Risk Ratings ISS (Institutional Shareholders Services) ESG is the responsible
investment arm of Institutional Shareholder Services Inc., the
Bloomberg ESG Disclosures Scores world’s leading provider of environmental, social, and
governance solutions for asset owners, asset managers, hedge
FTSE Russell’s ESG Ratings funds, and asset servicing providers.
Industry Investment Management
ISS Ratings and Rankings Founded 17 March 1999; 24 years ago
Headquarters Rockville, Maryland, USA
5 Key people Gary Retelny (CEO)
CDP Climate, Water and Forest Scores
Services Proxy advisory
SRI advisory
S&P Global ESG Score Corporate governance
Market intelligence
Moody’s ESG Solutions Group Subsidiaries ISS-Ethix
[1]
FWW Fund Services
Website issgovernance.com
1
5
Major ESG Rating Providers
MSCI ESG Ratings
Sustainalytics’ ESG Risk Ratings
Bloomberg ESG Disclosures Scores
FTSE Russell’s ESG Ratings
ISS Ratings and Rankings
5
CDP Climate, Water and Forest Scores
S&P Global ESG Score
Moody’s ESG Solutions Group
The CDP (formerly the Carbon Disclosure
Project) is an international non-profit
organisation based in the United Kingdom,
Japan, India, China, Germany, Brazil and the
United States of America that helps companies,
cities, states, regions and public authorities
disclose their environmental impact. It aims to
make environmental reporting and risk
management a business norm, driving
disclosure, insight, and action towards
a sustainable economy.[1] In 2022, nearly 20,000
organizations disclosed their environmental
information through CDP.
1
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Major ESG Rating Providers
MSCI ESG Ratings
S&P Global Inc. (prior to April 2016 McGraw Hill
Sustainalytics’ ESG Risk Ratings
Financial, Inc., and prior to 2013 The McGraw–
Hill Companies, Inc.) is an American publicly
traded corporation headquartered in Manhattan,
Bloomberg ESG Disclosures Scores
New York City. Its primary areas of business are
financial information and analytics. It is the parent
FTSE Russell’s ESG Ratings company of S&P Global Ratings, S&P Global
Market Intelligence, S&P Global Mobility, S&P
ISS Ratings and Rankings Global Engineering Solutions, S&P Global
Sustainable1, and S&P Global Commodity
5
Insights, CRISIL, and is the majority owner of
CDP Climate, Water and Forest Scores
the S&P Dow Jones Indices joint venture. "S&P" is
a shortening of "Standard and Poor's".
S&P Global ESG Score

Moody’s ESG Solutions Group

1
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Major ESG Rating Providers
MSCI ESG Ratings
Sustainalytics’ ESG Risk Ratings
Bloomberg ESG Disclosures Scores
FTSE Russell’s ESG Ratings
ISS Ratings and Rankings
CDP Climate, Water and Forest Scores
5
S&P Global ESG Score
Moody’s ESG Solutions Group
Moody's Corporation, often referred to
as Moody's, is an American business and
financial services company. It is the holding
company for Moody's Investors Service (MIS),
an American credit rating agency, and Moody's
Analytics (MA), an American provider of financial
analysis software and services.
Moody's was founded by John Moody in 1909 to
produce manuals of statistics related to stocks
and bonds and bond ratings. Moody's was
acquired by Dun & Bradstreet in 1962. In 2000,
Dun & Bradstreet spun off Moody's Corporation
as a separate company that was listed on
the NYSE under MCO. In 2007, Moody's
Corporation was split into two operating
divisions, Moody's Investors Service, the rating
agency, and Moody's Analytics, with all of its
other products.[3] It was included in the Fortune
500 list for the first time in 2021.
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Who is the Top ESG Rating?
Released by March 2023 of
SustainAbility Institute

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1 FTSE Russell’s ESG Ratings

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2
Examples of Successful Implementations of ESG

Microsoft Corporation
1 Environmental
Has committed to becoming carbon negative by 2030 and
removing all historical carbon emissions by 2050. They are
investing in renewable energy and implementing
sustainable practices in their operations.

2 Social
Has launched initiatives to address diversity,
inclusion, and accessibility, aiming to increase
representation and provide equal opportunities for
7
underrepresented groups.

3 Governance
Microsoft has been recognized for its strong
governance practices, including transparency in
reporting and responsible data handling.
2
3
Examples of Successful Implementations of ESG

Starbucks Corporation
1 Environmental
Has set ambitious targets to reduce water usage, energy
consumption, and greenhouse gas emissions across their stores
and supply chain. They promote sustainable coffee sourcing and
have implemented recycling and waste reduction initiatives.

2 Social
Invests in programs that support farmers, promote
ethical sourcing, and provide economic opportunities
for marginalized communities. They also prioritize
8
employee well-being and diversity.

3 Governance
Starbucks has implemented strong governance practices,
including transparency in reporting and engagement with
stakeholders to address ESG issues.
2
4
Examples of Successful Implementations of ESG

Procter & Gamble (P&G)

1 • Environmental
• Has committed to ambitious sustainability goals, such as reducing
greenhouse gas emissions and water consumption, and achieving zero
manufacturing waste to landfill. They focus on sustainable
• product design and responsible sourcing of raw materials.

2 • Social
• Has initiatives to promote gender equality, support
communities through various social programs, and
prioritize health and hygiene awareness.
9

3 Governance
The company has established robust governance practices,
including ethical conduct, diversity and inclusion, and
responsible marketing.
Examples of Successful Implementations of ESG

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26
 Why is ESG Important?
Long-Term
Value Creation
ESG factors are crucial
for long-term value
creation. By
integrating
sustainability
practices, companies
can enhance their
reputation, manage
risks effectively, and
identify new
opportunities that
contribute to their
long-term success and
financial performance.
Risk Stakeholder
Management Expectations
ESG has gained
ESG considerations help significant attention
identify and manage
from stakeholders,
various risks that can including investors,
impact a company's
customers, employees,
operations, reputation, and regulators.
and financial Meeting the evolving
perfo1r0mance. Proactive expectations of these
management of
stakeholders
environmental and regarding
social risks, such as sustainability, ethics,
climate change and and transparency is
supply chain disruptions, essential for
can help mitigate maintaining trust,
potential damages and attracting investment,
ensure business and retaining
continuity. customers and talent.
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 Why is ESG Important?

Regulatory Competitive Access to

Compliance Advantage Capital
Governments and Organizations that Investors,
regulatory bodies are effectively address particularly those
environmental and focused on
increasingly social challenges, sustainable
implementing ESG- embrace diversity, investing,
related regulations and exhibit strong 11 increasingly
and requirements. corporate consider ESG factors
Adhering tothese governance are often when making
seen as more investment
regulations is not attractive by decisions. Strong
only importantfor customers, investors, ESG performance
legal compliance but and employees, can enhance a
also for avoiding leading to a company's ability to
penalties, reputational competitive attract investment
advantage. and access capital
damage, and business on favorable terms.
disruptions.

28
 Why is ESG Important?

Brand Employee Innovation and Social and

Reputation and Engagement Adaptability Environmental
Customer Loyalty and Retention Impact
Consumers are Organizations that Integrating ESG
increasingly prioritize ESG principles can drive ESG is vital for
conscious of the initiatives can create12a innovation and addressing pressing
social and positive work enable companies to global challenges,
environmental environment, increase adapt to changing such as climate
impact of the employee market dynamics. change, social
products and engagement, and Embracing inequality, and
services they attract and retain top sustainable practices resource scarcity. By
purchase, and talent. Employees, and seeking prioritizing ESG,
companies that particularly the innovative solutions companies can play
prioritize ESG younger generation, can lead to improved a significant role in
considerations are often seek employers efficiency, reduced driving positive
more likely to attract that align with their costs, and the change and
and retain values and offer development of new contributing to a
customers. meaningful work products and more sustainable
contributing to social services. and equitable future.
and environmental
well-being.

Aligning financial performance with environmental 12

and social responsibility.
 What is ESG? Its Definition and Meaning

SUSTAINABILITY
ESG REPORT REPORT

30

Prof Eko Ganis Sukoharsono, Ph.D

 What is ESG? Its Definition and Meaning
PLANET
Business Sustainability
SHOULD respect to the
Pentaple P Bottom Line
PROPHET
(Derived from Sukoharsono, 2019)
The ability of the business in
relation to its activities to be PROFIT
environmentally friendly,
socially caring, economic
acceleration, utilizing
technology and being aware PEOPLE
of God

Kemampuan usaha dalam relasi aktivitasnya

ramah lingkungan, peduli social, akselarasi Pheno-Technology
ekonomi, mendayagunakan teknologi dan
sadar berketuhanan 31
 ESG Investing
The World Needs to Change
• Being part of the solution
• Sustainability
What is ESG Investing?
• Environmental
• Social
• Governance
Types of ESG Investment?
DISTINCT THOUGHT • Impact Portfolio
• Thematic Portfolio
• Systematic Portfolio
Approach to ESG Investment
• Systematic ESG Portfolio
• Overweight ‘Best in Class’
• Performance
32 • The destination is worth it

Prof Eko Ganis Sukoharsono, Ph.D

 33
The World Needs to Change

Energy Supply Housing

• Sourcing greener energy • Better insulation
• Solar panels • Appliance ratings
• Smart meters • Recycling

Travel Being Part Consumer Purchasing

• Carbon off-set for flights of the • Avoid companies with poor reputations
• E-cars and fuel efficiency • Favour good companies
• Methods of travel Solution • Animal testing choices

Food & Agriculture Sustainable Investing

• Better animal welfare • Favour good companies
• Food miles • Avoid worse companies
• Avoiding deforestation (palm oil). • Underweight ‘less good’ companies

Prof Eko Ganis Sukoharsono, Ph.D 33

34

The World Needs to Change

Sustainability – Balancing the claims of the present, against the claims of the
future.

Making the world a better place

• Defining a more balanced use of natural resources

• Tackling climate change and caring for the environment

• Building a fairer society

• Driving better corporate governance

• ESG Investing can assist with all of these factors

Source: United Nations

Prof Eko Ganis Sukoharsono, Ph.D

 CORPORATE PERFORMANCE BASED ON ESG
Environmental Social Governance

35

Prof Eko Ganis Sukoharsono, Ph.D

 Governance

36

Prof Eko Ganis Sukoharsono, Ph.D

 SR RATING:

37

Prof Eko Ganis Sukoharsono, Ph.D

SR RATING METHODOLOGY

38
ASSESSMENT SYSTEM

39
ASSESSMENT SYSTEM

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 How is
YOUR CORPORATE PERFORMANCE BASED ON ESG
VALUES?
1. Does your organization have Sustainability Report (SR)?
2. Does your organization publish SR yearly?
3. Does your organization’s SR use International Standard?
4. Does your organization account General Corporate Disclosures?
5. Does your organization report Environmental Disclosures based on the International standard?
6. Does your organization report Social Disclosures based on the International standard?
7. Does your organization report Governance Disclosures based on the International standard?

41
 ESG Values: Its Opportunities for Business Persons
Business person : Additionally, the benefits of ESG Values could also be split of internal and
external benefits. For internal benefits to companies and organizations
can include:

• Helping in identifying risks and opportunities in relations to the issues on

environment and society which may affect to the organization’s operation
• Taking proactive to reduce risks
• Measuring effectively any risks and obeying the regulations and laws
• Increasing the organization’s transparency and accountability
• Enhancing the organization’s competitive advantages
• Getting advantages in customers’ loyalty and brand’s loyalty
• Increasing the organization’s reputation

42

Prof Eko Ganis Sukoharsono, Ph.D

 ESG Values: Its Opportunities for Business Persons
Business person : Additionally, the benefits of ESG Values could also be split of internal and
external benefits. For internal benefits to companies and organizations
can include:

• Increased understanding of risks and opportunities

• Emphasizing the link between financial and non-financial performance
• Influencing long term management strategy and policy, and business plans
• Streamlining processes, reducing costs and improving efficiency
• Benchmarking and assessing sustainability performance with respect to
laws, norms, codes, performance standards, and voluntary initiatives
• Avoiding being implicated in publicized environmental, social and
governance failures
• Comparing performance internally, and between organizations and sectors

43

Prof Eko Ganis Sukoharsono, Ph.D

 ESG Values: Its Opportunities Business Persons
Business person : Interestingly, ESG Values could also have external benefits

External benefits of ESG Values can include:

• Mitigating – or reversing – negative environmental, social and
governance impacts
• Improving reputation and brand loyalty
• Enabling external stakeholders to understand the organization’s
true value, and tangible and intangible assets
• Demonstrating how the organization influences, and is
influenced by, expectations about sustainable development
• Reducing or no penalty of regulation failure

44

Prof Eko Ganis Sukoharsono, Ph.D

 ESG in the Research Perspectives
PLANET
Business Sustainability
SHOULD respect to the
Pentaple P Bottom Line
PROPHET
(Derived from Sukoharsono, 2019)
The ability of the business in
relation to its activities to be PROFIT
environmentally friendly,
socially caring, economic
acceleration, utilizing
technology and being aware PEOPLE
of God

Kemampuan usaha dalam relasi aktivitasnya

ramah lingkungan, peduli social, akselarasi Pheno-Technology
ekonomi, mendayagunakan teknologi dan
sadar berketuhanan 45
 FINANCIAL REPORT

Business Sustainability SUSTAINABILITY

REPORT

No Positivist Paradigm Interpretivist Paradigm Critical Paradigm Postmodernist Spiritualist

1 2021. Organizational 2020. The Meaningful 2019. The Urgency in 2021. Business 2020. A HOLISTIC
Culture, Governance practice creating shared Implementing the sustainability and CONCEPT OF
Structure and value as a contribute to Accounting pentuple bottom line: NEUROINCOME AS A
Building the hierarchical
Sustainability Disclosure sustainable development Sustainability of pyramid of the pentuple
SOLUTION OF THE
Quality: Evidence from goals: Case study at Pt Spiritual Dimension in bottom lineN Badria, EG “TYRANY BOTTOM LINE
Indonesia, Malaysia, Pupuk KaltimEG the Sustainability of Sukoharsono, L Purwanti “IN WORKPLACED
Singapore, and Sukoharsono, B Hariadi CompanyYY Utama, International Journal of Leniwati, EG Sukoharsono,
ThailandAM Shwairef, International Journal of EG Sukoharsono, Z Research in Business and YW Prihatiningtias, L
MO Abdulrahim, EG Research in Business and Baridwan Social Science (2147- Purwanti
Sukoharsono Social Science (2147-4478 Journal of Accounting 4478 … The International Journal
Accounting Analysis and Business of Accounting and
Journal 10 (2), 108-115 Education 3 (1), 105- Business Society 28 (3),
122 55-82
46
 Positivist Research Paradigm
• 2022. The Effect of Corporate Financial Performance on Market Value Moderated by Sustainable
Development and Good Corporate Governance.R Mjahid, A Ali, EG Sukoharsono, D Hadiwidjojo. Webology
19 (1)
• 2021. REVISITING THE EFFECT OF ORGANIZATIONAL CULTURE AND GCG ON SUSTAINABILITY PERFORMANCE:
STRATEGIC POSTURE AS A MODERATING VARIABLEMO Aabdulrahim, EG Sukoharsono, E Saraswati, I Subekti.
The International Journal of Accounting and Business Society 29 (3), 99-138
• 2021. Organizational Culture, Governance Structure and Sustainability Disclosure Quality: Evidence from
Indonesia, Malaysia, Singapore, and ThailandAM Shwairef, MO Abdulrahim, EG Sukoharsono. Accounting
Analysis Journal 10 (2), 108-115
• 2021. Examining the effect of diversification, corporate governance and intellectual capital on sustainability
performanceN Fajriyanti, EG Sukoharsono, N Abid. International Journal of Research in Business and Social
Science (2147-4478)
• 2018. Sustainable Business of Islamic Bank Through on the Islamic Corporate Governance and Islamic
Financial PerformanceI Siswanti, U Salim, EG Sukoharsono, S Aisjah. Journal of Finance and Banking Review 2
(2), 15-20 47
 Postmodernist Research Paradigm
• 2021. Business sustainability and pentuple bottom line: Building the hierarchical pyramid
of the pentuple bottom lineN Badria, EG Sukoharsono, L Purwanti. International Journal of
Research in Business and Social Science (2147-4478)
• 2018. Strategies to Improve the Sustainability in Promoting Transparency, Accountability
and Anti-Corruption: An Imaginary DialogueEG Sukoharsono. The International Journal of
Accounting and Business Society 26 (1), 39-54
• 2019. Sustaining a sustainability report by modifying triple bottom line to pentaple
bottom line: an imaginary research dialogueEG Sukoharsono. The International Journal of
Accounting and Business Society 27 (1), 119-127

48
Spiritualist Research Paradigm
• 2020. A HOLISTIC CONCEPT OF NEUROINCOME AS A SOLUTION OF THE
“TYRANY BOTTOM LINE “IN WORKPLACED Leniwati, EG Sukoharsono,
YW Prihatiningtias, L Purwanti. The International Journal of Accounting
and Business Society 28 (3), 55-82
• 2019. The Sufficient Sense: The Value on the Concept of Income Based
on Neuro-Psychological-Spiritual MethodologyD Leniwati, EG
Sukoharsono, YW Prihatiningtias, L Purwanti. Atlantis Press

49
Interpretivist Research Paradigm
• 2020. The Meaningful practice creating shared value as a contribute to
sustainable development goals: Case study at PT Pupuk Kaltim. EG
Sukoharsono, B Hariadi. International Journal of Research in Business and
Social Science (2147-4478

50
Critical Research Paradigm
• 2019. The Urgency in Implementing the Accounting Sustainability of
Spiritual Dimension in the Sustainability of CompanyYY Utama, EG
Sukoharsono, Z Baridwan. Journal of Accounting and Business Education 3
(1), 105-122

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