Stakeholder Theory and ESG in the Energy Sector: Trends and Insights from Recent Research febrian kwarto
Universitas Mercu Buana
Abstract
In recent years, environmental, social, and governance (ESG) issues in energy sector companies have revealed an influence not only on profitability but also on the financial sustainability of these energy sector companies. As a consequence of these revelations, many companies have begun to evolve their asset allocation processes towards an ecologically conscious perspective. Apart from that, the increasing awareness of the environment, and social and corporate governance is increasingly becoming a global concern. This is based on the phenomenon that almost the majority of scientific researchers use this theory as a basic theory in developing research related to sustainability in the energy sector. Academics promote this stakeholder theory as one of the basic theories that is taken into consideration in assessing company performance in implementing ESG. This theory is considered capable of responding to the desires of stakeholders in implementing sustainability. Based on stakeholder interests, this theory needs to be analyzed further whether the desires of stakeholders can accommodate environmental interests in the ESG concept which is more complex than the previously existing sustainability concept. This research uses a systematic literature review over the last ten years with the help of SCISPACE as a tool to facilitate the search and analysis of specific research questions. Article analysis uses critical discourse to seek answers to research questions related to the relevance of the use of stakeholder theory and to fulfill aspects of the increasingly developing ESG concept, to clarify whether the dominant use of stakeholder theory still has a basis in developing research or only as a replication of research
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