KnE Social Sciences

Published date: Sep 17 2025

Journal Title: KnE Social Sciences

Issue title: The Mercu Buana Ecobiz Energy International Conference: Innovation and Operational Efficiency in Energy Business

Pages: 139 - 150

DOI: 10.18502/kss.v10i22.19744

Febrian Kwartofebrian_kwarto@mercubuana.ac.idUniversitas Mercu Buana, Jakarta

In recent years, environmental, social, and governance (ESG) issues have significantly impacted both the profitability and financial sustainability of companies in the energy sector. As global awareness of environmental and governance issues continues to rise, energy companies are progressively adopting more ecologically conscious asset allocation strategies to align with stakeholder expectations and regulatory pressures. This study undertakes a systematic literature review over five years, utilizing SCISPACE to facilitate the identification and analysis of research related to ESG. Employing critical discourse analysis, the study investigates the relevance of stakeholder theory as a foundational framework for assessing corporate performance in ESG implementation. The research aims to provide a comprehensive understanding of how stakeholder theory can contribute to improving ESG practices in energy companies, while also evaluating whether its continued prominence in research is well-founded or simply a replication of existing studies.

Keywords: stakeholders, ESG, environmental accounting

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