Se yaningsih, San i; Widjojo, Rosi a; Kelle, Pe e
A icle
Challenges and oppo uni ies in sus ainabili y epo ing: a
ocus on small and medium en e p ises (SMEs)
Cogen Business & Managemen
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Challenges and oppo uni ies in sus ainabili y
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San i Se yaningsih, Rosi a Widjojo & Pe e Kelle
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MANAGEMENT | RESEARCH ARTICLE
Cogen Business & ManageMen
2024, VoL. 11, no. 1, 2298215
Challenges and oppo uni ies in sus ainabili y epo ing: a ocus on
small and medium en e p ises (SMEs)
San i Se yaningsiha , Rosi a Widjojob and Pe e Kellec
aRegional science and Business adminis a ion, széchenyi is án uni e si y, győ , Hunga y; bindonesian in e na ional ins i u e
o Li e sciences (i3L), i3L school o Business, Jaka a, indonesia; cs ephenson Depa men o en ep eneu ship & in o ma ion
sys ems, e J ou so College o Business, Louisiana s a e uni e si y, Ba on Rouge, La, usa
ABSTRACT
The pu pose o he s udy was o obse e how Small and Medium-sized En e p ises
(SMEs) s uggle o de elop he sus ainabili y epo s ha a e oday impo an and
equi ed by consume s. The a ionale is ha he sus ainabili y epo is in luenced by
go e nance p ac ices, social esponsibili y, and en i onmen al impac . The esea ch
success ully summa izes he ba ie s om 37 in luen ial sus ainabili y epo pape s by
employing a ho ough sys ema ic li e a u e e iew. I was based on 6 well-known
da abases wi h he limi a ion o exclusion c i e ia such as 11 yea s o esea ch (2012–
2023), used English, and mo e han 4 pages a icles. Acco ding o he indings o his
li e a u e e iew app oach, SMEs encoun e six di e en so s o ba ie s while ying o
de elop a sus ainable epo : inancial, gene al a i ude, knowledge and echnology,
o ganiza ional, policies and egula ions as well as socio-en i onmen al ba ie s. Based
on his esul , he op managemen o SMEs will be able o de e mine how o p io i ize
emo ing he bigges obs acles o hei epo ing ask.
1. In oduc ion
In Eu ope and he Uni ed S a es, sus ainabili y epo ing da es back o he 1960s and 1970s, when busi-
nesses began o unde s and ha hey had a social esponsibili y ha goes beyond maximizing p o i s.
The i s Ea h Day, which was obse ed on Ap il 22, 1970, se ed as he impe us o he US sus ainabili y
mo emen and epo ing. Following ha , he Uni ed Na ions eleased he B und land Repo , also known
as Ou Common Fu u e, in 1987, which ga e he mo emen a boos in momen um (Bosi e al., 2022).
Since 1993, he e has been an inc easing endency owa d epo ing on sus ainabili y. The op 250
co po a ions in he wo ld epo ed a 96% success a e o he yea 2020 (KPMG, 2023). Small- and
medium-sized en e p ises (SMEs) a e no excep ion. SMEs a e a ec ed by his end, especially on how o
in eg a e sus ainabili y epo ing in o hei supply chain managemen . Due o di icul ies en e p ises
ha e in eg a ing economic, social, and en i onmen al ac o s in o hei accoun ing sys ems, sus ainabili y
epo ing is becoming mo e and mo e impo an (Maione, 2023). A e he Co id-19 pandemic, digi al
inno a ions a e being made and many big companies ha e applied blockchain echnology o ack he
sus ainabili y o hei supply chains, while o he s a e using a i icial in elligence and machine lea ning o
analyse sus ainabili y da a and iden i y a eas o imp o emen .
ESG (En i onmen al, Social, and Go e nance) ac o s mus now be men ioned in yea ly epo s by compa-
nies. Al hough ESG ac o s a e o en closely ela ed o sus ainabili y epo ing, bu hey a e no he same.
En i onmen al, Social, and Go e nance ac o s e e o a b oade se o non- inancial pe o mance indica o s
ha a e used o e alua e a company’s o e all sus ainabili y and esponsible business p ac ices
(Wa e house-Coope s, 2023). These ac o s can include issues like ca bon emissions, labou p ac ices, boa d
© 2024 he au ho (s). Published by in o ma uK Limi ed, ading as aylo & F ancis g oup.
CONTACT san i se yaningsih [email p o ec ed]om Regional science and Business adminis a ion, széchenyi is án uni e si y,
egye em é 1, győ 9026, Hunga y
h ps://doi.o g/10.1080/23311975.2023.2298215
his is an open access a icle dis ibu ed unde he e ms o he C ea i e Commons a ibu ion License (h p://c ea i ecommons.o g/licenses/by/4.0/), which
pe mi s un es ic ed use, dis ibu ion, and ep oduc ion in any medium, p o ided he o iginal wo k is p ope ly ci ed. he e ms on which his a icle has been
published allow he pos ing o he accep ed Manusc ip in a eposi o y by he au ho (s) o wi h hei consen .
ARTICLE HISTORY
Recei ed 10 Augus 2023
Re ised 5 Decembe 2023
Accep ed 6 Decembe 2023
KEYWORDS
Sus ainabili y epo ing;
small and medium-sized
en e p ises; epo ing
ba ie s; en i onmen al;
go e nance; social
esponsibili y
REVIEWING EDITOR
Pablo Ruiz, Uni e sidad
de Cas illa-La Mancha,
Spain
SUBJECTS
En i onmen al Policy;
En i onmen al
Managemen ;
En i onmen & Business;
Sus ainable De elopmen ;
Business, Managemen
and Accoun ing
2 S. SETYANINGSIH ET AL.
di e si y, and e hical beha iou . On he o he side, sus ainabili y epo ing is he p ocess o assessing and ou -
lining a company’s pe o mance in e ms o i s go e nance, social, and en i onmen al esponsibili ies, o en in
acco dance wi h a speci ic amewo k o s anda d. The majo i y o sus ainabili y epo ing ocuses on pa icula
measu es ela ing o go e nance p ocesses, social esponsibili y, and en i onmen al impac (Op ean-S an e al.,
2020). Non- inancial in o ma ion is commonly desc ibed in e ms o ESG in o ma ion, which s ands o he
h ee main me ics used o assess a company’s sus ainabili y and social e ec (Deloi e, 2021). As a esul , ESG
ac o s can be conside ed alongside sus ainabili y epo ing, bu hey a e no necessa ily dependen on one
ano he . Companies can op o epo on ESG aspec s independen ly o choose o publish hei ESG pe o -
mance in a a ie y o ways, such as h ough sus ainabili y epo ing.
While sus ainabili y epo ing is impo an o bo h la ge co po a ions and SMEs, he bene i s and
challenges aced by co po a ions and SMEs a e di e en , depending on he size and complexi y o he
o ganiza ion. Sus ainabili y epo ing o he supply chain o SMEs adop s s anda dized epo ing ame-
wo ks, such as he Global Repo ing Ini ia i e (GRI) o he Sus ainabili y Accoun ing S anda ds Boa d
(SASB). These amewo ks o e ecommenda ions o w i ing on a ange o sus ainabili y- ela ed opics,
such as go e nance, social esponsibili y, and en i onmen al e ec s. I should be ecognized, none he-
less, ha he mo i a ions o sus ainabili y and inances a e dis inc : inance- ela ed conside a ions ha e
an impac on SASB adop ion, while he GRI is a ec ed by co po a e go e nance mechanisms encou aged
by sus ainable and e hical p ac ices (Pizzi e al., 2022). The GRI and SASB conduc ed a join s udy o
examine he expe iences o la ge co po a ions ha use he wo se s o s anda ds o mee hei epo -
ing equi emen s, pa icula ly in he accoun ing and inance depa men s. Howe e , ollowing he GRI
can be challenging o SMEs o se e al easons, among hem esou ce limi a ions, limi ed expe ise,
complexi y, and ime cons ain s (Pe ma asa i & Kosasih, 2021). Despi e he challenges, by ollowing he
GRI sus ainabili y epo ing guidelines, SMEs can demons a e hei commi men o sus ainabili y and
esponsible business p ac ices. SMEs can also di e en ia e hemsel es om compe i o s, as well as
imp o e hei anspa ency and c edibili y wi h s akeholde s (S olowy & Paugam, 2023).
The la es esea ch ela ed o sus ainabili y epo ing om Maione (2023) explo ed he de ailed anal-
ysis o co po a e sus ainabili y epo ing ac ics, emphasizing he jus i ica ion o implemen ing he
Global Repo ing Ini ia i e (GRI) s anda ds, he di icul ies o be encoun e ed, and he po en ial ami ica-
ions o accoun ing expe s, manage s, policymake s, and academics. Ano he esea ch om Fa isyi,
e al. (2022) deals wi h he de elopmen o sus ainabili y epo ing, implemen ed in de eloping coun-
ies. The e is also esea ch on sus ainabili y indica o s o small- and medium-sized indus ial i ms ocus-
ing only on Tu key (Saygili e al., 2023).
Ou esea ch ills a oid ha he e is cu en ly no speci ic esea ch ha a emp s o comp ehend he
o e all challenges ha SMEs ha e encoun e ed in c ea ing sus ainabili y epo s.
In his esea ch con ex , he exis ing knowledge gap e e s o he complexi ies encoun e ed by SMEs
when hey unde ake sus ainabili y epo ing ini ia i es. While he discipline o sus ainabili y epo ing
has made conside able ad ancemen s, especially wi hin la ge co po a e en i ies, he obs uc ions aced
by SMEs ha e ecei ed mino schola ly a en ion. SMEs cons i u e a complex and essen ial pa o he
business landscape, and gaining a deepe unde s anding o he unique obs acles ha SMEs ace holds
signi ican impo ance in p omo ing hei ac i e pa icipa ion in sus ainabili y epo ing ini ia i es. The
p incipal objec i e o his s udy is o add ess he knowledge gap h ough he sys ema ic examina ion o
ex an schola ly wo ks, whe e he aim is o consolida e he ba ie s ha SMEs con on ac oss di e se
sec o s. This s udy aspi es o lead he way o SMEs o o e come hese obs acles, hus acili a ing hei
meaning ul engagemen in he subjec o sus ainabili y epo ing.
In his pape , we add ess he issue o ce ain challenges SMEs a e ha ing in implemen ing sus ainabil-
i y epo ing. This esea ch is impo an o unde s anding he di icul ies aced by SMEs, enabling hem
o ackle hem one a a ime. The e o e, in he u u e SMEs will be able o p o ide sus ainabili y epo -
ing. The mo i a ion o he sys ema ic li e a u e e iew was o in eg a e hose challenges in se e al indus-
ies such as ood, ag icul u e, ashion, manu ac u ing, se ice sec o , and o he s. Acco ding o Saunde s
and Rojon (2011), a sys ema ic li e a u e e iew is c ucial o a ull unde s anding and o gaining knowl-
edge om p io s udies ha ha e high s udy quali y.
The sec ions o he s udy a e as ollows: The in oduc ion is in Sec ion 1, and he o he ou sec ions
will be sha ed as ollows. A li e a u e e iew will be discussed in Sec ion 2. The me hodology echnique
COGENT BUSINESS & MANAGEMENT 3
is p esen ed in Sec ion 3. The esul and discussion a e shown in Sec ion 4. The s udy’s conclusions will
be p esen ed in Sec ion 5.
2. Li e a u e e iew
2.1. Sus ainabili y epo ing explana ion
A p e ious s udy by Hahn and Kuhnen (2013), became he s a ing poin o his pape o e iew sus-
ainabili y epo ing and ecen de elopmen s. The pu sui o economic, social, and en i onmen al goals
by s akeholde s, including employees, supplie s, c edi o s, ad ocacy g oups, and public au ho i ies, de e -
mines an o ganiza ion’s pe o mance (Hahn & Kuhnen, 2013). Sus ainabili y epo ing is impo an o
o ganiza ions a emp ing o achie e he objec i es s a ed abo e. By disclosing sus ainabili y in o ma ion,
o ins ance, p i a e companies aim o inc ease b and alue, epu a ion, and legi imacy as well as ans-
pa ency, enable benchma king agains compe i o s, signal compe i ion, mo i a e employees, and sup-
po co po a e in o ma ion and con ol p ocesses. (He zig & Schal egge , 2006). In gene al, he mo i a ion
o sus ainabili y epo ing in o ganiza ions ocuses on h ee main i ems, such as s a egic ela ing o
s akeholde s o se ing onesel apa om compe i o s; esponsi e, ie a si ua ion o change, such as a
inancial c isis o a shi in local in e es s; o ollowing, ie being d i en by compe ing g oups’, NGOs’, o
go e nmen body ini ia i es (Adams & F os , 2008).
Acco ding o Deloi e (2021), execu i es in business, in es o s, cus ome s, and egula o s a e paying
mo e a en ion o sus ainabili y and o he non- inancial da a. Many businesses a e now awa e o how
c i ical i is o suppo social and en i onmen al p oblems in hei epo ing. The non- inancial da a con-
sis s o desc ip ions, ac s, and opinions ha a e di icul o explain in mone a y e ms o ha a e
exp essed in non-mone a y e ms. Non- inancial da a could be ei he e oac i e o o wa d-looking.
Recen ly hey ha e inc easingly played a big ole in epo ing om many di e en en i ies and became
he o e unne o sus ainabili y epo ing (Choi & Meek, 2011). As disclosu e o non- inancial in o ma ion
became inc easingly impo an , he concep o sus ainabili y epo ing was es ablished, which combines
economic, en i onmen al, and social pe o mance in o a single epo . In he s ic es sense, a epo can
be men ioned as a sus ainabili y epo i i is public and shows he eade how he company is ul illing
he ‘co po a e sus ainabili y issues’ (Daub, 2007). Companies ha ha e a goal o co po a e en i onmen al
and social epo ing a e gaining social ecogni ion and c edibili y o hei e o s (Hongming e al., 2020).
Se e al bene i s ha e been e ealed om he sus ainabili y epo ing based on se e al p io s udies. A
s udy om Pe escu, e al. (2020) ha ocus on op Romanian companies showed ha companies we e
able o imp o e clien loyal y and us in epu a ion. In addi ion, he epo can suppo building,
imp o ing, and epai ing a b and’s image, as well as implemen ing a epu a ion managemen sys em o
he online en i onmen . P io esea ch om Z nic e al. (2020) e ealed ha he majo i y o sus ainabili y
epo ing ocuses on impac (25%) and amewo k (19%) due o he close ela ionship be ween impac
and amewo k in he applica ion o sus ainabili y epo ing. In e ms o amewo k, he s udy speci ied
ha he elemen o di e si y should be included as a pa o he guidelines and s anda ds o sus ain-
abili y epo ing, while he impac ac o is use ul when dealing wi h isk and inancial access (Z nic
e al., 2020).
A he s a o i s de elopmen , he sus ainabili y epo ’s con en did no ollow a compa able s uc-
u e o ha o inancial epo ing. A echnique o epo ing ha was popula in he 1990s when disclo-
su es om annual epo s equen ly se ed as explana ions o epo ing p ocesses. Some s udies, like
hose o he mul ina ional Fo une 500, ocus on he pa e ns o mul ina ional companies’ sus ainabili y
epo ing. Ini ially, he e is no equi emen (Zha peykan & Aska any, 2023). A e he Rio + 20 Uni ed
Na ions Con e ence on Sus ainable De elopmen , na ions like F ance, Sou h A ica, B azil, and Denma k
s a ed o ad oca e o sus ainabili y epo ing. These na ions ecei ed assis ance om he Global
Repo ing Ini ia i e (GRI) and he Uni ed Na ions En i onmen P og amme (UNEP) in hei e o s o pu -
sue sus ainable de elopmen (Hongming e al., 2020). A epo om Deloi e (2021) guides he sus ain-
abili y epo ing jou ney by p o iding he amewo k in he ollowing s eps (Figu e 1). epo ing. These
na ions ecei ed assis ance om he Global Repo ing Ini ia i e (GRI) and he Uni ed Na ions En i onmen
P og amme (UNEP) in hei e o s o pu sue sus ainable de elopmen (Hongming e al., 2020). A epo
4 S. SETYANINGSIH ET AL.
om Deloi e (2021) guides he sus ainabili y epo ing jou ney by p o iding he amewo k in he ol-
lowing s eps (Figu e 1). The epo om Deloi e (2021) explains he s eps as guidance o sus ainabili y
epo ing h ough p epa a ion, in eg a ion, and epo ing (Figu e 1). I begins wi h he unde s anding o
ESG (En i onmen al, Social, Go e nance) objec i es, isks, audience, and s akeholde s, ela ed o epo ing
s anda ds. The in e nal audi plan and he in eg a ion o ESG epo ing in acco dance wi h GRI c i e ia
ollow. The epo ing s ep is inalized by con o ming he sus ainabili y epo ing wi h ecognized s an-
da ds, such as SASB o ob ain ex e nal assu ance.
Acco ding o SASB S anda ds (n.d.), he GRI S anda ds ( ounded in 1997) and SASB S anda ds ( ounded
in 2011) a e complemen a y s anda ds o sus ainabili y epo ing. They a e buil on a ious concep ions
o ma e iali y and a e in ended o se e a ious unc ions. The SASB S anda ds concen a e on sus ain-
abili y conce ns ha a e mos likely o ha e an impac on in es o choice. A wide ange o s akeholde s
a e in e es ed in he GRI S anda ds’ ocus on a company’s economic, en i onmen al, and social conse-
quences conce ning sus ainable de elopmen . O ganiza ions a e awa e ha he landscape o sus ainabil-
i y disclosu e migh appea o be complex and ha o businesses ha adhe e o bo h se s o c i e ia,
he epo ing e o may be subs an ial. In summa y, he GRI se s s anda ds o companies o epo on
hei economic, social, and en i onmen al impac , while he SASB ocuses speci ically on he inancial
ma e iali y o sus ainabili y issues (SASB S anda ds, n.d.). Table 1 below p esen s he main a ia ions
be ween SASB and GRI.
Addi ionally, 98 pe cen o he indus y-based opics add essed by SASB S anda ds a e linked o one
o mo e Sus ainable De elopmen Goals (SDG) a ge s and a e mapped o he SDGs, pe SASB S anda ds
(n.d.). As a esul , SASB S anda ds can o e businesses and in es o s a use ul ool o iden i ying he SDG
a ge s ha a e mos pe inen o a pa icula indus y. SASB S anda ds assis businesses and in es o s
in alloca ing unds and o he esou ces o in luence he compa ibili y o ce ain SDG a ge s and a ec
inancial e u ns. When companies and in es o s can ha e a posi i e in luence, mi iga e a nega i e
impac , and ye mee hei inancial isk-and- e u n c i e ia, ha is when SASB S anda ds and SDG objec-
i es connec .
Each amewo k ca e s o a ious s akeholde demands and epo ing goals, and bo h he GRI and
he SASB ha e hei own p os and downsides. Companies should ca e ully conside hei a ge audi-
ence, ma e iali y analyses, and indus y-speci ic isks and oppo uni ies be o e deciding on he op imal
amewo k o hei ESG epo ing (ESGPRO, n.d.) I is signi ican o highligh ha he GRI and he SASB
a e no an agonis ic o one ano he , and businesses decide o combine elemen s om bo h amewo ks
o c ea e a comp ehensi e and ailo ed ESG epo ing s a egy. By unde s anding he key di e ences
Figu e 1. Key s eps o sus ainabili y epo ing. sou ce: Deloi e (2021).
COGENT BUSINESS & MANAGEMENT 5
be ween he GRI and he SASB, companies may choose which amewo k, o combina ion o ame-
wo ks, bes co esponds wi h hei ESG epo ing goals and s akeholde expec a ions (ESGPRO, n.d.).
P e ious esea ch ega ding sus ainabili y epo ing has been conduc ed on di e en opics and in
di e en coun ies and some ha e c ea ed di e en esul s. The esea ch om Enge e al. (2016) empha-
sized ha bo h in e nal ac o s (like company size) and ex e nal ac o s (like indus y) can be conside ed
ele an and in luen ial ac o s. Acco ding o o he esea ch, he size and indus y o he companies
a ec ed how hey adop ed he GRI ules, bu only he indus y o he companies a ec ed how much
hey applied he GRI (Legend e & Code e, 2013). Resea ch om Higgins e al. (2015) men ioned ha i
is impossible o say i he sus ainabili y epo ing echniques o ea ly and la e adop e s ac oss a ange
o co po a e sizes and indus ies a e logical.
2.2. Sus ainabili y epo ing in he con ex o small and medium en e p ises (SME)
The u gency o sus ainabili y in all ace s o li e has been heigh ened by ecen global e en s ela ed o
clima e change. Howe e , he e has no been su icien esea ch on how small and medium-sized busi-
nesses (SMEs) inco po a e sus ainabili y ideas in o hei co po a e go e nance p ocesses. The majo i y o
s udies a e ca ied ou in he Eu opean and No h Ame ican en i onmen , while some a e done in Asia
(Akomea-F impong e al., 2022). The con ibu ion o SMEs can e en be desc ibed as c ucial when conside -
ing he shee numbe o SMEs and hei signi icance o he economy. En ep eneu ial businesses a e
well-posi ioned o ake ad an age o new oppo uni ies c ea ed by some o he majo di icul ies SMEs
oday a e acing (Smi h e al., 2022). Acco ding o a p io s udy by K awczyk (2021), small and medium-sized
i ms (SMEs) accoun o 99% o all businesses in he con empo a y ma ke economy. Howe e , he solu-
ions o he issues and challenges hey encoun e a e ypically ound ins inc i ely, and he managemen
sciences’ con ibu ions a e only occasionally used in he day- o-day ope a ions o SMEs. The con e sa ion
on he g ow h o he SME sec o has been mo e in ense in ecen yea s (K awczyk, 2021). Addi ionally,
signi ican issues including clima e change, di e si y and inclusion policies, openness and accoun abili y,
and me iculous eco d-keeping o da a on SMEs’ ope a ions should be co e ed in SMEs’ sus ainable epo -
ing (Akomea-F impong e al., 2022). These p oblems a e seldom o e looked because SMEs a e no obliga ed
o submi sus ainabili y epo ing, unlike co po a ions, whe e nowadays hey mus include sus ainabili y
epo ing in hei annual epo s. SMEs a e accoun able o bo h indus ial and en i onmen al deg ada ion,
e en hough hey do no indi idually pu a lo o s ain on he en i onmen (San os e al., 2022).
Non- inancial in o ma ion (NFI) disclosu es ha e mos ly been a oided by small and medium-sized
en e p ises (SMEs). Da a we e ga he ed om esponses gi en by s akeholde s du ing he Eu opean
Table 1. Main a ia ions be ween he gRi and sasB.
gRi sasB
a ge audience he gRi is in ended o a la ge g oup o
s akeholde s.
he sasB is p ima ily in ended o in es o s.
Ma e iali y and scope he impo ance o an o ganiza ion’s economic,
en i onmen al, and social impac s on i s
s akeholde s is known as ma e iali y,
acco ding o he gRi.
he inancial ma e iali y o esg a iables is he ocus o he
sasB’s de ini ion o ma e iali y.
indus y-speci ic s anda ds sec o disclosu es unde he gRi a e op ional
and less ho ough han hose unde he
sasB.
Companies a e now able o p o ide compa able da a ac oss
sec o s because o he indus y-speci ic s anda ds
de eloped by he sasB, which o e ex ensi e guidance
on he esg c i e ia ha a e pe inen o each business.
Flexibili y s compa abili y he gRi’s p inciple-based me hodology
enables o ganiza ions o ailo hei
epo ing depending on hei speci ic
s akeholde needs and con ex , which can
esul in disclosu es ha a e mo e
meaning ul and con ex ually ele an .
al hough he sasB’s s anda dized, sec o -speci ic app oach
o e s mo e compa abili y among businesses, i may
es ic o ganiza ions’ capaci y o cus omize hei
disclosu es o hei pa icula ci cums ances.
Repo ing le els he gRi p o ides h ee epo ing le els (Co e,
Comp ehensi e, and sec o Disclosu es) so
ha o ganiza ions can selec he amoun
o de ail and b ead h ha bes mee s hei
goals and a ailable esou ces.
he sasB does no ha e disc e e epo ing le els; a he , i
manda es ha businesses epo on all esg a iables ha
a e inancially signi ican as de e mined by he ele an
indus y-speci ic s anda ds.
Sou ce: esgPRo (n.d.).
6 S. SETYANINGSIH ET AL.
Union’s public consul a ion and he da a has been ga he ed om Feb ua y o June 2020. Howe e , he
Non-Financial Repo ing Di ec i e will change, ega ding he alue o a condensed NFI s anda d and/o
epo ing o ma o SMEs; whe he his is a p ac ical way o lessen he bu den on SMEs; and, ul ima ely,
whe he i should be manda o y o olun a y i i is implemen ed (Albuque que e al., 2022).
In he EU con ex , a s udy by San os e al. (2022) e alua ed s akeholde s’ opinions owa ds he usage
o simpli ied non- inancial c i e ia o SMEs. The indings o he s udy e eal ha NFI is bene icial o
SMEs because i makes i easie o businesses o ob ain and main ain a compe i i e ad an age (Odu o
e al., 2021), in addi ion o a posi i e economic impac on how businesses beha e on capi al ma ke s
and wi h s akeholde s besides in es o s (Ch is ensen e al., 2021). SMEs exhibi a ela i ely low deg ee o
engagemen while ha ing a conside able impac on a coun y’s economy, employmen , and en i on-
men . Howe e , he p ocess o sus ainabili y e alua ion can be ex emely di icul o SMEs. So, a s aigh -
o wa d, e ec i e app oach o p ocess ha can assess, con ol, and enhance SMEs’ pe o mance is
equi ed due o he signi ican impac s hey ha e on a coun y’s economy (Kassem & T enz, 2020). A
s udy om San os e al. (2022), which also suppo s he opinions o s akeholde s on he po en ial adop-
ion o a simpli ied s anda d o NFI o SMEs, is in line wi h he s udy om Kassem and T enz (2020), as
i is no compa able o SMEs o use he same s anda ds as co po a ions. Kassem and T enz (2020) ou -
lined h ee measu es o ge a s eamlined s anda d o SMEs: (1) selec ing and pu ing in o p ac ice a
a ie y o key pe o mance indica o s (KPI), (2) he sugges ion o a new comp ehensi e sus ainabili y
assessmen me hodology ha akes in o accoun all selec ed KPIs and de e mines a inal sus ainabili y
a ing, and (3) by pu ing in place an in o ma ion and communica ion sys em, you may s eamline and
au oma e he epo ing p ocess. Howe e , he e is a d awback o he implemen a ion. As he p e ious
s udies a e mos ly based in he EU con ex , i may no be applicable in o he coun ies. The e a e se e al
conside a ions o implemen ing sus ainabili y epo ing, ie he di e si y o use s, opics, objec i es, mea-
su emen s, and whe he sus ainabili y epo ing is olun a y o manda o y (Ch is ensen e al., 2021). In
ac , no all SMEs, pa icula ly in Indonesia, a e able o come up wi h a se o KPIs, o a sys em o sim-
pli y sus ainabili y epo ing, when mos SMEs a e s ill s uggling wi h hei day- o-day inancial epo -
ing. This is consis en wi h p e ious esea ch ha shows SMEs ha e ouble adhe ing o GRI
ecommenda ions because hey lack he ools, expe ise, and incen i es necessa y o implemen sus ain-
abili y and signi ican ly ad ance SDGs (Cos a e al., 2022; Ve bo en & Vanhe ck, 2016).
By in eg a ing sus ainabili y epo ing in o hei ope a ions and placing mo e o an emphasis on he
long e m, SMEs can gain om i (GRI, 2022). Acco ding o Tau ingana’s (2021) esea ch, he GRI’s e o s
o aise sus ainabili y epo ing hea ily ely on aining. E en hough he GRI conduc s i s own aining,
he majo i y o he aining is cu en ly deli e ed by pa ne s who a e ‘ce i ied’ o conduc hei own
aining p og ams in a ious na ions ac oss he wo ld. As he GRI cha ges o pay i s aining expenses,
many o ganiza ions in de eloping na ions ind i di icul o inance he aining. In he con ex o
Indonesia, SMEs encoun e se e al di icul ies when implemen ing sus ainabili y epo ing, one o which
is he absence o sui able ules o s anda ds (Pe ma asa i & Kosasih, 2021). Al hough he GRI seeks o
imp o e sus ainabili y epo ing in de eloping na ions by c ea ing s anda ds o sus ainabili y epo ing
guidance and encou aging s ock exchanges o manda e ha businesses wan ing o lis apply he s an-
da ds when d a ing sus ainabili y epo s (Tau ingana, 2021), a s udy om Pe ma asa i and Kosasih
(2021) also men ioned ha he mos widely adop ed business s anda d in he wo ld, he Global Repo ing
Ini ia i e (GRI) Sus ainabili y Repo ing S anda d, equi es epo ing en i ies o conduc nume ous es s
and disclose in ica e da a, including measu ing emissions and he olume and ype o was e gene a ed
du ing he epo ing pe iod. This is di icul o implemen in Indonesia as he GRI ules a e iewed as
being oo di icul o SMEs o execu e, especially small and mic o i ms wi h limi ed unding and
esou ces.
The implemen a ion me hodology o sus ainabili y epo ing in Village-Owned En e p ises (VOE) and
SMEs in Indonesia is desc ibed in a pape by Ku niawan (2018). The s udy explained a GRI s anda d-based
sus ainabili y epo ing app oach o small and medium-sized businesses and illage-owned companies.
The sus ainabili y epo ing app oach o VOE and SMEs has i e s ages: (1) p epa e; (2) connec ; (3)
de ine; (4) moni o ; and (5) epo . These i e s ages a e simila o he h ee key s eps o sus ainabili y
epo ing om Deloi e (2021). The s udy also shows ha VOE and SMEs ha implemen sus ainabili y
epo ing ha e he bene i s o inc eased anspa ency owa d s akeholde s and imp o ed p ocess
COGENT BUSINESS & MANAGEMENT 7
op imiza ion. Mo eo e , he inding sugges ed ha , om he pe spec i e o sus ainabili y, VOE and SMEs
can make a g ea e con ibu ion han o he simila businesses. The esul s o his s udy’s ami ica ions
can help mo e VOE and SMEs build sus ainabili y in o hei economic endea ou s (Ku niawan, 2018).
3. Me hodology
Resea che s used sys ema ic li e a u e e iews o examine he s a e-o - he-a and ad ancemen o he
esea ch in pa icula domains, iden i y gaps, and sugges esea ch objec i es o u u e s udies (Bhukya
& Jus in, 2023). The sys ema ic li e a u e e iew in summa y is conduc ed in ou phases based on Ri e a
e al. (2022): (1) P epa a ion Phase, (2) Conduc ing Phase, (3) Repo ing and Dissemina ion Phase and (4)
Analysis Phase. The de ails o each will be explained in he Me hodological sec ion and he analysis
phase will be explained in he analysis sec ion.
3.1. P epa a ion phase
I is needed o c ea e he panel du ing he p epa a ion phase. Two esea che s, in his ins ance, he
au ho s o he manusc ip , made up he e iew panel. The esea che s had a la ge numbe o SMEs- ela ed
p io s udies. The p io s udy by T an ield e al. (2003) ecommended ha he panel should be composed
o subjec -ma e expe s who a e ac i e in he esea ch ield. The du y o sepa a e he li e a u e in o i s
espec i e inal sou ce alls equally on he shoulde s o bo h esea che s. Be o e mo ing on o he inal
sou ce o li e a u e, he panel held a discussion o de elop he esea ch ques ion, he inclusion and
exclusion c i e ia, and he opic o he sys ema ic li e a u e e iew (see Table 2).
3.2. Conduc ing phase
The panel began he inqui y by ga he ing ma e ials om a numbe o bibliog aphic da abases, including
P oQues , Eme ald, Sp inge , Taylo & F ancis Online, MDPI, and Science Di ec . All sea ches we e done in
he i le, abs ac , and keywo ds (see Table 3), and we we e able o iden i y some o he sea ch s ings
in exac ly he same way in each o he da abases. This il e ing ac i i y esul ed in app oxima ely 14,158
publica ions. 5802 pape s we e excluded because hey me he exclusi e c i e ia, such as being a pa o
ano he disse a ion, hesis, book, newspape , magazine, wo king pape , epo , o o he exclusi e c i e ia.
To make he pape s he inal esou ce, he panel mus hen go h ough he pape s again. The ini ial
s ep in ol ed so ing he sea ch s ing in o he pape da abase. The publica ions ha ac ually i he
con ex o he esea ch a e employed as he inal esou ce in he second phase. Each pape has been
double-checked by bo h esea che s by eading he abs ac s used he quali y assessmemen .
Disag eemen s on he inal sou ce o a icles we e no ed as ‘unsu e’ documen s, which he panel mem-
be s hen s udied again o con i m h ough he pape ’s con en .
The 37 supplies o pape s o he ollowing phase’s epo ing p ocedu e will come om he quali y
assessmen o 8,356 pape s ha we e selec ed based on he sea ch s ing il e in his phase. A s anda d
Table 2. inclusion and exclusion c i e ia.
C i e ia Reason
Inclusi e C i e ia
Pape s w i en in english Mos p es igious academic jou nals a e published in english.
Pape s om in e na ional Jou nal in e na ional schola ly esea ch has demons a ed
Pape s s udy in he sus ainabili y he esea ch ocuses on sus ainabili y
Pape s s udy abou sMes sMes a e he subjec o he esea ch.
Pape s w i en be ween 2012 and 2023 he du a ion is impo an o ge new insigh in o he
espec i e ield and he p e ious 10 yea s o esea ch
conside as a ele an pe iod o he subjec
Pape s w i en mo e han 4 pages he s udy is e y ho ough om p o iding backg ound
in o ma ion o d awing conclusions
Exclusi e C i e ia
Disse a ions, heses, books, magazines, newspape s, wo king
pape s, and epo s should be d opped
he e is no schola ly e idence o suppo he e iew
Pape s do no ocus on Lean and sMe hose pape s do no i wi h he esea ch ocus
14 S. SETYANINGSIH ET AL.
Da a a ailabili y s a emen
Upon a easonable eques , he in o ma ion and ma e ials ha suppo he conclusions o his a icle will
be gi en.
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