Mercu Buana University

Electrospun poly(vinyl alcohol)/gelatin (PVA/gelatin) nanofiber membranes containing 0–2.0% (v/v) propolis were fabricated to investigate how propolis loading governs membrane morphology, stability, and wound-relevant bioactivity. Increasing propolis concentration increased the mean fiber diameter from 170 ± 75 to 596 ± 453 nm and promoted partial fiber fusion at higher loadings. FTIR confirmed propolis incorporation, while DSC and TGA showed concentration-dependent changes in thermal behavior; T50 increased from 349.78 °C for the propolis-free membrane to 427.12–446.70 °C after propolis incorporation. Propolis also altered aqueous behavior, with intermediate loadings showing markedly lower degradability. Lower to moderate propolis loading supported higher fibroblast viability, whereas higher loading generally enhanced cell migration and DPPH/ABTS radical-scavenging activity. Propolis-containing membranes reduced LPS-induced nitrite production in RAW 264.7 macrophages, although the response was formulation-dependent. Qualitative disc-diffusion screening showed detectable inhibition against Staphylococcus aureus from PG05P onward and against Pseudomonas aeruginosa at PG15P and PG20P. PG10P provided a favorable balance among morphology, aqueous stability, thermal stability, and measured biological responses. These findings provide an initial structure–stability–bioactivity framework, while mechanical suitability, propolis release kinetics, and quantitative antimicrobial potency remain to be established.

The increasing emphasis on sustainable governance and Environmental, Social, And Governance practices has heightened the need for banks to strengthen internal mechanisms that support sustainable finance, particularly in emerging market contexts. The aim of this study is to examine the roles of capacity building, green competencies, and financial technology in shaping sustainable finance in small-capital banks. Survey data were collected from employees of small-capital banks classified under Indonesia's capital-based bank grouping KBMI 1 and listed on the Indonesia Stock Exchange, and were analyzed using partial least squares structural equation modeling. The results show that capacity building has a significant positive effect on both green innovation and sustainable finance, highlighting the importance of organizational learning and human capital development. Green competencies positively influence green innovation but do not have a direct effect on sustainable finance. Financial technology has a significant positive effect on sustainable finance, whereas its effect on green innovation is not supported. In addition, green innovation does not directly influence sustainable finance and does not mediate the relationships between internal organizational drivers and sustainable finance. These findings demonstrate that sustainable finance in small-capital banks is advanced through Environmental, Social, And Governance-oriented governance mechanisms that prioritize internal organizational readiness and digital enablement. By clarifying how internal organizational capabilities translate Environmental, Social, And Governance practices into sustainable financial outcomes, this study contributes to the sustainability literature by providing context-specific evidence on governance pathways for advancing sustainable finance in emerging market banking systems.

This study examined whether the quality of environmental and social disclosures influences the financial performance of listed Indonesian companies. Using panel data from 101 firms for 2020-2022 (303 observations), we assess disclosure quality based on Global Reporting Initiative (GRI) Standards across eight dimensions. Fixed-effects panel regression demonstrates that environmental disclosure quality significantly enhances Return on Assets (beta = 0.495, p < 0.001), remaining robust across alternative estimators, standard error corrections, and temporal periods. Social disclosure shows no significant effect (beta = -0.187, p = 0.317). We attribute this difference to symbolic reporting practices, investment time lags, stakeholder prioritization of environmental issues, and measurement challenges. Average disclosure quality remains low (19.7% environmental; 13.8% social). The results support legitimacy theory for environmental disclosure but reveal stakeholder theory limitations in Indonesia's emerging market context, where institutional infrastructure is still developing. The findings inform the implementation of Peraturan Otoritas Jasa Keuangan 51/2017 and the phase-out of the mandatory disclosure policy.

PurposeThis study aims to develop a preliminary conceptual framework that integrates environmental, social and governance (ESG) principles with Sharia compliance in the financing of solicited public-private partnership (PPP) infrastructure projects in Indonesia. The study addresses the growing need for financing models that are sustainable, accountable and ethically grounded.Design/methodology/approachA three-stage qualitative document review was conducted using Indonesian PPP regulatory documents, Ministry of Finance ESG frameworks for infrastructure projects and literature on Sharia compliance in PPPs. Thematic analysis was applied to identify intersections, complementarities and divergences across these domains.Findings ESG requirements and Sharia compliance share mutually reinforcing principles that can be systematically integrated across the PPP lifecycle. ESG provides global standards for sustainability, governance and risk management, while Sharia compliance contributes ethical safeguards aligned with the Maqasid Sharia. Their combined application enhances project legitimacy, social acceptance and long-term resilience.Research limitations/implicationsThe study focuses on solicited PPPs and constitutes a conceptual exploration rather than a fully empirically validated model. Future research should test the framework through pilot projects, multi-case studies and stakeholder-engaged evaluations.Originality/valueThe study offers a novel conceptual linkage between ESG requirements and Sharia compliance within PPP infrastructure in Indonesia, addressing a gap in the existing literature where these frameworks are usually treated independently.

In recent years, local governments and central ministries in Indonesia have demonstrated growing interest in Sharia Public–Private Partnerships (PPPs) as a mechanism for accelerating infrastructure development. The novelty of this study lies in its explicit focus on the operational phase of Sharia PPPs, a critical stage characterised by sustained project execution and long-term engagement with communities. To date, existing studies and policy discussions in Indonesia have largely concentrated on the planning and financing phases of Sharia PPPs, with limited attention given to operational realities. This study employed semi-structured interviews with 22 experts representing business practitioners, government institutions, and multilateral agencies or professional associations. The findings identified four overarching themes that reflect key challenges and opportunities in managing Sharia-compliant PPP infrastructure financing in Indonesia: dissemination of Sharia PPP operations, PPP management preparation, monitoring the implementation of the PPP agreement, and concession termination. Each theme is further elaborated through supporting subthemes and detailed empirical insights. These findings contribute new understanding of Sharia PPP operations in the Indonesian context and provide practical guidance for policymakers, investors, financial institutions, and practitioners seeking to strengthen Sharia-compliant partnerships for sustainable infrastructure development. However, as the findings are broadly applicable across infrastructure sectors, future research is required to develop sector-specific analyses and policy adjustments aligned with the distinct priorities of relevant ministries and local governments.