A bibliometric analysis of green finance research related to Indonesia: A decade study
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Received March 27, 2026;Accepted July 14, 2026;Published September 7, 2026
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Author(s)FathanLink to ORCID Index: https://orcid.org/0009-0009-6320-6763
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Moh. KhusainiLink to ORCID Index: https://orcid.org/0000-0003-0472-9678
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Bunga HidayatiLink to ORCID Index: https://orcid.org/0000-0003-2182-583X
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Harsuko RiniwatiLink to ORCID Index: https://orcid.org/0000-0002-0465-2116
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DOIhttp://dx.doi.org/10.21511/ee.17(3).2026.11
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Article InfoVolume 17 2026, Issue #3, pp. 168–186
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This work is licensed under a
Creative Commons Attribution 4.0 International License
Type of the article: Research Article
Abstract
The growing attention to sustainability is driving the development of green finance studies. However, the distribution of such research remains geographically uneven, particularly in developing countries. As one of the major contributors to global emissions, Indonesia plays a critical role within the broader discourse of green finance, both as a national context and as part of cross-country analyses. Therefore, a comprehensive understanding of green finance research related to Indonesia is essential, especially given the Indonesian government’s commitment to reducing greenhouse gas emissions. This study aims to conduct a bibliometric analysis to map the development of green finance literature related to Indonesia over the period 2015–2025. Using 194 Scopus-indexed publications, the results reveal a substantial increase in research output over the last four years. Indonesia recorded the highest publication output, with authors affiliated to institutions in China and Malaysia occupying important positions within the international co-authorship network. Keyword co-occurrence analysis identified four major thematic clusters: (1) Green financial systems, (2) Economic growth and environmental sustainability, (3) Green finance in energy transition, and (4) Climate finance and environmental governance. This study provides a more accurate representation of the scientific landscape of green finance literature involving Indonesia. It highlights key research trends, identifies emerging themes, and offers insights into future research directions and policy implications, particularly in contexts where Indonesia is positioned within both national and cross-country discussions of green finance.
- Keywords
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JEL Classification (Paper profile tab)Q01, Q54, Q56
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References58
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Tables4
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Figures8
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- Figure 1. Stages of the bibliometric analysis
- Figure 2. Growth of publications on green finance related to Indonesia (2015–2025)
- Figure 3. Network visualization of co-authorship by countries
- Figure 4. Network visualization of keyword occurrence
- Figure 5. Overlay visualization of keyword occurrence
- Figure A1. Most significant countries contributing to green finance research related to Indonesia during 2015–2025
- Figure A2. Most relevant institutions contributing to green finance research related to Indonesia during 2015–2025
- Figure A3. Distribution of subject areas in green finance research related to Indonesia during 2015–2025
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- Table 1. Country affiliation analysis based on co-authorship and citation impact
- Table 2. Most cited articles
- Table 3. Top 10 most frequent keywords
- Table B1. Future research directions
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Conceptualization
Fathan, Moh. Khusaini
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Data curation
Fathan
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Formal Analysis
Fathan
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Funding acquisition
Fathan
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Investigation
Fathan, Bunga Hidayati, Harsuko Riniwati
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Methodology
Fathan
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Project administration
Fathan
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Resources
Fathan
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Software
Fathan
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Visualization
Fathan
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Writing – original draft
Fathan
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Supervision
Moh. Khusaini, Bunga Hidayati, Harsuko Riniwati
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Validation
Moh. Khusaini, Bunga Hidayati, Harsuko Riniwati
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Writing – review & editing
Moh. Khusaini, Bunga Hidayati, Harsuko Riniwati
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Conceptualization
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Human resource management in promoting innovation and organizational performance
I Gede Riana
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Gede Suparna
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I Gusti Made Suwandana
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Sebastian Kot
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Ismi Rajiani
doi: http://dx.doi.org/10.21511/ppm.18(1).2020.10
Problems and Perspectives in Management Volume 18, 2020 Issue #1 pp. 107-118 Views: 7658 Downloads: 1579 TO CITE АНОТАЦІЯHuman resource management (HRM) is one of the elements enabling an organization to remain competitive in turbulence conditions. The effective practice of HRM makes competent and innovative employees contributing to the achievement of organizational objectives. This study aims to analyze HRM practices in creating innovation and organizational performance. The questionnaire was used to measure the respondents’ perceptions of variables used by a Likert scale. A survey of 126 manager samples and middle managers at export-oriented short and medium enterprises (SMEs) in Bali, Indonesia, was conducted to test the model. The analysis has shown that the proposed model was proven to be compliant with the research hypotheses. HRM significantly affects organizational performance and innovation, and it was found out that innovation can improve organizational performance. However, in the process of simultaneous testing, it was found out that innovation cannot improve organizational performance. The lack of attention to investments in human resources became one of the barriers to SMEs in creating innovation.
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Perceived health risk, online retail ethics, and consumer behavior within online shopping during the COVID-19 pandemic
Yuniarti Fihartini
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Arief Helmi
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Meydia Hassan
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Yevis Marty Oesman
doi: http://dx.doi.org/10.21511/im.17(3).2021.02
Innovative Marketing Volume 17, 2021 Issue #3 pp. 17-29 Views: 7124 Downloads: 2324 TO CITE АНОТАЦІЯThe risk of virus contracting during the COVID-19 pandemic has changed consumer preference for online shopping to meet their daily needs than shopping in brick-and-mortar stores. Online shopping presents a different environment, atmosphere, and experience. The possibility of ethical violations is higher during online than face-to-face transactions. Therefore, this study was conducted to investigate the influence of perceived health risk and customer perception of online retail ethics on consumer online shopping behavior during the COVID-19 pandemic, involving seven variables, namely perceived health risk, security, privacy, non-deception, reliability fulfillment, service recovery, and online shopping behavior. The data were collected through an online survey by employing the purposive sampling technique to a consumer who has shopped online during the COVID-19 pandemic in Indonesia. 315 valid responses were obtained and analyzed through quantitative method using SEM-Amos. The results showed that perceived health risk and four variables of online retail ethics including security, privacy, reliability fulfillment, and service recovery affected online shopping behavior. Meanwhile, non-deception was found to have an insignificant effect. The coefficient value proved perceived health risk to be more dominant in influencing online shopping behavior than the variables of online retail ethics. Thus, consumers pay more concern for their health during online shopping. However, positive consumer perceptions of the behavior of online retail websites in providing services also can encourage consumers to shop online during this pandemic.
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Overconfidence bias among retail investors: A systematic review and future research directions
Investment Management and Financial Innovations Volume 21, 2024 Issue #1 pp. 302-316 Views: 6384 Downloads: 2759 TO CITE АНОТАЦІЯThis paper comprehensively evaluates the literature on retail investor overconfidence using a framework-based systematic approach to understand the various dimensions of overconfidence bias, its effect on investing choices, and market dynamics. A systematic review of 137 publications from the Scopus database have been done to detect the research trend concerning investor overconfidence bias from its inception. An integrated ADO-TCM framework has been employed to present a systematic analysis of the theory, context, and methodologies (TCM) employed in the reviewed studies. The ADO (Antecedents, Decisions, and Outcomes) framework thoroughly examines the antecedents, decisions, and results of investor overconfidence.
The study identified four broad sets of factors contributing to investor overconfidence, as found in the existing literature. These factors include demographic characteristics, personality traits of investors, their knowledge and experience, and the features of investments and investor types. The Prospect theory is the most popular theory in the literature, with much research using secondary data and experiment-based analysis. The prospective study directions, based on the gaps in the existing literature, are as follows: further investigation into the decision-making processes of overconfident retail and professional investors is a worthwhile subject. Future research may shift their focus from financial outcome variables to non-financial outcome variables such as the impact of investor overconfidence on individuals’ stress levels, subjective financial well-being, and overall life happiness.

