Dissertation Examination of Tjatur Widyantoro

On Wednesday, 17 December2025, The Dissertation Defense for the Doctor of Research in Management (DRM) program of Tjatur Widyantoro [2440127470], entitled “The Influence of Environmental, Social, and Governance (ESG) Activities to Sustainable Competitive Advantage Mediated by Green Innovation and Green Dynamic Capabilities Incorporated by Stakeholder Pressure, and Top Management Team Heterogeneity as Antecedents,” was conducted at the Alam Sutera Campus, Bina Nusantara University.

The dissertation examination was chaired by Prof. Toto Rusmanto, MComm, PhD, CAPM, CMA (Promotor) and attended by the team of promotors and examiners. The promotors consisted of Prof. Dezie L. Warganegara, PhD (Co-Promotor I) and Dr. Asnan Furinto, S.T., M.M (Co-Promotor II). The board of examiners comprised Dr. Ir. Hardijanto Saroso, MMT, MM, CBV, CertSF, CDMS (Examiner I), Dr. Rano Kartono Rahim, B.IT., M. Bus. (Examiner II), and Prof. ASL Lindawati, S.E. M.Com (Hons).,Ph.D, CSRS, CSRA, CMA, CBV, CertDA (Examiner III).

Dissertation Summary

As global attention shifts toward sustainability and ethical business conduct, organizations face the challenge of integrating Environmental, Social, and Governance (ESG) activities into their strategic frameworks. This study investigates the extent to which ESG initiatives contribute to achieving sustainable competitive advantage, focusing on the mediating roles of green innovation and green dynamic capabilities. Grounded in Institutional Theory, Stakeholder Theory, Upper Echelon Theory, and Dynamic Capability Theory, this research presents a comprehensive model examining the influence of stakeholder pressure and top management team heterogeneity on ESG engagement, and its subsequent impact on long-term competitiveness.

Utilizing data collected from 120 Chief Financial Officers (CFOs) and finance executives across diverse industries in Indonesia, the research employed PLS-SEM analysis. Findings reveal that both stakeholder pressure and diverse executive leadership significantly enhance ESG activities. Additionally, ESG activities, green innovation, and green dynamic capabilities each have a positive influence on sustainable competitive advantage. Notably, while green innovation and green dynamic capabilities mediate the relationship between ESG and competitiveness, stakeholder pressure alone does not significantly drive green innovation.

The indirect pathway from top management team heterogeneity through ESG and innovation variables also proved statistically weak. These findings offer actionable insights for businesses, policymakers, and scholars aiming to align ESG practices with organizational performance. In particular, the role of CFOs as strategic drivers of sustainability is emphasized. This study contributes to a nuanced understanding of ESG’s operational value and highlights the importance of internal capabilities and leadership diversity in achieving long-term competitive advantage.

Author Biography

Tjatur Widyantoro brings over two decades of expertise in strategic financial management, corporate governance, and sustainability. His career spans critical roles in financial reporting, cost management, and corporate restructuring including divestments and potential acquisitions. This foundation enables him to align financial performance with long-term business sustainability. He currently serves as Business Controller at Atlas Copco Indonesia, where he acts as a strategic partner to General Management by delivering financial insights, strengthening internal controls, and guiding decisions toward sustainable growth. Atlas Copco is a Swedish multinational company with customers in more than 180 countries. Within this global framework, he ensures that local operations uphold international standards of governance and transparency. His previous roles include Country Manager at Atlas Copco Business Services, Finance Services Manager, and finance leadership positions at Sansico Group.

Tjatur’s commitment to ESG is evident throughout his career, notably through his active role in the Water for All initiative merging environmental stewardship with social impact. He has also ensured compliance with sustainability reporting standards, embedding accountability into corporate practice. In governance, he has led and participated in multinational audit assignments across Malaysia, Singapore, Thailand, Vietnam, the Philippines, Australia, and New Zealand, supported by specialized audit training in South Korea and controlling function training in Belgium. Academically, he graduated summa cum laude from the Executive MBA at IPMI International Business School, and cum laude from the Bachelor of Accountancy at Jenderal Soedirman University. His professional certifications include CMA, CA, CertIFR, and Registered Accountant. He also holds a Certificate in Sustainable Business Strategy from Harvard Business School Online, reinforcing his dedication to lifelong learning and deepening his expertise in sustainability. Tjatur has actively contributed to ESG research and discourse.

Publication

Paper’s title: Enhancing green innovation and financial performance: the role of stakeholder pressures and green dynamic capabilities
Publish: Frontiers in Climate (currently Q1)
Link: https://doi.org/10.3389/fclim.2025.1599894  

Paper’s title: The Current and Future Research on Environmental, Social, and Governance (ESG) Performance: A Bibliometric Analysis
Publish: Proceedings of the 2 nd Indian International Conference on Industrial Engineering and Operations Management Warangal, Telangana, India, August 16-18, 2022
Link: https://ieomsociety.org/proceedings/2022india/620.pdf

Paper’s title: The Effect of ESG Reporting to Performance of Company Moderated by Board Gender Diversity in Publicly Listed Companies under Indonesia Stock Exchange ESG Leader Index
Publish: Proceedings of the 3rd South American International Industrial Engineering and Operations Management Conference, Asuncion, Paraguay, July 19-21, 2022
Link: https://ieomsociety.org/proceedings/2022paraguay/396.pdf

Paper’s title: How ESG activities foster green innovation and sustainable competitive advantage: insights from public and private companies using multi-group PLS-SEM
Publish: Frontiers in Sustainability (currently Q2)
Link: https://doi.org/10.3389/frsus.2025.1592076