Corporate Governance, Sustainability, and Corporate Performance: Multi-Level Perspectives from Existing Companies


  • Matias Andika Yuwono
  • Lena Ellitan


This article explores the complex relationship between corporate governance (GCG), sustainability, and firm performance, focusing on incumbent firms in the plastic packaging industry. It adopts a multi-level perspective, examining how factors at the individual (e.g., entrepreneurial orientation), organizational (e.g., board structure), and ecosystem (e.g., stakeholder engagement) levels interact to shape sustainability performance. The article delves into the dynamics of proactive versus reactive approaches in firms' sustainability transitions, emphasizing the critical role of circular business model innovation in achieving sustainability goals. By analyzing in-depth case studies and empirical evidence from diverse contexts, this article aims to provide insights into how incumbent firms can successfully navigate the challenges and opportunities associated with sustainability, contributing to the development of more environmentally and socially responsible business models.




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