Innovation and Green Management Implementation to Enhance Health Resilience: A Study on Healthcare Sector Companies Listed on the Indonesia Stock Exchange

This study examines the relationships between innovation, green management implementation, and their effects on business sustainability and value creation in Indonesian healthcare companies. Innovation is measured using Value Added Intellectual Capital (VAIC) efficiency, while green management implementation is proxied by Environmental, Social, and Governance (ESG) scores. Business sustainability is operationalized through carbon disclosure practices, and value creation is measured via Market Value Added (MVA). Using panel data from 30 listed firms (2019–2023) and applying fixed and random effects regression models showed that green management implementation significantly and positively influences carbon disclosure, supporting the role of ESG practices in enhancing sustainability transparency. However, innovation capacity demonstrates no significant direct effects on either carbon disclosure or market value creation, challenging conventional assumptions about intellectual capital's impact on sustainability and value performance. Component-level analysis improves explanatory power, showing that structural capital efficiency has a marginally negative effect on carbon disclosure, while social ESG scores emerge as the strongest driver of transparency. However, neither carbon disclosure nor ESG performance translates into immediate value creation, with MVA explained more by firm-specific characteristics and profitability (ROA). These findings extend intellectual capital and transparency theories by showing how social performance channels shape disclosure practices.