Triple Bottom Line (TBL) vs Greedy-Nomics: The Influence of Institutional, Stakeholder, and Cultural Theories on TBL Adoption: Impact on the Performance of Indonesian SOEs and Danantara

This research aims to analyze the implementation of the Triple Bottom Line (TBL) framework as a strategy to mitigate extractive economic practices, or "Greedy-nomics." The primary focus of this study is to explore how institutional theory, stakeholder theory, and Indonesian cultural values—specifically the philosophy of Memayu Hayuning Bawana—influence the adoption of TBL within Indonesian State-Owned Enterprises (SOEs) and the newly established sovereign wealth fund, Danantara. Utilizing a qualitative method through secondary data analysis and theoretical synthesis, this study examines how regulative, normative, and cultural pressures reinforce organizational commitment to the pillars of Profit, People, and Planet. The findings indicate that the integration of TBL into the business models of SOEs and Danantara is not merely a matter of regulatory compliance but a strategic necessity that correlates positively with long-term financial performance and public legitimacy. Empirical evidence through "Green Downstreaming" projects and disaster recovery efforts demonstrates that the acquisition of natural and social capital serves as the foundational pillar for national economic sustainability. This research concludes that a prudent business model, aligned with indigenous wisdom, serves as an effective antithesis to the phenomenon characterized by Indonesian President Prabowo Subianto as 'Greedy-nomics' at the 2026 World Economic Forum in Davos.