GREEN ACCOUNTING AND CORPORATE SOCIAL RESPONSIBILITY DISCLOSURE ON FIRM VALUE: EVIDENCE OF PROFITABILITY MEDIATION IN INDONESIAN ENERGY COMPANIES
DOI:
10.5281/zenodo.20988448Published:
2025-08-30Downloads
Abstract
This study aims to analyze the effect of Green Accounting and Corporate Social Responsibility Disclosure (CSRD) on firm value, with profitability as a mediating variable, in energy sector companies listed on the Indonesia Stock Exchange during the 2018-2023 period. This study employs a quantitative approach using a sample of 13 companies selected through purposive sampling, resulting in 78 observations. Data were analyzed using panel data regression with the Random Effect Model (REM), and mediation was tested using the Sobel Test. The results show that Green Accounting has a positive and significant effect on profitability, whereas CSRD has no significant effect on profitability. Green Accounting and CSRD do not have a significant effect on firm value, while profitability has a positive and significant effect on firm value. The Sobel Test results indicate that profitability mediates the effect of Green Accounting on firm value but does not mediate the effect of CSRD on firm value. These findings show that the market responds more strongly to financial performance reflected in profitability than to sustainability information disclosed by companies. This study provides empirical evidence of the importance of profitability as a mechanism explaining the relationship between sustainability practices and firm value in the Indonesian energy sector.
Keywords:
Green Accounting Corporate Social Responsibility Disclosure Profitability Firm Value Energy SectorReferences
Aastvedt, T. M., Behmiri, N. B., & Lu, L. (2021). Does green innovation damage financial performance of oil and gas companies? Resources Policy, 73, 102235. https://doi.org/10.1016/j.resourpol.2021.102235
Agustia, D. S., Sawarjuwono, T., & Dianawati, W. (2019). The mediating effect of environmental management accounting on green innovation-firm value relationship. International Journal of Energy Economics and Policy, 9(2).
Al-Mawali, H., Sharif, A. A., Rumman, G. A., & Kerzan, F. (2018). Environmental Strategy, Environmental Management Accounting and Organizational Performance: Evidence from The United Arab Emirates Market. Journal of Environmental Accounting and Management, 6(2), 105-114. https://doi.org/10.5890/JEAM.2018.06.002
Amira, A., & Siswanto, S. (2022). Pengaruh Penerapan Akuntansi Lingkungan Terhadap Nilai Perusahaan Consumer Non-Cyclicals Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Pajak dan Keuangan Negara (PKN), 4(1S), 200-210. https://doi.org/10.31092/jpkn.v4i1S.1764
Astuti, T. N., Mursalim, & Kalsum, U. (2020). Intervening Profitabilitas: Corporatesocial Responsibility Terhadapnilai Perusahaan. Akmen, 17(4).
Battilana, J., Obloj, T., Pache, A.-C., & Sengul, M. (2022). Beyond Shareholder Value Maximization: Accounting for Financial/Social Trade-Offs in Dual-Purpose Companies. Academy of Management Review, 47(2), 237-258. https://doi.org/10.5465/amr.2019.0386
Brealey, R. A., Myers, S. C., & Marcus, A. J. (2008). Dasar-Dasar Manajemen Keuangan (5th ed.). Airlangga.
Brigham, E. F., & Houston, J. F. (2019). Dasar-Dasar Manajemen Keuangan (14th ed.). Salemba Empat.
Brooks, C., & Oikonomou, I. (2018). The effects of environmental, social and governance disclosures and performance on firm value: A review of the literature in accounting and finance. The British Accounting Review, 50(1), 1-15. https://doi.org/10.1016/j.bar.2017.11.005
Egbunike, A., & Okoro, G. (2018). Does green accounting matter to the profitability of firms? A canonical assessment. Ekonomski Horizonti, 20(1), 17-26. https://doi.org/10.5937/ekonhor1801017E
Ekawati, A. S. (2023). Pengaruh Penerapan Green Accounting Melalui Profitabilitas Sebagai Variabel Mediasi Terhadap Nilai Perusahaan. Media Akuntansi dan Perpajakan Indonesia, 5(1).
Elkington, J. (1997). Cannibals with forks: The triple bottom line of 21st century business. Capstone Publishing.
Friedman, A. L., & Miles, S. (2002). Developing Stakeholder Theory. Journal of Management Studies, 39(1), 1-21. https://doi.org/10.1111/1467-6486.00280
Friedman, A. L., & Miles, S. (2006). Stakeholders: Theory and Practice. Oxford University Press. https://doi.org/10.1093/oso/9780199269860.001.0001
Gantino, R., Ruswanti, E., & Widodo, A. M. (2023). Green Accounting and Intellectual Capital Effect on Firm Value Moderated by Business Strategy. Jurnal Akuntansi, 27(01).
Ghozali, I. (2021). Aplikasi Analisis Multivariate (10th ed.). Universitas Diponegoro.
Global Reporting Initiative. (2021). GRI Standards. Global Reporting Initiative.
Gray, R., Kouhy, R., & Lavers, S. (1995). Corporate social and environmental reporting: A review of the literature and a longitudinal study of UK disclosure. Accounting, Auditing & Accountability Journal, 8(2), 47-77. https://doi.org/10.1108/09513579510146996
Gujarati, D. N. (2006). Dasar-Dasar Ekonometrika. Airlangga.
Gujarati, D. N. (2021). Basic Econometrics (4th ed.). McGraw-Hill.
Hadi, N. (2017). Corporate Social Responsibility (2nd ed.). Graha Ilmu.
Handayati, P., Sumarsono, H., & Narmaditya, B. S. (2022). Corporate Social Responsibility disclosure and Indonesian firm value: The moderating effect of profitability and firm’s size. Journal of Eastern European and Central Asian Research (JEECAR), 9(4), 703-714. https://doi.org/10.15549/jeecar.v9i4.940
Hartzmark, S. M., & Sussman, A. B. (2019). Do Investors Value Sustainability? A Natural Experiment Examining Ranking and Fund Flows. The Journal of Finance, 74(6), 2789-2837. https://doi.org/10.1111/jofi.12841
Henderson, R. (2020). Reimagining Capitalism in a World on Fire. PublicAffairs.
Hermawan, B., Ismail, T., & Ichwanudin, W. (2021). Pengaruh Risiko Bank Terhadap Profitabilitas (Studi Kasus Sektor Perbankan Yang Terdaftar di Bursa Efek Indonesia Periode 2015-2020). Jurnal Riset Bisnis dan Manajemen Tirtayasa, 5(2), 147-160. https://doi.org/10.48181/jrbmt.v5i2.13082
Hermawan, S., Sari, Y. A., Biduri, S., Rahayu, D., & Rahayu, R. A. (2023). Corporate Social Responsibility, Firm Value, and Profitability: Evidence from Pharmaceutical Companies in Indonesia and Malaysia. International Journal of Professional Business Review, 8(2), e0625. https://doi.org/10.26668/businessreview/2023.v8i2.625
Hery. (2016). Analisis Laporan Keuangan.
Hu, Y., Chen, S., Shao, Y., & Gao, S. (2018). CSR and Firm Value: Evidence from China. Sustainability, 10(12), 4597. https://doi.org/10.3390/su10124597
Huang, F., Chen, M., & Liu, R. (2023). The nature of corporate social responsibility disclosure and investment efficiency: Evidence from China. Frontiers in Environmental Science, 11, 1028745. https://doi.org/10.3389/fenvs.2023.1028745
Karaman, A. S., Kilic, M., & Uyar, A. (2018). Sustainability reporting in the aviation industry: Worldwide evidence. Sustainability Accounting, Management and Policy Journal, 9(4), 362-391. https://doi.org/10.1108/SAMPJ-12-2017-0150
Kasmir. (2016). Analisis Laporan Keuangan (7th ed.). PT RajaGrafindo Persada.
Khan, S., & Gupta, S. (2024). The interplay of sustainability, corporate green accounting and firm financial performance: A meta-analytical investigation. Sustainability Accounting, Management and Policy Journal, 15(5), 1038-1066. https://doi.org/10.1108/SAMPJ-01-2022-0016
Kim, W. S., Park, K., & Lee, S. H. (2018). Corporate Social Responsibility, Ownership Structure, and Firm Value: Evidence from Korea. Sustainability, 10(7), 2497. https://doi.org/10.3390/su10072497
Lako, A. (2017). Dekonstruksi CSR dan Reformasi Paradigma Bisnis & Akuntansi: Suatu Tinjauan. Erlangga.
Machmudah, Z., Sari, D. W., & Utomo, St. D. (2020). Corporate Social Responsibility, Profitability and Firm Value: Evidence from Indonesia. The Journal of Asian Finance, Economics and Business, 7(9), 631-638. https://doi.org/10.13106/JAFEB.2020.VOL7.NO9.631
Nampoothiri, M. V., Entrop, O., & Annamalai, T. R. (2024). Effect of mandatory sustainability performance disclosures on firm value: Evidence from listed European firms. Corporate Social Responsibility and Environmental Management, 31(6), 5220-5235. https://doi.org/10.1002/csr.2860
Nguyen, L. S., & Nguyen, T. M. P. (2023). The relations among environmental, social disclosure, sustainable development and firm performance: Empirical evidence from mining enterprises listed on the stock market in Vietnam. Cogent Business & Management, 10(2), 2211822. https://doi.org/10.1080/23311975.2023.2211822
Nugroho, W. C. (2023). Efek Mediasi Profitabilitas Pada Pengaruh Green Accounting Terhadap Nilai Perusahaan. E-Jurnal Akuntansi, 33(3), 648. https://doi.org/10.24843/EJA.2023.v33.i03.p05
Nwaigwe, N. G., Ofoegbu, G. N., Dibia, N. O., & Nwaogwugwu, C. V. (2022). Sustainability disclosure: Impact of its extent and quality on value of listed firms in Nigeria. Cogent Business & Management, 9(1), 2079393. https://doi.org/10.1080/23311975.2022.2079393
Otoritas Jasa Keuangan. (2017). Peraturan Otoritas Jasa Keuangan Nomor 51/POJK.03/2017 tentang Penerapan Keuangan Berkelanjutan bagi Lembaga Jasa Keuangan, Emiten, dan Perusahaan Publik.
Parmar, B. L., Freeman, R. E., Harrison, J. S., Wicks, A. C., Purnell, L., & De Colle, S. (2010). Stakeholder Theory: The State of the Art. Academy of Management Annals, 4(1), 403-445. https://doi.org/10.5465/19416520.2010.495581
Pratiwi, Y. N., Meutia, I., & Syamsurijal, S. (2020). The Effect of Environmental Management Accounting on Corporate Sustainability. Binus Business Review, 11(1), 43-49. https://doi.org/10.21512/bbr.v11i1.6028
Prayanthi, I., & Budiarso, N. S. (2022). The effect of social responsibility disclosure on financial performance in the COVID-19 pandemic era. Cogent Business & Management, 9(1), 2147412. https://doi.org/10.1080/23311975.2022.2147412
Riyadh, H. A., Al-Shmam, M. A., & Firdaus, J. I. (2022). Corporate Social Responsibility and GCG Disclosure on Firm Value with Profitability. International Journal of Professional Business Review, 7(3), e0655. https://doi.org/10.26668/businessreview/2022.v7i3.e655
Rossi, A., & Luque-Vilchez, M. (2021). The implementation of sustainability reporting in a small and medium enterprise and the emergence of integrated thinking. Meditari Accountancy Research, 29(4), 966-984. https://doi.org/10.1108/MEDAR-02-2020-0706
Rounaghi, M. M. (2019). Economic analysis of using green accounting and environmental accounting to identify environmental costs and sustainability indicators. International Journal of Ethics and Systems, 35(4), 504-512. https://doi.org/10.1108/IJOES-03-2019-0056
Somjai, S., Fongtanakit, R., & Laosillapacharoen, K. (2020). Impact of environmental commitment, environmental management accounting and green innovation on firm performance: An empirical investigation. International Journal of Energy Economics and Policy, 10(3), 204-210. https://doi.org/10.32479/ijeep.9174
Sudimas, M. R., Ramdany, R., & Ispriyahadi, H. (2023). Does Financial Performance Mediate the Impact of Green Accounting and Environmental Performance on Firm Value? Journal of Governance Risk Management Compliance and Sustainability, 3(1), 58-73. https://doi.org/10.31098/jgrcs.v3i1.1487
Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Alfabeta.
Sukmadilaga, C., Winarningsih, S., Yudianto, I., Lestari, T. U., & Ghani, E. K. (2023). Does Green Accounting Affect Firm Value? Evidence from ASEAN Countries. International Journal of Energy Economics and Policy, 13(2), 509-515. https://doi.org/10.32479/ijeep.14071
Susilawati, S., Arifiyanti, D., Samukri, Suryaningsih, M., & Kuraesin, A. D. (2024). Green Accounting, CSR Disclosure, Firm Value, and Profitability Mediation. Economic Studies Journal (Ikonomicheski Izsledvania), 33(1), 14-26.
Tunpornchai, W., & Hensawang, S. (2018). Effects of Corporate Social Responsibility and Corporate Governance on Firm Value: Empirical Evidences of the Listed Companies on the Stock Exchange of Thailand in the SET100. PSAKU International Journal of Interdisciplinary Research, 7(1), 161-170.
Verbeek, M. (2017). A Guide to Modern Econometrics (5th ed.). John Wiley & Sons, Inc.
Yanto, E. (2018). Effect of Corporate Social Responsibility and Good Corporate Governance on the Value of Company with Profitability as Moderating Variables. JAAF (Journal of Applied Accounting and Finance), 2(1), 36. https://doi.org/10.33021/jaaf.v2i1.304
Yao, L. (2024). How Does Sustainable Digital Marketing Affect Consumer Behavior? American Journal of Industrial and Business Management, 14(03), 261-282. https://doi.org/10.4236/ajibm.2024.143013
Zhou, G., Liu, L., & Luo, S. (2022). Sustainable development, ESG performance and company market value: Mediating effect of financial performance. Business Strategy and the Environment, 31(7), 3371-3387. https://doi.org/10.1002/bse.3089
License
Copyright (c) 2025 Bambang Hermawan
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Downloads
How to Cite
