Pengaruh Green Accounting terhadap Nilai Perusahaan dengan Profitabilitas Sebagai Variabel Intervening pada Perusahaan Subsektor Industri Dasar dan Kimia (2020–2024)
DOI:
https://doi.org/10.55606/cemerlang.v6i1.9018Keywords:
Firm Value, Green Accounting, Price to Book Value, Profitability, Return on EquityAbstract
This research focuses on examining the relationship between environmental accounting practices and firm value creation, considering the role of profitability as an intermediary mechanism. The study was conducted on companies in the basic and chemical industry subsectors listed on the Indonesia Stock Exchange during the 2020–2024 period. Green Accounting in this study is represented through environmental cost disclosure, while firm value is proxied by Price to Book Value (PBV), and profitability is measured by Return on Equity (ROE). The analysis used a panel data regression approach, complemented by a mediation test using the Sobel test. Empirical results indicate that the implementation of Green Accounting has not had a significant impact on profitability or firm value. Conversely, profitability has been shown to have a positive and significant relationship with firm value. Furthermore, the mediation test indicates that profitability plays no role in channeling the influence of Green Accounting on firm value. These findings lead to the interpretation that Green Accounting practices in the studied sectors still reflect regulatory compliance and efforts to gain social legitimacy rather than a strategy to increase short-term economic value.
Downloads
References
Afiyah Hayatul, Jannah Sofiatul, & Junjunan Ilyas. (2023). Jurnal Hayatul Afiyah fiks. Jurnal Akuntansi dan Ekonomi Bisnis, 12(2), 75–86.
Akhter, F., Hossain, M. R., Elrehail, H., Rehman, S. U., & Almansour, B. (2023). Environmental disclosures and corporate attributes, from the lens of legitimacy theory: A longitudinal analysis on a developing country. European Journal of Management and Business Economics, 32(3), 342–369. https://doi.org/10.1108/EJMBE-01-2021-0008
Baron, R. M., & Kenny, D. A. (1986). The moderator–mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. Journal of Personality and Social Psychology, 51(6), 1173–1182. https://doi.org/10.1037/0022-3514.51.6.1173
Brigham, E. F., & Houston, J. F. (2019). Fundamentals of financial management (15th ed.). Cengage Learning.
Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman. https://doi.org/10.1017/CBO9781139192675
Ghozali, I. (2018). Aplikasi analisis multivariate dengan program IBM SPSS (9th ed.). Badan Penerbit Universitas Diponegoro.
Hamzah, U. H., Mahfudnurnajamuddin, M., & Budiandriani, B. (2020). Pengaruh modal kerja dan profitabilitas terhadap nilai perusahaan pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia. Paradoks: Jurnal Ilmu Ekonomi, 3(3), 79–89. https://doi.org/10.33096/paradoks.v3i3.492
Hazmi, R. A. Al, Ramadhan, A., & Firmansyah, A. (2024). Moderating role of profitability in the association between green accounting and firm value. Journal of Governance Risk Management Compliance and Sustainability, 4(1), 45–59. https://doi.org/10.31098/jgrcs.v4i1.2166
Hutabarat, F. (2024). Effect of green accounting, leverage, firm size on firm value with profitability as intervening variable. International Journal of Professional Business Review, 9(4), e04612. https://doi.org/10.26668/businessreview/2024.v9i4.4612
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
Kasmir. (2019). Analisis laporan keuangan. Rajawali Pers.
Lako, A. (2018). Green accounting: A literature review. International Journal of Applied Business and Economic Research, 16(15), 97–112. https://doi.org/10.2139/ssrn.3212048
Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and the cost of capital: A correction. The American Economic Review, 53(3), 433–443. https://doi.org/10.2307/1809167
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.
Setiawan, J., Diantimala, Y., Lautania, M. F., & Sayuthi, S. (2024). Does green accounting matter for financial performance? Evidence from the Indonesia mining sector. Jurnal Dinamika Akuntansi dan Bisnis, 11(2), 297–314. https://doi.org/10.24815/jdab.v11i2.39348
Sobel, M. E. (1982). Asymptotic confidence intervals for indirect effects in structural equation models. Sociological Methodology, 13, 290–312. https://doi.org/10.2307/270723
Sugiyono. (2017). Metode penelitian kuantitatif, kualitatif, dan R&D. Alfabeta.
Uwuigbe, U., Teddy, O., Uwuigbe, O. R., Emmanuel, O., Asiriuwa, O., Eyitomi, G. A., & Taiwo, O. S. (2018). Sustainability reporting and firm performance: A bi-directional approach. Academy of Strategic Management Journal, 17(3), 1–16. https://doi.org/10.2139/ssrn.3215983
Wijaya, H., Tania, D., & Cahyadi, H. (2021). Faktor-faktor yang mempengaruhi nilai perusahaan. Jurnal Bina Akuntansi, 8(2), 109–121. https://doi.org/10.52859/jba.v8i2.148
Wolk, H. I., Dodd, J. L., & Rozycki, J. J. (2017). Accounting theory: Conceptual issues in a political and economic environment (9th ed.). SAGE Publications.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Nuralisa Nuralisa, Anwar Ramli, Anwar Anwar, Nurman Nurman, Abdul Rahman
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
