Pengaruh Green Accounting, Sustainability Report Disclosure, dan Green Investment terhadap Kinerja Keuangan

Puput Mia Ayuningtias; Sari Andayani

doi:10.47065/ekuitas.v7i1.8155

Puput Mia Ayuningtias Universitas Pembangunan Nasional Veteran Jawa Timur, Surabaya, Indonesia
Sari Andayani * Universitas Pembangunan Nasional Veteran Jawa Timur, Surabaya, Indonesia

(*) Corresponding Author

DOI: https://doi.org/10.47065/ekuitas.v7i1.8155

Keywords: Green Accounting; Sustainability Report Disclosure; Green Investment; Financial Performance

Abstract

The operational activities of the basic materials sector in Indonesia have a significant environmental impact while affecting the company's financial performance. However, the implementation of sustainable practices as a strategy to mitigate environmental risks and improve financial performance is still limited and has not been implemented consistently. This study aims to analyze the influence of green accounting, sustainability reporting, and green investment on the company's financial performance. The population in this study includes basic materials sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2023 period with a research sample of 20 companies selected based on certain criteria. The analysis method used was panel data regression with the help of Stata software version 17. The results of the empirical analysis show that green accounting and sustainability reporting do not have a significant influence on financial performance. Meanwhile, green investment has a negative and significant effect on financial performance. These findings indicate that while sustainability practices are gaining attention, not all green initiatives contribute positively to financial performance in the short term. Investor preferences are still focused on traditional financial indicators. In addition, the implementation of sustainability practices also requires considerable initial costs and is still considered voluntary implementation. These findings are expected to contribute to the development of the literature and assist stakeholders in optimizing sustainability practice strategies.

Downloads

Download data is not yet available.

References

Abd Rajak, Z. S. (2022). Influence Of The Implementation Of Green Accounting , Environmental Performance And Liquidity On The Profitability Of Manufacturing Companies In The Indonesia Stock Exchange In 2015 – 2019. Proceedings Of International Conference On Economics, Business Management, Accounting, And Sustainability.

Adejola, Adebayo, P., B. Omonuk, J., Kingsley, O., & Ojuola. (2024). Sustainability Reporting And Financial Performance Of Listed Agriculture And Natural Resources Firms In Nigeria. International Journal Of Social Sciences And Management Review, 07(02), 16–32. Https://Doi.Org/10.37602/Ijssmr.2024.7202

Amrigan, A. R. P., Hamidi, M., & Adrianto, F. (2023). The Effect Of Sustainability Report Disclosure Compliance On The Company’s Financial Performance. Journal Of Social Research, 2(4), 1028–1038. Https://Doi.Org/10.55324/Josr.V2i4.692

Chen, Y., & Ma, Y. (2021). Does Green Investment Improve Energy Firm Performance? Energy Policy, 153, 112252. Https://Doi.Org/10.1016/J.Enpol.2021.112252

Desriyunia, G. D., & Machdar, N. M. (2024). Nilai Perusahaan Ditinjau Menggunakan Green Accounting, Kinerja Lingkungan Dan Pertumbuhan Laba. Jurnal Mutiara Ilmu Akuntansi, 3(1), 15–29. Https://Doi.Org/10.55606/Jumia.V3i1.3503

Dewi, H. F., Anggara, T. C., & Lindrianasari. (2024). The Impact Of Green Accounting And Integrated Reporting On Financial And Market Performance. Iop Conference Series: Earth And Environmental Science, 1324(1), 012090. Https://Doi.Org/10.1088/1755-1315/1324/1/012090

Ershadi, M., Hajiha, Z., Safa, M., & Moghadam, H. (2024). The Effect Of Sustainability Reporting On Financial Performance. Interdisciplinary Journal Of Management Studies (Ijms), 17(3), 967–982. Https://Doi.Org/Http//Doi.Org/10.22059/Ijms.2023.359572.675880

Fernando, K., Jocelyn, H., Frista, F., & Kurniawan, B. (2024). The Effect Of Green Accounting Disclosure On The Firm Value Of Listed Mining And Agriculture Companies In Southeast Asia Countries. International Journal Of Energy Economics And Policy, 14(1), 377–382. Https://Doi.Org/10.32479/Ijeep.15151

Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach. Cambridge University Press.

Galant, A., & Cvek, D. (2021). The Effect Of Environmental Performance Investments On Financial Performance: Analysis Of Croatian Companies. Central European Business Review, 10(5), 37–51. Https://Doi.Org/10.18267/J.Cebr.271

Gregory, A., Whittaker, J., & Yan, X. (2016). Corporate Social Performance, Competitive Advantage, Earnings Persistence And Firm Value. Journal Of Business Finance & Accounting, 43(1–2), 3–30. Https://Doi.Org/10.1111/Jbfa.12182

Huang, L., & Lei, Z. (2021). How Environmental Regulation Affect Corporate Green Investment: Evidence From China. Journal Of Cleaner Production, 279(1), 123560. Https://Doi.Org/10.1016/J.Jclepro.2020.123560

Indriastuti, M., & Chariri, A. (2021). The Role Of Green Investment And Corporate Social Responsibility Investment On Sustainable Performance. Cogent Business & Management, 8(1). Https://Doi.Org/10.1080/23311975.2021.1960120

Industrial Decarbonization: The Catalyst Towards Net Zero Indonesia. (2024, April 22). Wri Indonesia. Https://Wri-Indonesia.Org/En/Insights/Industrial-Decarbonization-Catalyst-Towards-Net-Zero-Indonesia#

Justita Dura, & Riyanto Suharsono. (2022). Application Green Accounting To Sustainable Development Improve Financial Performance Study In Green Industry. Jurnal Akuntansi, 26(2), 192–212. Https://Doi.Org/10.24912/Ja.V26i2.893

Keter, C. K. S., Cheboi, J. Y., & Kosgei, D. (2024). Financial Performance, Intellectual Capital Disclosure And Firm Value: The Winning Edge. Cogent Business & Management, 11(1). Https://Doi.Org/10.1080/23311975.2024.2302468

Khalid, F., Naveed, K., Nawaz, R., Sun, X., Wu, Y., & Ye, C. (2023). Does Corporate Green Investment Enhance Profitability? An Institutional Perspective. Economic Research-Ekonomska Istraživanja, 36(1), 1–24. Https://Doi.Org/10.1080/1331677x.2022.2063919

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

Li, S., Yu, Y., Jahanger, A., Usman, M., & Ning, Y. (2022). The Impact Of Green Investment, Technological Innovation, And Globalization On Co2 Emissions: Evidence From Mint Countries. Frontiers In Environmental Science, 10. Https://Doi.Org/10.3389/Fenvs.2022.868704

Monteiro, S., Roque, V., & Faria, M. (2024). Does Sustainability Reporting Impact Financial Performance? Evidence From The Largest Portuguese Companies. Sustainability, 16(15), 6448. Https://Doi.Org/10.3390/Su16156448

Nurrasyidin, M., Meutia, M., Bastian, E., & Yulianto, A. S. (2024). The Effect Of Green Accounting And Corporate Social Responsibility Implementation On The Profitability Of Mining Companies. Corporate And Business Strategy Review, 5(3), 8–16. Https://Doi.Org/10.22495/Cbsrv5i3art1

Ortiz-Martínez, E., Marín-Hernández, S., & Santos-Jaén, J.-M. (2023). Sustainability, Corporate Social Responsibility, Non-Financial Reporting And Company Performance: Relationships And Mediating Effects In Spanish Small And Medium Sized Enterprises. Sustainable Production And Consumption, 35, 349–364. Https://Doi.Org/10.1016/J.Spc.2022.11.015

Putri, R. F., Tiara, S., & Putri, R. F. (2023). Pengaruh Pengungkapan Sustainability Reporting Terhadap Kinerja Keuangan Perusahaan Pertambangan. Bisnis-Net Jurnal Ekonomi Dan Bisnis, 6(1), 349–356. Https://Doi.Org/10.46576/Bn.V6i1.3279

Rahman, Md. M., & Islam, M. E. (2023). The Impact Of Green Accounting On Environmental Performance: Mediating Effects Of Energy Efficiency. Environmental Science And Pollution Research, 30(26), 69431–69452. Https://Doi.Org/10.1007/S11356-023-27356-9

Riyadh, H. A., Al-Shmam, M. A., Huang, H. H., Gunawan, B., & Alfaiza, S. A. (2020). The Analysis Of Green Accounting Cost Impact On Corporations Financial Performance. International Journal Of Energy Economics And Policy, 10(6), 421–426. Https://Doi.Org/10.32479/Ijeep.9238

Ruan, L., & Liu, H. (2021). Environmental, Social, Governance Activities And Firm Performance: Evidence From China. Sustainability, 13(2), 767. Https://Doi.Org/10.3390/Su13020767

Shaban, O. S., & Barakat, A. (2023). The Impact Of Sustainability Reporting On A Company’s Financial Performance: Evidence From The Emerging Market. Journal Of Governance And Regulation, 12(4, Special Issue), 306–314. Https://Doi.Org/10.22495/Jgrv12i4siart10

Shabbir, M. S., & Wisdom, O. (2020). The Relationship Between Corporate Social Responsibility, Environmental Investments And Financial Performance: Evidence From Manufacturing Companies. Environmental Science And Pollution Research, 27(32), 39946–39957. Https://Doi.Org/10.1007/S11356-020-10217-0

Sumiati, A., Susanti, S., Maulana, A., Indrawati, L., Puspitasari, D., & Indriani, R. (2022). Influence Of Green Accounting And Environmental Performance On Profitability. Proceedings Of The International Conference On Social, Economics, Business, And Education (Icsebe 2021). Https://Doi.Org/10.2991/Aebmr.K.220107.027

Suryaningsih, M., Supriatingsih, Susilawati, S., Samukri, & Novianti, R. (2024). The Effect Of Green Accounting Implementation And Corporate Social Responsibility On Company Profitability. Economic Studies Journal, Bulgarian Academy Of Sciences - Economic Research Institute, 33(6), 180–198.

Bila bermanfaat silahkan share artikel ini

Berikan Komentar Anda terhadap artikel Pengaruh Green Accounting, Sustainability Report Disclosure, dan Green Investment terhadap Kinerja Keuangan