GREEN ACCOUNTING, CARBON EMISSION DISCLOSURE, AND FIRM VALUE IN INDONESIA: THE MODERATING ROLE OF GOOD CORPORATE GOVERNANCE
DOI
https://doi.org/10.53625/ijss.v6i1.12839Keywords
Green Accounting, Carbon Emission Disclosure, Good Corporate Governance, Firm ValueAbstract
Indonesia, as a developing country with several carbon-intensive industries such as mining, energy, and manufacturing, faces significant challenges in achieving a sustainable green economy. In response to increasing environmental concerns, companies are encouraged to implement green accounting practices and disclose carbon emissions as part of their sustainability commitments. However, the effectiveness of these practices in enhancing firm value may depend on the quality of corporate governance.
This study aims to examine the effect of green accounting and carbon emission disclosure on firm value, with Good Corporate Governance (GCG) serving as a moderating variable. The study uses mining companies participating in the Corporate Performance Rating Assessment Program (PROPER) issued by the Ministry of Environment and Forestry during the 2020–2023 period. Data were analyzed using multiple regression and moderated regression analysis. The results indicate that green accounting and carbon emission disclosure do not individually affect firm value significantly. However, both variables simultaneously have a positive effect on firm value. Furthermore, Good Corporate Governance significantly moderates the relationship between green accounting and firm value, but does not moderate the relationship between carbon emission disclosure and firm value. These findings suggest that the integration of sustainability practices and strong governance mechanisms can enhance investor confidence and support long-term firm value.
Downloads
References
[1] Agustia, D., 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), 299–306.
[2] Astuti, T., & Ahmar, N. (2025). Effects of green intellectual capital, green accounting, and green innovation on firm value: The moderating role of return on assets. Business Perspectives, 16(1), 1–12.
[3] Aswin, A. (2022). Pengaruh pengungkapan emisi karbon terhadap nilai perusahaan dengan good corporate governance sebagai variabel moderasi. Jurnal Ilmiah Akuntansi dan Manajemen, 10(2), 123–135.
[4] Bahriansyah, R. I., & Ginting, Y. L. (2022). Pengungkapan emisi karbon terhadap nilai perusahaan dengan media exposure sebagai variabel moderasi. Jurnal Riset Akuntansi dan Perpajakan, 9(2), 226–237.
[5] Clarkson, P. M., Li, Y., Richardson, G. D., & Vasvari, F. P. (2011). Does it really pay to be green? Determinants and consequences of proactive environmental strategies. Journal of Accounting and Public Policy, 30(2), 122–144.
[6] Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review, 86(1), 59–100.
[7] Dowling, J., & Pfeffer, J. (1975). Organizational legitimacy: Social values and organizational behavior. Pacific Sociological Review, 18(1), 122–136.
[8] Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management Science, 60(11), 2835–2857.
[9] Hamidi, H. (2019). Analisis penerapan green accounting terhadap kinerja keuangan perusahaan. Equilibiria: Jurnal Fakultas Ekonomi, 6(2), 23–36.
[10] Lestari. (2024). Emisi karbon global pecahkan rekor baru pada 2024. Kompas.com. Retrieved from https://lestari.kompas.com
[11] Lyandra, A. M., & Mayura, M. (2024). Pengaruh green accounting, sales growth, dan tax avoidance terhadap nilai perusahaan. Jurnal Revenue: Jurnal Ilmiah Akuntansi, 4(2), 594–607.
[12] Luo, L., Tang, Q., & Lan, Y. (2013). Comparison of corporate carbon disclosure among global firms. Journal of Cleaner Production, 52, 365–374.
[13] Matsumura, E. M., Prakash, R., & Vera-Muñoz, S. (2014). Firm-value effects of carbon emissions and carbon disclosures. The Accounting Review, 89(2), 695–724.
[14] Menko Perekonomian Republik Indonesia. (2022). Ekonomi hijau dan pembangunan rendah karbon mendorong pertumbuhan ekonomi dan meningkatkan kesejahteraan sosial. Retrieved from https://www.ekon.go.id
[15] Muhammad, G. I., & Aryani, Y. A. (2021). The impact of carbon disclosure on firm value with foreign ownership as a moderating variable. Jurnal Dinamika Akuntansi dan Bisnis, 8(1), 1–14.
[16] Nisaa, R. K., & Hidayati, C. (2025). The impact of green accounting, environmental disclosure, and company characteristics on firm value. Jurnal Bisnis Mahasiswa, 5(1), 184–197.
[17] Pan, W., Hu, C., Tu, H., Zhao, C., Yu, D., Xiong, J., & Zheng, G. (2019). Assessing the green economy in China: An improved framework. Journal of Cleaner Production, 209, 680–691.
[18] Permana, A. B. S., & Bambang, T. (2020). Pengaruh pengungkapan lingkungan dan karbon terhadap nilai perusahaan. E-Jurnal Akuntansi, 30(4), 932–944.
[19] Porter, M. E., & Van der Linde, C. (1995). Toward a new conception of the environment–competitiveness relationship. Journal of Economic Perspectives, 9(4), 97–118.
[20] Schaltegger, S., & Burritt, R. (2018). Business cases and corporate engagement with sustainability: Differentiating ethical motivations. Journal of Business Ethics, 147(2), 241–259.
[21] Shafa, M. D., & Triyono. (2025). Pengaruh pengungkapan emisi karbon, ukuran perusahaan, profitabilitas, dan leverage terhadap nilai perusahaan. Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah, 7(3), 1594–1606.
[22] Silalahi, U. (2009). Metode penelitian sosial. Bandung: Refika Aditama.
[23] Sudibyo, Y. A. (2018). Carbon emission disclosure: Does it matter? IOP Conference Series: Earth and Environmental Science, 106(1).
[24] Sugiyono. (2019). Metode penelitian kuantitatif, kualitatif dan R&D. Bandung: Alfabeta.
[25] Sukmadilaga, C., et al. (2023). Does green accounting affect firm value? Evidence from ASEAN countries. International Journal of Energy Economics and Policy, 13(2), 509–515.
[26] Tang, Q., Luo, L., & Sun, L. (2012). The determinants of carbon disclosure by Australian companies. Accounting & Finance, 52(3), 1089–1119.
[27] Theresia, T., et al. (2024). Pengantar akuntansi keberlanjutan. Eureka Media Aksara.
[28] Yuliani, E., & Prijanto, B. (2022). Pengaruh penerapan green accounting terhadap nilai perusahaan dengan profitabilitas sebagai variabel moderating pada perusahaan sub sektor tambang batu bara yang terdaftar di BEI periode 2019–2021. Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan, 5(5), 2275–2284.
