The Effect of Green Accounting and Environmental Performance on Financial Performance on the Indonesia Stock Exchange: A Case Study of the Energy Sector from 2019 to 2024
DOI:
https://doi.org/10.59890/ijmbi.v4i4.34Keywords:
Green Accounting, Environmental Performance, Financial Performance, Energy Sector, Panel DataAbstract
This study aims to examine and analyze the effect of green accounting and environmental performance on financial performance, both partially and simultaneously, among energy sector companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2024 period. The study employed a quantitative approach with a causal explanatory research design and utilized secondary panel data obtained from companies' annual reports, audited financial statements, and sustainability reports. The sample was selected using purposive sampling, resulting in 40 companies with a total of 240 observations over six years. Data were analyzed using panel data regression with the Random Effect Model (REM) and processed using EViews 13 software. The findings reveal that green accounting has a positive and statistically significant effect on financial performance (p = 0.0387), whereas environmental performance has no significant effect (p = 0.9605). Simultaneously, the two independent variables do not have a significant effect on financial performance (F-test p = 0.0888), with the model explaining only a limited proportion of the variation in financial performance (R² = 2.02%). These findings suggest important managerial implications, indicating that energy sector companies should adopt green accounting as an integral part of their business strategy rather than merely fulfilling regulatory compliance. Furthermore, companies should integrate environmental performance (as measured by the PROPER rating) with operational efficiency and financial strategies to ensure that sustainability initiatives generate tangible improvements in financial performance and long-term corporate value.
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