Effect of Green Accounting and CSR Disclosure on Financial Performance, Moderated by Institutional Ownership
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Apr 30, 2025
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Abstract
Financial performance is a description of the company's financial condition in a certain period that shows the company's ability to manage its resources. This study aims to analyze the effect of green accounting and CSR disclosure on financial performance, moderated by institutional ownership in manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the period 2019 - 2023. Financial performance projected by Return on assets (ROA). This test uses 50 samples of company data using purposive sampling method. Data analysis method using multiple linear regression. The results showed that green accounting which is proxied with Public Disclosure Program for Environmental Compliance (PROPER) predicate has a negative and significant effect on financial performance. CSR disclosure has a positive effect on financial performance. Institutional ownership moderates the influence of green accounting on financial performance and a negative moderator in the relationship between CSR disclosure and financial performance.
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References
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Ardhinata, V., & Abbas, D. S. (2024). Pengaruh Green Accounting, Corporate Social Responsibility Terhadap Financial Performance. Journal Of Management And Accounting, 4(1), 38-48.
Arsyiyanti, N., Ahmar, N., & Mulyadi, J. M. V. (2024). Pengaruh Intellectual Capital dan Green Accounting terhadap Financial Performance di Moderasi oleh Strategy Business. Journal Of Greenation Science, 2(2), 120-132. https://greenationpublisher.org/JGIA/article/view/68%0Ahttps://greenationpublisher.org/JGIA/article/download/68/47
Bag, S., & Omrane, A. (2022). Corporate Social Responsibility and Its Overall Effects on Financial Performance: Empirical Evidence from Indian Companies. Journal of African Business, 23(1), 264–280. https://doi.org/10.1080/15228916.2020.1826884
BPS. (2024). Central Bureau Of Statistics. https://www.bps.go.id/id/publication/2024/10/31/d62c6b92104bd1455c030bb5/direktori-industri-manufaktur-2024.html
Choiriah, S., & Lysandra, S. (2022). Effet of Green Accounting, Intellectual Capital on Financial Performance, and Competitive Advantage as moderating variables. Technium Social Sciences Journal, 34(August), 362–373.
Database PROPER. (n.d.). Menlhk.Go.Id. https://proper.menlhk.go.id/proper/database/magzcat/5
Deb, B. C., Saha, S., & Rahman, M. M. (2020). Does green accounting practice affect bank performance? a study on listed banks of Dhaka Stock Exchange in Bangladesh. PalArch’s Journal of Archaeology of Egypt, 17(9), 7225–7247.
Dewi, P., & Edward Narayana, I. (2020). Implementasi Green Accounting, Profitabilitas dan Corporate Social Responsibility pada Nilai Perusahaan. E-Jurnal Akuntansi, 30(12), 3252 - 3262. doi:10.24843/EJA.2020.v30.i12.p20
Dewi, P., & Wardani, W. (2022). Green Accounting, Pengungkapan Corporate Social Responsibility dan Profitabilitas Perusahaan Manufaktur. E-Jurnal Akuntansi, 32(5), 1117-1128. doi:10.24843/EJA.2022.v32.i05.p01
Dewi, S. F., & Muslim, A. I. (2022). Pengaruh Penerapan Corporate Social Responsibility (CSR) dan Green Accounting Terhadap Kinerja Keuangan. Indonesian Journal Of Accounting, 11(1), 73-84.
Dihni, V. A. (2022). Indonesia produced 60 million tons of B3 waste in 2021. Katadata.Co.Id.https://databoks.katadata.co.id/layanan-konsumen-kesehatan/statistik/d6f93c4d8da6d48/indonesia-hasilkan-60-juta-ton-limbah-b3-pada-2021
Djaddang, S., & Lysandra, S. (2016). Model Pengendalian Internal Berbasis Sarbanes-Oxley Act dan Keandalan Pelaporan Keuangan (Studi Internal Audit Pada Perusahaan Publik di Indonesia). Jurnal Ekonomi Dan Bisnis, 18(2), 81–106. https://doi.org/10.24914/jeb.v18i2.264
Dura, J., & Suharsono, R. S. (2022). Application Green Accounting To Sustainable Development Improve Financial Performance Study In Green Industry. Journal of accounting, XXVI(02), 192-212.
Emmanuel, E. (2021). Green Accounting Reporting and Financial Performance of Manufacturing Firms in Nigeria. American Journal of Humanities and Social Sciences Research, 5, 179–187. www.ajhssr.com
Endiana, I. D. M., Dicriyani, N. L. G. M., Adiyadnya, M. S. P., & Son, I. P. M. J. S. (2020). The Effect of Green Accounting on Corporate Sustainability and Financial Performance. Journal of Asian Finance, Economics and Business, 7(12), 731–738. https://doi.org/10.13106/jafeb.2020.vol7.no12.731
Erlangga, C. M., Fauzi, A., & Sumiati, A. (2021). Penerapan Green Accounting dan Corporate Social Responsibility Disclosure Terhadap Nilai Perusahaan Melalui Profitabilitas. Accountability, 14(1), 61-78. https://doi.org/10.15408/akt.v14i1.20749
Giannopoulos, G., Pilcher, N., & Salmon, I. (2024). What Is the Relationship between Corporate Social Responsibility and Financial Performance in the UK Banking Sector? Journal of Risk and Financial Management, 17(5), 187. https://doi.org/10.3390/jrfm17050187
Hamdani, Dhea Zatira, & Eni Suharti. (2022). Determinant Of Corporate Social Responsibility And Its Implication Of Financial Performance . Jurnal Akuntansi, 26(2), 342–357. https://doi.org/10.24912/ja.v26i2.936
Hana, L. Y., & Astuti, E. B. (2023). the Implementation of Green Accounting and Corporate Social Responsibility on Profitability in Manufacturing Companies. International Student’s Conference on Accounting & Business, 950–966.
Hidayat, N. S., & Aris, A. M. (2023). Effect Of Corporate Social Responbility, Green Accounting And Environmental Performance On Financial Performance. Management Studies and Entrepreneurship Journal, 4(6), 8395–8404. http://journal.yrpipku.com/index.php/msej
Jati, A. W., & Jannah, W. (2022). Analysis of the company's financial performance before the pandemic and during the Covid-19 pandemic. Journal Of The Academy Of Accounting, 5(1), 34-46. https://doi.org/10.22219/jaa.v5i1.18480
Kholmi, M., & Nafiza, S. A. (2022). The effect of the application of Green Accounting and Corporate Social Responsibility on profitability (study on manufacturing companies listed on the IDX in 2018-2019 ). Indonesian Accounting And Business Review, 6(1), 143-155. https://doi.org/10.18196/rabin.v6i1.12998
Kusuma, D. A., & Dosinta, N. F. (2023). Effects of Green Accounting, Corporate Social Responsibility on Firm Value. International Research Journal of Economics and Management Studies, 2(4), 290–299. https://doi.org/10.56472/25835238/IRJEMS-V2I4P133
Lako, A. (2018). Ecological crisis and urgency of green accounting. Accounting, February. https://doi.org/10.13140/RG.2.2.21872.15361
Limanto, C., & Handoko, J. (2022). Managerial Ownership & Independent Commissioners As Moderators Of Environmental Performance And Csr Towards Financial Performance. 17(1), 1–18.
Lusiana, M., Haat, M. H. C., Saputra, J., Yusliza, M. Y., Muhammad, Z., & Bon, A. T. (2021). A review of green accounting, corporate social responsibility disclosure, financial performance and firm value literature. Proceedings of the International Conference on Industrial Engineering and Operations Management, 5622–5640. https://doi.org/10.46254/an11.20210952
Misutari, N., & Ariyanto, D. (2021). Good Corporate Governance Memoderasi Pengaruh Corporate Sosial Responsibility dan Penerapan Green Accounting terhadap Kinerja Keuangan. E-Jurnal Akuntansi, 31(12), 2975-2987. doi:10.24843/EJA.2021.v31.i12.p03
Purnama, D. (2017). Effect Of Profitability, Leverage, Company Size, Institutional Ownership And Managerial Ownership On Profit Management. Journal Of Financial And Accounting Research, 3(1), 1-14. https://doi.org/10.25134/jrka.v3i1.676
Rachmayanti, F. E., & Achyani, F. (2024). The Effect Of Implementation Of Green Accounting And Environmental Performance On Financial. Management Studies and Entrepreneurship Journal, 5(2), 4551–4562. http://journal.yrpipku.com/index.php/msej
Rahayu, D., & Rusliati, E. (2019). Institutional Ownership, Managerial Ownership, And Company Size Against Dividend Policy. Journal Of Contemporary Accounting Research, 11(1), 41-47. https://doi.org/10.23969/jrak.v11i1.1870
Ramadhan, F., & Handayani, P. (2024). The effect of Green Accounting, Corporate Social Responsibility and corporate growth on financial performance: An Empirical Study on Energy sector companies in 2019-2023. Balance Sheet: Journal Of Economics, Management And Accounting, 2(11), 472-481. https://jurnal.kolibi.org/index.php/neraca/article/view/2808
Riyadh, H. A., Al-Sham, 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
Sari, T. diah, Titisari, K. H., & Nurlaela, S. (2020). Effect Of Managerial Ownership, Audit Committee, Leverage And Company Size On Financial Performance. Upajiwa Dewantara, 4(1), 15-26. https://doi.org/10.26460/mmud.v4i1.6328
Shalihah, F. A., Purwati, A. S., Kusuma, P. D. I., & Setiawan, W. (2023). The Effect Of Green Accounting And Corporate Social Responsibility Disclosure On Profitability In Mining And Energy Companies. Midyear International Conference, 2020, 505–520.
Sholihin, M. R., & Aulia, Y. (2018). Analisis faktor-faktor yang mempengaruhi pengungkapan corporate social responsibility (studi empiris perusahaan manufaktur yang terdaftar di bursa efek Indonesia). Jurnal Analisa Akuntansi dan Perpajakan, 2(2).110-130. https://doi.org/10.25139/jaap.v2i2.1399
Sukirni, D. (2012). Managerial ownership, institutional ownership, dividend policy and debt policy analysis of firm value. Accounting Analysis Journal, 1(2), 45-63. https://doi.org/10.15294/aaj.v1i2.703
Susanti, I. D., Hertati, L., & Daughter, A. U. (2023). the Effect of Green Accounting and Environmental Performance on Company Profitability. Cashflow : Current Advanced Research on Sharia Finance and Economic Worldwide, 2(2), 320–331. https://doi.org/10.55047/cashflow.v2i2.552
Tutcu, B., Kayakuş, M., Terzioğlu, M., Ünal Uyar, G. F., Talaş, H., & Yetiz, F. (2024). Predicting Financial Performance in the IT Industry with Machine Learning: ROA and ROE Analysis. Applied Sciences, 14(17), 7459. https://doi.org/10.3390/app14177459
Wardianda, A. B. W., & Wiyono, S. (2023). The Effect Of Green Accounting On Financial Performance With Corporate Governance Moderation For Property And Real Estate Companies Listed On The Indonesia Stock Exchange (IDX) In 2018-2021. Trisakti Journal Of Economics, 3(2), 3183-3190. https://doi.org/10.25105/jet.v3i2.17411
Wijaya, R. (2019). Analisis Perkembangan Return On Assets (ROA) dan Return On Equity (ROE) untuk Mengukur Kinerja Keuangan. Jurnal Ilmu Manajemen, 9(1), 40-51. doi:https://doi.org/10.32502/jimn.v9i1.2115
Wijayanti, A., & Dondoan, G. A. (2022). Pengaruh Penerapan Green Accounting Dan Corporate Social Responsibility Terhadap Firm Value Dengan Kinerja Perusahaan Sebagai Variabel Intervening. Jurnal Akuntansi Manajerial (Managerial Accounting Journal), 7(1), 62–85. https://doi.org/10.52447/jam.v7i1.5977
Winarno, S. H. (2019). Analysis of NPM, ROA, and ROE in Measuring Financial Performance. Journal of Stei Economics, 28(02), 254-266. https://doi.org/10.36406/jemi.v28i02.254
Zelazna, A., Bojar, M., & Bojar, E. (2020). Corporate social responsibility towards the environment in Lublin region, Poland: A comparative study of 2009 and 2019. Sustainability (Switzerland), 12(11). 4463. https://doi.org/10.3390/su12114463
Angelia, D., & Suryaningsih, R. (2015). The Effect of Environmental Performance And Corporate Social Responsibility Disclosure Towards Financial Performance (Case Study to Manufacture, Infrastructure, And Service Companies That Listed At Indonesia Stock Exchange). Procedia - Social and Behavioral Sciences, 211(September), 348–355. https://doi.org/10.1016/j.sbspro.2015.11.045
Ardhinata, V., & Abbas, D. S. (2024). Pengaruh Green Accounting, Corporate Social Responsibility Terhadap Financial Performance. Journal Of Management And Accounting, 4(1), 38-48.
Arsyiyanti, N., Ahmar, N., & Mulyadi, J. M. V. (2024). Pengaruh Intellectual Capital dan Green Accounting terhadap Financial Performance di Moderasi oleh Strategy Business. Journal Of Greenation Science, 2(2), 120-132. https://greenationpublisher.org/JGIA/article/view/68%0Ahttps://greenationpublisher.org/JGIA/article/download/68/47
Bag, S., & Omrane, A. (2022). Corporate Social Responsibility and Its Overall Effects on Financial Performance: Empirical Evidence from Indian Companies. Journal of African Business, 23(1), 264–280. https://doi.org/10.1080/15228916.2020.1826884
BPS. (2024). Central Bureau Of Statistics. https://www.bps.go.id/id/publication/2024/10/31/d62c6b92104bd1455c030bb5/direktori-industri-manufaktur-2024.html
Choiriah, S., & Lysandra, S. (2022). Effet of Green Accounting, Intellectual Capital on Financial Performance, and Competitive Advantage as moderating variables. Technium Social Sciences Journal, 34(August), 362–373.
Database PROPER. (n.d.). Menlhk.Go.Id. https://proper.menlhk.go.id/proper/database/magzcat/5
Deb, B. C., Saha, S., & Rahman, M. M. (2020). Does green accounting practice affect bank performance? a study on listed banks of Dhaka Stock Exchange in Bangladesh. PalArch’s Journal of Archaeology of Egypt, 17(9), 7225–7247.
Dewi, P., & Edward Narayana, I. (2020). Implementasi Green Accounting, Profitabilitas dan Corporate Social Responsibility pada Nilai Perusahaan. E-Jurnal Akuntansi, 30(12), 3252 - 3262. doi:10.24843/EJA.2020.v30.i12.p20
Dewi, P., & Wardani, W. (2022). Green Accounting, Pengungkapan Corporate Social Responsibility dan Profitabilitas Perusahaan Manufaktur. E-Jurnal Akuntansi, 32(5), 1117-1128. doi:10.24843/EJA.2022.v32.i05.p01
Dewi, S. F., & Muslim, A. I. (2022). Pengaruh Penerapan Corporate Social Responsibility (CSR) dan Green Accounting Terhadap Kinerja Keuangan. Indonesian Journal Of Accounting, 11(1), 73-84.
Dihni, V. A. (2022). Indonesia produced 60 million tons of B3 waste in 2021. Katadata.Co.Id.https://databoks.katadata.co.id/layanan-konsumen-kesehatan/statistik/d6f93c4d8da6d48/indonesia-hasilkan-60-juta-ton-limbah-b3-pada-2021
Djaddang, S., & Lysandra, S. (2016). Model Pengendalian Internal Berbasis Sarbanes-Oxley Act dan Keandalan Pelaporan Keuangan (Studi Internal Audit Pada Perusahaan Publik di Indonesia). Jurnal Ekonomi Dan Bisnis, 18(2), 81–106. https://doi.org/10.24914/jeb.v18i2.264
Dura, J., & Suharsono, R. S. (2022). Application Green Accounting To Sustainable Development Improve Financial Performance Study In Green Industry. Journal of accounting, XXVI(02), 192-212.
Emmanuel, E. (2021). Green Accounting Reporting and Financial Performance of Manufacturing Firms in Nigeria. American Journal of Humanities and Social Sciences Research, 5, 179–187. www.ajhssr.com
Endiana, I. D. M., Dicriyani, N. L. G. M., Adiyadnya, M. S. P., & Son, I. P. M. J. S. (2020). The Effect of Green Accounting on Corporate Sustainability and Financial Performance. Journal of Asian Finance, Economics and Business, 7(12), 731–738. https://doi.org/10.13106/jafeb.2020.vol7.no12.731
Erlangga, C. M., Fauzi, A., & Sumiati, A. (2021). Penerapan Green Accounting dan Corporate Social Responsibility Disclosure Terhadap Nilai Perusahaan Melalui Profitabilitas. Accountability, 14(1), 61-78. https://doi.org/10.15408/akt.v14i1.20749
Giannopoulos, G., Pilcher, N., & Salmon, I. (2024). What Is the Relationship between Corporate Social Responsibility and Financial Performance in the UK Banking Sector? Journal of Risk and Financial Management, 17(5), 187. https://doi.org/10.3390/jrfm17050187
Hamdani, Dhea Zatira, & Eni Suharti. (2022). Determinant Of Corporate Social Responsibility And Its Implication Of Financial Performance . Jurnal Akuntansi, 26(2), 342–357. https://doi.org/10.24912/ja.v26i2.936
Hana, L. Y., & Astuti, E. B. (2023). the Implementation of Green Accounting and Corporate Social Responsibility on Profitability in Manufacturing Companies. International Student’s Conference on Accounting & Business, 950–966.
Hidayat, N. S., & Aris, A. M. (2023). Effect Of Corporate Social Responbility, Green Accounting And Environmental Performance On Financial Performance. Management Studies and Entrepreneurship Journal, 4(6), 8395–8404. http://journal.yrpipku.com/index.php/msej
Jati, A. W., & Jannah, W. (2022). Analysis of the company's financial performance before the pandemic and during the Covid-19 pandemic. Journal Of The Academy Of Accounting, 5(1), 34-46. https://doi.org/10.22219/jaa.v5i1.18480
Kholmi, M., & Nafiza, S. A. (2022). The effect of the application of Green Accounting and Corporate Social Responsibility on profitability (study on manufacturing companies listed on the IDX in 2018-2019 ). Indonesian Accounting And Business Review, 6(1), 143-155. https://doi.org/10.18196/rabin.v6i1.12998
Kusuma, D. A., & Dosinta, N. F. (2023). Effects of Green Accounting, Corporate Social Responsibility on Firm Value. International Research Journal of Economics and Management Studies, 2(4), 290–299. https://doi.org/10.56472/25835238/IRJEMS-V2I4P133
Lako, A. (2018). Ecological crisis and urgency of green accounting. Accounting, February. https://doi.org/10.13140/RG.2.2.21872.15361
Limanto, C., & Handoko, J. (2022). Managerial Ownership & Independent Commissioners As Moderators Of Environmental Performance And Csr Towards Financial Performance. 17(1), 1–18.
Lusiana, M., Haat, M. H. C., Saputra, J., Yusliza, M. Y., Muhammad, Z., & Bon, A. T. (2021). A review of green accounting, corporate social responsibility disclosure, financial performance and firm value literature. Proceedings of the International Conference on Industrial Engineering and Operations Management, 5622–5640. https://doi.org/10.46254/an11.20210952
Misutari, N., & Ariyanto, D. (2021). Good Corporate Governance Memoderasi Pengaruh Corporate Sosial Responsibility dan Penerapan Green Accounting terhadap Kinerja Keuangan. E-Jurnal Akuntansi, 31(12), 2975-2987. doi:10.24843/EJA.2021.v31.i12.p03
Purnama, D. (2017). Effect Of Profitability, Leverage, Company Size, Institutional Ownership And Managerial Ownership On Profit Management. Journal Of Financial And Accounting Research, 3(1), 1-14. https://doi.org/10.25134/jrka.v3i1.676
Rachmayanti, F. E., & Achyani, F. (2024). The Effect Of Implementation Of Green Accounting And Environmental Performance On Financial. Management Studies and Entrepreneurship Journal, 5(2), 4551–4562. http://journal.yrpipku.com/index.php/msej
Rahayu, D., & Rusliati, E. (2019). Institutional Ownership, Managerial Ownership, And Company Size Against Dividend Policy. Journal Of Contemporary Accounting Research, 11(1), 41-47. https://doi.org/10.23969/jrak.v11i1.1870
Ramadhan, F., & Handayani, P. (2024). The effect of Green Accounting, Corporate Social Responsibility and corporate growth on financial performance: An Empirical Study on Energy sector companies in 2019-2023. Balance Sheet: Journal Of Economics, Management And Accounting, 2(11), 472-481. https://jurnal.kolibi.org/index.php/neraca/article/view/2808
Riyadh, H. A., Al-Sham, 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
Sari, T. diah, Titisari, K. H., & Nurlaela, S. (2020). Effect Of Managerial Ownership, Audit Committee, Leverage And Company Size On Financial Performance. Upajiwa Dewantara, 4(1), 15-26. https://doi.org/10.26460/mmud.v4i1.6328
Shalihah, F. A., Purwati, A. S., Kusuma, P. D. I., & Setiawan, W. (2023). The Effect Of Green Accounting And Corporate Social Responsibility Disclosure On Profitability In Mining And Energy Companies. Midyear International Conference, 2020, 505–520.
Sholihin, M. R., & Aulia, Y. (2018). Analisis faktor-faktor yang mempengaruhi pengungkapan corporate social responsibility (studi empiris perusahaan manufaktur yang terdaftar di bursa efek Indonesia). Jurnal Analisa Akuntansi dan Perpajakan, 2(2).110-130. https://doi.org/10.25139/jaap.v2i2.1399
Sukirni, D. (2012). Managerial ownership, institutional ownership, dividend policy and debt policy analysis of firm value. Accounting Analysis Journal, 1(2), 45-63. https://doi.org/10.15294/aaj.v1i2.703
Susanti, I. D., Hertati, L., & Daughter, A. U. (2023). the Effect of Green Accounting and Environmental Performance on Company Profitability. Cashflow : Current Advanced Research on Sharia Finance and Economic Worldwide, 2(2), 320–331. https://doi.org/10.55047/cashflow.v2i2.552
Tutcu, B., Kayakuş, M., Terzioğlu, M., Ünal Uyar, G. F., Talaş, H., & Yetiz, F. (2024). Predicting Financial Performance in the IT Industry with Machine Learning: ROA and ROE Analysis. Applied Sciences, 14(17), 7459. https://doi.org/10.3390/app14177459
Wardianda, A. B. W., & Wiyono, S. (2023). The Effect Of Green Accounting On Financial Performance With Corporate Governance Moderation For Property And Real Estate Companies Listed On The Indonesia Stock Exchange (IDX) In 2018-2021. Trisakti Journal Of Economics, 3(2), 3183-3190. https://doi.org/10.25105/jet.v3i2.17411
Wijaya, R. (2019). Analisis Perkembangan Return On Assets (ROA) dan Return On Equity (ROE) untuk Mengukur Kinerja Keuangan. Jurnal Ilmu Manajemen, 9(1), 40-51. doi:https://doi.org/10.32502/jimn.v9i1.2115
Wijayanti, A., & Dondoan, G. A. (2022). Pengaruh Penerapan Green Accounting Dan Corporate Social Responsibility Terhadap Firm Value Dengan Kinerja Perusahaan Sebagai Variabel Intervening. Jurnal Akuntansi Manajerial (Managerial Accounting Journal), 7(1), 62–85. https://doi.org/10.52447/jam.v7i1.5977
Winarno, S. H. (2019). Analysis of NPM, ROA, and ROE in Measuring Financial Performance. Journal of Stei Economics, 28(02), 254-266. https://doi.org/10.36406/jemi.v28i02.254
Zelazna, A., Bojar, M., & Bojar, E. (2020). Corporate social responsibility towards the environment in Lublin region, Poland: A comparative study of 2009 and 2019. Sustainability (Switzerland), 12(11). 4463. https://doi.org/10.3390/su12114463