The Effect of Green Accounting and Corporate Social Responsibility on Financial Performance: Empirical Study on Energy Sector Companies Listed on IDX (2019-2023)
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Mochammad Ilham Ardiansyah*
Nurul Akramiah
Yufenti Oktafiah
This study examines how Green Accounting and Corporate Social Responsibility (CSR) implementation affects the financial performance of energy companies traded on Indonesia's stock exchange between 2019 and 2023. The research was prompted by environmental concerns and weakening financial results in the sector. Using quantitative analysis through panel data regression on eight selected companies, the study measures Green Accounting via the PROPER index from Indonesia's Ministry of Environment and Forestry, evaluates CSR disclosure through GRI G4 standards, and assesses financial performance using Return on Assets (ROA). The Random Effect Model analysis (conducted in Eviews 12) reveals that Green Accounting and CSR together significantly improve financial performance (F-statistic: 8.255; significance: 0.001). When examined individually, CSR demonstrates a substantial positive influence on ROA (coefficient: 0.255; significance: 0.0003), whereas Green Accounting fails to show statistically significant effects (significance: 0.7639). The research concludes that CSR implementation is vital for improving financial outcomes, but Green Accounting has not yet demonstrated measurable direct benefits. Consequently, the study recommends that energy companies focus on enhancing their CSR reporting transparency while developing more effective environmental cost management approaches.
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