The Influence of Green Accounting, ESG Disclosure, and Profitability on the Value of Coal Subsector Companies Listed on the IDX for the 2021-2025 Period

Muhammad Khahfy Afrilla; Fia Dialysa Sulaksana

doi:10.61536/escalate.v4i02.571

Authors

Muhammad Khahfy Afrilla Universitas Ekuitas Indonesia
Fia Dialysa Sulaksana ESG Disclosure, Firm Value, Green Accounting, Profitability, Sustainability

DOI:

https://doi.org/10.61536/escalate.v4i02.571

Keywords:

ESG Disclosure, Firm Value, Green Accounting, Profitability, Sustainability

Abstract

Company value in the coal subsector does not always increase with the implementation of sustainable practices, therefore, a study is needed to examine the influence of green accounting, ESG disclosure, and profitability on company value. This study aims to analyze the influence of green accounting, ESG disclosure, and profitability on company value in coal subsector companies listed on the Indonesia Stock Exchange for the 2021–2025 period. The study used a quantitative approach with an associative method. The study population consisted of 34 coal subsector companies, while a sample of 10 companies (50 observations) was selected using purposive sampling. Secondary data were obtained from annual reports, sustainability reports, financial statements, and PROPER data. Data analysis was performed using descriptive statistics, classical assumption tests, multiple linear regression, coefficient of determination tests, t-tests, and F-tests using SPSS. The results showed that green accounting had a positive and significant effect on company value, while ESG disclosure and profitability did not have a significant effect. Simultaneously, the three variables also did not significantly influence company value, with the model's ability to explain variation of 14.9%. In conclusion, the implementation of green accounting is a factor that investors consider more than ESG disclosure and profitability in increasing company value in the coal subsector

Downloads

Download data is not yet available.

References

Afiyah, J. (2025). The influence of green accounting and environmental performance on company value with profitability as an intervening variable (Empirical study on companies listed on the IDX LQ45 index 2019–2022). Journal of Accounting and Business Economics.

Brigham, E. F., & Ehrhardt, M. C. (2022). Financial management: Theory and practice (16th ed.). Cengage Learning.

Brigham, E.F., & Houston, J.F. (2022). Fundamentals of financial management (16th ed.). Cengage Learning.

Crippa, M., Guizzardi, D., Pagani, F., Banja, M., Muntean, M., et al. (2023). GHG emissions of all world countries: 2023 report. Publications Office of the European Union.

Global Reporting Initiative. (2023). GRI universal standards 2023. Global Reporting Initiative.

Ministry of Environment and Forestry. (2024). Corporate Performance Rating Program in Environmental Management (PROPER). KLHK.

Makikama, S., Takidah, T., & Ulupui, IGKA (2025). The influence of green accounting, corporate social responsibility disclosure, and profitability on company value. Ekopedia: Jurnal Ilmiah Ekonomi, 1(3), 1134–1148.https://doi.org/10.63822/kx52bb02

Mawarni, T., Kurniawati, EM, & Widjajanto, A. (2024). Unlocking firm value through green accounting: Insights from the energy industry. Journal of Islamic Finance and Accounting, 7(2), 129–141.https://doi.org/10.22515/jifa.v7i2.10087

Nugroho, ME, Setyono, P., & Rachmawati, S. (2024). Analysis of greenhouse gas emissions using life cycle assessment (LCA) and analytical hierarchy process (AHP) of the tofu industry. Journal of Environmental Sciences, 22(6), 1504–1512.https://doi.org/10.14710/jil.22.6.1504-1512

Financial Services Authority. (2017). Financial Services Authority Regulation Number 51/POJK.03/2017 concerning the Implementation of Sustainable Finance for Financial Services Institutions, Issuers, and Public Companies.

Rahayu, FS, & Zulfaidah, Z. (2026). Analysis of the application of environmental-based accounting (green accounting) in supporting corporate sustainability. Lentera Bisnis Journal, 15(2), 3526–3537.https://doi.org/10.34127/jrlab.v15i2.2305

Risma Indah Salsabila. (2024). The PUSAKA program as a trigger for the development of environmental management performance at PT X. Venus: Journal of Publication of the Engineering Science Cluster, 2(1), 247–265.https://doi.org/10.61132/venus.v2i1.180

Rosayanti, S., Suryanawa, IK, Sujana, E., & Merkusiwati, NKLA (2025). The effect of sustainable business practices on company profitability: Evidence from the Asia Sustainability Reporting Rating (ASRRAT). Digital Innovation: International Journal of Management, 2(4), 262–274.https://doi.org/10.61132/digitalinnovation.v2i4.567

Salsabila, RI (2024). The PUSAKA program as a trigger for the development of environmental management performance at PT X. Venus: Journal of Publication of the Engineering Science Cluster, 2(1), 247–265.https://doi.org/10.61132/venus.v2i1.180

Septiawan, F., Putera, RE, & Kusdarini, K. (2024). Implementation of the environmental pollution and destruction control program in the Batang Arau River by the Padang City Environmental Service. ASIAN Journal of Public Administration, 12(1), 27–42.https://doi.org/10.47828/jianaasian.v12i1.169

Silaban, BT (2025). The role of ESG disclosure in enhancing financial statement transparency of Indonesian public companies. Jurnal Ilmiah Akuntansi Kesatuan, 13(5), 1355–1364.https://doi.org/10.37641/jiakes.v13i5.4142

Sugiyono. (2023). Quantitative, qualitative, and R&D research methods. Alfabeta.

Waruwu, M., Puat, SN, Utami, PR, Yanti, E., & Rusydiana, M. (2025). Quantitative research methods: Concepts, types, stages and advantages. Scientific Journal of Educational Professions, 10(1), 917–932.https://doi.org/10.29303/jipp.v10i1.3057

Widoretno, EP (2026). Green accounting practices and firm value: Evidence from Indonesia's oil, gas, and coal subsector industry. Indonesian Interdisciplinary Journal of Sharia Economics, 9(2).