THE INFLUENCE OF GREEN ACCOUNTING ON FIRM VALUE: GOOD CORPORATE GOVERNANCE AS A MODERATING VARIABLE

Authors

  • Rahman Sastrawan Politeknik Negeri Pontianak
  • Siti Lestari Politeknik Negeri Pontianak
  • Andika Patria Politeknik Negeri Pontianak

DOI:

https://doi.org/10.36563/1yxn3544

Keywords:

Green accounting, Good Corporate Governance, Firm Value

Abstract

This study examines the effect of green accounting on firm value, with Good Corporate Governance (GCG) as a moderating variable, and develops the Green Accounting Implementation Evaluation Model (MEIGA). The study addresses limited empirical evidence regarding the moderating role of GCG mechanisms in the relationship between green accounting and firm value in Indonesian energy-sector companies, as well as the need for a practical evaluation tool. A quantitative approach was employed using secondary data from financial statements, annual reports, and sustainability reports of 28 energy-sector companies listed on the Indonesia Stock Exchange during 2023–2025, resulting in 84 firm-year observations selected through purposive sampling. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with WarpPLS 8. The results show that green accounting has a positive and significant effect on firm value (β = 0.39, p < 0.01). Managerial ownership significantly strengthens this relationship (β = 0.70, p = 0.01), whereas institutional ownership (β = 0.05, p = 0.20) and independent commissioners (β = 0.04, p = 0.30) do not demonstrate significant moderating effects. MEIGA was developed by combining green accounting and GCG scores using empirical path-coefficient weights derived from the structural model. The average MEIGA score is 0.163, classified as low under the predefined assessment criteria. This finding indicates limited implementation among sampled companies according to the proposed model. MEIGA offers an initial empirical basis for evaluating implementation and identifying improvement priorities, although further validation is needed to establish its broader applicability.

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Published

2026-10-26

Issue

Vol. 5 No. 2 (2026): Special Issue

Section

Articles

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Copyright (c) 2026 Rahman Sastrawan, Siti Lestari, Andika Patria

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How to Cite

THE INFLUENCE OF GREEN ACCOUNTING ON FIRM VALUE: GOOD CORPORATE GOVERNANCE AS A MODERATING VARIABLE. (2026). JAT : Journal Of Accounting and Tax , 5(2), 1192-1216. https://doi.org/10.36563/1yxn3544