The Influence of Green accounting, Sustainability Report Disclosure and Environmental Performance on Firm Value

https://doi.org/10.35912/gaar.v4i1.5386
Published: Nov 10, 2025

Abstract:

Purpose: This study aims to examine the effect of green accounting, sustainability report disclosure, and environmental performance on firm value of companies listed on the Indonesia Stock Exchange (IDX) and registered as PROPER participants during 2019-2023.

Methodology/approach: a quantitative approach was employed using secondary data from annual reports, financial statements, and sustainability reports of the sample companies. Purposive sampling was applied, resulting in 30 companies that met the criteria. Data analysis was conducted through multiple linear regression with SPSS version 25.

Results/findings: The results indicate that green accounting and environmental performance have a positive and significant effect on firm value, while sustainability report disclosure shows a negative significant effect. Simultaneously, the three independent variables significantly affect firm value with an adjusted R 2 of 18.8%, suggesting that other variables outside the model explain the remaining variation.

Conclusions : The study concludes that environmentally based practices such as green accounting and strong environmental performance strengthen legitimacy and investor confidence. However, sustainability report disclosure has not yet been perceived as value-added information in the Indonesian context.

Limitations: The study is limited by the possibility that the effects of sustainability practices may not be visible in the short term. Companies are advised to improve environmental standards and separate environmental costs from CSR to enhance transparency.

Contribution: This research contributes to the accounting and sustainability literature by providing empirical evidence on the role of environmental practices in firm value. The findings are useful for companies, regulators, policymakers in strengthening sustainability practices and improving long-term corporate reputation.

Keywords:
1. Environmental Performance
2. Firm Value
3. Green Accounting
4. Sustainability Report Disclosure
Authors:
1 . Amalia Cahya Azzahra
2 . Damayanti Damayanti
3 . Anita Kusuma Dewi
View PDF
How to Cite
Azzahra, A. C., Damayanti, D., & Dewi, A. K. (2025). The Influence of Green accounting, Sustainability Report Disclosure and Environmental Performance on Firm Value. Goodwood Akuntansi Dan Auditing Reviu, 4(1), 73–85. https://doi.org/10.35912/gaar.v4i1.5386
Download Citation
  1. Endnote/Zotero/Mendeley (RIS)
  2. BibTeX

Downloads

Download data is not yet available.
Issue & Section
Vol. 4 No. 1 (2025): November
Articles
References

    Angelina, M., and Enggar, N. (2021). The Effect of Green Accounting Implementation and Capital Structure on Company Performance. Journal of Aerospace Management, Vol. 14, No. 2 , 3 (2), 208–217. https://doi.org/10.30640/akuntansi45.v3i2.873

    Anggraeni, L. (2024). The Effect of Carbon Emission Disclosure, Carbon Performance, Green Accounting, and Intellectual Capital on Firm Value. Accounting Economics , 4 (2), 499–517. https://doi.org/10.25105/jet.v4i2.19496

    Anna, YD, and RT, DRD (2019). Sustainability Reporting: Analysis of Financial Performance and Firm Value. 11 (2), 238–255. https://doi.org/10.17509/jaset.v11i2.18804

    Aprianti, S., Yuniarti, R., and Riswandi, P. (2023). Environmental Performance on Firm Value Mediated by Financial Performance. 1 0 (July), 35–46. https://doi.org/10.55963/jraa.v10i2.536

    Basuki, AT, and Prawoto, N. (2016). Regression Analysis in Economic and Business Research (complete with SPSS and Eviews applications) . Depok: RajaGrafindo Persada. Chika, O. V., Oshiogwemoh, D., & Promise, E. (2022). Impact of Tax Reforms on Economic Growth of Nigeria (2000-2021). Goodwood Akuntansi dan Auditing Reviu, 1(1), 79-95. doi:10.35912/gaar.v1i1.1506

    Chika, O. V., Promise, E., U, I. S., & Werikum, E. V. (2022). Influence of Liquidity and Profitability on Profits Growth of Nigerian Pharmaceutical Firms. Goodwood Akuntansi dan Auditing Reviu, 1(1), 1-13. doi:10.35912/gaar.v1i1.1318

    Darmawan, J., & Roba’in, H. (2022). Pengaruh Keberagaman Gender dan Pengungkapan Risiko Terhadap Efisiensi Investasi. Goodwood Akuntansi dan Auditing Reviu, 1(1), 29-47. doi:10.35912/gaar.v1i1.1484

    Delvia, S., and Helmy, H. (2024). The Effect of Green Accounting Implementation and Corporate Social Responsibility (CSR) Disclosure on Company Value. Journal of Accounting Exploration , 6 (4), 1372–1389. https://doi.org/10.24036/jea.v6i4.1737

    Dewi, R., and Rahmianingsih, A. (2020). Increasing Company Value Through Green Innovation and Eco-Efficiency. Ekspansi: Journal of Economics, Finance, Banking and Accounting , 12 (2), 225–243. https://doi.org/10.35313/ekspansi.v12i2.2241

    Dita, EMA, and Deasy, E. (2021). The Influence of Green Accounting, Environmental Performance, and Company Size on Financial Performance. Journal of Finance and Accounting Studies , 3 (3), 72–84. https://doi.org/10.33752/jfas.v3i2.272

    Dowling, J., and Pfeffer, J. (1975). Pacific Sociological Association Organizational Legitimacy: Social Values and Organizational Behavior. Source: The Pacific Sociological Review , 18 (1), 122–136. https://doi.org/10.2307/1388226

    Dzahabiyya, J., Jhoansyah, D., and Danial, RDM (2020). Firm Value Analysis Using Tobin's Q Ratio Model. JAD: Dewantara Journal of Accounting and Financial Research , 3 (1), 46–55. https://doi.org/10.26533/jad.v3i1.520

    Endiana, IDM, Dicriyani, NLGM, Adiyadnya, MSP, and Putra, IPMJS (2021). The Effect of Green Accounting on Corporate Sustainability and Financial Performance . 7 (December 2020). https://doi.org/10.13106/jafeb.2020.vol7.no12.731

    Erlangga, C.M., Fauzi, A., and Sumiati, A. (2021). The Application of Green Accounting and Corporate Social Responsibility Disclosure to Company Value Through Profitability . June 2021. https://doi.org/10.15408/akt.v14i1.20749

    Ghozali, I. (2021). Application of Multivariate Analysis . Semarang: Diponegoro University.

    Global Reporting Initiative, (2016). https://www.globalreporting.org/

    Global Reporting Initiative, (2021). https://www.globalreporting.org/

    Gupta. (2018). An Introduction To Green Marketing. Wirc Bullet , 1 (2), 11–13. https://doi.org/10.5070/g31210177

    Hadi, N. (2011). Corporate Social Responsibility . Yogyakarta: Graha Ilmu.

    Hadiwibowo, I., Dwi, L., and Azis, M.T. (2023). Green Accounting Carbon Emission Disclosure and Environmental Performance on Firm Value. Mercu Buana Journal of Accounting Research , 8 (November), 82–95. https://doi.org/10.26486/jramb.v9i2.3458

    Hamta, F. (2019). Accounting Research Methods Teaching Materials Book . Yogyakarta: Deepublish.

    Hapsari, MD (2023). Analysis of the Application of Sustainability Reports to Company Value. Accounting 45 , 4 (1), 65–72. https://doi.org/10.30640/akuntansi45.v4i1.724

    Khairiyani, Novi, M., Agustina, M., Anzu, EZ, and Habibah, GW. A. (2019). Environmental Performance on Financial Performance and Its Implications on Company Value. ILTIZAM Journal of Shariah Economic Research , 3 (1), 41. https://doi.org/10.30631/iltizam.v3i1.248

    Lako, A., and Sumaryanti, A. (2021). Conceptual Framework and Application of Green Accounting . South Jakarta, Salemba Empat.

    Latifah, SW, and Luhur, MB (2017). The Effect of Sustainability Report Disclosure on Company Value with Profitability as a Moderator. 17 (1), 13–18. https://doi.org/10.20961/jab.v17i1.219.g54

    Lestari, AD, and Khomsiyah, K. (2023). The Effect of Environmental Performance, Green Accounting Implementation, and Sustainability Report Disclosure on Company Value. Journal of Business Economics, Management, and Accounting (JEBMA) , 3 (3), 514–526. https://doi.org/10.47709/jebma.v3i3.2799

    Maharani, NDP, Widiatmoko, J., and Kentris. (2024). The Effect of Sustainability Report Disclosure and Intellectual Capital on Company Value in Banking Companies Listed on the IDX 2018-2022. 17 (1). https://doi.org/10.51903/kompak.v17i1.1695

    Margie, LA, and Melinda, M. (2024). The Effect of Green Accounting, Sales Growth, and Tax Avoidance on Company Value. Jurnal Revenue: Jurnal Ilmu Akuntansi , 4 (2), 594–607. https://doi.org/10.46306/rev.v4i2.339

    Maryanti, T., and Ayem, S. (2022). The Effect of Tax Avoidance and Profitability on Firm Value with Dividend Policy as a Moderating Variable. Reslaj: Religion Education Social Laa Roiba Journal , 4 (4), 1152–1166. https://doi.org/10.47467/reslaj.v4i4.1077

    Nisaih, D., and Prijanto, B. (2023). The Effect of Sustainability Report Disclosure on Company Value with Profitability as a Moderating Variable in Agricultural Sector Companies Listed on the Indonesia Stock Exchange. Indonesian Journal of Economy, Business, Entrepreneurship and Finance , 3 (3), 424–436. https://doi.org/10.53067/ijebef.v3i3.115

    Okterianda, Y., Destia, P., and Nurmala, N. (2025). The Effect of Green Accounting and Environmental Performance on the Profitability of Mining Companies on the Indonesia Stock Exchange 2019-2023. eCo-Fin Journal , 7 (1), 24–33. https://doi.org/10.32877/ef.v7i1.1705

    Financial Services Authority Regulation No. 51/POJK.03/2017, Pub. L. No. 51 (2017). https://peraturan.bpk.go.id/Details/129651/peraturan-ojk-no-51pojk032017-tahun-2017

    Parahdila, L., Mukhzarudfa, and Wiralesatari. (2022). The Effect of Financial Performance and Environmental Performance on Company Value with Corporate Social Responsibility as a Moderating Variable (Empirical Study of Manufacturing Companies Listed on the Indonesian Stock Exchange (BEI) in 2017-2019). 7(3), 168–179. https://doi.org/10.22437/jaku.v7i3.25156

    Pentiana, D. (2019). Understanding and Concern for the Implementation of Green Accounting: A Case Study of Tofu and Tempeh SMEs in Bandar Lampung City. 13(1). https://doi.org/10.25181/esai.v13i1.1271

    Pujiningsih, VD (2020). The Effect of Sustainability Reports on Company Value with Good Corporate Governance as a Moderating Variable. 8(3), 579–594. https://doi.org/10.17509/jrak.v8i3.22841

    Putri, IAJ, Budiyanto, and Triyonowati. (2023). Determining Factors of Company Value . Malang: Litnus Publisher.

    Sahir, SH (2021). Research Methodology . Yogyakarta: KBM Indonesia Publisher.

    Sapulette, SG, and Limba, FB (2021). The Effect of Green Accounting Implementation and Environmental Performance on the Value of Manufacturing Companies Listed on the IDX in 2018-2020. Kupna Akuntansi: Kumpulan Artikel Akuntansi , 2 (1), 31–43. https://doi.org/10.30598/kupna.v2.i1.p31-43

    Saputra, R., Masril, M., and Safrizal, S. (2023). The Influence of Investment Decisions, Financing Decisions, and Dividend Policy on the Value of Manufacturing Companies in the Food and Beverage Sub-Sector Listed on the Indonesia Stock Exchange in 2019-2022. Goodwood Accounting and Auditing Review (GAAR) , 1 (2), 153–163. https://doi.org/10.35912/gaar.v1i2.2002

    Sari, AN, Oktavia, R., and Widiyanti, A. (2024). Review of Mining Company Values in Indonesia from a Green Accounting and CSR Perspective. Goodwood Accounting and Auditing Review (GAAR) , 3 (1), 31–41. https://doi.org/10.35912/gaar.v3i1.3498

    Sari, IAFD, and Budiasih, IGAN (2025). The Effect of Sustainability Report Disclosure on Company Value with Eco-efficiency as a Moderating Variable. Ekonomis: Journal of Economics and Business , 9 (1), 534. https://doi.org/10.33087/ekonomis.v9i1.2053

    Sevnia, R., and Mulyani, S.D. (2023). The Effect of Sustainability Report Disclosure, Environmental Performance, and Capital Structure on Firm Value with Firm Size as a Moderating Variable. 3(2), 3813–3822. https://doi.org/10.25105/jet.v3i2.18195

    Simanjuntak, S., and Nerpy Siahaan, B. (2024). The Effect of Profitability, Liquidity, and Leverage on Firm Value in Raw Materials Sector Companies Listed on the Indonesia Stock Exchange in 2018-2022. Collaborative Journal of Science , 7 (2), 902–916. https://doi.org/10.56338/jks.v2i1.722

    Siregar, NY, and Safitri, TA (2019). The Effect of Enterprise Risk Management, Intellectual Capital, Corporate Social Responsibility, and Sustainability Report Disclosure on Company Value. Darmajaya Business Journal , 5 (2), 53–79. https://doi.org/10.30873/jbd.v5i2.1589

    Subroto, VK, and Endaryati, E. (2024). Collection of Accounting Theories . Semarang: Prima Agus Teknik Foundation.

    Sugeng, B. (2017). Fundamental Financial Management . Yogyakarta: Deepublish.

    Sugiyono. (2016). Quantitative, Qualitative and R&D Research Methods . Bandung: Alfabeta.

    Sukoharsono, EG, and Andayani, W. (2021). Sustainability Accounting . Malang: UB Press.

    Umami, R., Lukita, C., and Astriani, D. (2024). Application of Green Accounting and Environmental Performance on Company Value with Managerial Ownership as a Moderating Variable in Mining Sector Companies BEI 2020-2022. Journal of Economic, Business and Accounting (COSTING) , 7 (5), 2692–2708. https://doi.org/10.31539/costing.v7i5.12136

    Wardani, DD, and Sa'adah, L. (2020). The Effect of Environmental Performance on Firm Value with Financial Performance as an Intervening Variable. 5(1), 15–28. https://doi.org/10.53712/aktiva.v5i1.823

  1. Angelina, M., and Enggar, N. (2021). The Effect of Green Accounting Implementation and Capital Structure on Company Performance. Journal of Aerospace Management, Vol. 14, No. 2 , 3 (2), 208–217. https://doi.org/10.30640/akuntansi45.v3i2.873
  2. Anggraeni, L. (2024). The Effect of Carbon Emission Disclosure, Carbon Performance, Green Accounting, and Intellectual Capital on Firm Value. Accounting Economics , 4 (2), 499–517. https://doi.org/10.25105/jet.v4i2.19496
  3. Anna, YD, and RT, DRD (2019). Sustainability Reporting: Analysis of Financial Performance and Firm Value. 11 (2), 238–255. https://doi.org/10.17509/jaset.v11i2.18804
  4. Aprianti, S., Yuniarti, R., and Riswandi, P. (2023). Environmental Performance on Firm Value Mediated by Financial Performance. 1 0 (July), 35–46. https://doi.org/10.55963/jraa.v10i2.536
  5. Basuki, AT, and Prawoto, N. (2016). Regression Analysis in Economic and Business Research (complete with SPSS and Eviews applications) . Depok: RajaGrafindo Persada. Chika, O. V., Oshiogwemoh, D., & Promise, E. (2022). Impact of Tax Reforms on Economic Growth of Nigeria (2000-2021). Goodwood Akuntansi dan Auditing Reviu, 1(1), 79-95. doi:10.35912/gaar.v1i1.1506
  6. Chika, O. V., Promise, E., U, I. S., & Werikum, E. V. (2022). Influence of Liquidity and Profitability on Profits Growth of Nigerian Pharmaceutical Firms. Goodwood Akuntansi dan Auditing Reviu, 1(1), 1-13. doi:10.35912/gaar.v1i1.1318
  7. Darmawan, J., & Roba’in, H. (2022). Pengaruh Keberagaman Gender dan Pengungkapan Risiko Terhadap Efisiensi Investasi. Goodwood Akuntansi dan Auditing Reviu, 1(1), 29-47. doi:10.35912/gaar.v1i1.1484
  8. Delvia, S., and Helmy, H. (2024). The Effect of Green Accounting Implementation and Corporate Social Responsibility (CSR) Disclosure on Company Value. Journal of Accounting Exploration , 6 (4), 1372–1389. https://doi.org/10.24036/jea.v6i4.1737
  9. Dewi, R., and Rahmianingsih, A. (2020). Increasing Company Value Through Green Innovation and Eco-Efficiency. Ekspansi: Journal of Economics, Finance, Banking and Accounting , 12 (2), 225–243. https://doi.org/10.35313/ekspansi.v12i2.2241
  10. Dita, EMA, and Deasy, E. (2021). The Influence of Green Accounting, Environmental Performance, and Company Size on Financial Performance. Journal of Finance and Accounting Studies , 3 (3), 72–84. https://doi.org/10.33752/jfas.v3i2.272
  11. Dowling, J., and Pfeffer, J. (1975). Pacific Sociological Association Organizational Legitimacy: Social Values and Organizational Behavior. Source: The Pacific Sociological Review , 18 (1), 122–136. https://doi.org/10.2307/1388226
  12. Dzahabiyya, J., Jhoansyah, D., and Danial, RDM (2020). Firm Value Analysis Using Tobin's Q Ratio Model. JAD: Dewantara Journal of Accounting and Financial Research , 3 (1), 46–55. https://doi.org/10.26533/jad.v3i1.520
  13. Endiana, IDM, Dicriyani, NLGM, Adiyadnya, MSP, and Putra, IPMJS (2021). The Effect of Green Accounting on Corporate Sustainability and Financial Performance . 7 (December 2020). https://doi.org/10.13106/jafeb.2020.vol7.no12.731
  14. Erlangga, C.M., Fauzi, A., and Sumiati, A. (2021). The Application of Green Accounting and Corporate Social Responsibility Disclosure to Company Value Through Profitability . June 2021. https://doi.org/10.15408/akt.v14i1.20749
  15. Ghozali, I. (2021). Application of Multivariate Analysis . Semarang: Diponegoro University.
  16. Global Reporting Initiative, (2016). https://www.globalreporting.org/
  17. Global Reporting Initiative, (2021). https://www.globalreporting.org/
  18. Gupta. (2018). An Introduction To Green Marketing. Wirc Bullet , 1 (2), 11–13. https://doi.org/10.5070/g31210177
  19. Hadi, N. (2011). Corporate Social Responsibility . Yogyakarta: Graha Ilmu.
  20. Hadiwibowo, I., Dwi, L., and Azis, M.T. (2023). Green Accounting Carbon Emission Disclosure and Environmental Performance on Firm Value. Mercu Buana Journal of Accounting Research , 8 (November), 82–95. https://doi.org/10.26486/jramb.v9i2.3458
  21. Hamta, F. (2019). Accounting Research Methods Teaching Materials Book . Yogyakarta: Deepublish.
  22. Hapsari, MD (2023). Analysis of the Application of Sustainability Reports to Company Value. Accounting 45 , 4 (1), 65–72. https://doi.org/10.30640/akuntansi45.v4i1.724
  23. Khairiyani, Novi, M., Agustina, M., Anzu, EZ, and Habibah, GW. A. (2019). Environmental Performance on Financial Performance and Its Implications on Company Value. ILTIZAM Journal of Shariah Economic Research , 3 (1), 41. https://doi.org/10.30631/iltizam.v3i1.248
  24. Lako, A., and Sumaryanti, A. (2021). Conceptual Framework and Application of Green Accounting . South Jakarta, Salemba Empat.
  25. Latifah, SW, and Luhur, MB (2017). The Effect of Sustainability Report Disclosure on Company Value with Profitability as a Moderator. 17 (1), 13–18. https://doi.org/10.20961/jab.v17i1.219.g54
  26. Lestari, AD, and Khomsiyah, K. (2023). The Effect of Environmental Performance, Green Accounting Implementation, and Sustainability Report Disclosure on Company Value. Journal of Business Economics, Management, and Accounting (JEBMA) , 3 (3), 514–526. https://doi.org/10.47709/jebma.v3i3.2799
  27. Maharani, NDP, Widiatmoko, J., and Kentris. (2024). The Effect of Sustainability Report Disclosure and Intellectual Capital on Company Value in Banking Companies Listed on the IDX 2018-2022. 17 (1). https://doi.org/10.51903/kompak.v17i1.1695
  28. Margie, LA, and Melinda, M. (2024). The Effect of Green Accounting, Sales Growth, and Tax Avoidance on Company Value. Jurnal Revenue: Jurnal Ilmu Akuntansi , 4 (2), 594–607. https://doi.org/10.46306/rev.v4i2.339
  29. Maryanti, T., and Ayem, S. (2022). The Effect of Tax Avoidance and Profitability on Firm Value with Dividend Policy as a Moderating Variable. Reslaj: Religion Education Social Laa Roiba Journal , 4 (4), 1152–1166. https://doi.org/10.47467/reslaj.v4i4.1077
  30. Nisaih, D., and Prijanto, B. (2023). The Effect of Sustainability Report Disclosure on Company Value with Profitability as a Moderating Variable in Agricultural Sector Companies Listed on the Indonesia Stock Exchange. Indonesian Journal of Economy, Business, Entrepreneurship and Finance , 3 (3), 424–436. https://doi.org/10.53067/ijebef.v3i3.115
  31. Okterianda, Y., Destia, P., and Nurmala, N. (2025). The Effect of Green Accounting and Environmental Performance on the Profitability of Mining Companies on the Indonesia Stock Exchange 2019-2023. eCo-Fin Journal , 7 (1), 24–33. https://doi.org/10.32877/ef.v7i1.1705
  32. Financial Services Authority Regulation No. 51/POJK.03/2017, Pub. L. No. 51 (2017). https://peraturan.bpk.go.id/Details/129651/peraturan-ojk-no-51pojk032017-tahun-2017
  33. Parahdila, L., Mukhzarudfa, and Wiralesatari. (2022). The Effect of Financial Performance and Environmental Performance on Company Value with Corporate Social Responsibility as a Moderating Variable (Empirical Study of Manufacturing Companies Listed on the Indonesian Stock Exchange (BEI) in 2017-2019). 7(3), 168–179. https://doi.org/10.22437/jaku.v7i3.25156
  34. Pentiana, D. (2019). Understanding and Concern for the Implementation of Green Accounting: A Case Study of Tofu and Tempeh SMEs in Bandar Lampung City. 13(1). https://doi.org/10.25181/esai.v13i1.1271
  35. Pujiningsih, VD (2020). The Effect of Sustainability Reports on Company Value with Good Corporate Governance as a Moderating Variable. 8(3), 579–594. https://doi.org/10.17509/jrak.v8i3.22841
  36. Putri, IAJ, Budiyanto, and Triyonowati. (2023). Determining Factors of Company Value . Malang: Litnus Publisher.
  37. Sahir, SH (2021). Research Methodology . Yogyakarta: KBM Indonesia Publisher.
  38. Sapulette, SG, and Limba, FB (2021). The Effect of Green Accounting Implementation and Environmental Performance on the Value of Manufacturing Companies Listed on the IDX in 2018-2020. Kupna Akuntansi: Kumpulan Artikel Akuntansi , 2 (1), 31–43. https://doi.org/10.30598/kupna.v2.i1.p31-43
  39. Saputra, R., Masril, M., and Safrizal, S. (2023). The Influence of Investment Decisions, Financing Decisions, and Dividend Policy on the Value of Manufacturing Companies in the Food and Beverage Sub-Sector Listed on the Indonesia Stock Exchange in 2019-2022. Goodwood Accounting and Auditing Review (GAAR) , 1 (2), 153–163. https://doi.org/10.35912/gaar.v1i2.2002
  40. Sari, AN, Oktavia, R., and Widiyanti, A. (2024). Review of Mining Company Values in Indonesia from a Green Accounting and CSR Perspective. Goodwood Accounting and Auditing Review (GAAR) , 3 (1), 31–41. https://doi.org/10.35912/gaar.v3i1.3498
  41. Sari, IAFD, and Budiasih, IGAN (2025). The Effect of Sustainability Report Disclosure on Company Value with Eco-efficiency as a Moderating Variable. Ekonomis: Journal of Economics and Business , 9 (1), 534. https://doi.org/10.33087/ekonomis.v9i1.2053
  42. Sevnia, R., and Mulyani, S.D. (2023). The Effect of Sustainability Report Disclosure, Environmental Performance, and Capital Structure on Firm Value with Firm Size as a Moderating Variable. 3(2), 3813–3822. https://doi.org/10.25105/jet.v3i2.18195
  43. Simanjuntak, S., and Nerpy Siahaan, B. (2024). The Effect of Profitability, Liquidity, and Leverage on Firm Value in Raw Materials Sector Companies Listed on the Indonesia Stock Exchange in 2018-2022. Collaborative Journal of Science , 7 (2), 902–916. https://doi.org/10.56338/jks.v2i1.722
  44. Siregar, NY, and Safitri, TA (2019). The Effect of Enterprise Risk Management, Intellectual Capital, Corporate Social Responsibility, and Sustainability Report Disclosure on Company Value. Darmajaya Business Journal , 5 (2), 53–79. https://doi.org/10.30873/jbd.v5i2.1589
  45. Subroto, VK, and Endaryati, E. (2024). Collection of Accounting Theories . Semarang: Prima Agus Teknik Foundation.
  46. Sugeng, B. (2017). Fundamental Financial Management . Yogyakarta: Deepublish.
  47. Sugiyono. (2016). Quantitative, Qualitative and R&D Research Methods . Bandung: Alfabeta.
  48. Sukoharsono, EG, and Andayani, W. (2021). Sustainability Accounting . Malang: UB Press.
  49. Umami, R., Lukita, C., and Astriani, D. (2024). Application of Green Accounting and Environmental Performance on Company Value with Managerial Ownership as a Moderating Variable in Mining Sector Companies BEI 2020-2022. Journal of Economic, Business and Accounting (COSTING) , 7 (5), 2692–2708. https://doi.org/10.31539/costing.v7i5.12136
  50. Wardani, DD, and Sa'adah, L. (2020). The Effect of Environmental Performance on Firm Value with Financial Performance as an Intervening Variable. 5(1), 15–28. https://doi.org/10.53712/aktiva.v5i1.823