Green Accounting, Corporate Social Responsibility and ESG Performance as Determinants of Firm Value: Empirical Evidence from Indonesia Energy Sector Firms
DOI:
https://doi.org/10.38035/jafm.v7i3.3762Keywords:
Green Accounting, Corporate Social Responsibility, ESG, Firm Value, Energy SectorAbstract
This study examines the relationships between green accounting, corporate social responsibility, environmental, social, and governance performance, and firm value among energy-sector companies listed on the Indonesia Stock Exchange from 2022 to 2024. Using purposive sampling, the study analyses 120 firm-year observations from 40 companies. Green accounting is measured using the Environmental Disclosure Index, corporate social responsibility using the Corporate Social Responsibility Disclosure Index, and environmental, social, and governance performance using Refinitiv ESG scores. Firm value is measured using Tobin’s Q. Panel data regression with a fixed effects model is employed to examine the proposed relationships. The results indicate that green accounting, corporate social responsibility disclosure, and environmental, social, and governance performance each have a positive and significant association with firm value. By simultaneously examining these three sustainability-related constructs within Indonesia’s energy sector, this study provides integrated empirical evidence that sustainability practices and performance are relevant to market valuation.
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