The Effect of Green Accounting Implementation, ESG Disclosure, and Profitability on Firm Value with Firm Size as a Moderating Variable in Energy Sector Companies Listed on the IDX (2021–2025 Period)
Fita Velina Sari, Sutri Handayani, Abdul Manaf Dientry
🤖 gxceed AI 要約
日本語
インドネシア証券取引所上場のエネルギー企業75件を対象に、グリーン会計・ESG開示・収益性が企業価値に与える影響と企業規模の調整効果をパネル回帰で検証。3要因はいずれも単独・同時に企業価値へ有意な正の影響を持ち、企業規模は収益性と企業価値の関係のみを調整した。ESG透明性と環境実務の統合が価値創造に寄与することを示す。
English
Using 75 firm-year observations from Indonesian energy-sector listed companies (2021–2025), this study tests the effects of green accounting, ESG disclosure, and profitability on firm value, with firm size as a moderator. All three factors significantly affect firm value individually and jointly, while firm size moderates only the profitability–value link. Results support integrating environmental practice, ESG transparency, and financial performance in value creation.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
新興国・エネルギーセクターにおけるESG開示と企業価値の関係を実証しており、SSBJ・有報でのサステナビリティ開示が企業価値評価にどう織り込まれるかを考える日本企業・投資家にとって比較材料となる。グリーン会計の実務導入効果を測る視点も参考になる。
In the global GX context
Adds emerging-market evidence to the global debate on whether ESG disclosure and green accounting translate into firm value, complementing ISSB/IFRS S1-S2 adoption research and CSRD-driven disclosure studies. The firm-size moderation finding is relevant to how disclosure mandates affect firms of different scales.
👥 読者別の含意
🔬研究者:Provides panel-regression evidence on the ESG-disclosure–firm-value link and the moderating role of firm size in an emerging energy market.
🏢実務担当者:Suggests that strengthening ESG disclosure and green accounting practices can support valuation, with effects varying by firm size.
🏛政策担当者:Offers evidence that mandatory ESG/green accounting disclosure regimes may have value implications, with size-sensitive effects worth considering in rule design.
📄 Abstract（原文）
This study addresses the growing importance of environmental, social, and governance (ESG) practices and green accounting in enhancing firm value, particularly regarding the role of firm size in influencing these relationships. It examines the effects of green accounting, ESG disclosure, and profitability on firm value, both partially and simultaneously, as well as the moderating role of firm size. This study employed a quantitative approach using secondary data obtained from companies' annual reports and sustainability reports published on their official websites and the Indonesia Stock Exchange website. A total of 75 observations were selected using a purposive sampling technique. The data were analyzed using panel data regression, classical assumption testing, panel regression model selection, hypothesis testing, and Moderated Regression Analysis (MRA) with EViews 12. The results indicated that green accounting, ESG disclosure, and profitability individually and simultaneously had significant effects on firm value. Furthermore, firm size significantly moderated the relationship between profitability and firm value but did not moderate the relationships between green accounting and firm value or between ESG disclosure and firm value. These findings highlight the importance of integrating environmental practices, ESG transparency, and financial performance in corporate value creation. The study also provides insights into the role of firm size as a contextual factor in determining the effectiveness of corporate sustainability practices and financial performance in enhancing firm value.
🔗 Provenance — このレコードを発見したソース
- openalex https://jurnal.amertainstitute.com/index.php/GoodWill/article/view/662first seen 2026-11-05 05:22:50 · last seen 2026-11-06 05:01:15
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