Analysis of Green Accounting, Company Performance, Carbon Emission Disclosure and Gender Diversity of the Board of Directors as Moderating Variables on the Firm Value of Consumer Goods Companies Listed on the Indonesia Stock Exchange in 2020-2023)

Hery Julianto; Khristina Yunita; Muhammad Fahmi; Syarif M. Helmi; Dan Nina Febriana Dosinta

doi:10.18535/ijsrm/v13i06.em01

Abstract

This study aims to analyze the influence of green accounting, company performance, and carbon emission disclosure on firm value, with gender diversity on the board of directors as a moderating variable in consumer goods companies listed on the Indonesia Stock Exchange from 2020 to 2023. Employing a quantitative causal-comparative research design, secondary data were collected from annual reports, sustainability reports, and environmental performance rating documents (PROPER). Statistical analyses including descriptive statistics, classical assumption tests, multiple linear regression, and moderated regression analysis were conducted using SPSS 25. The results reveal that green accounting, company performance, and carbon emission disclosure have significant positive effects on firm value. Moreover, gender diversity on the board significantly moderates these relationships, though with varying effects: it weakens the positive impact of green accounting on firm value but strengthens the effects of company performance and carbon emission disclosure. These findings suggest that while environmental accounting practices and corporate performance are critical in enhancing firm value, the role of gender diversity introduces complex dynamics in corporate governance influencing sustainability outcomes.

Keywords

Green AccountingCompany PerformanceCarbon Emission DisclosureGender DiversityFirm Value

References

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[refR-3] Baron, R. M., & Kenny, D. A. (1986). The moderator–mediator variable distinction in social psychological research. Journal of Personality and Social Psychology, 51(6), 1173–1182.Google Scholar ↗

[refR-4] Bear, S., Rahman, N., & Post, C. (2010). The impact of board diversity and gender composition on corporate social responsibility and firm reputation. Journal of Business Ethics, 97(2), 207–221.Google Scholar ↗

[refR-5] Brigham, E. F., & Houston, J. F. (2019). Fundamentals of Financial Management (15th ed.). Cengage Learning.Google Scholar ↗

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[refR-7] Carter, D. A., D’Souza, F., Simkins, B. J., & Simpson, W. G. (2010). The gender and ethnic diversity of US boards and board committees and firm financial performance. Corporate Governance: An International Review, 18(5), 396–414.Google Scholar ↗

[refR-8] Chapple, L., Clarkson, P., & Gold, D. (2013). The cost of carbon disclosure: Evidence from the Australian voluntary emissions reporting regime. Abacus, 49(4), 361–393.Google Scholar ↗

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[refR-10] Cormier, D., & Magnan, M. (2015). The economic relevance of environmental disclosure and its impact on corporate legitimacy: An empirical investigation. Business Strategy and the Environment, 24(6), 431–450.Google Scholar ↗

[refR-11] Damodaran, A. (2012). Investment Valuation: Tools and Techniques for Determining the Value of Any Asset (3rd ed.). Wiley.Google Scholar ↗

[refR-12] Deegan, C. (2014). Financial Accounting Theory (4th ed.). McGraw-Hill Education.Google Scholar ↗

[refR-13] Deegan, C., & Unerman, J. (2011). Financial Accounting Theory. McGraw-Hill Education.Google Scholar ↗

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[refR-15] Eccles, R. G., & Klimenko, S. (2019). The investor revolution: Shareholders are getting serious about sustainability. Harvard Business Review, 97(3), 106–116.Google Scholar ↗

[refR-16] Fahmi, I. (2014). Manajemen Kinerja. Alfabeta.Google Scholar ↗

[refR-17] Francoeur, C., Labelle, R., & Sinclair-Desgagné, B. (2008). Gender diversity in corporate governance and top management. Journal of Business Ethics, 81(1), 83–95.Google Scholar ↗

[refR-18] Freeman, R. E., & Reed, D. L. (1983). Stockholders and Stakeholders: A New Perspective on Corporate Governance. California Management Review, 25(3), 88–106.Google Scholar ↗

[refR-19] Ghozali, I. (2018). Aplikasi Analisis Multivariate dengan Program IBM SPSS 25 (9th ed.). Badan Penerbit Universitas Diponegoro.Google Scholar ↗

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[refR-21] Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of Management Review, 9(2), 193–206.Google Scholar ↗

[refR-22] Harahap, S. S. (2020). Analisis Kritis Atas Laporan Keuangan (13th ed.). Rajawali Pers.Google Scholar ↗

[refR-23] Hermawan, M., Gunardi, A., & Chairunisa, M. A. (2021). The effect of green accounting implementation on firm value. Jurnal Akuntansi Multiparadigma, 12(1), 34–45.Google Scholar ↗

[refR-24] Husnan, S., & Pudjiastuti, E. (2015). Dasar-Dasar Manajemen Keuangan. UPP STIM YKPN.Google Scholar ↗

[refR-25] Jogiyanto, H. (2017). Teori Portofolio dan Analisis Investasi (10th ed.). BPFE.Google Scholar ↗

[refR-26] Joecks, J., Pull, K., & Vetter, K. (2013). Gender diversity in the boardroom and firm performance: What exactly constitutes a “critical mass?”. Journal of Business Ethics, 118(1), 61–72.Google Scholar ↗

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[refR-29] Liu, Y., Wei, Z., & Xie, F. (2014). Do women directors improve firm performance in China? Journal of Corporate Finance, 28, 169–184.Google Scholar ↗

[refR-30] Luo, L., & Tang, Q. (2016). Determinants of voluntary carbon disclosure: Evidence from carbon disclosure project (CDP) reports. Accounting & Finance, 56(1), 259–288.Google Scholar ↗

[refR-31] Martono, N., & Harjito, D. A. (2010). Manajemen Keuangan. Ekonisia.Google Scholar ↗

[refR-32] Ningsih, S., & Hartono, J. (2020). Green Accounting dan Nilai Perusahaan: Bukti Empiris dari Indonesia. Jurnal Akuntansi dan Keuangan Indonesia, 17(2), 123–138.Google Scholar ↗

[refR-33] Nielsen, S., & Huse, M. (2010). Women directors' contribution to board decision-making and strategic involvement: The role of equality perception. European Management Review, 7(1), 16–29.Google Scholar ↗

[refR-34] Post, C., & Byron, K. (2015). Women on boards and firm financial performance: A meta-analysis. Academy of Management Journal, 58(5), 1546–1571.Google Scholar ↗

[refR-35] Post, C., Rahman, N., & Rubow, E. (2011). Green governance: Boards of directors’ composition and environmental corporate social responsibility. Business & Society, 50(1), 189–223.Google Scholar ↗

[refR-36] Qiu, Y., Shaukat, A., & Tharyan, R. (2016). Environmental and social disclosures: Link with corporate financial performance. The British Accounting Review, 48(1), 102–116.Google Scholar ↗

[refR-37] Ross, S. A., Westerfield, R. W., Jaffe, J., & Jordan, B. D. (2022). Corporate Finance (13th ed.). McGraw-Hill Education.Google Scholar ↗

[refR-38] Schaltegger, S., & Burritt, R. (2010). Contemporary Environmental Accounting: Issues, Concepts and Practice. Greenleaf Publishing.Google Scholar ↗

[refR-39] Setiawan, R., & Darma, D. C. (2021). Pengaruh Akuntansi Hijau terhadap Nilai Perusahaan dengan Corporate Social Responsibility sebagai Variabel Mediasi. Jurnal Ilmu dan Riset Akuntansi, 10(4), 1–18.Google Scholar ↗

[refR-40] Suchman, M. C. (1995). Managing legitimacy: Strategic and institutional approaches. Academy of Management Review, 20(3), 571–610.Google Scholar ↗

[refR-41] Sutantoputra, A. W. (2020). Green accounting sebagai pendekatan strategi perusahaan dalam keberlanjutan lingkungan. Jurnal Riset Akuntansi dan Keuangan, 8(2), 185–198.Google Scholar ↗

[refR-42] Sutrisno. (2016). Manajemen Keuangan: Teori, Konsep dan Aplikasi. Ekonisia.Google Scholar ↗

[refR-43] Terjesen, S., Sealy, R., & Singh, V. (2009). Women directors on corporate boards: A review and research agenda. Corporate Governance: An International Review, 17(3), 320–337.Google Scholar ↗

[refR-44] Weston, J. F., & Brigham, E. F. (2016). Manajemen Keuangan. Erlangga.Google Scholar ↗

[refR-45] Wibowo, A., & Putri, D. A. (2022). Analisis Penerapan Akuntansi Lingkungan terhadap Reaksi Pasar. Jurnal Akuntansi Indonesia, 11(1), 65–78.Google Scholar ↗

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