The Effect of Green Accounting, Intellectual Capital, Managerial Ownership, and Corporate Social Responsibility on Financial Performance: Evidence from Energy Sector Companies Listed on the Indonesia Stock Exchange (2021–2024)
Keywords:
Green Accounting, Intellectual Capital, Managerial Ownership, CSR, ROA, Energy Firms, Indonesia Stock Exchange
Abstract
Studi ini menyelidiki pengaruh Akuntansi Hijau, Modal Intelektual, Kepemilikan Manajerial, dan Tanggung Jawab Sosial Perusahaan (CSR) terhadap kinerja keuangan perusahaan sektor energi yang terdaftar di Bursa Efek Indonesia (BEI) selama tahun 2021–2024. Pendekatan kuantitatif digunakan dengan menggunakan data sekunder yang diambil dari laporan tahunan dan laporan keberlanjutan. Dari populasi 87 perusahaan energi, pengambilan sampel bertujuan menghasilkan 21 perusahaan, menghasilkan 84 observasi perusahaan-tahun. Regresi linier berganda dilakukan dengan menggunakan SPSS 26, didukung oleh uji asumsi klasik. Temuan menunjukkan bahwa Akuntansi Hijau, Modal Intelektual, Kepemilikan Manajerial, dan pengungkapan CSR secara bersama-sama memberikan efek positif yang signifikan terhadap Pengembalian Aset (ROA). Secara parsial, masing-masing variabel independen juga menunjukkan hubungan yang positif dan signifikan secara statistik dengan ROA. Hasil ini menunjukkan bahwa praktik akuntansi lingkungan, efisiensi sumber daya tak berwujud, keselarasan kepemilikan internal, dan pengungkapan tanggung jawab sosial secara kolektif memperkuat profitabilitas dalam industri energi Indonesia.
References
Adriana, W. A. (2021). The Effect of Implementing Green Accounting on Corporate Financial Performance (A Study of Mining and Manufacturing Companies Listed in The Indonesian Sharia Stock Index, 2015–2019). Raden Intan State Islamic University of Lampung, 1–108.
Angelina, M., & Nursasi, E. (2021). The Effect of Green Accounting Implementation and Environmental Performance on Corporate Financial Performance. Journal of Aerospace Management, 14(2), 211–224.
Budi, E. C., & Zuhrohtun. (2023). The Effect of Green Accounting, Environmental Performance, And Environmental Costs on Financial Performance. E-Journal of Economics and Business, Udayana University, 12(10), 1942–1953. https://doi.org/10.24843/eeb.2023.v12.i10.p05
Cahyani, R. S. A., & Puspitasari, W. (2023). The Effect of Environmental Performance, Environmental Costs, Public Share Ownership, Green Accounting, And Capital Structure on Financial Performance. Trisakti Accounting Journal, 10(2), 189–208. https://doi.org/10.25105/jat.v10i2.17846
Chairia, Veronika Br Ginting, J., Ramles, P., & Ginting, F. (2022). Green Accounting (Environmental Accounting) Implementation in Indonesia: A literature study. Financial: Accounting Journal, 8(1), 40–49. https://doi.org/10.37403/financial.v8i1.368
Damayanti, A., & Astuti, S. B. (2022). The Effect of Green Accounting on Company Performance (An Empirical Study of Mining and Chemical Industry Companies Listed on the IDX, 2017–2020). Relevant, 2(2), 116–125. https://journal.univpancasila.ac.id/index.php/RELEVAN/article/view/3231
Devi, B. E., Khairunnisa, & Budiono, E. (2017). The Influence of Intellectual Capital on Company Financial Performance (Case Study on Electronic, Automotive, And Component Companies Listed on The Indonesia Stock Exchange, 2011–2015). Accounting Journal, 3(2), 15–26.
Dewi, H. R., & Dewi, L. M. C. (2020). Intellectual Capital and Firm Value in Service and Mining Industries in Indonesia. Proceeding Of National Conference on Accounting & Finance, 2(2012), 132–143. https://doi.org/10.20885/ncaf.vol2.art11
Emriska, M. R., & Susanti, D. (2023). The Effect of Corporate Social Responsibility (CSR) On Corporate Financial Performance (An Empirical Study of Manufacturing Companies Listed in The LQ45 Index on The Indonesia Stock Exchange, 2018–2022). Dimensional Journal, 12(3), 863–882. https://doi.org/10.33373/dms.v12i3.5749
Faizah, B. S. Q. (2020). Green Accounting Implementation and Financial Performance. Journal of Contemporary Accounting Research, 12(2), 94–99. https://doi.org/10.23969/jrak.v12i2.2779
Febriany, N. (2019). The Effect of Intellectual Capital on Corporate Financial Performance. Compartment: Scientific Journal of Accounting, 18(1), 24–32. https://doi.org/10.37278/insearch.v18i1.138
Gunawan, A. (2019). The Effect of Financial Performance on The Quality of Internet Financial Reporting Information with Public Share Ownership as A Moderating Variable. Econos: Economic and Social Journal, 10(1), 1–10.
Halim, Y. R., & Wijaya, H. (2020). The Effect of Intellectual Capital on Company Performance with Enterprise Risk Management as A Moderating Variable. Journal of Financial and Business Accounting, 13(2), 78–87. https://doi.org/10.35143/jakb.v13i2.3654
Hermayanti, L. G. D., & Sukartha, I. M. (2019). The Effect of Managerial Ownership, Institutional Ownership, And CSR Disclosure on Corporate Financial Performance. Udayana University Accounting E-Journal, 27(3), 1703–1734. https://doi.org/10.24843/eja.2019.v27.i03.p03
Hidayat, M., & Dana, I. M. (2021). The Effect of Intellectual Capital on Financial Performance of Mining Sector Companies on The Indonesia Stock Exchange. E-Journal of Management, 8(2), 5702–5721.
Kartika, O., & Novyarni, N. (2019). The Effect of Managerial Ownership and Institutional Ownership on Financial Performance. Department of Accounting, STIEI, 2(1), 1–31.
Landion, V., & Lastanti, H. S. (2019). The Effect of Intellectual Capital on Financial Performance, Firm Market Value, And Corporate Reputation. Trisakti Accounting Journal, 6(2), 215–232.
Mahadewi, A. A. I. S., & Krisnadewi, K. A. (2017). The Effect of Managerial Ownership, Institutional Ownership, And the Proportion of Independent Commissioners on Earnings Management. Accounting E-Journal, 18(1), 443–470.
Meiyana, A., & Aisyah, M. N. (2019). The Effect of Environmental Performance, Environmental Costs, And Firm Size on Financial Performance with Corporate Social Responsibility as An Intervening Variable. Nominal: Barometer of Accounting and Management Research, 8(1), 1–18. https://doi.org/10.21831/nominal.v8i1.24495
Melania, S., & Tjahjono, A. (2022). The Effect of Corporate Social Responsibility, Firm Size, Firm Age, And Board Size on Financial Performance. Indonesian Journal of Accounting and Business Research, STIE Widya Wiwaha, 2(1), 199–219. https://doi.org/10.32477/jrabi.v2i1.433
Melianti, N. K., & Cipta, W. (2022). The Effect of Intellectual Capital and Capital Structure on Financial Performance at Bali Regional Development Banks. Vocational: Journal of Accounting Research, 11(01), 64–71. https://doi.org/10.23887/vjra.v11i01.49995
Rachmah, A., & Iswara, U. S. (2023). Analysis Of the Effect of Ownership Structure on Firm Value with Financial Performance as An Intervening Variable. Journal of Accounting Science and Research, 12(3), 1–21.
Rahadia Rizki, E. (2019). The Effect of Corporate Social Responsibility on Financial Performance of Mining Companies Listed on The Indonesia Stock Exchange (IDX). 2020(1), 473–484.
Romadoni, D. S., & Pradita, N. (2022). The Effect of Managerial Ownership, Independent Commissioners, And Institutional Ownership on Corporate Financial Performance. Tambusai Education Journal, 6(2), 15203–15215. https://jptam.org/index.php/jptam/article/view/4800
Salsabila, A. (2023). CSR Disclosure: Definition, CSR Formula, Variables, And Indicators of Success. Protect Forests. https://lindungihutan.com/blog/apa-itu-pengungkapan-csr/
Sutio, M. (2024). Benefits of Mineral Resources You Should Know. PT Agincourt Resources. https://agincourtresources.com/id/2020/10/05/
Sutrisno, Y. A. E., & Riduwan, A. (2022). The Effect of Firm Size, Firm Age, Institutional Ownership, And Managerial Ownership on Corporate Financial Performance. Journal of Accounting Science and Research, 11(1), 1–22.
Syabania, A., & Nurmilah, R. (2023). The Effect of Corporate Social Responsibility and Intellectual Capital on Financial Performance of Mining Companies Listed on The Indonesia Stock Exchange. Maneksi Journal, 12(3), 498–511. https://doi.org/10.31959/jm.v12i3.1689
Usman, H., & Mustafa, S. W. (2019). The Effect of Intellectual Capital on Financial Performance and Market Value of Companies Listed in The Jakarta Islamic Index. Akmen Scientific Journal, 16(4), 529–535. https://doi.org/10.37476/akmen.v16i4.793
Wahyuningtias, E., Prima Sari, P., & Kusumawardhani, R. (2023). The Effect of Intellectual Capital on Financial Performance: A Case Study of Indonesian Banking Companies, 2015–2022. https://journal.seb.co.id/ijebam/article/view/51%
Wulandari, A., & Purbawati, D. (2021). The Effect of Intellectual Capital on Firm Value Through Financial Performance as An Intervening Variable. Journal of Business Administration, X(I), 793–802.
Yulianingsih, N. M., & Wahyuni, M. A. (2023). The Effect of Green Accounting Implementation, Intellectual Capital, Managerial Ownership, And Earnings Management on Financial Performance in Mining Companies. Journal of Professional Accounting, 14(01), 160–173. https://doi.org/10.23887/jap.v14i01.53011
Yuniarti, N., Ranidiah, F., Nurlaili, O., & Astuti, B. (2023). The Effect of Green Accounting Implementation, Corporate Social Responsibility, And Environmental Performance on Corporate Financial Performance (An Empirical Study of Mining Sector Companies Listed on The Indonesia Stock Exchange, 2019–2021). Proceedings of the National Seminar on Economics, Business & Accounting, 3(2020), 1238–1248.
Angelina, M., & Nursasi, E. (2021). The Effect of Green Accounting Implementation and Environmental Performance on Corporate Financial Performance. Journal of Aerospace Management, 14(2), 211–224.
Budi, E. C., & Zuhrohtun. (2023). The Effect of Green Accounting, Environmental Performance, And Environmental Costs on Financial Performance. E-Journal of Economics and Business, Udayana University, 12(10), 1942–1953. https://doi.org/10.24843/eeb.2023.v12.i10.p05
Cahyani, R. S. A., & Puspitasari, W. (2023). The Effect of Environmental Performance, Environmental Costs, Public Share Ownership, Green Accounting, And Capital Structure on Financial Performance. Trisakti Accounting Journal, 10(2), 189–208. https://doi.org/10.25105/jat.v10i2.17846
Chairia, Veronika Br Ginting, J., Ramles, P., & Ginting, F. (2022). Green Accounting (Environmental Accounting) Implementation in Indonesia: A literature study. Financial: Accounting Journal, 8(1), 40–49. https://doi.org/10.37403/financial.v8i1.368
Damayanti, A., & Astuti, S. B. (2022). The Effect of Green Accounting on Company Performance (An Empirical Study of Mining and Chemical Industry Companies Listed on the IDX, 2017–2020). Relevant, 2(2), 116–125. https://journal.univpancasila.ac.id/index.php/RELEVAN/article/view/3231
Devi, B. E., Khairunnisa, & Budiono, E. (2017). The Influence of Intellectual Capital on Company Financial Performance (Case Study on Electronic, Automotive, And Component Companies Listed on The Indonesia Stock Exchange, 2011–2015). Accounting Journal, 3(2), 15–26.
Dewi, H. R., & Dewi, L. M. C. (2020). Intellectual Capital and Firm Value in Service and Mining Industries in Indonesia. Proceeding Of National Conference on Accounting & Finance, 2(2012), 132–143. https://doi.org/10.20885/ncaf.vol2.art11
Emriska, M. R., & Susanti, D. (2023). The Effect of Corporate Social Responsibility (CSR) On Corporate Financial Performance (An Empirical Study of Manufacturing Companies Listed in The LQ45 Index on The Indonesia Stock Exchange, 2018–2022). Dimensional Journal, 12(3), 863–882. https://doi.org/10.33373/dms.v12i3.5749
Faizah, B. S. Q. (2020). Green Accounting Implementation and Financial Performance. Journal of Contemporary Accounting Research, 12(2), 94–99. https://doi.org/10.23969/jrak.v12i2.2779
Febriany, N. (2019). The Effect of Intellectual Capital on Corporate Financial Performance. Compartment: Scientific Journal of Accounting, 18(1), 24–32. https://doi.org/10.37278/insearch.v18i1.138
Gunawan, A. (2019). The Effect of Financial Performance on The Quality of Internet Financial Reporting Information with Public Share Ownership as A Moderating Variable. Econos: Economic and Social Journal, 10(1), 1–10.
Halim, Y. R., & Wijaya, H. (2020). The Effect of Intellectual Capital on Company Performance with Enterprise Risk Management as A Moderating Variable. Journal of Financial and Business Accounting, 13(2), 78–87. https://doi.org/10.35143/jakb.v13i2.3654
Hermayanti, L. G. D., & Sukartha, I. M. (2019). The Effect of Managerial Ownership, Institutional Ownership, And CSR Disclosure on Corporate Financial Performance. Udayana University Accounting E-Journal, 27(3), 1703–1734. https://doi.org/10.24843/eja.2019.v27.i03.p03
Hidayat, M., & Dana, I. M. (2021). The Effect of Intellectual Capital on Financial Performance of Mining Sector Companies on The Indonesia Stock Exchange. E-Journal of Management, 8(2), 5702–5721.
Kartika, O., & Novyarni, N. (2019). The Effect of Managerial Ownership and Institutional Ownership on Financial Performance. Department of Accounting, STIEI, 2(1), 1–31.
Landion, V., & Lastanti, H. S. (2019). The Effect of Intellectual Capital on Financial Performance, Firm Market Value, And Corporate Reputation. Trisakti Accounting Journal, 6(2), 215–232.
Mahadewi, A. A. I. S., & Krisnadewi, K. A. (2017). The Effect of Managerial Ownership, Institutional Ownership, And the Proportion of Independent Commissioners on Earnings Management. Accounting E-Journal, 18(1), 443–470.
Meiyana, A., & Aisyah, M. N. (2019). The Effect of Environmental Performance, Environmental Costs, And Firm Size on Financial Performance with Corporate Social Responsibility as An Intervening Variable. Nominal: Barometer of Accounting and Management Research, 8(1), 1–18. https://doi.org/10.21831/nominal.v8i1.24495
Melania, S., & Tjahjono, A. (2022). The Effect of Corporate Social Responsibility, Firm Size, Firm Age, And Board Size on Financial Performance. Indonesian Journal of Accounting and Business Research, STIE Widya Wiwaha, 2(1), 199–219. https://doi.org/10.32477/jrabi.v2i1.433
Melianti, N. K., & Cipta, W. (2022). The Effect of Intellectual Capital and Capital Structure on Financial Performance at Bali Regional Development Banks. Vocational: Journal of Accounting Research, 11(01), 64–71. https://doi.org/10.23887/vjra.v11i01.49995
Rachmah, A., & Iswara, U. S. (2023). Analysis Of the Effect of Ownership Structure on Firm Value with Financial Performance as An Intervening Variable. Journal of Accounting Science and Research, 12(3), 1–21.
Rahadia Rizki, E. (2019). The Effect of Corporate Social Responsibility on Financial Performance of Mining Companies Listed on The Indonesia Stock Exchange (IDX). 2020(1), 473–484.
Romadoni, D. S., & Pradita, N. (2022). The Effect of Managerial Ownership, Independent Commissioners, And Institutional Ownership on Corporate Financial Performance. Tambusai Education Journal, 6(2), 15203–15215. https://jptam.org/index.php/jptam/article/view/4800
Salsabila, A. (2023). CSR Disclosure: Definition, CSR Formula, Variables, And Indicators of Success. Protect Forests. https://lindungihutan.com/blog/apa-itu-pengungkapan-csr/
Sutio, M. (2024). Benefits of Mineral Resources You Should Know. PT Agincourt Resources. https://agincourtresources.com/id/2020/10/05/
Sutrisno, Y. A. E., & Riduwan, A. (2022). The Effect of Firm Size, Firm Age, Institutional Ownership, And Managerial Ownership on Corporate Financial Performance. Journal of Accounting Science and Research, 11(1), 1–22.
Syabania, A., & Nurmilah, R. (2023). The Effect of Corporate Social Responsibility and Intellectual Capital on Financial Performance of Mining Companies Listed on The Indonesia Stock Exchange. Maneksi Journal, 12(3), 498–511. https://doi.org/10.31959/jm.v12i3.1689
Usman, H., & Mustafa, S. W. (2019). The Effect of Intellectual Capital on Financial Performance and Market Value of Companies Listed in The Jakarta Islamic Index. Akmen Scientific Journal, 16(4), 529–535. https://doi.org/10.37476/akmen.v16i4.793
Wahyuningtias, E., Prima Sari, P., & Kusumawardhani, R. (2023). The Effect of Intellectual Capital on Financial Performance: A Case Study of Indonesian Banking Companies, 2015–2022. https://journal.seb.co.id/ijebam/article/view/51%
Wulandari, A., & Purbawati, D. (2021). The Effect of Intellectual Capital on Firm Value Through Financial Performance as An Intervening Variable. Journal of Business Administration, X(I), 793–802.
Yulianingsih, N. M., & Wahyuni, M. A. (2023). The Effect of Green Accounting Implementation, Intellectual Capital, Managerial Ownership, And Earnings Management on Financial Performance in Mining Companies. Journal of Professional Accounting, 14(01), 160–173. https://doi.org/10.23887/jap.v14i01.53011
Yuniarti, N., Ranidiah, F., Nurlaili, O., & Astuti, B. (2023). The Effect of Green Accounting Implementation, Corporate Social Responsibility, And Environmental Performance on Corporate Financial Performance (An Empirical Study of Mining Sector Companies Listed on The Indonesia Stock Exchange, 2019–2021). Proceedings of the National Seminar on Economics, Business & Accounting, 3(2020), 1238–1248.
Published
2025-12-09
How to Cite
Yehezkiel Nataleo M, Ilham Wahyudi, & Rahayu. (2025). The Effect of Green Accounting, Intellectual Capital, Managerial Ownership, and Corporate Social Responsibility on Financial Performance: Evidence from Energy Sector Companies Listed on the Indonesia Stock Exchange (2021–2024). International Journal of Economics, Business and Innovation Research, 5(01), 226-235. https://doi.org/10.63922/ijebir.v5i01.2621
.png)
Contact Person +6282139474255
Email : ijebir@citakonsultindo.or.id / editor.ijebir@gmail.com
