The Effect of Green Accounting and Environmental, Social, and Governance Disclosure on Firm Value with Profitability as a Moderating Variable (Empirical Study on Companies Indexed by ESG Sector Leaders IDX KEHATI Period 2021-2023)
Abstract
This study aims to analyze the effect of Green Accounting and Environmental, Social, and Governance (ESG) on firm value with profitability as a moderating variable. The research was conducted on companies listed in the ESG Sector Leaders IDX KEHATI index during the 2021–2023 period. Green Accounting was measured using the ratio of CSR costs to earnings, ESG was measured based on the GRI 2021 standards, firm value was measured using Tobin's Q, and profitability was proxied by Return on Assets (ROA). The analytical method used is Moderated Regression Analysis (MRA). The results show that Green Accounting has no significant effect on firm value, while ESG has a negative and significant effect on firm value. ROA has a positive and significant effect on firm value. The moderation test indicates that ROA does not significantly moderate the relationship between Green Accounting and firm value, but ROA significantly moderates the relationship between ESG and firm value in a negative direction. Therefore, ROA acts as a quasi-moderator in the relationship between ESG and firm value.
Keywords: Green accounting, ESG, profitability, firm value, moderated regression analysis (MRA)
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