The Effect of Green Accounting, Environmental Performance, Independent Commissioner, and Firm Size on Firm Value: Evidence from Basic Materials Sector Companies Listed on the Indonesia Stock Exchange (2021-2024)
DOI:
https://doi.org/10.24256/kharaj.v8i3.11576Keywords:
Firm Size, Firm Value, Green Accounting, Independent Commissioner, Environmental PerformanceAbstract
This study was motivated by the inconsistencies in the results of perivous studies and the phenomenon of declining firm value in the basic materials sector. The analysis focuses on assessing the extent to which green accounting implementation, environmental performance, board independence represented by independent commissioners, and firm size influence firm value. Employing a quantitative approach, this study relies exclusively on secondary information extracted from annual reports, sustainability reports, and PROPER environmental assessment reports covering the 2021–2024 period. Sample selection followed a purposive sampling strategy, producing a balanced panel dataset consisting of 24 publicly listed firms and 96 firm-year observations. The proposed relationships were examined using panel data regression estimated through the Fixed Effects Model (FEM). The findings suggest that neither green accounting, environmental performance, nor board independence exerts a statistically meaningful influence on firm value. In contrast, firm size is found to be negatively associated with firm value.
References
Abbas, D. S., & Umaroh, A. Z. (2025). The influence of green accounting, corporate social disclosure, carbon emission disclosure, and green product innovation on firm value. Jurnal Ekonomi Dan Bisnis, 28(Oktober), 469–490.
Adyaksana, R. I., Umam, M. S., & Singgangsari, C. M. (2023). Pengaruh Kinerja Keuangan, Human Capital, dan Kinerja Lingkungan terhadap Nilai Perusahaan. Jurnal Aplikasi Akuntansi, 7(2), 265–277. https://doi.org/10.29303/jaa.v7i2.185
Anggita, W., Nugroho, A. A., & Suhaidar, S. (2024). The Effect of Annual Report Readability, Carbon Emission Disclosure and Green Accounting Practices on Company Value. IJBE (Integrated Journal of Business and Economics), 8(1), 637. https://doi.org/10.33019/ijbe.v8i1.716
Astuti, T., & Ahmar, N. (2025). Effects of green intellectual capital, green accounting, and green innovation on firm value: The moderating role of return on assets. Environmental Economics, 16(1), 1–12. https://doi.org/10.21511/ee.16(1).2025.01
Avelyn, N., & Syofyan, E. (2023). Pengaruh Ukuran Perusahaan, Kinerja Lingkungan, dan Voluntary Disclosure terhadap Nilai Perusahaan: Studi Empiris Perusahaan Sektor Industri Dasar dan Kimia yang Terdaftar di Bursa Efek Indonesia. Jurnal Eksplorasi Akuntansi, 5(1), 214–232. https://doi.org/10.24036/jea.v5i1.605
Basuki, A. T. (2021). Analisis Data Panel Dalam Penelitian Ekonomi dan Bisnis (Dilengkapi dengan Penggunaan E-Views) (1st Edition). UMY.
Bloombergtechnoz. (2023). Saham Emiten Semen Mengalami Guncangan, Ada SMGR & INTP. Bloombergtechnoz.Com. https://www.bloombergtechnoz.com/detail-news/3058/saham-emiten-semen-mengalami-guncangan-ada-smgr-intp/2
Br Aritonang, A. M., Safrida, E., & Sibarani, J. L. (2025). Pengaruh Leverage dan Ukuran Perusahaan terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Moderasi: Studi pada Perusahaan Sektor Industri di Bursa Efek Indonesia Periode 2020–2023. Owner, 9(4), 3299–3311. https://doi.org/10.33395/owner.v9i4.2806
CNBC Indonesia. (2024). Industri Semen Babak Belur, Harga Sahamnya Anjiok Sampai 80%! Cnbcindonesia.Com. https://www.cnbcindonesia.com/research/20240515135647-128-538311/industri-semen-babak-belur-harga-sahamnya-anjlok-sampai-80
Dwi Astuti, C., Audrey, C., & Audrey Sanggra, C. (2022). The Influence of Institutional Ownership, Independent Commissioners, Independent Directors, and Philanthropy on Firm Value. Eduvest-Journal of Universal Studies, 2(6). http://eduvest.greenvest.co.id
Otoritas Jasa Keuangan. (2016). Otoritas Jasa Keuangan Republik Indonesia.
Otoritas Jasa Keuangan. (2017). SAL POJK 51 - Keuangan Berkelanjutan.
Hadiwibowo, I., Limarty, D., & Azis, M. T. (2023). Pengungkapan Emisi Karbon, Penerapan Green Accounting dan Kinerja Lingkungan pada Nilai Perusahaan. Jurnal Riset Akuntansi Mercu Buana (JRAMB). https://doi.org/https://doi.org/10.26486/jramb.v9i2.3458
Hapsari, D. W., Budiharjo, R., Pratomo, D., & Yazid, H. (2025). Profitability in Linking Governance Structure and Firm Value. Jurnal Akuntansi, 29(2), 206–224. https://doi.org/10.24912/ja.v29i2.2421
Hapsoro, D., & Adyaksana, R. I. (2020). Apakah Pengungkapan Informasi Lingkungan Memoderasi Pengaruh Kinerja Lingkungan Dan Biaya Lingkungan Terhadap Nilai Perusahaan? Jurnal Riset Akuntansi Dan Keuangan, 8(1), 41–52. https://doi.org/10.17509/jrak.v8i1.19739
Hidayat, T., Yahya, A., Ayuningtyas, E. A., & Tikaromah, O. (2025). Determinants of Firm Value in the Indonesian Property and Real Estate Sector: Evidence from Panel Data Analysis (2013-2024). Owner. https://doi.org/10.33395/owner.v9i2.2754
Indonesian Mining Association. (2024). Emas Antam Laris Manis, Laba ANTM Malah Merosot 22,72% per Kuartal III/2024. IMA (Indonesian Mining Association). https://ima-api.org/emas-antam-laris-manis-laba-antm-malah-merosot-2272-per-kuartal-iii2024/
Indopremier. (2024). Enam Indeks Sektoral Melemah Sepanjang Akhir 2023 - Akhir Februari 2024. Indopremier.Com. https://www.indopremier.com/ipotnews/newsDetail.php?jdl=Enam_Indeks_Sektoral_Melemah_Sepanjang_Akhir_2023___Akhir_Februari_2024&news_id=177820&group_news=IPOTNEWS&news_date=&taging_subtype=PG002&name=&search=y_general&q=,&halaman=1
Kammagi, N., & Veny. (2023). Pengaruh Struktur Modal, Profitabilitas, Ukuran Perusahaan dan Pertumbuhan Perusahaan terhadap Nilai Perusahaan. Jurnal Akuntansi Bisnis, 16(1), 41–55. https://doi.org/10.30813/jab.v16
Kristanto, M. B., & Lasdi, L. (2021). Determinants of The Firm Value in Indonesia. Wiga : Jurnal Penelitian Ilmu Ekonomi, 11(1), 63–74. https://doi.org/10.30741/wiga.v11i1.610
Latif, A., Jasman, J., & Asriany, A. (2023). Pengaruh Kinerja Keuangan Dan Ukuran Perusahaan Terhadap Nilai Perusahaan Dengan GCG Sebagai Variabel Moderasi. Owner, 7(3), 1968–1980. https://doi.org/10.33395/owner.v7i3.1511
Liputan 6. (2023). Menelisik Prospek Saham Aneka Tambang. Liputan6.Com. https://www.liputan6.com/saham/read/5487570/menelisik-prospek-saham-aneka-tambang
Majidah, M., & Aryanty, N. (2022). Financial Performance Environmental Performance, Green Accounting, Green Intellectual Capital, Green Product & Risk Management. IEOM Society International. https://doi.org/https://doi.org/10.46254/EU05.20220569
Market Bisnis. (2024). Laba Bersih Antam (ANTM) 2023 Turun 19% Meski Harga Emas Mengilap. Market.Bisnis.Com. https://market.bisnis.com/read/20240329/192/1753795/laba-bersih-antam-antm-2023-turun-19-meski-harga-emas-mengilap
Muntahanah, S., & Cahyo, H. (2022). Pengaruh Good Corporate Governance terhadap Nilai Perusahaan Sektor Kesehatan yang Terdaftar di BEI. Jurnal Ekonomi Dan Bisnis. https://doi.org/https://doi.org/10.34308/eqien.v11i03.1079
Nurhidayanti, F., Listari, S., & Efrianti, D. (2023). Pengaruh Good Corporate Governance Terhadap Kinerja Keuangan Dan Nilai Perusahaan. Jurnal Ilmiah Akuntansi Kesatuan, 11(1), 239–250. https://doi.org/10.37641/jiakes.v11i1.1769
Nuritami, A. D. P., Awalina, P., Srihastuti, E., & Agustin, B. H. (2024). Apakah Green Accounting dan Corporate Governance Berperan dalam Meningkatkan Nilai Perusahaan: Bukti dari Indonesia. Jurnal Proaksi, 11(3), 597–610. https://doi.org/10.32534/jpk.v11i3.6260
Oktaviana, S., Sembel, R., & Manurung, A. H. (2025). Analisis Pengaruh Environment, Social, General Disclosure, dan Indikator Keuangan terhadap Nilai Perusahaan. Owner, 9(1), 464–478. https://doi.org/10.33395/owner.v9i1.2602
Pangestu, A., & Nawirah. (2025). Carbon Emission Disclosure, Corporate Social Responsibility, Green Accounting : Firm Value Moderated by Profitability. Owner, 9(2). https://doi.org/10.33395/owner.v9i2.2653
Pertiwi, R. A., & Januarti, I. (2025). Kinerja Lingkungan dan Biaya Lingkungan: Faktor Penentu Nilai Perusahaan di Era Keberlanjutan. Owner, 9(2). https://doi.org/10.33395/owner.v9i2.2668
Petricia, M., & Sakti, I. M. (2024). Apakah Ukuran Memoderasi Pengaruh Enterprise Risk Management dan Good Corporate Governance pada Nilai Perusahaan? Nominal: Barometer Riset Akuntansi Dan Manajemen, 13(1), 1–15. https://doi.org/10.21831/nominal.v13il.58160
Putri, F. A., & Serly, V. (2024). Pengaruh Pengungkapan Emisi Karbon dan Kinerja Lingkungan terhadap Nilai Perusahaan: Studi Empiris Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia 2018-2022. Jurnal Eksplorasi Akuntansi, 6(4), 1544–1555. https://doi.org/10.24036/jea.v6i4.2035
Rahmadani, F., Muda, I., & Abubakar, E. (2020). Pengaruh Ukuran Perusahaan, Profitabilitas, Leverage, dan Manajemen Laba terhadap Penghindaran Pajak Dimoderasi oleh Political Connection. Jurnal Riset Akuntansi Dan Keuangan, 8(2), 375–392. https://doi.org/10.17509/jrak.v8i2.22807
Republik News. (2023). IHSG Mei 2023, OJK Sebut Sektor Energi dan Basic Material Sebabkan Pasar Saham Anjlok 4,08 Persen. Republiknews.Co.Id. https://republiknews.co.id/ihsg-mei-2023-ojk-sebut-sektor-energi-dan-basic-material-sebabkan-pasar-saham-anjlok-408-persen/
Saraswati, R. S., Yadiati, W., Suharman, H., & Soemantri, R. (2024). Corporate Governance, Intellectual Capital, and Organizational Culture: their Influence on Lean Manufacturing and Firm Value. Cogent Business and Management, 11(1). https://doi.org/10.1080/23311975.2024.2382335
Sinta Mirela, D., Tresna Murti, G., & Muslih, M. (2025). The Effect of Debt Policies, Independent Commissioners, and Firm Size On Firm Value. Eduvest-Journal of Universal Studies, 5. http://eduvest.greenvest.co.id
Suryati, & Murwaningsari, E. (2022). Pengaruh Green Competitive Advantage dan Pelaporan Terintegrasi terhadap Nilai Perusahaan. In Jurnal Studi Akuntansi dan Keuangan (Vol. 5, Number 2). https://doi.org/https://doi.org/10.29303/akurasi.v5i2.237
Umairoh, P. A., Safrida, E., & Gultom, S. A. (2025). Good Corporate Governance, Firm Size, and Firm Value: The Moderating Role of Profitability. Owner. https://doi.org/10.33395/owner.v9i4.2881
Wijaya, J. H. (2025). Measuring Company ValueThrough Institutional Ownership, Independent Commissioners, and Net Profit Margin in Infrastructure Sector Companies on The Indonesia Stock Exchange for The 2019-2024 Period. Journal of Economic, Business and Accounting. https://doi.org/https://doi.org/10.31539/fmr6e651
Zahra, R., & NR, E. (2024). Pengaruh Kepemilikan Institusional, Profitabilitas, dan Ukuran Perusahaan terhadap Nilai Perusahaan. Jurnal Eksplorasi Akuntansi, 6(4), 1473–1483. https://doi.org/10.24036/jea.v6i4.1077
Zhang, H., Zhang, D., Qian, W., & Xu, S. (2023). The ambient air quality standards, green innovation, and urban air quality: evidence from China. Scientific Reports, 13(1). https://doi.org/10.1038/s41598-023-47112-w
Downloads
Published
How to Cite
Issue
Section
Citation Check
License
Copyright (c) 2026 Najwa Hanaiudia Ramadhani, Roy Budiharjo
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-ShareAlike 4.0 International License. In line with the license, authors are allowed to share and adapt the material. In addition, the material must be given appropriate credit, provided with a link to the license, and indicated if changes were made. If authors remix, transform or build upon the material, authors must distribute their contributions under the same license as the original.
