Dual Pathways of Green Accounting and Intellectual Capital in Creating Firm Value

Solichul Rizky Aginatama, Rintan Nuzul Ainy

Abstract


This study investigates the extent to which green accounting practices and intellectual capital shape firm value, with financial performance positioned as a mediating factor, within the context of Indonesian manufacturing firms. Utilizing panel data regression and Sobel test mediation procedures, the analysis draws on a sample of 234 manufacturing companies listed on the Indonesia Stock Exchange during the 2021–2023 period. The findings reveal three key phenomena: green accounting directly enhances firm value by signaling environmental commitment to stakeholders; intellectual capital demonstrates a dual-pathway effect by both directly increasing firm value and indirectly through improved financial performance; and a difference-mediation pattern in financial performance. The novelty of this research lies in demonstrating that green accounting and intellectual capital operate through distinct value-creation mechanism thereby enriching our understanding of how different strategic assets contribute to firm value in emerging markets.


Keywords


Financial performance; firm value; green accounting; intellectual capital; manufacturing companies

Full Text:

PDF

References


Afni, Z., Meuthia, R. F., Zahara, Z., & Rahmayani, R. (2019). Telaah Kualitatif Model Penerapan, Pelaporan dan Pemeriksaan Green Accounting Pada Perusahaan. Jurnal ASET (Akuntansi Riset), 11(2), 340–349. https://doi.org/10.17509/jaset.v11i2.20794

Akerlof, G. A. (1970). The market for “lemons”: Quality uncertainty and the market mechanism. In Quarterly Journal of Economics (Vol. 84, Issue 3). https://doi.org/10.2307/1879431

Astari, T. A., Laurens, S., Wicaksono, A., & Sujarminto, A. (2023). Green Accounting and Disclosure of Sustainability Report on Firm Values in Indonesia. E3S Web of Conferences, 426. https://doi.org/10.1051/e3sconf/202342602024

Astuti, T., Amyulianthy, R., & Kaniati, R. (2022). Green Accounting, Financial Performance toward Firm Value. Asian Journal of Accounting and Finance, 4(1), 1–12. https://doi.org/10.55057/ajafin.2022.4.1.1

Barney, J. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1). https://doi.org/10.1177/014920639101700108

Barokah, S., Ramlah, S., Teguh Pratama, W. C., Cahyani, R. N., & Purwanti, A. (2023). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan. Jurnal Ekonomi, Akutansi Dan Manajemen Nusantara, 2(1), 22–28. https://doi.org/10.55338/jeama.v2i1.57

Bataineh, H., Abbadi, S. S., Alabood, E., & Alkurdi, A. (2022). The effect of intellectual capital on firm performance: the mediating role of family management. Journal of Islamic Accounting and Business Research, 13(5). https://doi.org/10.1108/JIABR-02-2022-0032

Bayraktaroglu, A. E., Calisir, F., & Baskak, M. (2019). Intellectual capital and firm performance: an extended VAIC model. Journal of Intellectual Capital, 20(3). https://doi.org/10.1108/JIC-12-2017-0184

Bini, L., Giunta, F., & Dainelli, F. (2012). Signalling Theory and Voluntary Disclosure to the Financial Market - Evidence from the Profitability Indicators Published in the Annual Report. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1930177

Chasbiandani, T., Rizal, N., & Indra Satria, I. (2019). Penerapan Green Accounting Terhadap Profitabitas Perusahaan Di Indonesia. AFRE (Accounting and Financial Review), 2(2), 126–132. https://doi.org/10.26905/afr.v2i2.3722

Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. In Journal of Management (Vol. 37, Issue 1). https://doi.org/10.1177/0149206310388419

Dela, E., Ye, J., & Berhe, H. M. (2024). The impact of corporate social responsibility on financial performance in Indonesian highly polluted industries: mediating role of industry competitiveness. Sage Open, 14(4), 1–24. https://doi.org/https://doi.org/10.1177/21582440241259479

Eni, I. (2020). Pengaruh Implementasi Green Accounting Terhadap Kinerja Perusahaan yang Terdaftar di Bursa Efek Indonesia. Jurnal Widya Ganecwara, 10(4), 1–12. https://doi.org/10.36728/jwg.v10i4.1214

Fauziah, E., Kusuma, C. I., & Didi. (2025). Pengaruh penerapan green accounting, kinerja lingkungan dan ukuran perusahaan terhadap nilai perusahaan pada perusahaan sektor energi yang bergerak di bidang pertambangan yang terdaftar di bursa efek Indonesia periode 2019-2023. Economic Reviews Journal, 4(1), 222–234. https://doi.org/https://doi.org/10.56709/mrj.v4i1.629

Freeman, R. E., Dmytriyev, S. D., & Phillips, R. A. (2021). Stakeholder Theory and the Resource-Based View of the Firm. Journal of Management, 47(7). https://doi.org/10.1177/0149206321993576

Holly, A., Jao, R., Mardiana, A., & Holly, A. (2022). Pengaruh Pengungkapan Sustainability Report terhadap Nilai Perusahaan dengan Risiko Sistematis sebagai Variabel Mediasi. Jurnal Akuntansi, 16(1), 26–46.

Istiqomah, C., & Winarsih. (2024). Pengaruh Green Accounting dan Profitabilitas Terhadap Nilai Perusahaan pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Jurnal Akuntansi Indonesia, 13(2), 129–146. https://doi.org/http://dx.doi.org/10.30659/jai.13.2.129%20-%20146

Ivanda, M. N. M., Orbaningsih, D., & Muawanah, U. (2024). CSR ’ s Role In Tax Avoidance : Impact Of Financial Performance And Green Accounting. 28(03), 518–536.

Khoerunisa, S. R., & Muslim, A. I. (2021). PENGARUH STRUKTUR CORPORATE GOVERNANCE DAN FINANCIAL INDICATORS TERHADAP NILAI PERUSAHAAN (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Jurnal Akuntansi, 15(2), 109–135. https://doi.org/https://doi.org/10.25170/jara.v15i2 ISSN

Komara, A., Ghozali, I., & Januarti, I. (2020). Examining the Firm Value Based on Signaling Theory. https://doi.org/10.2991/aebmr.k.200305.001

Kristandl, G., & Bontis, N. (2007). Constructing a definition for intangibles using the resource based view of the firm. Management Decision, 45(9). https://doi.org/10.1108/00251740710828744

Lee, M. T., & Raschke, R. L. (2023). Stakeholder legitimacy in firm greening and financial performance: What about greenwashing temptations?☆. Journal of Business Research, 155. https://doi.org/10.1016/j.jbusres.2022.113393

Lesmana, T., Iskandar, Y., & Heliani, H. (2020). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Pada Perusahaan Rokok Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Proaksi, 7(2), 25–34. https://doi.org/10.32534/jpk.v7i2.1161

Loeis, M., & Alexander, D. (2023). Does ESG Initiatives Affect Market Value and Profitability for Public Listed Companies in Indonesia? https://doi.org/10.2991/978-94-6463-328-3_11

Lubis, R. H., & Ovami, D. C. (2020). Pengaruh modal intelektual terhadap kinerja keuangan. Jurnal Riset Akuntansi Dan Bisnis, 20(1), 61–66. https://doi.org/https://doi.org/10.30596/jrab.v20i1.4951

Madyan, M., Nugraha, I. A., Wisudanto, W., Setiawan, R., & Firdausi, N. A. (2022). Building firm value and financial performance through intellectual capital : the Indonesia Stock Exchange’s experience. Economics Bulletin, 42(2), 294–302.

Meiryani, Huang, S. M., Soepriyanto, G., Jessica, Fahlevi, M., Grabowska, S., & Aljuaid, M. (2023). The effect of voluntary disclosure on financial performance: Empirical study on manufacturing industry in Indonesia. PLoS ONE, 18(6 June). https://doi.org/10.1371/journal.pone.0285720

Nguyen, V. H. (2025). Corporate social responsibility disclosure and firm value: a signaling theory perspective. Journal of Economics and Development, 27(2), 114–128. https://doi.org/10.1108/JED-02-2024-0067

Nimtrakoon, S. (2015). The relationship between intellectual capital, firms’ market value and financial performance: Empirical evidence from the ASEAN. Journal of Intellectual Capital, 16(3). https://doi.org/10.1108/JIC-09-2014-0104

Portal Informasi Indonesia. (2024). Green Industry Boost for Indonesian Manufacturing. https://indonesia.go.id/kategori/editorial/8274/green-industry-boost-for-indonesian-manufacturing?lang=2

Pulic, A. (2000). VAIC - an accounting tool for IC management. International Journal of Technology Management, 20(5–8). https://doi.org/10.1504/ijtm.2000.002891

Purwanto, P., & Mela, N. F. (2021). Pengaruh Modal Intelektual Dan Keunggulan Bersaing Terhadap Kinerja Keuangan. CURRENT: Jurnal Kajian Akuntansi Dan Bisnis Terkini, 2(2), 339–362. https://doi.org/10.31258/jc.2.2.339-362

Razafindrambinina, D., & Anggreni, T. (2011). Intellectual capital and corporate financial performance of selected listed companies in Indonesia. Malaysian Journal of Economic Studies, 48(1).

Ross, S. A. (1977). DETERMINATION OF FINANCIAL STRUCTURE: THE INCENTIVE-SIGNALLING APPROACH. Bell J Econ, 8(1). https://doi.org/10.2307/3003485

Ruf, B. M., Muralidhar, K., Brown, R. M., Janney, J. J., & Paul, K. (2001). An empirical investigation of the relationship between change in corporate social performance and financial performance: A stakeholder theory perspective. Journal of Business Ethics, 32(2). https://doi.org/10.1023/A:1010786912118

Sinaga, O., Hi, A. R., & Pawirosumarto, S. (2025). Environmental policy implementation and communication in the association of southeast asian nations maunfacturing: a comparative case study of three key manufacturing firms in Indonesia, Malaysia, and Thailand (2020-2023). Sustainability, MDPI, 17(8), 1–19.

Soetanto, T., & Liem, P. F. (2019). Intellectual capital in Indonesia: dynamic panel approach. Journal of Asia Business Studies, 13(2). https://doi.org/10.1108/JABS-02-2018-0059

Spence, M. (1973). Job market signaling. Quarterly Journal of Economics, 87(3). https://doi.org/10.2307/1882010

Suhartini, D., Tjahjadi, B., & Fayanni, Y. (2024). Impact of sustainability reporting and governance on firm value: insight from Indonesian manufacturing sector. Management, Cogent Business &, 11(1), 1–19. https://doi.org/https://doi.org/10.1080/23311975.2024.2381087

Suparno, & Ramadini, R. (2017). Pengaruh Intellectual Capital dan Earning PerShare terhadap Nilai Perusahaan(Studi Empiris pada Perusahaan LQ45 yang Terdaftardi Bursa Efek Indonesia Periode 2010-2014). Jurnal Manajemen Dan Keuangan, 6(1), 710–718.

Tang, S. (2024). Intellectual capital and financial performance on banking firms in Indonesia. Jurnal Ilmiah Manajemen Ekonomi Dan Akuntansi, 8(1). https://doi.org/https://doi.org/10.31955/mea.v8i1.3794

Tarigan, R. Y., Dinis, D. S. R., Firmansyah, A., Meinawa Ikhsan Prodi, W. D., Sektor Publik, A., Keuangan Negara STAN, P., Bintaro Utama Sektor, J. V, Jaya, B., & Selatan, T. (2022). Hubungan Kinerja Keuangan Perusahaan dan Nilai Perusahaan. Studi Akuntansi Dan Keuangan Indonesia, 5(1), 38–60.

Tesalonika, M., Samosir, H. E. ., & Saribu, A. D. (2025). Environmental and green accounting practices and financial performance on banking firms in Indonesia. Jurnal Comparative: Ekonomi Dan Bisnis, 7(3), 692–705. https://doi.org/http://dx.doi.org/10.31000/combis.v7i3.14638

Van Der Laan, G., Van Ees, H., & Van Witteloostuijn, A. (2008). Corporate social and financial performance: An extended stakeholder theory, and empirical test with accounting measures. Journal of Business Ethics, 79(3). https://doi.org/10.1007/s10551-007-9398-0

Widiyaningsih, V. A., & Jati, A. K. N. (2024). Implementation of Green Accounting, Intellectual Capital and Environmental Performance on Company Value Mediated By Financial Performance. Jurnal Akuntansi Bisnis, 17(1), 129. https://doi.org/10.30813/jab.v17i1.4981

Wiryawati, K., Rinofah, R., & Maulida, A. (2022). Pengaruh Modal Intelektual terhadap Nilai Perusahaan dengan Kinerja Keuangan sebagai Variabel Intervening pada Perusahaan Manafaktur yang Terdaftar di BEI Periode 2018-2020. Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, 5(3), 1062–1079. https://doi.org/10.47467/alkharaj.v5i3.1476

Yayu, Wahyudi, Damayanti, Eka, F., Arsita, & Razak, L. (2022). Pengaruh Green Accounting Terhadap Kinerja Perusahaan. RELEVAN : Jurnal Riset Akuntansi, 2(2), 116–125. https://doi.org/10.35814/relevan.v2i2.3231

Yuliawati, R., & Alinsari, N. (2022). Pengaruh Modal Intelektual Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Moderasi. Owner, 6(3), 1698–1708. https://doi.org/10.33395/owner.v6i3.939




DOI: https://doi.org/10.17509/jrak.v14i1.91699

Refbacks

  • There are currently no refbacks.


Creative Commons License

Jurnal Riset Akuntansi dan Keuangan  is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

View My Stats