PENGARUH GREEN ACCOUNTING DAN ENVIRONMENTAL PERFORMANCE TERHADAP KINERJA KEUANGAN PERUSAHAAN SEKTOR CONSUMER NON-CYCLICAL PERIODE 2021–2024
DOI:
https://doi.org/10.23969/jp.v11i02.60600Keywords:
Green Accounting; Environmental Performance; Financial Performance; Return on Assets; Indonesia Stock Exchange.Abstract
The consumer non-cyclical sector makes an important contribution to the Indonesian economy but is also one of the largest contributors to hazardous and toxic waste (B3), leading to increasing demands for sustainable business practices. This condition creates a trade-off for companies in maintaining short-term financial performance while supporting long-term sustainable growth. This study examines the effects of green accounting and environmental performance on the financial performance of consumer non-cyclical companies listed on the Indonesia Stock Exchange during the 2021–2024 period. A quantitative method was employed using secondary data from financial statements, sustainability reports, and PROPER ratings issued by the Ministry of Environment/Environmental Control Agency. The sample was selected through purposive sampling, resulting in 18 companies with 72 observations. Panel data regression was used, with the Random Effect Model (REM) selected as the best estimation model. The results show that green accounting has a negative and significant effect on financial performance, while environmental performance has no significant effect. Simultaneously, green accounting and environmental performance have a positive and significant effect on financial performance. These findings imply that companies need to manage environmental policies and investments more efficiently so that sustainability practices do not reduce financial performance, and can support long-term decision-making for management and investors.
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