Green Accounting, SDGs, and Profitability with Good Corporate Governance as a Moderating Variable
Abstract
The objective of this study is to investigate the influence of green accounting and Sustainable Development Goals on profitability in energy-sector companies with good corporate governance as a moderating variable. Using purposive sampling, 18 companies listed on the Indonesia Stock Exchange for the 2020-2024 period were selected, resulting in 90 data points. The Moderated Regression Analysis was applied using EViews 12. The results indicate that green accounting and Sustainable Development Goals do not affect profitability. Further, good corporate governance which is proxied by institutional ownership does not moderate the influence of green accounting on profitability but strengthens the effect of Sustainable Development Goals on profitability. These findings underscore that sustainability practices need to be integrated and supported by good corporate governance in order to enable it to contribute to profitability.
Downloads
References
Abdullah, I. (2021). Evaluasi Ekonomi Indonesia 2021: COVID-19 dan Dampaknya terhadap Ekonomi dan Sektor Energi Indonesia. Indef. https://indef.or.id/wp-content/uploads/2023/03/Evaluasi-Ekonomi-Indonesia-2021-COVID-19-dan-Dampaknya-terhadap-Ekonomi-dan-Sektor-Energi-Indonesia-min.pdf
Al Lawati, H., & Hussainey, K. (2022). Does Sustainable Development Goals Disclosure Affect Corporate Financial Performance? Sustainability (Switzerland), 14(13), 1–14. https://doi.org/10.3390/su14137815
Alghifari, A. D., Rahmita, R., Miski, N., Ramadhani, R. F., Putri, R. D., Ananda, R., & Yulia, A. (2025). Bagaimana Para Peneliti Memperlakukan Good Corporate Governance dalam Penelitian Mereka? JIBEMA: Jurnal Ilmu Bisnis, Ekonomi, Manajemen, dan Akuntansi, 2(4), 265–274. https://doi.org/10.62421/jibema.v2i4.127
Aliana, A. (2025). Pengaruh Green Accounting, Ukuran Perusahaan dan Profitabilitas Terhadap Harga Saham. Jurnal Akuntansi dan Keuangan Universitas Jambi, 9(2), 98–105. https://doi.org/10.22437/jaku.v9i2.39862
Andhika, M. D., Masyita, N., & Kusuma, A. M. (2021). Analisis Penurunan Input Energi Alam di Indonesia: Dampak Pandemi COVID-19 pada Tahun 2020 dan Implikasi untuk Transisi Energi. Jurnal Energi Baru & Terbarukan, 6(1), 43–54. https://doi.org/10.14710/jebt.2025.25182
Arifianti, N. P., & Widianingsih, L. P. (2022). Kualitas Pengungkapan Sustainable Development Goals (SDGs) dan Kinerja Keuangan: Bukti Empiris atas Perusahaan Pertambangan di Indonesia. Akuntansi Dewantara, 6(3), 68–78.
Arifianti, N. P., & Widianingsih, L. P. (2023). Kualitas Pengungkapan SDGs: Apakah Berpengaruh terhadap Kinerja Keuangan Perusahaan Sektor Energi dan Bahan Baku di Indonesia? Jurnal Reviu Akuntansi dan Keuangan, 13(2), 269–288. https://doi.org/10.22219/jrak.v13i2.26629
Aryani, L., Hizazi, A., & Herawaty, N. (2023). The Effect of Green Accounting, Financial Performance on Company Value with Profitability as an Intervening Variable. American International Journal of Business Management, 6(05), 51–61. https://www.aijbm.com
Beretta, V., Demartini, M. C., & Trucco, S. (2024). From Sustainability to Financial Performance: The Role of SDG Disclosure. Measuring Business Excellence, 29(2), 237–255. https://doi.org/10.1108/MBE-05-2024-0054
Budiman, L. S., Yadiati, W., & Hasyir, D. A. (2024). Uji Teori Institusional: Pengungkapan Emisi Karbon, Leverage, Profitabilitas, dan Nilai Perusahaan. Jurnal Akuntansi dan Manajemen, 5(4), 383–399. https://doi.org/10.35912/jakman.v5i4.3432
Choiriah, S., & Lysandra, S. (2023). Effect of Green Accounting, Quality Management on Financial Performance, and Green Innovation as Moderation Variables. Journal of Economics, Finance and Management Studies, 6(07), 3534–3542. https://doi.org/10.47191/jefms/v6-i7-61
Dewi, I. E., & Pinem, D. (2023). The Effect of Application of Sustainable Development Goals (SDGs) and Sustainability Report on Company Profitability. International Research Journal of Economics and Management Studies, 2(1), 119–126. https://doi.org/10.56472/25835238/irjems-v2i1p117
Dinniyah, T., & Nuzula, N. F. (2021). The Influence of Environmental Cost on Profitability and Firm Value. Proceedings of the 3rd Annual International Conference on Public and Business Administration (AICoBPA 2020), 191, 277–280. https://doi.org/10.2991/aebmr.k.210928.054
Donaldson, T., & Preston, L. E. (1995). The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications. Academy of Management Review, 20(1), 65–91. https://doi.org/10.5465/amr.1995.9503271992
Dowling, J., & Pfeffer, J. (1975). Organizational Legitimacy: Social Values and Organizational Behavior. The Pacific Sociological Review, 18(1), 122–136. https://doi.org/10.2307/1388226
Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach. Pitman.
Hansen, D. R., & Mowen, M. M. (2009). Akuntansi Manajerial (8th ed.). Salemba Empat.
Hasan, M. H. N., Zamzam, I., Ali, I. M. A., & Zainuddin, Z. (2025). Peran Good Corporate Governance dalam Memoderasi Hubungan antara Green Accounting, Environmental Performance, dan Green Intellectual Capital terhadap Financial Performance. Jurnal Ekonomi & Ekonomi Syariah, 8(2), 1208–1228. https://doi.org/10.36778/jesya.v8i2.2076
Husna, Z. A., Pamungkas, N., & Kusharyanti, K. (2024). Pengaruh Pengungkapan Sustainable Development Goals, Ukuran Perusahaan dan Likuiditas Terhadap Profitabilitas. Etic (Education and Social Science Journal), 1(6), 458–472.
Isbahi, M. B., Zuana, M. M. M., & Toha, M. (2024). The Multi-Social Relation of the Cattle Industry in the Plaosan Subdistrict Animal Market of Magetan Regency. Malacca: Journal of Management and Business Development, 1(1), 31–46. https://doi.org/10.69965/malacca.v1i1.51
Janah, F. M., Maryono, & Poerwati, R. T. (2024). Pengaruh SDGs, Intellectual Capital dan Ukuran Perusahaan Terhadap Kinerja Keuangan Perusahaan (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di BEI Periode 2018–2021). Jurnal Riset Akuntansi Politala, 7(2), 463–474. https://doi.org/10.34128/jra.v7i2.336
Kementerian Lingkungan Hidup dan Kehutanan (KLHK). (2024). Laporan Inventarisasi Gas Rumah Kaca (GRK) dan Monitoring, Pelaporan, Verifikasi (MPV) Tahun 2024.
Manes-Rossi, F., & Nicolo', G. (2022). Exploring Sustainable Development Goals Reporting Practices: From Symbolic to Substantive Approaches—Evidence from the Energy Sector. Corporate Social Responsibility and Environmental Management, 29(5), 1799–1815. https://doi.org/10.1002/csr.2328
Mulyati, S., & Khalimatusadiah, N. (2023). The Effect of Implementing Green Accounting and Disclosure of Sustainability Reporting on Profitability (Comparative Study of Plantation Sector Companies Listed on the Indonesia Stock Exchange and Malaysia Stock Exchange). Accounting Research Journal of Sutaatmadja (ACCRUALS), 7, 123–141. https://doi.org/10.35310/accruals.v7i02.1172
Nisa, A. C., Malikah, A., & Anwar, S. A. (2020). Analisis Penerapan Green Accounting Sesuai PSAK 57 dan Kinerja Lingkungan Terhadap Profitabilitas Perusahaan Pertambangan (Studi Empiris pada Perusahaan yang Listing di Bursa Efek Indonesia Tahun 2014–2018). E-JRA, 9(03), 15–26.
Nugroho, H., & Muhyiddin. (2021). Menurun dan Meningkat, Maju Namun Belum Cukup: Kinerja Pembangunan Sektor Energi di Tengah Pandemi Covid-19 Tahun 2020. Bappenas Working Papers, 4(1), 1–12. https://doi.org/10.47266/bwp.v4i1.95
Nurrasyidin, M., Meutia, M., Bastian, E., & Yulianto, A. S. (2024). The Effect of Green Accounting and Corporate Social Responsibility Implementation on the Profitability of Mining Companies. Corporate and Business Strategy Review, 5(3), 8–16. https://doi.org/10.22495/cbsrv5i3art1
OECD. (2015). G20/OECD Principles of Corporate Governance 2015. OECD Publishing. https://doi.org/10.1787/9789264236882-en
Oshiole, S., Elamah, A. F., & Amahalu, N. N. (2020). Effect of Environmental Cost Disclosure on Profitability of Listed Oil and Gas Firms in Nigeria. International Journal of Academic Research in Accounting, Finance and Management Sciences, 10(2), 157–170. https://doi.org/10.6007/ijarafms/v10-i2/7405
Ozili, P. K. (2023). Sustainable Development Goals and Bank Profitability: International Evidence. Modern Finance, 1(1), 70–92. https://doi.org/10.61351/mf.v1i1.44
Pamungkas, I. D., Satata, D. P. I., Raihan, M. R., Kristianto, A. Y., & Oktafiyani, M. (2024). Impact of Corporate Social Responsibility Between Implementation of Green Accounting and Sustainable Development Goals (SDGs): A Study on Heavily Polluting Companies in Energy and Transportation & Logistics Sector in Indonesia. Journal of Lifestyle and SDGs Review, 4(4), 1–18. https://doi.org/10.47172/2965-730x.sdgsreview.v4.n04.pe02577
Peters, F. F., & Adeagbo, O. (2024). Analysis of Corporate Environmental Cost Disclosure on Profitability of Listed Manufacturing Firms in Nigeria. International Journal-FRBD, 5(7), 1–10.
PricewaterhouseCoopers. (2017). SDG Reporting Challenge 2017: Exploring Business Communication on the Global Goals. https://www.pwc.com/co/es/assets/document/sdg_reporting_challenge.pdf
Putri, L. F., Fuadi, F., Sinatria, N., & Mulyono, A. (2025). The Effect of Corporate Governance on Financial Performance: Evidence from Indonesian Healthcare Companies. Peradaban Journal of Economic and Business, 4(2), 241–258. https://doi.org/10.59001/pjeb.v4i2.528
Renaldo, N., Suhardjo, Suyono, Andi, Veronica, K., & David, R. (2022). Good Corporate Governance Moderates the Effect of Environmental Performance and Social Performance on Financial Performance. International Conference on Business Management and Accounting (ICOBIMA), 1(1), 1–9. https://ejournal.pelitaindonesia.ac.id/ojs32/index.php/icobima/article/view/2741
Ross, S. A., Westerfield, R. W., Jordan, B. D., Lim, J., & Tan, R. (2018). Pengantar Keuangan Perusahaan (Global Asia ed.). Salemba Empat.
Ruhiyat, E., & Kurniawan, M. E. (2024). Pengaruh Green Accounting, Struktur Modal dan Corporate Social Responsibility Terhadap Kinerja Keuangan dengan Good Corporate Governance Sebagai Variabel Pemoderasi. Jurnal Revenue: Jurnal Ilmiah Akuntansi, 5(1), 618–633. https://doi.org/10.46306/rev.v5i1.466
Salisa, M. R., Mardiati, E. M., & Rahman, A. F. (2024). The Influence of Green Accounting, Corporate Social Responsibility, and Profitability on Company Value Moderated by Good Corporate Governance. The International Journal of Accounting and Business Society, 32(2).
Sidarta, A. L., Sukoharsono, E. G., & Laily, A. N. R. (2023). The Influence of Green Accounting on the Company Profitability. Revista de Gestão e Secretariado (Management and Administrative Professional Review), 14(6), 9829–9841. https://doi.org/10.7769/gesec.v14i6.2343
Suchman, M. C. (1995). Managing Legitimacy: Strategic and Institutional Approaches. Academy of Management Review, 20(3), 571–610. https://doi.org/10.2307/258788
Sunarjo, M. Y., Sutrisno, C. R., & Kurnia, A. (2024). CSR and Green Accounting on Financial Performance: Good Corporate Governance as Moderating Variable. Kompartemen: Jurnal Ilmiah Akuntansi, 22(2), 243–258. https://doi.org/10.30595/kompartemen.v22i2.23774
Suryaningsih, M., Supriatiningsih, Susilawati, S., Samukri, & Novianti, R. (2024). The Effect of Green Accounting Implementation and Corporate Social Responsibility on Company Profitability. Economic Studies (Ikonomicheski Izsledvania), 33(6), 180–196.
Susanti, I. D., Hertati, L., & Putri, A. U. (2023). The Effect of Green Accounting and Environmental Performance on Company Profitability. Current Advanced Research on Sharia Finance and Economic Worldwide, 2(2), 320–331.
Tekin, B. (2022). What Are the Internal Determinants of Return on Assets and Equity of the Energy Sector in Turkey? Financial Internet Quarterly, 18(3), 35–50. https://doi.org/10.2478/fiqf-2022-0018
Tjoa, E. V., & Widianingsih, L. P. (2022). Green Accounting, Environmental Performance, and Profitability: Empirical Evidence on High Profile Industry in Indonesia. Research in Management and Accounting, 5(2), 93–105. https://doi.org/10.33508/rima.v5i2.4158
Ulfa, M., & Citradewi, A. (2023). Peran Good Corporate Governance dalam Memoderasi Faktor-Faktor yang Memengaruhi Kinerja Keuangan. JUARA: Jurnal Riset Akuntansi, 13(2), 237–256. https://e-journal.unmas.ac.id/index.php/juara/article/view/6879
Waheed, A., Hussain, S., Hanif, H., Mahmood, H., & Malik, Q. A. (2021). Corporate Social Responsibility and Firm Performance: The Moderation of Investment Horizon and Corporate Governance. Cogent Business and Management, 8(1). https://doi.org/10.1080/23311975.2021.1938349
Walhi Kalimantan Selatan. (2022, April 28). Aktivis Iklim Mendesak Adaro dan Investor untuk Tinggalkan Batu Bara Sekarang. https://walhikalsel.or.id/aktivis-iklim-mendesak-adaro-dan-investor-untuk-tinggalkan-batu-bara-sekarang
Wardianda, A. B., & Wiyono, S. (2023). Pengaruh Green Accounting Terhadap Kinerja Keuangan dengan Moderasi Corporate Governance Terhadap Perusahaan Properti dan Real Estate yang Terdaftar pada Bursa Efek Indonesia (BEI) Tahun 2018–2021. Jurnal Ekonomi Trisakti, 3(2), 3183–3190. https://doi.org/10.25105/jet.v3i2.17411
World Commission on Environment and Development (WCED). (1987). Our Common Future. Oxford University Press.
Yang, J., & Liu, X. (2023). The Role of Sustainable Development Goals, Financial Knowledge and Investment Strategies on the Organizational Profitability: Moderating Impact of Government Support. Economic Research-Ekonomska Istraživanja, 36(1), 1570–1591. https://doi.org/10.1080/1331677X.2022.2090405
Zalikha, Z., Ariska, E., Yusuf, M., & Mulyadi, M. (2024). Pengaruh Penerapan Green Accounting dan Perputaran Total Aset Terhadap Profitabilitas. Jurnal Bisnis Mahasiswa, 4(4), 831–839. https://doi.org/10.60036/jbm.v4i4.art33
Zampone, G., Nicolò, G., Sannino, G., & De Iorio, S. (2024). Gender Diversity and SDG Disclosure: The Mediating Role of the Sustainability Committee. Journal of Applied Accounting Research, 25(1), 171–193. https://doi.org/10.1108/JAAR-06-2022-0151
Copyright (c) 2026 Adisty Inez Maheswary; Anita Wijayanti
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.
