Profitability as a Moderator of the Relationship Between Green Accounting and Environmental Performance on Firm Value
DOI:
https://doi.org/10.31603/conference.17404Keywords:
green accounting, environmental performance, profitability, firm valueAbstract
In modern corporate operations, ecological sustainability has emerged as a paramount concern. Corporations are increasingly pressured to balance financial targets with ecological protection by implementing environmental accounting and elevating their green standards. This study explores how corporate value is shaped by environmental accounting and ecological performance, utilizing financial returns as an interacting factor. The analysis targets food and beverage enterprises registered on the Indonesia Stock Exchange over the 2021-2024 timeframe. Employing a quantitative approach, the study processes 120 annual observations from 30 selected companies gathered through a criterion-based sampling technique, evaluated via multiple regression and Moderated Regression Analysis (MRA). Market appraisal is represented by Price to Book Value (PBV), green accounting is operationalized through environmental reporting indexes, ecological achievements are measured via official government ratings (PROPER), and financial returns are evaluated through Return on Assets (ROA). Empirical results indicate that both green accounting disclosures and ecological performance ratings significantly boost market value. While financial profitability does not show a direct impact on corporate value, it significantly amplifies the positive effect of environmental accounting on market appreciation. On the other hand, profit margins do not act as a moderator in the relationship between ecological performance and corporate value. These insights emphasize that eco-centric practices serve as critical value drivers, particularly when backed by solid financial returns.
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