Pengaruh Green Accounting Terhadap Nilai Perusahaan dengan Kinerja Keuangan sebagai Variabel Intervening

Background: The implementation of green accounting represents a form of corporate environmental responsibility that is expected to improve financial performance and firm value. However, previous studies have reported inconsistent findings regarding the relationships among these variables. This study aims to examine the effect of green accounting on firm value, both directly and indirectly through financial performance as an intervening variable, among coal subsector companies listed on the Indonesia Stock Exchange. Methods: This study employed a quantitative approach using secondary data obtained from companies' annual reports and sustainability reports for the 2019–2023 period. The sample was selected using purposive sampling, resulting in 19 companies and a total of 95 firm-year observations. Data were analyzed using path analysis with SmartPLS software to examine the direct and indirect relationships among the research variables. Results: The results of the study indicate that green accounting and financial performance do not significantly influence firm value. Financial performance also has no significant effect on firm value. Furthermore, financial performance is unable to significantly mediate the effect of green accounting on firm value. These findings indicate that the implementation of green accounting has not been proven to have a significant impact on financial performance and firm value in the sample studied. These results suggest that companies and investors need to consider other factors in realizing the economic benefits of implementing environmental accounting practices Keywords: Financial Performance; Firm Value;Green Accounting; Intervening Variable.