The energy sector, known for its significant environmental impact, plays a crucial role in implementing green accounting and corporate social responsibility (CSR) practices. This study investigates the effects of green accounting (measured by environmental costs), environmental performance (evaluated through the PROPER rating), and CSR (assessed using the CSR Index) on the financial performance of energy companies listed on the Indonesia Stock Exchange from 2017 to 2021. It also examines the mediating role of firm value. Using secondary data from annual financial and sustainability reports of eleven companies, panel data regression was applied with EViews 12. The results show that green accounting and CSR positively influence financial performance and firm value, while environmental performance does not significantly affect either. This study offers new insights by integrating green accounting, environmental performance, and CSR into a single model to better understand their collective impact on financial performance and firm value in the energy sector.
Rusniar et al. (Tue,) studied this question.