Corporate Social Responsibility Moderates Green Accounting and Technological Innovation on Firm Value

Abstract

Firm value serves as an important measure of how investors assess a company’s performance and future prospects. As the business environment continues to evolve, environmental practices, technological innovation, and corporate social responsibility (CSR) have become increasingly important factors shaping these assessments. This study examines the effects of Green Accounting and Technological Innovation on Firm Value and investigates the moderating role of CSR among industrial and consumer non-cyclical companies listed on the Indonesia Stock Exchange during 2020–2024. A quantitative associative research design was employed using secondary data collected from annual reports, sustainability reports, PROPER reports, the Indonesia Stock Exchange, and official company websites. Using purposive sampling, the study obtained a sample of 37 companies, representing 185 observations. The data were analyzed through panel data regression and Moderated Regression Analysis (MRA) using EViews 13. The findings show that Green Accounting has a negative effect on Firm Value, whereas Technological Innovation does not significantly affect Firm Value. CSR significantly moderates the relationship between Green Accounting and Firm Value by weakening the relationship, but does not significantly moderate the relationship between Technological Innovation and Firm Value. These results indicate that environmental practices, technological innovation, and CSR need to be managed and communicated in ways that clearly demonstrate their economic value and broader benefits to stakeholders.