Pengaruh Pengungkapan Environmental, Social, and Governance (ESG) dan Green Accounting terhadap Nilai Perusahaan

Abstract

The growing threat of climate change, coupled with substantial carbon emission in Indonesia,  has prompted regulators to require companies listed on the Indonesia Stock Exchange (IDX) to publish sustainability reports. Such disclosure serve as a means of accountability and transparency regarding the ecological and social consequences of business activities. This study examines the relationship between environmental, social, and governance (ESG) disclosure, green accounting implementation, and firm value. The sample consist of energy sector companies listed on the IDX during 2022-2024. Data were obtained from annual reports and sustainability reports, with purposive sampling yielding 183 firm year observation from 61 companies. Panel data regression was employed using EViews 12. The results show that social and governance disclosure significancy increase firm value, while environmental disclosure and green accounting implementation show no significant relationship with firm value. These findings highlight the need to improve the quality, depth, and reliability of social and governance information, as both dimensions shape favorable perceptions among market participants. Regulations on environmental reporting content should also be strenghened to enhance the usefulness and credibility of such information for investors. Although not yet directly affecting valuation, environmental responsibility remains essential for business sustainability and for mitigating reputational and legal risks.