Nur Miftakhul Ilmi, Shafrani Dizar

Dampak Penerapan Green Accounting, Kinerja Lingkungan dan Biaya Modal Terhadap Kinerja Keuangan Pada Perusahaan Energi Tahun 2021-2024

Introduction

Dampak penerapan green accounting, kinerja lingkungan dan biaya modal terhadap kinerja keuangan pada perusahaan energi tahun 2021-2024. Analisis dampak green accounting, kinerja lingkungan, dan biaya modal terhadap kinerja keuangan perusahaan energi di IDX (2021-2024). Temukan pengaruh investasi lingkungan & strategi modal.

Abstract

Global climate change and environmental damage caused by energy sector activities have created an urgent need to implement a green accounting approach and effectively manage environmental costs. The purpose of this study is to analyze the influence of green accounting practices, environmental performance, and the cost of capital on the financial performance of energy companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. This study used a quantitative method with a simple linear regression analysis approach on company financial report data. The results show that green accounting practices have a negative impact on financial performance in the short term. This is due to increased environmental investment costs, which reduce company profits at the initial implementation stage. However, these practices can still drive long-term net profit growth by creating efficiencies and a positive reputation that support company competitiveness. Furthermore, good environmental performance tends to lead to increased expenditures to meet environmental standards and regulations, such as certification costs or environmentally friendly technology. While this negatively impacts short-term financial performance, long-term benefits such as reduced environmental risks and increased investor confidence can be achieved. Furthermore, an efficient cost of capital has been shown to positively impact financial performance. Companies that are able to manage their capital structure well are better able to fund operational activities and environmental investments without significantly burdening the balance sheet. This research emphasizes the importance of an integrated strategy between economic and environmental sustainability goals. Therefore, companies need to design efficient green accounting policies, strategically manage environmental costs, and optimize capital structure. Recommendations for further research include expanding the scope of variables, industrial sectors, and extending the observation period to obtain a more comprehensive picture.

Review

This study addresses a highly relevant and pressing topic concerning the financial and environmental performance of energy companies, particularly in the context of global climate change and the imperative for sustainable practices. By investigating the influence of green accounting, environmental performance, and cost of capital on financial performance within Indonesia's energy sector from 2021 to 2024, the research offers valuable insights into the complex interplay between economic profitability and environmental stewardship. The focus on Indonesian energy companies, a significant contributor to the global energy landscape, provides a specific and important regional context for these broader sustainability challenges. The paper employs a quantitative methodology utilizing financial report data and a simple linear regression analysis approach. Its key findings indicate a nuanced relationship: green accounting practices and good environmental performance initially exert a negative impact on short-term financial performance due to increased investment and compliance costs. However, the study posits that these initiatives are crucial for long-term net profit growth, fostering efficiencies, positive reputation, reduced environmental risks, and enhanced investor confidence. In contrast, an efficient cost of capital is consistently shown to positively influence financial performance, highlighting the importance of robust financial management. The research effectively emphasizes the critical need for an integrated strategy that harmonizes economic goals with environmental sustainability. While the study provides a timely and valuable contribution, particularly in highlighting the short-term versus long-term impacts, some methodological aspects could be enhanced. The abstract mentions "simple linear regression analysis approach" for *multiple* independent variables, which typically warrants a multiple regression analysis to accurately capture the combined effects and control for inter-variable influences. Clarification on how the short-term and long-term effects were empirically distinguished within this framework would also strengthen the findings. Furthermore, providing details on the specific metrics used to operationalize "cost of capital" and "environmental performance" would increase transparency and replicability. Nonetheless, the recommendations for further research, including expanding variables, sectors, and the observation period, are well-founded and point toward promising avenues for future inquiry, solidifying the paper's overall significance.

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