Electronic Theses and Dissertation

ABSTRAK
Penelitian ini bertujuan untuk menganalisis pengaruh Green Accounting dan
Corporate Social Responsibility (CSR) terhadap nilai perusahaan pada sektor
energi yang terdaftar di Bursa Efek Indonesia (BEI) periode 2020–2023. Penelitian
didasarkan pada Teori Stakeholder dan Teori Legitimasi yang menjelaskan bahwa
implementasi tanggung jawab lingkungan dan sosial dapat mempengaruhi persepsi
pemangku kepentingan serta nilai perusahaan. Metode penelitian yang digunakan
adalah pendekatan kuantitatif dengan analisis regresi data panel. Sampel penelitian
terdiri atas 20 perusahaan sektor energi yang dipilih menggunakan teknik purposive
sampling. Nilai perusahaan diproksikan dengan Tobin’s Q, Green Accounting
diukur menggunakan biaya lingkungan, sedangkan CSR diukur menggunakan
Corporate Social Responsibility Index (CSRI) berdasarkan GRI Standards 2016
yang mencakup 89 indikator. Pemilihan model dilakukan melalui uji Chow,
Hausman, dan Lagrange Multiplier yang menunjukkan bahwa Random Effect
Model (REM) dengan estimasi Generalized Least Square (GLS) merupakan model
yang paling tepat. Hasil penelitian menunjukkan bahwa Green Accounting
berpengaruh signifikan terhadap nilai perusahaan. Selain itu, Corporate Social
Responsibility juga berpengaruh signifikan terhadap nilai perusahaan. Kedua
variabel menunjukkan arah pengaruh negatif yang mengindikasikan bahwa pasar
masih cenderung memandang pengeluaran lingkungan dan sosial sebagai biaya
jangka pendek dibandingkan sebagai investasi strategis yang mampu menciptakan
nilai perusahaan dalam jangka panjang. Temuan ini memberikan implikasi bahwa
perusahaan perlu meningkatkan efektivitas komunikasi dan pelaporan program
keberlanjutan kepada investor, sementara regulator perlu memperkuat standar
pengungkapan informasi keberlanjutan agar dapat meningkatkan kualitas
pengambilan keputusan di pasar modal.

Kata Kunci: Green Accounting, Corporate Social Responsibility, Nilai
Perusahaan.

ABSTRACT This study aims to analyze the impact of Green Accounting and Corporate Social Responsibility (CSR) on firm value in the energy sector among companies listed on the Indonesia Stock Exchange (IDX) for the period 2020–2023. The study is based on Stakeholder Theory and Legitimacy Theory, which explain that the implementation of environmental and social responsibilities can influence stakeholder perceptions and firm value. The research method employed was a quantitative approach using panel data regression analysis. The research sample consisted of 20 companies in the energy sector selected using purposive sampling. Firm value was proxied by Tobin’s Q, green accounting was measured using environmental costs, while CSR was measured using the Corporate Social Responsibility Index (CSRI) based on the 2016 GRI Standards, which encompass 89 indicators. Model selection was conducted using the Chow, Hausman, and Lagrange Multiplier tests, which indicated that the Random Effect Model (REM) with Generalized Least Squares (GLS) estimation is the most appropriate model. The results of the study indicate that Green Accounting has a significant effect on firm value. Additionally, Corporate Social Responsibility also has a significant effect on firm value. Both variables exhibit a negative direction of influence, suggesting that the market still tends to view environmental and social expenditures as short-term costs rather than as strategic investments capable of creating firm value in the long term. These findings suggest that companies need to improve the effectiveness of their communication and reporting on sustainability programs to investors, while regulators need to strengthen sustainability disclosure standards in order to enhance the quality of decision-making in the capital markets. Keywords: Green Accounting, Corporate Social Responsibility, Firm Value.