Green Accounting, Corporate Governance and Firm Value in Southeast Asia Region

Edfan Darlis, Pipin Kurnia, Poppy Nurmayanti, Restu Agusti, Mudrika Alamsyah, Supriono Supriono, Sem Paulus Silalahi


Objective –This study is to investigate the relationship between green accounting, managerial ownership, institutional ownership, independent commissioners and audit committees on firm value of mining companies in Southeast Asia region including Indonesia, Malaysia, Thailand, the Philippines and Vietnam.

Design/Methodology –The method used is OLS with 500 samples of mining company observation data in the Southeast Asia for the 2016-2020 periods. GMM estimation is to address the potential endogeneity of the multiple variables used in the estimation, unobserved heterogeneity, and autocorrelation, which cannot be resolved with a fixed effect.

Results –This study found that institutional ownership has positive significant effect on the firm value. Independent commissioners and audit committees have negative significant relationship with firm value of mining companies in the Southeast Asia, while green accounting and managerial ownership have no effect on the firm value.

Research Limitations/Implications –There is no availability of data to access company’s annual reports from several countries and the annual reports of several countries are not made in English, educational background and social relations are not considered in measuring the independent board of commissioners and the audit committee. The results of this study can be used by company management in providing information about the percentage required for institutional ownership as a consideration in making decisions to increase company value.

Novelty/Originality –The researcher's knowledge, this is the first research to investigate green accounting on firm value in mining company in the Southeast Asia region which is included in emerging markets.


green accounting; corporate governance; firm value; southeast asia region; mining company

Full Text:



Adams, C. A. (2002). Internal organisational factors influencing corporate social and ethical reporting. 15(2), 223–250.

Agyemang-Mintah, P., & Schadewitz, H. (2018). Audit committee adoption and firm value: evidence from UK financial institutions. International Journal of Accounting and Information Management, 26(1), 205–226.

Al-Moataz, E., & Hussainey, K. (2013). Determinants of Corporate Governance Disclosure in Saudi Corporations. Journal of King Abdulaziz University-Economics and Administration, 27(2), 430–411.

Albawwat, A. H., Yazis, M., Basah, A., & Khairi, K. F. (2015). The Relationship between Voluntary Disclosure and Company Performances on Interim Reports in Jordan Using the Method of Causality Directions. 7(7), 217–228.

Ali Ahzar, F. (2018). Pengungkapan Climate Change Pada Perusahaan Manufaktur Di Negara Asean. Jurnal Akuntansi, Prodi Akuntansi – FEB UNIPMA, 2(2), 336–355.

Angela, A., & Yanti, Y. (2022). Faktor-Faktor Yang Mempengaruhi Nilai Perusahaan Pada Perusahaan Manufaktur. Jurnal Paradigma Akuntansi, 4(4), 1555–1565.

Areliano, M., & Olympia, B. (1995). Another look at the instrumental variable estimation of error-components models. 68(August 1990), 29–51.

Arellano, M., & Bond, S. (1991). Employment Equations Some Tests of Specification for Panel Data : Monte Carlo Evidence and an Application to Employment Equations. 58(2), 277–297.

Asni, N., & Agustia, D. (2021). The mediating role of financial performance in the relationship between green innovation and firm value: evidence from ASEAN countries. European Journal of Innovation Management.

Astuti, F. Y., Wahyudi, S., & Mawardi, W. (2018). Analysis Of Effecy Of Firm Size, Institusional Ownership, Profitability, And Leverage On Firm Value With Corporate Social Responsibility (CSR) Diclosure As Intervenng Variables. Jurnal Bisnis Strategi, 27(2), 95.

Bagus, I., Purbawangsa, A., Solimun, S., Achmad, A., Fernandes, R., & Rahayu, S. M. (2020). Corporate governance , corporate pro fi tability toward corporate social responsibility disclosure and corporate value ( comparative study in Indonesia , China and India stock exchange in 2013-2016 ). 16(7), 983–999.

Baldenius, T., Melumad, N., & Meng, X. (2014). Board composition and CEO power. Journal of Financial Economics, 112(1), 53–68.

Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. 87.

Braam, G. J. M., Uit De Weerd, L., Hauck, M., & Huijbregts, M. A. J. (2016). Determinants of corporate environmental reporting: The importance of environmental performance and assurance. Journal of Cleaner Production, 129, 724–734.

Chabachib, M., Fitriana, T. U., Hersugondo, H., Pamungkas, I. D., & Udin, U. (2019). Firm value improvement strategy, corporate social responsibility, and institutional ownership. International Journal of Financial Research, 10(4), 152–163.

Chiou, T. Y., Chan, H. K., Lettice, F., & Chung, S. H. (2011). The influence of greening the suppliers and green innovation on environmental performance and competitive advantage in Taiwan. Transportation Research Part E: Logistics and Transportation Review, 47(6), 822–836.

Dewi, L. S., & Abundanti, N. (2019). Pengaruh Profitabilitas, Likuiditas, Kepemilikan Institusional Dan Kepemilikan Manajerial Terhadap Nilai Perusahaan. E-Jurnal Manajemen Universitas Udayana, 8(10), 6099.

Dewi, P. P., & Narayana, I. P. E. (2020). Implementation of Green Accounting, Profitability and Corporate Social Responsibility for Corporate Values. E-Jurnal Akuntansi, 30(12), 3252–3262.

Djashan, I. A., & Agustinus, Y. (2020). The Effect of Firm Size, Profitability, Audit Committee, and Other Factors to Firm Value. GATR Accounting and Finance Review, 5(1), 22–27.

Doğan, M. (2020). Institutional ownership and firm value: A study on BIST manufacturing index. Ekonomika, 66(4), 29–46.

Donovan, G. O. (1999). Environmental disclosures in the annual report.

Downar, B., Ernstberger, J., Reichelstein, S., Schwenen, S., & Zaklan, A. (2021). The impact of carbon disclosure mandates on emissions and financial operating performance. Review of Accounting Studies, 26(3), 1137–1175.

Endiana, I. D. M., Dicriyani, N. L. G. M., Adiyadnya, M. S. P., & Putra, I. P. M. J. S. (2020). The Effect of Green Accounting on Corporate Sustainability and Financial Performance. Journal of Asian Finance, Economics and Business, 7(12), 731–738.

Erlangga, C. M., Fauzi, A., & Sumiati, A. (2021). Penerapan Green Accounting dan Corporate Social Responsibility Disclosure Terhadap Nilai Perusahaan Melalui Profitabilitas. Akuntabilitas, 14(1), 61–78.

Eugene F. Fama and Michael C. Jensen. (1983). Agency Problems and Residual Claims. 26(2), 327–349.

Farooque, Omar Al, Tony van Zijl, K. D. A. W. K. (2010). Co-deterministic relationship between ownership concentration and corporate performance Evidence from an emerging economy. Accounting Research Journal, 23(2), 172–189.

Gao, Y., & Han, K. S. (2020). Managerial overconfidence, CSR and firm value. Asia-Pacific Journal of Accounting and Economics, 00(00), 1–19.

Gosal, M. M., Pangemanan, S. S., & Tielung, M. V. (2018). the Influence of Good Corporate Governance on Firm Value: Empirical Study of Companies Listed in IDX30 Index Within 2013-2017 Period. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 6(4), 2688–2697.

Ifada, L. M., Fuad, K., & Kartikasari, L. (2021). Managerial ownership and firm value : The role of corporate social responsibility. 25(December).

Ilmi, M., Kustono, A. S., & Sayekti, Y. (2017). Effect of Good Corporate Governance , Corporate Social Responsibility Disclosure and Managerial Ownership To the Corporate Value With Financial Performance As Intervening Variables : Case on Indonesia Stock Exchange. 1, 75–88.

Indriastuti, M., Suhendi, C., & Hanafi, R. (2020). The Role of Corporate Governance Mechanism in Enhancing Firm Value. 135(Aicmbs 2019), 167–170.

Israel, C., Mangantar, M., & Saerang, I. S. (2018). Influence Of Capital Structure, Institusional Ownership And Firm Size To Company Value At Mining Company Listed On BEI. Jurnal EMBA, 6(3), 1118–1127.

Jo, H., & Na, H. (2012). Does CSR Reduce Firm Risk? Evidence from Controversial Industry Sectors. Journal of Business Ethics, 110(4), 441–456.

Kartika, S., & Utami, W. (2019). Effect of Corporate Governance Mechanisms on Financial Performance and Firm Value with Green Accounting Disclosure as Moderating Variables. Research Journal of Finance and Accounting, 150–158.

Khaira Afiani, R., & Bernawati, Y. (2019). Mediating Effect of Financial Performance on Association Between Good Corporate Governance and Firm Value. KnE Social Sciences, 3(11), 604.

Kusumaningtias, R. (2013). Green Accounting, Mengapa dan Bagaimana? Akuntansi Dan Keuangan, 7(2), 978–979.

Leong, W., Ann, J., Sambasivan, M., Yip, N., & Bin, A. (2021). Technological Forecasting & Social Change Influence of green innovation strategy on brand value : The role of marketing capability and R & D intensity. Technological Forecasting & Social Change, 171(January 2020), 120946.

Lestari, H. D., & Restuningdiah, N. (2021). The Effect of Green Accounting Implementation on the Value of Mining and Agricultural Companies in Indonesia. Proceedings of the 7th Regional Accounting Conference (KRA 2020), 173(Kra 2020), 216–223.

Li, D., Huang, M., Ren, S., Chen, X., & Ning, L. (2018). Environmental Legitimacy, Green Innovation, and Corporate Carbon Disclosure: Evidence from CDP China 100. Journal of Business Ethics, 150(4), 1089–1104.

Lukman, H., & Geraldline, C. (2020). The Effect Of Commissioner Board’s Role on Firm Value With CSR as Mediating in the Plantation Industry. 478(Ticash), 1030–1034.

Lumapow, L. S., Arthur, R., Tumiwa, F., & Faculty, E. (2017). The Effect of Dividend Policy , Firm Size , and Productivity to The Firm Value. 8(22), 20–24.

Lusiana, L., Pratiwi, H., Zefriyenni, Z., Sari, S., & Pondrinal, M. (2022). Studi penentu nilai perusahaan pada perusahaan manufaktur yang terdaftar di BEI. 8(3), 613–621.

Marco Allegrini, G. G. (2013). Corporate boards, audit committees and voluntary disclosure: Evidence from Italian Listed Companies. Journal of Management and Governance, 17(1), 187–216.

Miotto, G., Del-castillo-feito, C., & Blanco-gonzález, A. (2020).

Reputation and legitimacy : Key factors for Higher Education Institutions ’ sustained competitive advantage. Journal of Business Research, 112(June 2019), 342–353.

Mukhtaruddin, Relasari, & Felmania, M. (2014). Good Corporate Governance Mechanism , Corporate Social Responsibility Disclosure on Firm Value : Empirical Study on Listed Company in Indonesia Stock Exchange. International Journal of Finance & Accounting Studies, 2(1), 1–10.

Nasution, Ananda Yusra, Azhar Maksum, R. (2020). The Influence Of Free Cash Flow, Audit Committee, Managerial Ownership And Firm Size On Firm Value With Corporate Social Responsibility As Moderating Variable In Basic Industry And Chemistry Sector Companies Listed In Indonesian Stock Exchange. International Journal of Public Budgeting, Accounting and Finance 3.1, 238–250.

Nugroho, W. C., & Agutia, D. (2017). Corporate Governance, Tax Aviodance, and Firm Value. AFEBI Accounting Review, 02(2), 15–29.

Pangemanan, S. S., & Universitymanado, S. R. (2018). the Influence of Good Corporate Governance on Firm Value: Empirical Study of Companies Listed in Idx30 Index Within 2013-2017 Period. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 6(4), 2688–2697.

Purwaningtyas, F. P. (2011). Mekanisme Good Corporate Governance Terhadap Nilai Perusahaan ( Studi Empiris Pada Perusahaan Manufaktur yang Terdaftar di BEI Tahun 2007-2009 ).

Putri, A. M., Hidayati, N., & Amin, M. (2019). Dampak Penerapan Green Accounting dan Kinerja Lingkungan Terhadap Profitabilitas Perusahaan Manufaktur Di Bursa Efek Indonesia. E-JRA Fakultas Ekonomi Dan Bisnis Universitas Islam Malang, 08(04), 149–164.

Putri, S. K., & Maksum, A. (2020). Determinants of firm value and earnings management in Indonesian sharia stock companies. International Journal of Innovation, Creativity and Change, 13(6), 305–324.

Ratnawati, V., S., A., Freddy, D., & Wahyuni, N. (2018). The Impact of Institutional Ownership and a Firm’s Size on Firm Value: Tax Avoidance as a Moderating Variable. GATR Journal of Finance and Banking Review, 3(1), 01–08.

Rohmah, I. M. (2019). Struktur Kepemilikan, Komite Audit, Dan Karakteristik Perusahaan Terhadap Nilai Perusahaan (Studi Pada Sektor Agriculture Yang Listing Di Bei Periode 2013-2017). 7.

Samrotun, yuli chosamtu;, Wijayanti, A., & Nuryono, M. (2008). Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional, Komisaris Independen, Komite Audit, Serta Kulitas Audit Pada Nilai Perusahaan. Edunomika – Vol. 03, No. 01 (Pebruari 2019), 03(01), 199–212.

Setyabudi, T. (2021). The Effect of Institutional Ownership, Leverage, and Profitability on Firm Value with Dividend Policy as an Intervening Variable. Journal of Business and Management Review, 2(7), 457–469.

Sibuea, M. B., Sibuea, S. R., & Pratama, I. (2021). The impact of renewable energy and economic development on environmental quality of asean countries. AgBioForum, 23(1), 12–21.

Subanidja, S., Rajasa, A., Suharto, E., & Atmanto, J. D. (2016). The Determinants of Firm Value: The Role of Earnings Management and Good Corporate Governance. Corporate Ownership and Control, 13(4), 609–615.

Sufian, F., & Zulkhibri, M. (2015). The Nexus between Economic Freedom and Islamic Bank Profitability in the MENA Banking Sectors. Global Business Review, 16, 58–81.

Suhadak, Kurniaty, Handayani, S. R., & Rahayu, S. M. (2019). Stock return and financial performance as moderation variable in influence of good corporate governance towards corporate value. Asian Journal of Accounting Research, 4(1), 18–34.

Sukmadilaga, C., Winarningsih, S., Yudianto, I., Lestari, T. U., & Ghani, E. K. (2023). Does Green Accounting Affect Firm Value? Evidence from ASEAN Countries. International Journal of Energy Economics and Policy, 13(2), 509–515.

Sukmono, S., & Yadiati, W. (2016). Effect of board of Commissionersand Audit Committee on the Firm Value with Mediating Effect Financial Reporting Quality. Research Journal of Finance and AccountingOnline), 7(2), 2222–2847.

Sulistiawati, E., & Dirgantari, N. (2017). Green Accounting Terhadap Profitabilitas Pada Perusahaan Pertambangan Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Reviu Akuntansi Dan Keuangan, 6(1), 865–872.

Tambalean, F. A. K., Manossoh, H., & Runtu, T. (2018). Pengaruh Kepemilikan Manajerial Dan Kepemilikan Institusional Terhadap Nilai Perusahaan Pada Perusahaan Sektor Industri Barang Konsumsi Di Bei. Going Concern : Jurnal Riset Akuntansi, 14(1), 465–473.

Trafalgar, J., & Africa, L. A. (2019). The effect of capital structure, institutional ownership, managerial ownership, and profitability on company value in manufacturing companies. The Indonesian Accounting Review, 9(1), 27.

Wagner, I., & Suteki, S. (2019). Independensi Penilaian Amdal Sebagai Wujud Perlindungan Terhadap Lingkungan Hidup. Jurnal Pembangunan Hukum Indonesia, 1(3), 404–424.

Widianingsih, D. (2018). Kepemilikan Manajerial, Kepemilikan Institusional, Komisaris Independen, serta Komite Audit pada Nilai Perusahaan dengan Pengungkapan CSR sebagai Variabel Moderating dan Firm Size sebagai Variabel Kontrol. Jurnal Akuntansi Dan Pajak, 19(1), 38.

Widiatmoko, J. (2020). Corporate Governance Mechanism and Corporate Social Responsibility on Firm Value. Relevance: Journal of Management and Business, 3(1), 13.

Yanto, E. (2018). Effect of Corporate Social Responsibility and Good Corporate Governance on the Value of Company with Profitability as Moderating Variables. JAAF (Journal of Applied Accounting and Finance), 2(1), 36.

Yook, K. H., Song, H., Patten, D. M., & Kim, I. W. (2017). The disclosure of environmental conservation costs and its relation to eco-efficiency: Evidence from Japan. Sustainability Accounting, Management and Policy Journal, 8(1), 20–42.

Yulius Jogi Christiawan, & Josua Tarigan. (2007). Kepemilikan Manajerial: Kebijakan Hutang, Kinerja Dan Nilai Perusahaan. Jurnal Akuntansi Dan Keuangan, 9(1), 1–8.

Yusmaniarti, Setiorini, H., & Pitaloka, L. (2019). Pengaruh Good Corporate Governance, Profitabilitas, Dan Leverage Terhadap Nilai Perusahaan Pada Perusahaan Property Dan Real Estate Indonesia. Jurnal Ilmiah Akuntansi, 3(4), 406–418.

Yusra, I., Hadya, R., Begawati, N., Istiqomah, L., Afriyeni, & Kurniasih, N. (2019). Panel data model estimation: The effect of managerial ownership, capital structure, and company size on corporate value. Journal of Physics: Conference Series, 1175(1).


Article Metrics

Abstract view : 0 times
PDF - 0 times


  • There are currently no refbacks.

Published by:

Accounting Department
Economics and Business Faculty
Syiah Kuala University
Kopelma Darussalam, Banda Aceh, Indonesia - 23111
E-ISSN: 2621-1041


Creative Commons License
Journal of Accounting Research, Organization and Economics by Accounting Department of Economics and Business Faculty of Syiah Kuala University is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Based on a work at