Good Corporate Governance, Green Accounting, Carbon Emission Intensity, and Company Value: an Empirical Study on the Basic Materials Sector in the Indonesia Stock Exchange Period 2021–2024

Authors

  • Fakhri Maulana Hawali Author
  • Linda Agustina
  • Darwin Marasi Purba

DOI:

https://doi.org/10.33062/ajb.v11i01.201

Keywords:

Green Accounting, Good Corporate Governance, Carbon Emission Intensity, Firm Value

Abstract

Environmental degradation has become a pressing global concern, prompting investors to place greater emphasis on corporate environmental accountability and sustainability. This study examines the effects of green accounting, good corporate governance, and carbon emission intensity on firm value among basic material companies listed on the Indonesia Stock Exchange from 2021 to 2024. Samples were selected through purposive sampling, with PROPER award recipient status as one of the selection criteria, yielding 26 companies and 104 firm-year observations. Multiple linear regression was employed as the analytical tool, processed using SPSS 26. Results indicate that green accounting, proxied by PROPER rating, has a positive and statistically significant partial effect on firm value (p = 0.028), while good corporate governance shows no significant effect. Carbon emission intensity unexpectedly exhibits a positive significant effect (p = 0.048), contrary to the hypothesized direction. The simultaneous F-test is marginally insignificant (p = 0.082), and the adjusted R² is limited at 4.7%, reflecting constrained model explanatory power. These findings should therefore be treated as preliminary. The unexpected positive direction of carbon emission intensity is suspected to stem from an uncontrolled confounding firm-size effect in the current model specification.

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Published

2026-06-30

Issue

Vol. 11 No. 01 (2026): June 2026

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Articles

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Copyright (c) 2026 Fakhri Maulana Hawali, Linda Agustina, Darwin Marasi Purba

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