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All Journal Harmoni Economics: International Journal of Economics and Accounting
Erlina Erlina
Univesitas Sumatera Utara

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Impact of Green Accounting, Environmental Performance and Firm Size on Mining Financial Performance (2022–2024) Chandra Selamat Putra Gulo; Erlina Erlina; Endang Sulistya Rini
Harmoni Economics: International Journal of Economics and Accounting Vol. 3 No. 2 (2026): May: Harmoni Economics: International Journal of Economics and Accounting
Publisher : International Forum of Researchers and Lecturers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70062/harmonieconomics.v3i2.471

Abstract

This study aims to examine and analyze the influence of green accounting, environmental performance, and company size on the financial performance of mining companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 period. Financial performance is proxied by Return on Assets (ROA), green accounting is measured by the environmental cost ratio, environmental performance uses the PROPER rating, and company size is measured by the logarithm of total assets. This study uses secondary data obtained from annual reports, subscription reports, and other official publications. The analytical method used is panel data regression. The results show that green accounting has no effect on the financial performance of mining companies. This indicates that environmental costs incurred by companies have not been able to provide direct economic benefits in the short term. In addition, environmental performance has a negative effect on financial performance, indicating that increased environmental performance is also followed by a decrease in company profitability due to high compliance costs and environmental investments. Furthermore, company size has a negative effect on financial performance, indicating that the larger the company size, the greater the potential for operational inefficiencies and cost burdens that suppress the company's ability to generate profits. These findings suggest that corporate aspirations and scale growth efforts do not necessarily translate into improved financial performance in the short term.
The Effect of Sustainability Disclosure and Capital Intensity on Agricultural Firms’ Value with IOS Moderation Rahmad Simanjuntak; Erlina Erlina; Khaira Amalia Fachrudin
Harmoni Economics: International Journal of Economics and Accounting Vol. 3 No. 2 (2026): May: Harmoni Economics: International Journal of Economics and Accounting
Publisher : International Forum of Researchers and Lecturers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70062/harmonieconomics.v3i2.475

Abstract

This study aims to analyze the effect of Sustainability Report disclosure and capital intensity on firm value, with the Investment Opportunity Set as a moderating variable in agriculture companies listed on the Indonesia Stock Exchange. This research is a quantitative, descriptive study, and data collection technique was obtained from annual reports and Sustainability Reports (SR) reports of agricultural companies listed on the Indonesia Stock Exchange for the 2021-2024 period. The population in this study was 25 agriculture companies listed on the Indonesia Stock Exchange (IDX). The sampling technique used was purposive sampling. The analytical techniques used were multiple linear regression and moderated regression analysis. The results show that economic disclosure, environmental disclosure, social disclosure, and capital intensity have a positive effect on firm value. The Investment Opportunity Set does not moderate the effect of capital intensity on firm value. The Investment Opportunity Set does moderate the effect of Sustainability Report disclosure (economic disclosure, environmental disclosure, and social disclosure) on firm value.
The Effect of Capital Structure, Profitability, Free Cash Flow, and CAR Indonesian Banking Firm Value Irananda Sihombing; Erlina Erlina; Keulana Erwin
Harmoni Economics: International Journal of Economics and Accounting Vol. 3 No. 2 (2026): May: Harmoni Economics: International Journal of Economics and Accounting
Publisher : International Forum of Researchers and Lecturers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70062/harmonieconomics.v3i2.476

Abstract

The purpose of this study is to examine and analyze whether capital structure, profitability, free cash flow, and capital adequacy ratio affect firm value with managerial ownership as a moderating variable in conventional banking companies listed on the Indonesia Stock Exchange for the period 2022-2024. This study was conducted based on information obtained from the Indonesia Stock Exchange. The sampling technique used was purposive sampling. The population in this study consisted of all conventional banking companies listed on the Indonesia Stock Exchange for the period 2022-2024, with a sample of 17 companies and 51 total observations. Hypothesis testing was carried out using panel data regression analysis with the EViews application. The results of this study indicate that capital structure, profitability, free cash flow, and capital adequacy ratio do not have a significant effect on firm value. Furthermore, managerial ownership is unable to moderate the effect of capital structure, profitability, free cash flow, and capital adequacy ratio on firm value in conventional banking companies listed on the Indonesia Stock Exchange for the period 2022-2024.
ESG Effects on Firm Value Through Financial Performance in Indonesian LQ45 Companies Wahyul Huda Nanda; Erlina Erlina; Isfenti Sadalia
Harmoni Economics: International Journal of Economics and Accounting Vol. 3 No. 2 (2026): May: Harmoni Economics: International Journal of Economics and Accounting
Publisher : International Forum of Researchers and Lecturers

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70062/harmonieconomics.v3i2.477

Abstract

This study aims to analyze the influence of Environmental, Social, and Governance (ESG) on firm value, with financial performance as a mediating variable in LQ45 companies listed on the Indonesia Stock Exchange. This research is motivated by increasing attention to corporate governance practices and inconsistencies in previous research regarding the relationship between ESG, financial performance, and firm value. In this study, the Environmental, Social, and Governance dimensions are viewed as strategic factors that can enhance corporate legitimacy, strengthen investor confidence, and drive increased firm value through financial performance. This study uses a quantitative approach with panel data analysis. The data used are secondary data obtained from financial reports, sustainability reports, and Sustainalytics ESG scores for LQ45 companies for the 2022–2024 period. Data analysis techniques used panel data regression and mediation tests to examine the direct and indirect effects between the study variables. The results indicate that Environmental, Social, and Governance influence firm value. Furthermore, ESG also influences firm financial performance. Furthermore, financial performance has been shown to mediate the relationship between ESG and firm value. These findings indicate that sound ESG implementation can increase profitability, strengthen a company's reputation, and enhance investor confidence, thus increasing its value. Therefore, companies need to optimize the implementation of ESG as a long-term business strategy to enhance their competitiveness and desirability in the Indonesian capital market.
Co-Authors Chandra Selamat Putra Gulo Endang Sulistya Rini Irananda Sihombing Isfenti Sadalia Keulana Erwin Khaira Amalia Fachrudin Rahmad Simanjuntak Wahyul Huda Nanda