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All Journal JASa (Jurnal Akuntansi, Audit dan Sistem Informasi Akuntansi)
Erna Handayani
Universitas Mataram
Computer Science & IT Economics, Econometrics & Finance

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Eco-efficiency, Carbon Emissions, and Green Innovation on Firm Value: The Moderating Role of Environmental Performance in Indonesia Erna Handayani; Lukman Effendy
JASa (Jurnal Akuntansi, Audit dan Sistem Informasi Akuntansi) Vol. 10 No. 2 (2026): August
Publisher : Program Studi Akuntansi Universitas Langlangbuana Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36555/jasa.v10i2.3066

Abstract

Many companies in Indonesia have implemented eco-efficiency through ISO 14001 certification, disclosed carbon emissions in sustainability reports, and claimed to engage in green innovation, but their market value does not consistently respond to these commitments. This study analyzes the effect of eco-efficiency, carbon emissions, and green innovation on firm value, and examines the moderating role of environmental performance measured by PROPER. The research was conducted on companies listed on the Indonesia Stock Exchange during 2021-2023, using secondary data from annual and sustainability reports. A purposive sampling method resulted in 73 companies with 219 observations, analyzed using panel data regression with a Fixed Effect Model. The results show that eco-efficiency has a negative effect, while carbon emissions and green innovation have no significant effect. Environmental performance does not moderate the effect of eco-efficiency or carbon emissions, but strengthens the effect of green innovation on firm value, indicating that green innovation's effectiveness depends on externally verified environmental performance. These results imply that companies should pair green innovation with verified environmental performance such as PROPER, rather than relying on eco-efficiency certification alone, to gain investor recognition, while investors and regulators can use PROPER ratings to assess the credibility of corporate sustainability claims
Co-Authors Lukman Effendy