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All Journal International Journal Of Economics Social And Technology
Much Noor Azka Fitrawan
Universitas Jenderal Achmad Yani
Automotive Engineering Computer Science & IT Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice Social Sciences

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The Effect of Green Accounting and Carbon Emission Disclosure on Financial Stability: Evidence from Indonesian Energy Companies Much Noor Azka Fitrawan; HN Hartikayanti
International Journal Of Economics Social And Technology Vol. 5 No. 3 (2026): September 2026
Publisher : Lembaga Riset Ilmiah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59086/ijest.v5i3.2142

Abstract

Previous studies provide inconsistent evidence regarding the financial implications of green accounting and carbon emission disclosure (CED), while limited attention has been given to corporate financing structures in Indonesia’s energy sector. This study examines the effects of green accounting and CED on financial stability, proxied by the debt-to-equity ratio (DER), among energy companies listed on the Indonesia Stock Exchange during 2021–2025. Using a quantitative explanatory design, the study analyzes 60 firm-year observations from 12 purposively selected companies. Green accounting is measured by the ratio of environmental costs to net income after tax, while CED is assessed using a disclosure index based on GRI 305. Multiple linear regression shows that green accounting has no statistically significant effect on DER, whereas CED has a negative and significant effect, indicating that more comprehensive carbon disclosure is associated with lower leverage. Together, green accounting and CED explain 8.5% of the adjusted variation in DER. The study contributes to environmental accounting literature by extending the analysis of environmental practices from profitability and firm value to corporate financing structure. The findings suggest that carbon disclosure is more closely associated with DER than environmental expenditure, although this relationship should be interpreted specifically within the study’s DER-based measure of financial stability.  
Co-Authors Hn Hartikayanti