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All Journal ETIKONOMI MIX : Jurnal Ilmiah Manajemen Binus Business Review Jurnal Mirai Management Jurnal Ilmiah Universitas Batanghari Jambi EKONOMIS : Journal of Economics and Business JURNAL MANAJEMEN INDUSTRI DAN LOGISTIK J-MAS (Jurnal Manajemen dan Sains) Owner : Riset dan Jurnal Akuntansi EQIEN - JURNAL EKONOMI DAN BISNIS Jesya (Jurnal Ekonomi dan Ekonomi Syariah) YUME : Journal of Management Aptisi Transactions on Technopreneurship (ATT) Bilancia : Jurnal Ilmiah Akuntansi International Journal of Communication and Society Methosika: Jurnal Akuntansi dan Keuangan Methodist Jurnal Ilmu Manajemen METHONOMIX CERMIN: Jurnal Penelitian Budapest International Research and Critics Institute-Journal (BIRCI-Journal): Humanities and Social Sciences Quantitative Economics and Management Studies ADI Pengabdian kepada Masyarakat Jurnal (ADIMAS Jurnal) Jurnal Pengabdian Masyarakat Bestari (JPMB) Jurnal Ilmiah Accusi Startupreneur Business Digital (SABDA Journal) Jurnal MENTARI: Manajemen, Pendidikan dan Teknologi Informasi Indonesian Journal of Advanced Social Works (DARMA) Jurnal Bisnis Kolega Jurnal Pengabdian Pada Masyarakat METHABDI Majalah Ilmiah METHODA e-Jurnal Apresiasi Ekonomi Journal Accounting International Mount Hope Jurnal Media Akademik (JMA) Jurnal Penelitian Pendidikan Indonesia Jurnal Ilmiah Accusi Manajemen : Jurnal Ekonomi Society Jurnal Ilmiah Accusi
Goh, Thomas Sumarsan
Universitas Methodist Indonesia
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Environmental Management Accounting Disclosure and Market Valuation: A Critical Analysis of ESG Performance Impact on Stock Price Volatility in Indonesia Stock Exchange Listed Companies Simanjuntak, Arthur; Goh, Thomas Sumarsan; Sagala, Farida; Sitangggang, David Patar; Nadeak, Heri Imanuel
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 1 (2026): Article Research January 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i1.2869

Abstract

Purpose: This research investigates the relationship between Environmental Management Accounting (EMA) disclosure quality and market valuation, specifically examining how ESG performance mediates the impact on stock price volatility among Indonesia Stock Exchange (IDX) listed companies. The study explores how comprehensive environmental accounting disclosures influence investor behavior and market dynamics within emerging capital markets. Method: This study employs a quantitative approach using panel data regression analysis with fixed effects modeling. The research sample comprises 180 IDX-listed companies across various sectors from 2019-2023, generating 900 firm-year observations. Data analysis was conducted using STATA 18.0 to examine the relationships between EMA disclosure quality, ESG performance, and stock price volatility while controlling for firm-specific characteristics and market conditions. Findings: The results demonstrate that EMA disclosure quality significantly reduces stock price volatility (? = -0.428, p < 0.001) and enhances ESG performance scores (? = 0.634, p < 0.001). ESG performance serves as a partial mediator, explaining 42.7% of the total effect of EMA disclosure on stock price volatility. The model explains 58.4% of stock price volatility variance, indicating strong explanatory power of environmental accounting disclosures in market valuation dynamics. Novelty: This study provides the first comprehensive empirical evidence linking environmental management accounting disclosure practices with capital market outcomes in an emerging market context. The research contributes to the literature by demonstrating how environmental accounting transparency creates value through reduced information asymmetry and enhanced ESG performance, ultimately stabilizing stock price movements.
Co-Authors Abda Abda Agustina Agustina Aidil Putra Albert Albert Albert Albert Alvinia Christina Sinaga Amin Hou Angel, Mary Angelai Rena Angeline Malik Anita, Tiurida Lily Apriani Magdalena Sibarani Arison Nainggolan Arison Nainggolan, Arison Aroha, Lila Arthur Simanjuntak Billy Jovan Carissa Carissa Chon Cho Reynols Manday Cleren Cleren Cynthia daniel christian Daniel Christian David David Desy Putri Sari Dimita Hemalli Premasari Purba Duma M. Elisabeth Duma R. Situmorang Duma Rahel Situmorang, Duma Rahel Edison Sagala Edison Sagala Elcy Handayani Pramita Elidawati Elidawati Elidawati Elidawati Elidawati Elidawati Elidawati, Elidawati Elisabeth, Duma Megaria Enda Noviyanti Simorangkir Erika Erika Erika Erika Erika Erika Erika Erika Erika Erika Erika Errie Margery Errie Margery Errie Margery Eva Julia G. Harianja Fadillah, Ega Nur Fandy Susanto Farida Sagala Fati Gratianus Nafiri Larosa Fernando, Allen Stephen Fitriyanti, Elvira Frith Willy Geraldo Fransiskho Ginting, Mitha C. Ginting, Mitha Christina Giovanna Lodeva Gracesiela Y Simanjuntak HAN TONO HANTONO Handoko Syahputra Salim Henry Henry Henry Henry Henry Henry Henry Henry Henry, Henry Hery Hery Hong, Rita Hotlan Butar-Butar Hutabarat, Chiristian Veri Ivo M. Silitonga Ivo Maelina Silitonga Jaja Suteja Jamaluddin Jamaluddin Januardi Mesakh Jatongam Nainggolan Jatongan Nainggolan Jeffry Tanoto Jimmy Andreas Julianti Julianti, Julianti Julina Julina Karsa, Aldo Hermaya Aditiya Nur Khaterine Pratama Kristanty M N Nadapdap Lamria Sagala Larosa, Dian Priliany Lase, Arthika Iradat R Leni Leni Liem, Gai Sin Lim, Clara Pasha Lisa Fredicia Mahfudi, Khasan Malik, Angeline Manda Dwipayani Bhastary Margery, Errie Markus Doddy Simanjuntak Martinez, Samantha Melanthon Rumapea Meliati Meliati Melisa Melisa Melviana, Melviana Mila Asmawiani Okta Mitha Christina Ginting Mulatua P. Silalahi Nadapdap, Kristanty M.N. Nadeak, Heri Nadeak, Heri Imanuel Nagian Toni Nagian Toni Nasib Natalia, Ester Ananda Niastyna Simorangkir Nindy L Simanullang Novita Sari nur subiantoro Nyoto Nyoto, Nyoto Panjaitan, Rike Yolanda Pomelia Pomelia Pomelia, Pomelia Pramita, Elcy Handayani Purba, Dimita H. P. Putri J. Sitorus PUTRI JESICA SITORUS Qurotul Aini Rahel Junita Rahel Yunita Rasmulia Sembiring Regina Jaya Reki Briyan Iwan Saputra Richard Richard Rimky M. P. Simanjuntak Rimky Mandala Putra Simanjuntak Rinaldi Rintan Saragih Robinhot Gultom, Robinhot Rocky Louis Linardi Sagala, Edison Sagala, Edison Sagala, Lamria Sagala, Lamria Sahala Purba Saur Melianna Sembiring, Yosephine N. Sembiring, Yosephine Natalita Septony B. Siahaan, Septony B. Shelly Carolina Sherina Sherina Siahaan, Septoni B. Siahaan, Septony B Sianturi, Jeudi A.T.P. Sihombing, Daulat Silalahi, Mulatua P. Silitonga, Ivo Maeliana Simanjuntak, Faido M. P. Simanjuntak, Faido M.P. Simanjuntak, Gracesiela Y SIMANJUNTAK, GRACESIELA YOSEPHINE Simanullang, Nindy L Simbolon, Roma Siregar, Jeremia Sitangggang, David Patar Siti Normi Siti Normi, Siti Sitorus, Santa Lusianna Sjukun Sormin, Partogian Stephanie Stephanie Syawaluddin Syawaluddin Syawaluddin Syawaluddin Syawaluddin Syawaluddin Syawaluddin Syawaluddin, Syawaluddin Tan, Willy Tandiono, Trys Hartono Tanoto, Michael Tantri, Elisabeth Tiur Rajagukguk, Tiur Toni, Nagian Tri Darma Sipayung Tri Dharma Sipayung, Tri Dharma Untung Rahardja Vanny Vanny Vincent Alberto Wesly A. Simanjuntak Willy Tan Wily Julitawaty Wily Julitawaty Wily Julitawaty, Wily Winny Ricky Yauandi, Kevin Marcelino Yosephine Natalita Sembiring Yosephine Sembiring