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All Journal Riset Akuntansi dan Portofolio Investasi Riset Akuntansi dan Manajemen Pragmatis
Peter M. Kapojos
Sam Ratulangi University
Economics, Econometrics & Finance Social Sciences

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Do environmental practices create value or legitimacy? Evidence from green accounting and environmental performance in Indonesia’s energy sector Indira Geraldine Sugitan; Peter M. Kapojos
Riset Akuntansi dan Manajemen Pragmatis Vol. 4 No. 1 (2026)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/ramp.440

Abstract

This study investigates whether environmental practices generate financial value or primarily serve as legitimacy mechanisms in environmentally sensitive industries. Drawing on legitimacy theory, it examines the impact of green accounting and environmental performance on firm financial performance in Indonesia’s energy sector. Using a sample of 19 listed energy companies over the 2021–2024 period (76 firm-year observations), this study employs multiple linear regression analysis. Green accounting is measured by environmental cost disclosure, environmental performance by PROPER ratings, and financial performance by Return on Assets (ROA). The findings reveal that green accounting has a negative and significant effect on financial performance, indicating that environmental expenditures impose short-term financial constraints. In contrast, environmental performance shows no significant impact, suggesting that compliance-based environmental ratings are not yet value-relevant for firms. However, both variables jointly affect financial performance. These results suggest that environmental practices in the energy sector are largely legitimacy-driven rather than value-driven. This study extends legitimacy theory by demonstrating that sustainability initiatives do not automatically translate into economic benefits, particularly in high-cost, regulation-intensive industries. The findings underscore the need for firms to shift from compliance-oriented environmental practices toward strategic sustainability integration to achieve long-term value creation.
Akuntabilitas dan transparansi pengelolaan keuangan desa pada Desa Komus Ii Timur Kabupaten Bolaang Mongondow Utara Einar Einar; Hendrik Gamaliel; Peter M. Kapojos
Riset Akuntansi dan Portofolio Investasi Vol. 4 No. 1 (2026)
Publisher : Yayasan Widyantara Nawasena Raharja

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58784/rapi.428

Abstract

Effective village financial management is fundamental to strengthening good governance at the local level. This study investigates the implementation of accountability and transparency in village financial management at Komus II Timur Village, North Bolaang Mongondow Regency, Indonesia. Employing a qualitative case study approach, data were collected through interviews, observations, and document analysis involving village officials, the Village Consultative Body, and community representatives. The findings reveal that accountability and transparency have been largely institutionalized across the planning, implementation, administration, reporting, and accountability stages, particularly through participatory decision-making, orderly financial administration, timely reporting, and public access to financial information. However, capacity constraints and uneven regulatory understanding among village officials remain notable challenges. The study underscores the importance of continuous capacity building and strengthened oversight mechanisms to enhance accountable and transparent village financial governance.
Co-Authors Einar Einar Hendrik Gamaliel Indira Geraldine Sugitan