The Value Relevance of Green Strategies: Intellectual Capital, Innovation, and Accounting Disclosure Under Board Oversight

Friska Firnanti (Trisakti School of Management, Jakarta, Indonesia)
Nicken Destriana (Trisakti School of Management, Jakarta, Indonesia)
Verawati Verawati (Universitas Tarumanagara, Jakarta, Indonesia)

Reviu Akuntansi, Manajemen, dan Bisnis
Vol 6 No 3 (2026): September

Purpose: This study investigates the direct effects of Green Intellectual Capital, Green Innovation, and Green Accounting on Firm Value in the Indonesian manufacturing sector. Moreover, this study examines the moderating role of Board Size based on Agency Theory and Board Size Paradox.Research Methodology: This study uses a quantitative panel data regression approach to analyze 276 observations from 92 publicly listed Indonesian manufacturing firms during 2022-2024, with data processed using Stata software.Results: Green Intellectual Capital positively affects Firm Value, Green Innovation does not significantly affect Firm Value, and Green Accounting negatively affects Firm Value. Board Size negatively moderates the relationship between Green Intellectual Capital and Firm Value and positively moderates the relationship between Green Accounting and Firm Value, but shows no moderating effect on the relationship between Green Innovation and Firm Value.Conclusions: Green Intellectual Capital enhances firm value, in line with Agency Theory. However, large boards weaken this effect due to administrative and coordination frictions, known as the board size paradox.Limitations: The study sample is limited to publicly listed manufacturing firms in Indonesia over a three-year observation period.Contributions: This study provides managerial insights into the board expansion effect on sustainable value creation for environmental strategies in emerging markets.