Pengaruh Penerapan Green Accounting dan Kinerja Lingkungan Terhadap Nilai Perusahaan Dengan Kinerja Keuangan Sebagai Variabel Mediasi (Studi Empiris Industri Pertambangan yang Terdaftar di BEI 2021-2025)

Tubagus Maulana Ibrahim (Universitas Djuanda Bogor)
Susi Hambani (Universitas Djuanda Bogor)
Ayi Jamaludin Aziz (Universitas Djuanda)

Jurnal Ilmiah Raflesia Akuntansi
Vol 12 No 2 (2026): Jurnal Ilmiah Raflesia Akuntansi

This study analyzes the effect of Green Accounting implementation and Environmental Performance on Firm Value, with Financial Performance as a mediating variable, across 13 mining companies listed on the Indonesia Stock Exchange (IDX) from 2021 to 2025. Using purposive sampling with the PROPER program participation as a criterion, Green Accounting is measured using the GRI Standards 2021, Environmental Performance using PROPER ratings, Financial Performance using Return on Assets (ROA), and Firm Value using Tobin's Q. Through panel data regression and path analysis with the Sobel test, the results indicate that: (1) Green Accounting has no significant effect on Financial Performance; (2) Environmental Performance has no significant effect on Financial Performance; (3) Green Accounting has no significant effect on Firm Value; (4) Environmental Performance has no significant effect on Firm Value; (5) Financial Performance has no significant effect on Firm Value; (6) Financial Performance does not mediate the relationship between Green Accounting and Firm Value; and (7) Financial Performance does not mediate the relationship between Environmental Performance and Firm Value. These findings imply that environmental sustainability signals have not yet been fully responded to by investors in the Indonesian mining sector, who remain focused on traditional financial indicators rather than environmental disclosures..