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Journal of Applied Accounting and Sustainable Finance
Published by Yayasan Az Zukhruf Cendikia
ISSN : -     EISSN : 30906326     DOI : https://ojs.azzukhrufcendikia.or.id/index.php/aasf
Core Subject : Economy, Humanities, Science, Social,
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences
Journal of Applied Accounting and Sustainable Finance is a peer-reviewed academic journal that publishes high-quality research in the fields of accounting, finance, and sustainability. The journal focuses on the application of accounting and financial principles to support sustainable business practices, corporate responsibility, environmental, social, and governance (ESG) reporting, as well as ethical financial decision-making. It welcomes original research articles, conceptual papers, case studies, and literature reviews that contribute to the development of applied accounting and sustainable finance, particularly in emerging and developing markets. The journal is published three times a year—in April, August, and December. Topics covered include but are not limited to: Sustainable financial reporting and assurance, Integrated reporting and ESG disclosure, Green finance and responsible investment, Corporate governance and accountability, Management accounting for sustainability, Financial performance and sustainability alignment, Ethical accounting practices and regulatory frameworks
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 20 Documents
 1   2 
Determinants of Firm Value: Evidence from Carbon Emission Disclosure, Green Innovation, and Cash Holding Isfani, Mutiara Ilmiana Nur; Pratama, Ahmad Zakia Garda
Journal of Applied Accounting and Sustainable Finance Vol. 1 No. 3 (2025): December 2025
Publisher : Yayasan Az Zukhruf Cendikia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65440/aasf.v1i3.126

Abstract

Purpose – This study aims to obtain empirical evidence on the influence of carbon Emission Disclosure, Green Innovation, and Cash Holding on Firm Value. Design/methodology/approach – This study uses quantitative research. The sample in this study consist of 40 companies in the transportation and logistics, and infrastructure sectors listed on Indonesian Stock Exchange from 2021-2024. The analysis technique used to the hypothesis is multiple regression analysis using Eviews 9 software. Findings – The results of this study found carbon emission disclosure had a negative and statictically insignificant effect on firm value, while green innovation had a negative and statistically significant effect on firm value, and cash holding had a positive and statistically significant effect on firm value. Research limitations/implications – This study discusses firm value and other such as carbon emission disclosure, green innovation, and cash holding focusing on transportation and logistics, and infrastructure sectros.
Emission Transparency and Funding Strategy: Implications for Firm Value Maharani, Jihan; Safitri, Nandita Ayuni
Journal of Applied Accounting and Sustainable Finance Vol. 1 No. 3 (2025): December 2025
Publisher : Yayasan Az Zukhruf Cendikia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65440/aasf.v1i3.129

Abstract

Purpose – This study aims to analyze the effect of Greenhouse Gas Emissions Disclosure and Debt Policy on Firm Value in companies listed on the Indonesia Stock Exchange for the period 2021-2024. This study is relevant given the increasing global attention to environmental issues and corporate funding strategies as important factors in creating company value.  Design/methodology/approach – The research uses a quantitative approach with panel data regression method through Random Effect Model (REM). Data was obtained from annual reports and corporate sustainability reports during the study period. The independent variables used are Greenhouse Gas Emissions Disclosure and Debt Policy, while the dependent variable is Firm Value proxied by Tobin's Q. Findings – The results showed that Greenhouse Gas Emissions Disclosure has a positive but insignificant effect on Firm Value, indicating that the market has not fully considered emissions disclosure in valuation. In contrast, Debt Policy has a positive and significant effect, in line with signaling theory, which suggests that funding decisions through debt are perceived as a signal of confidence in the company's prospects. Research limitations/implications – The research is limited to the 2021-2024 observation period and only uses two independent variables, so it does not include other factors such as profitability, company size, and governance. The practical implication is that management needs to strengthen emission disclosure transparency and manage debt policy sustainably in order to increase investor confidence. JEL : G32, M41, Q56    
The Influence Of Sustainability Report Disclosure, Firm Size, And Green Accounting On Return on Assets Of Companies In Basic Materials Sector In 2020-2024 Yudhistira, Muhammad; Soegiharto, Soegiharto
Journal of Applied Accounting and Sustainable Finance Vol. 1 No. 3 (2025): December 2025
Publisher : Yayasan Az Zukhruf Cendikia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65440/aasf.v1i3.131

Abstract

Purpose – This study aims to analyze the effect of Sustainability Report Disclosure, Firm Size, and Green Accounting on Return on Assets (ROA) of basic materials sector companies listed on the Indonesia Stock Exchange for the period 2020-2024. Design/methodology/approach – This research employs a quantitative approach with causal-explanatory design using secondary data obtained from annual reports and sustainability reports. The sample consists of 16 basic materials sector companies selected using purposive sampling technique, resulting in 80 observations during 2020-2024. Data analysis was conducted using panel data regression with Random Effect Model (REM) approach, supported by EViews9 software. Variable measurement uses disclosure index based on GRI Standards 2021 for Sustainability Report, natural logarithm of total assets for Firm Size, and dummy variable for Green Accounting based on environmental cost disclosure. Findings – The results showed that the overall model was significant (F-statistic = 2.245; p-value = 0.090), explaining 8.14% of the variation in ROA (R² = 0.814). Individually, the Sustainability Report Disclosure variable had no effect on ROA (coefficient = 0.0034; p-value = 0.4998), indicating that corporate sustainability transparency has not been able to improve asset profitability. Firm size did not affect ROA (coefficient = 0.0008; p-value = 0.6878). The results showed that firm size does not directly reflect a company's ability to generate profits from its assets. On the other hand, Green Accounting shows a negative effect on ROA (coefficient = -0.0608; p-value = 0.0163), this can be interpreted that the costs arising from the implementation of Green Accounting in the short term have the potential to reduce the company's profitability, although in the long term it can provide non-financial benefits such as reputation and business sustainability. Practically, companies that implement Green Accounting (disclose environmental costs in sustainability reports) have a lower ROA of 6.1 points compared to companies that do not implement it, assuming other variables are constant. Research limitations/implications – This research was obtained from financial reports and sustainability reports. The data obtained only covers a five-year period and may not fully capture the quality or substance of the disclosures, but only the quantity. JEL: G3, Q5
The Effect Of Green Accounting, Corporate Social Responsibility, Profitability And Investment Decisions On Firm Value Siska Alawiyah
Journal of Applied Accounting and Sustainable Finance Vol. 1 No. 3 (2025): December 2025
Publisher : Yayasan Az Zukhruf Cendikia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65440/aasf.v1i3.133

Abstract

Purpose – This study aims to obtion emprical evidence on the Effect of Green Accounting, Corporate Social Responsibility, Profitability, and Invesment Decisions on Firm Value. Design/methodology/approach – This study uses a type of quantitative research, the sample in this study is a raw materials sector company listed on the Indonesia Stock Exchange in 2021-2024 as many as 20 companies. The analytical technique used to test the lupotests is multiple regression analysis using e-views 9 software. Findings – The results of this study found that green accounting has a negative and statistically insignificant effect on firm value, as well as corporate social responsibility has a negative and statistically significant effect on firm value. while profitability has a positive and statistically significant effect on firm value. then investment decisions have a positive and statistically significant effect on firm value. Originality/value: This study discusses Firm Value and other factors such as Green Accounting. Corporate Social Responsibility, Profitability, and Investment Decisions that focus on raw materials sector companies.
Effectiveness of Managerial Ownership in Moderating the Impact of Green Accounting and Green Intellectual Capital on Financial Performance Rahmawati, Sri Nuraini
Journal of Applied Accounting and Sustainable Finance Vol. 1 No. 3 (2025): December 2025
Publisher : Yayasan Az Zukhruf Cendikia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65440/aasf.v1i3.137

Abstract

Purpose – This study aims to obtain empirical evidence regarding the effect of green accounting and green intellectual capital on financial performance with managerial ownership as a moderating variable. Design/methodology/approach – This research uses quantitative research. The sample in this study were industrials sector companies listed on the Indonesia Stock Exchange in 2021-2024, totaling 41 companies. The analysis technique used to test the hypothesis is multiple regression analysis and moderation interaction regression using EViews 9 software.  Findings – The results of this study indicate that green accounting has a negative and statistically insignificant effect on financial performance. In contrast, green intellectual capital has a positive and statistically significant effect on financial performance, and managerial ownership has a positive and statistically significant effect on financial performance. However, managerial ownership does not strengthen the effect of green accounting on financial performance, while managerial ownership strengthens the effect of green intellectual capital on financial performance.  Research limitations/implications – This study discusses corporate financial performance as well as other factors such as green accounting, green intellectual capital, and managerial ownership, focusing on industrials sector companies. This study makes a novel contribution by placing managerial ownership as a moderating variable that strengthens the relationship to explain variations in corporate financial performance amidst increasing demands for sustainable business practices.  Originality/value – This study is a new contribution to Indonesian literature because it integrates green accounting, green intellectual capital, and managerial ownership into a single research framework. The evidence produced can be used as a reference for academics, practitioners, and regulators to understand the role of managerial ownership in strengthening sustainability practices that impact corporate financial performance.
The Effect of Environmental Performance, Intellectual Capital, Institutional Ownership on Corporate Profitability with Corporate Social Responsibility as a Moderating Variable Rene, Alberta; Mini, Florida; Kartika Ji’e, Ancelia
Journal of Applied Accounting and Sustainable Finance Vol. 2 No. 1 (2026): April 2026
Publisher : Yayasan Az Zukhruf Cendikia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65440/aasf.v2i1.144

Abstract

Purpose – This study aims to obtain empirical evidence on the influence of environmental performance, intellectual capital, and institutional ownership, on Corporate profitability. Design/methodology/approach – This study employs a quantitative research method using secondary data. The population consists of 73 infrastructure sector companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 period. The sample comprises 34 infrastructure sector companies listed on the Indonesia Stock Exchange (IDX) during the same period. The total number of observations in this study is 102. The hypothesis testing is conducted using multiple regression analysis with E-Views 9 software. Findings – The results of this study indicate that the environmental performance variable has a positive and significant effect on firm profitability. The intellectual capital variable has a negative and insignificant effect on firm profitability. The institutional environment has a positive and significant effect on firm profitability. Research limitations/implications – This study aims to provide information on firm profitability provides an overview of a company’s ability to generate profits efficiently.   JEL : 14, M41, G34, O34, L25
The Effect of Corporate Social Responsibility Disclosure, Good Corporate Governance, and Intellectual Capital on Company Financial Performance with Company Size as a Moderating Variable Rahmadiah, Novi; Fadhlurrahman, Hafizh; Sahat, Michael
Journal of Applied Accounting and Sustainable Finance Vol. 2 No. 1 (2026): April 2026
Publisher : Yayasan Az Zukhruf Cendikia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65440/aasf.v2i1.156

Abstract

Purpose – This study investigates the financial performance of the non-cyclical consumer sector on the Indonesia Stock Exchange during the post-pandemic recovery and high-inflation period (2022-2024). It specifically examines the impact of Corporate Social Responsibility Disclosure (CSRD), Good Corporate Governance (GCG), and Intellectual Capital (IC) on Financial Performance, with Company Size as a moderating variable. Design/methodology/approach – This quantitative study analyzes a sample of 147 companies. Data were analyzed using panel data regression (Random Effects Model) processed through Eviews 9, moving away from previous inconsistencies regarding regression types. Findings – The analysis shows that CSRD and GCG have a negative and statistically insignificant effect on financial performance, indicating that governance structures and social disclosure in this sector have not been optimized for financial gain. Importantly, Intellectual Capital is found to have a negative and statistically significant effect on performance, indicating that high investment in intangible assets may act as a cost burden in the short term in this sector. However, Firm Size has a positive and significant direct effect on financial performance, reflecting economies of scale. Furthermore, although Firm Size fails to moderate the impact of CSRD and GCG, it significantly moderates and strengthens the relationship between Intellectual Capital and financial performance, implying that larger firms are better able to leverage intangible assets for value creation. Research limitations/implications – This study provides practical insights for managers in the consumer non-cyclicals sector to optimize their intellectual assets and reconsider the cost-benefit efficiency of CSR activities during the economic recovery phase. JEL : 14, M41, G34, O34, L25
The Effectiveness of Accounting Information Systems, Intellectual Capital, and Financial Distress on Financial Performance with Profitability as a Moderation Variable Hanifah, Adristi Ardelia; Zahron, Abdullah Rifqi; Amirul, Sharifah Milda
Journal of Applied Accounting and Sustainable Finance Vol. 2 No. 1 (2026): April 2026
Publisher : Yayasan Az Zukhruf Cendikia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65440/aasf.v2i1.166

Abstract

Objective – This study aims to obtain empirical evidence on the Effect of Effectiveness of Accounting Information Systems, Intellectual Capital, and Financial Distress on Financial Performance with Profitability as a moderation variable. Design/methodology/approach – This study uses a type of quantitative research. The sample in this study is 64 companies in the Health and Non-Primary Consumer Goods sectors listed on the Indonesia Stock Exchange in 2022-2024. The analysis technique used to test the hypothesis is logistic regression analysis using the Eviews 9 software. Findings – The results of the study show that the Effectiveness of the Accounting Information System has a positive effect on Financial Performance. Meanwhile, Intellectual Capital has a positive effect on Financial Performance. And Financial Distress has a positive effect on Financial Performance. Then, the Effectiveness of Accounting Information Systems strengthens the influence of profitability on Financial Performance. Meanwhile, Intellectual Capital strengthens the influence of profitability on Financial Performance. Meanwhile, Financial Distress strengthens the influence of profitability on Financial Performance. Limitations/Implications of Research – The first limitation of this research is the type of data used in this study, namely secondary data obtained from the annual report published by the company. However, the data listed is incomplete even though it is mandatory to upload financial statements every year. Furthermore, the content of the formula is confusing or incomplete, the number is not stated in the financial statements for the formula. Furthermore, this study has limitations on the sample from only 204 to 64 samples, while the rest is because the annual report data is incomplete and the company suffers losses. And finally, this study was conducted over a certain period of time, namely 2022-2024, which may not be for long-term analysis. JEL : M41, G32, G33, G34, 25
The Effect of Environmental Performance and CEO Gender on Carbon Emission Disclosure with Leverage as a Moderating Variable Saputri, Nadia; Hakim, Muhammad Faisal; Dizaj, Zahra Valizadeh
Journal of Applied Accounting and Sustainable Finance Vol. 2 No. 1 (2026): April 2026
Publisher : Yayasan Az Zukhruf Cendikia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65440/aasf.v2i1.173

Abstract

Purpose – This study aims to obtain empirical evidence on the influence of environmental performance and CEO gender on carbon emission disclosure, with leverage as a moderating variable. Design/methodology/approach – This study uses quantitative research. The sample in this study consists of 66 companies in the basic materials sector listed on the Indonesia Stock Exchange from 2022 - 2024. The analysis technique used to test the hypothesis is multiple regression analysis using Eviews 9 software. Findings – The results of this study found that Environmental Performance has a negative and statistically insignificant effect on Carbon Emission Disclosure, while CEO Gender has a negative and statistically insignificant effect on Carbon Emission Disclosure, and Leverage has a negative and statistically insignificant effect on Carbon Emission Disclosure. Furthermore, Environmental Performance does not strengthen the effect of Leverage on Carbon Emission Disclosure, while CEO Gender strengthens the effect of Leverage on Carbon Emission Disclosure. Research limitations/implications – This study discusses Carbon Emission Disclosure and other factors such as Environmental Performance, CEO Gender, and Leverage, focusing on the basic materials sector. These results highlight the importance of executive characteristics under financial constraints and imply that voluntary environmental disclosure in Indonesia remains weak without stronger regulatory enforcement. They contribute to the environmental accounting literature by providing empirical evidence on the interaction between financial pressure and top management characteristics. They also offer policy implications for strengthening the mandatory carbon disclosure framework in emission-intensive sectors. JEL : Q56, M14, G34
Determinants of Return on Assets in Sharia Commercial Banks: The Moderating Role of Non-Performing Financing Nurriski, Aulia; Rizkiyah, Putri; Yesmin, Afsana
Journal of Applied Accounting and Sustainable Finance Vol. 2 No. 1 (2026): April 2026
Publisher : Yayasan Az Zukhruf Cendikia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65440/aasf.v2i1.179

Abstract

Purpose – This study aims to obtain empirical evidence on the influence of the Islamicity Performance Index (proxied by Profit-Sharing Ratio), Intellectual Capital, and Operational Efficiency Ratio on Return on Assets (ROA), with Non-Performing Financing as a moderating variable. This investigation is particularly relevant in the 2022–2024 period, which represents an era of post-pandemic recovery and accelerated spin-offs of Islamic banking units in Indonesia. Design/methodology/approach – This study employs a quantitative research approach using secondary data. The population consists of 14 Sharia Commercial Banks listed by the Financial Services Authority (OJK) in Indonesia during the period 2022–2024. The sample includes 11 Sharia Commercial Banks selected based on purposive sampling criteria, resulting in 33 observations. The analysis technique used to test the hypothesis is multiple regression analysis and moderation interaction regression using EViews 9 software.         Findings – The results show that the Islamicity Performance Index has a negative and statistically significant effect on ROA, indicating that profit-sharing-based financing has not yet translated into higher short-term profitability during the spin-off era. Intellectual Capital and Operational Efficiency Ratio exhibit negative but statistically insignificant effects on ROA, suggesting that internal resource optimization remains uneven across Sharia banks. Non-Performing Financing has a negative and statistically insignificant direct effect on ROA; however, it significantly strengthens the relationship between the Islamicity Performance Index and ROA. This finding indicates that financing risk plays a critical role in shaping the effectiveness of Sharia-based financing structures on bank profitability, particularly in periods of structural transformation. Research limitations/implications – This study is limited to Sharia Commercial Banks in Indonesia over the 2022–2024 period and relies solely on secondary data. Practically, the findings highlight the importance for Islamic bank management to integrate profit-sharing strategies with robust financing risk control. From a policy perspective, the results provide relevant insights for the Financial Services Authority (OJK) in designing supervisory frameworks that balance Sharia compliance, risk management, and profitability sustainability in the spin-off era. JEL: M41, G21, G32

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