The Effects of Green Accounting Disclosure, Eco-Efficiency, and Sales Growth on Firm Value: Evidence from IDX Energy Companies, 2020–2024

Abstract

Indonesia's energy sector faces growing pressure to align financial performance with environmental sustainability, particularly in pursuit of the Net Zero Emissions agenda. This study examines the effects of green accounting disclosure, eco-efficiency, and sales growth on firm value among IDX-listed energy companies. A quantitative explanatory design was applied using panel data regression on 100 firm-year observations from 20 companies over 2020-2024, with analyses conducted in EViews 13. Sequential Chow, Hausman, and Lagrange Multiplier tests identified the Common Effect Model as the most appropriate specification, and heteroscedasticity was addressed using White Diagonal robust standard errors. Green accounting disclosure had a positive and significant effect on firm value, eco-efficiency had a significant negative effect, and sales growth was not significant. The overall model was significant, although its explanatory power was limited.

Keywords: green accounting disclosure; eco-efficiency; sales growth; firm value.

Introduction

The Indonesian energy sector occupies a strategically important position in the national capital market while simultaneously facing growing environmental scrutiny. During 2020-2024, the number of listed energy firms increased and investment remained substantial, yet investors increasingly assessed companies not only through financial indicators but also through sustainability-related signals.

Green accounting disclosure and eco-efficiency reporting represent visible signals of environmental responsibility. In Indonesia, these practices are supported by sustainable-finance regulation, but prior evidence regarding their influence on firm value remains inconsistent. Sales growth is likewise often treated as a signal of market strength, although revenue expansion does not automatically translate into profitability or higher valuation.

This study integrates green accounting disclosure, eco-efficiency, and sales growth in one panel-data model focused specifically on IDX-listed energy companies. Firm value is measured using Tobin's Q, allowing the analysis to capture how market participants interpret environmental and financial signals in an emerging-market context.

Literature Review and Hypothesis Development

Signaling Theory

Signaling theory explains how firms communicate information to external parties to reduce information asymmetry. Financial and non-financial disclosures may influence market valuation when investors regard them as credible indicators of future prospects.

Green Accounting Disclosure

Green accounting disclosure covers the identification and reporting of environmental costs, activities, and performance. Broader disclosure can enhance transparency and strengthen stakeholder confidence. H1 proposes that green accounting disclosure significantly affects firm value.

Eco-Efficiency

Eco-efficiency reflects the ability to create economic output while reducing environmental impact. ISO 14001 certification is used as the operational proxy. Because prior findings are mixed, H2 proposes a significant effect without specifying direction.

Sales Growth

Sales growth indicates revenue expansion and market traction. Under signaling theory, strong growth may suggest favorable future cash flows. H3 proposes that sales growth significantly affects firm value.

Figure 1. Frame of Mind

Methods

Research Design

The study used a quantitative explanatory design and panel data regression covering 20 IDX-listed energy companies over five years, producing 100 firm-year observations.

Population and Sample

Purposive sampling required continuous listing, complete annual reports, accessible official sources, consistent sustainability reports, and complete data for all variables.

Measurement

Firm value was measured using Tobin's Q. Green accounting disclosure used an 82-item GRI G3/G3.1 checklist. Eco-efficiency was coded 1 for ISO 14001 certification and 0 otherwise. Sales growth was calculated as the annual change in sales divided by prior-year sales.

Data Analysis

Descriptive statistics and panel regression were conducted in EViews 13. Model selection used Chow, Hausman, and Lagrange Multiplier tests. Multicollinearity and heteroscedasticity were assessed before hypothesis testing with t-tests, an F-test, and R-squared.

Results and Discussion

Descriptive Statistics

Model Selection and Diagnostics

The Chow, Hausman, and Lagrange Multiplier sequence supported the Common Effect Model. Multicollinearity was not problematic. Heteroscedasticity was detected for eco-efficiency, so the final regression used White Diagonal robust standard errors.

Interpretation

Green accounting disclosure was positively associated with firm value, indicating that investors rewarded greater environmental transparency. Eco-efficiency, proxied by ISO 14001 certification, showed a negative association, potentially reflecting near-term compliance and restructuring costs. Sales growth did not independently influence valuation. The model was jointly significant, but R-squared was only 0.187, showing that most variation in firm value was explained by factors outside the model.

Limitations and Recommendations

The study is limited to IDX-listed energy companies and a five-year period. Eco-efficiency is represented by a binary certification indicator that does not measure implementation intensity. Future studies should incorporate carbon intensity, green innovation, ESG indices, profitability, leverage, market risk, and longer observation periods.

Conclusion

Green accounting disclosure, eco-efficiency, and sales growth jointly affected firm value, although the model explained only 18.7% of the variation. Environmental disclosure was positively valued, ISO 14001-based eco-efficiency was negatively associated with firm value, and sales growth was not significant. These findings show that environmental and financial signals are interpreted differently by investors in Indonesia's energy sector.

Acknowledgements

The authors expressed appreciation to academic supervisors, family members, colleagues, and all parties who provided direction and support during the study.

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