Abstract :

Firm value is a crucial aspect that must be maintained and continuously enhanced by companies. Firm value itself can be influenced by several factors, including the implementation of green accounting and risk management disclosure. This study aims to examine how the implementation of green accounting and the disclosure of risk management contribute to firm value. The research focuses on financial sector companies listed on the Indonesia Stock Exchange (IDX) in 2023. Data analysis was conducted using the Generalized Additive Model (GAM) through R Studio. The results indicate that the implementation of green accounting and the disclosure of risk management do not have a significant effect on firm value.

---

Keywords :

Green Accounting, Risk Management, Firm Value

---

References :

1. I. Cahyani and D. Suhartini, “Determinants of Firm Value: Sustainability Report As a Mediating Variable,” Int. J. Econ. Educ. Entrep., vol. 3, no. 2, pp. 355–367, 2023, doi: 10.53067/ije3.v3i2.150.
2. S. Limantara, Henny Septiana Amalia, and Soelistijono Boedi, “Pengaruh Good Corporate Governance Dan Corporate Social Responsibility Terhadap Nilai Perusahaan,” JUMA, vol. 22, no. 1, 2021, doi: 10.31000/competitive.v7i2.4877.
3. B. Aswangga and A. A. Widoretno, “Penerapan Green Accounting, Profitabilitas, dan Good Corporate Governance Terhadap Nilai Perusahaan (Studi Kasus Perusahaan Sektor Food and Beverage yang Terdaftar di Bursa Efek Indonesia Tahun 2021-2023),” Ratio Reviu Akunt. Kontemporer Indones., vol. 6, no. 1, pp. 61–76, 2025,  doi: 10.30595/ratio.v6i1.23922.

4. Elkington, “Enter the triple bottom line,” Triple Bottom Line Does it All Add Up, vol. 1, no. 1986, pp. 1–16, 1997, doi: 10.4324/9781849773348.
5. Lako, “Akuntansi Hijau,” December, no. December, p. 146, 2018.
6. Faisal, Z. Abidin, and H. Haryanto, “Enterprise risk management (ERM) and firm value: The mediating role of investment decisions,” Cogent Econ. Financ., vol. 9, no. 1, 2021, doi: 10.1080/23322039.2021.2009090.

7. Hidayah, Z. Azhar, E. Setiany, W. Utami, and D. Tarmidi, “Determinants of Erm Quality and Its Impact on Company Value,” Bus. Theory Pract., vol. 25, no. 1, pp. 11–23, 2024, doi: 10.3846/btp.2024.19302.

8. Ashfaq, R. Zhang, A. Munaim, and N. Razzaq, “An investigation into the determinants of risk disclosure in banks: Evidence from financial sector of Pakistan,” Int. J. Econ. Financ. Issues, vol. 6, no. 3, pp. 1049–1058, 2016.
9. E. E. Freeman and J. McVea, “A Stakeholder Approach to Strategic Management,” SSRN Electron. J., no. March, 2005, doi: 10.2139/ssrn.263511.

10. R. Aziz and M. Kholmi, “Pengaruh Green Accounting dan Corporate Social Responsibility terhadap Profitabilitas,” J. Ekon. Akunt. dan Manaj., vol. 23, no. 1, p. 54, 2024, doi: 10.19184/jeam.v23i1.43456.

11. Natasya Agatha and A. Aning Widoretno, “Pengaruh Green Accounting dan Material Flow Cost Accounting Terhadap Nilai Perusahaan dengan Profitabilitas Sebagai Variabel Intervening,” Akuisisi J. Akunt., vol. 19, no. 02, pp. 347–361, 2023, [Online]. Available: http://dx.doi.org/10.24217

12. D. Utami, N. K. Rasmini, M. R. Sari, and I. P. Sudana, “Effect of Good Corporate Governance, Enterprise Risk Management, and Financial Distress on Company Value,” Int. J. Health Sci. (Qassim)., vol. 6, no. S1, pp. 1312–1329, 2022, doi: 10.53730/ijhs.v6ns1.4871.

13. Fitri Prasetyorini, “Pengaruh Ukuran Perusahaan, Leverage, Price Earning Ratio Dan Profitabilitas Terhadap Nilai Perusahaan,” J. Imu Manaj., vol. 1, no. 1, pp. 183–196, 2013.
14. S. Subagio and E. Saraswati, “the Role of Financial Performance in Mediation of Enterprise Risk Management and Corporate Value,” Jae (Jurnal Akunt. Dan Ekon., vol. 7, no. 2, pp. 55–62, 2022, doi: 10.29407/jae.v7i2.17448.
15. Tohendry and D. Jollyta, “Penerapan Algoritma K-Means Clustering Untuk Pengelompokkan Saham Berdasarkan Price Earning Ratio Dan Price To Book Value,” J. Mhs. Apl. Teknol. Komput. dan Inf., vol. 5, no. 1, pp. 3–9, 2023.
16. Aniela, “Peran Akuntansi Lingkungan Dalam Meningkatkan Kinerja,” Berk. Ilm. Mhs. Akunt., vol. 1, no. 1, pp. 15–19, 2012.
17. Astuti, R. Amyulianthy, and R. Kaniati, “Green Accounting, Financial Performance toward Firm Value,” Asian J. Account. Financ., vol. 4, no. 1, pp. 1–12, 2022, doi: 10.55057/ajafin.2022.4.1.1.
18. N. L. Ermaya and A. A. S. Mashuri, “The Influence of Environmental Performance, Environmental Cost and ISO 14001 on Financial Performance in Non-Financial Companies Listed on the Indonesia Stock Exchange,” Neraca J. Akunt. Terap., vol. 1, no. 2, pp. 74–83, 2020, doi: 10.31334/neraca.v1i2.857.

19. Iswajuni, A. Manasikana, and S. Soetedjo, “The effect of enterprise risk management (ERM) on firm value in manufacturing companies listed on Indonesian Stock Exchange year 2010-2013,” Asian J. Account. Res., vol. 3, no. 2, pp. 224–235, 2018, doi: 10.1108/AJAR-06-2018-0006.
20. PWC, “Inter n al Co n t ro l — I n te g rate d F ra mewo rk E xe cu tive S u mmar y,” Coso, no. May, pp. 1–20, 2013.
21. Supriyadi and C. T. Setyorini, “Pengaruh Pengungkapan Manajemen Risiko Terhadap Nilai Perusahaan Melalui Kinerja Keuangan Di Industri Perbankan Indonesia,” Own. (Riset dan J. Akuntansi), vol. 4, no. 2, p. 467, 2020, doi: 10.33395/owner.v4i2.257.

22. Faranika and I. Illahi, “Analisis Pengaruh Green Accounting Dan Kualitas AuditTerhadap Nilai Perusahaan,” JEBI J. Ekon. dan Bisnis, vol. 1, no. 1, pp. 141–161, 2023, [Online]. Available: http://j-economics.my.id/index.php/home/article/view/10%0Ahttps://j-economics.my.id/index.php/home/article/download/10/31
23. Abdullah, Z. A. Shukor, Z. M. Mohamed, and A. Ahmad, “Risk management disclosure: A study on the effect of voluntary risk management disclosure toward firm value,” J. Appl. Account. Res., vol. 16, no. 3, pp. 400–432, 2015, doi: 10.1108/JAAR-10-2014-0106.
24. Shofiani, S. W. Wahyuni Astuti, and N. A. Saputri, “Pengaruh Pengungkapan Corporate Social Responsibility dan Enterprise Risk Managemen terhadap Nilai Perusahaan (Studi Empiris pada Perusahaan Manufaktur tahun 2020),” Ekon. Keuangan, Investasi dan Syariah, vol. 4, no. 2, pp. 412–419, 2022, doi: 10.47065/ekuitas.v4i2.1979.
25. Deffi, D. Cahyono, and R. Aspirandi, “Intellectual Capital Disclosure Dan Debt To Asset Ratio,” Budg. J. Business, Manag. Account., vol. 1, no. 2, pp. 147–162, 2020.
26. Sugiyono, Metode Penelitian Kuantitatif, Kualitatif, dan Tindakan. 2013.
27. J. Pedersen, D. L. Miller, G. L. Simpson, and N. Ross, “Hierarchical generalized additive models in ecology: An introduction with mgcv,” PeerJ, vol. 2019, no. 5, 2019, doi: 10.7717/peerj.6876.

28. Rani and E. Sisdianto, “the Impact of Green Accounting Implementation on Firm Value in the Capital Market,” JICN J. Intelek dan Cendikiawan Nusant., vol. 1, pp. 9112–9121, 2025, [Online]. Available: https://jicnusantara.com/index.php/jicn
29. M. Selvia and Virna Sulfitri, “Pengaruh Green Accounting, Corporate Social Responsibility Dan Financial Distress Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Sektor Consumer Goods Yang Terdaftar Di Bei 2019-2021,” J. Ekon. Trisakti, vol. 3, no. 2, pp. 3035–3048, 2023, doi: 10.25105/jet.v3i2.17999.

30. Azizah, A. M. Diah, and R. Wulaningrum, “The Impact of Risk Management on Firm Performance,” Proc. Int. Conf. Appl. Sci. Technol. Soc. Sci. 2021 (iCAST-SS 2021), vol. 647, pp. 849–853, 2022, doi: 10.2991/assehr.k.220301.139.