Green Accounting, Green Financing, Corporate Social Responsibility, and Firm Value in Mining

Abstract

This study examines the effect of green accounting, green financing, and corporate social
responsibility (CSR) on firm value in mining companies listed on the Indonesia Stock Exchange
during the 2020–2024 period. A quantitative approach was employed using multiple linear
regression analysis. The population consisted of mining companies listed on the Indonesia
Stock Exchange, and purposive sampling was used to select 48 companies, resulting in 240
firm-year observations. Data were obtained from annual reports and sustainability reports.
Green accounting was measured using an environmental cost disclosure index, green financing
was measured using green financing disclosure indicators, and CSR was measured based on
Global Reporting Initiative (GRI) standards. Firm value was measured using Tobin’s Q ratio.
The findings indicate that green accounting has a positive and significant effect on firm value.
Green financing has a negative and significant effect on firm value, while CSR has a positive
and significant effect on firm value. Furthermore, green accounting, green financing, and CSR
simultaneously have a significant effect on firm value. These findings suggest that sustainability
practices play an important role in shaping firm value, particularly in environmentally sensitive
industries such as mining.