Environmental Signal Failure and Corporate Governance Effectiveness: Empirical Evidence from the IDX80 Index
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Abstract
This study aims to examine the effect of green accounting practices and good corporate governance (GCG) mechanisms on firm value. Using a purposive sampling method, this research observes 31 non-financial companies listed in the IDX80 index during the 2023-2024 period. Panel data regression with a Random Effect Model was implemented as the main analytical tool. The empirical results indicate that green accounting has no significant effect on firm value. This finding suggests a myopic phenomenon in the Indonesian capital market, where investors tend to perceive environmental costs as an operational burden that erodes profits rather than as a strategic sustainability investment. Conversely, GCG mechanisms, specifically institutional ownership, exhibit a significant positive effect on firm value, reflecting effective active monitoring instruments. Meanwhile, the existence of independent commissioners and audit committees shows no significant impact, implying that their supervisory functions might still be limited to administrative regulatory compliance. These findings contribute to the signalling theory literature and imply that regulators need to continuously promote green investing education in the capital market.
Keywords:
Green Accounting Corporate Governance Firm Value IDX80References
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