Pengaruh Green Accounting dan Struktur Modal terhadap Kinerja Keuangan dengan Sertifikasi ESG sebagai Variabel Pemoderasi pada Perusahaan Sektor Energi di Daftar Efek Syariah (2021–2024)
DOI:
https://doi.org/10.30640/jumma45.v5i1.6294Keywords:
Green Accounting, Capital Structure, Financial Performance, Environmental, Social, and Governance (ESG) Certification, Sharia-Based Energy CompaniesAbstract
This study aims to analyze the influence of green accounting and capital structure on the financial performance of sharia-based energy sector companies, as well as to examine the role of Environmental, Social, and Governance (ESG) certification as a moderating variable. The research employs a quantitative approach using secondary data from annual reports and sustainability reports of companies listed in the Sharia Securities List (DES) during the 2021–2024 period. The sample consists of 60 companies with a total of 238 observations analyzed through panel data regression using the Fixed Effect Model (FEM) and Moderated Regression Analysis (MRA). The findings indicate that green accounting and capital structure do not significantly affect financial performance measured by Return on Assets (ROA). ESG certification also shows no significant effect, either directly or as a moderating variable. However, simultaneous testing reveals that the overall research model significantly explains variations in financial performance. These findings suggest that sustainability practices and financial policies in sharia-based energy companies have not yet optimally influenced short-term financial performance while still contributing to the development of sustainable accounting and finance literature.
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