From Environment to Profit: The Impact of Green Accounting and Environmental Performance on Financial Performance

Authors

  • Salsa Vonni Indrayani Universitas Jambi, Indonesia
  • Sri Rahayu Universitas Jambi, Indonesia
  • Wirmie Eka Putra Universitas Jambi, Indonesia

DOI:

https://doi.org/10.59188/jurnalsosains.v5i12.32603

Keywords:

Green Accounting, Environmental Performance, Financial Performance

Abstract

This study aims to systematically review the empirical literature on the relationship between green accounting and environmental performance with financial performance. Despite growing attention to sustainability practices in corporate management, empirical findings remain inconsistent regarding their economic implications. This inconsistency creates confusion for both academics and practitioners in understanding the true value of environmental initiatives. The primary research problem addressed in this study is the lack of comprehensive synthesis explaining why green accounting and environmental performance show varying effects on financial performance across different contexts. The review was conducted using a Systematic Literature Review (SLR) approach by analyzing 30 relevant articles published within the 2020–2025 period, selected through rigorous inclusion criteria from credible academic journals. The results indicate that both green accounting and environmental performance mostly show insignificant effects on financial performance, with 14 out of 25 studies (56%) finding no significant relationship for green accounting, and 10 out of 22 studies (45%) reporting similar findings for environmental performance. However, some studies documented positive effects when sustainability practices are managed as a corporate strategy to enhance reputation, legitimacy, and competitive advantage. These findings suggest that the economic benefits of environmental management are indirect and influenced by contextual factors such as industry characteristics, regulatory environments, and strategic orientation. The practical implications of this study emphasize that companies must integrate environmental practices into core business strategies rather than treating them as mere compliance activities, while policymakers should consider designing incentive mechanisms that accelerate the transformation of environmental investments into measurable financial returns. This study contributes to a comprehensive understanding of empirical inconsistencies and emphasizes the need for a more strategic sustainability approach to support financial performance.

References

Alfianah, W., & Rizkianto, R. K. (2023). Pengaruh Environmental Performance dan Corporate Social Responsibility Disclosure Terhadap Kinerja Keuangan Pada Perusahaan Kosmetik di BEI. Owner; Riset & Jurnal Akuntansi, 7(4), 2854–2865. https://doi.org/10.33395/owner.v7i4.1756

Amal, M., & Kholmi, M. (2025). Pengaruh Akuntansi Hijau terhadap Kinerja Keuangan : Studi Literature Review pada Perusahaan Terdaftar Bursa Efek Indonesia (BEI). Jurnal Penelitian Inovatif, 5(1), 217–222. https://doi.org/10.54082/jupin.1085

Andrefe, A. C., & Kurniawati, E. P. (2024). Pengaruh Kinerja Lingkungan Terhadap Kinerja Keuangan dengan Reputasi Perusahan Sebagai Pemoderasi. Among Makarti, 17(1).

Angelina, M., & Nursasi, E. (2021). Pengaruh Penerapan Green Accounting dan Kinerja Lingkungan Terhadap Kinerja Keuangan Perusahaan. Jurnal Manajemen Dirgantara, 14(2), 211.

Anisah, N. W., Hamzani, U., Yunita, K., Dosinta, N. F., & Damayanti, F. (2024). The Influence of Green Accounting and Capital Structure on Financial Performance with Environmental Performance (Proper Index) as a Moderation Variable. Sebatik, 28(2). https://doi.org/10.46984/sebatik.v28i2.2512

Damayanti, A., & Astuti, S. B. (2022). Pengaruh Green Accounting Terhadap Kinerja Perusahaan (Studi Empiris pada Perusahaan Pertambangan dan Industri Kimia yang terdaftar di BEI periode 2017-2020). Jurnal Riset Akuntansi, 2(2), 116–125.

Dianty, A., & Nurrahim, G. (2022). Pengaruh Penerapan Green Accounting dan Kinerja Lingkungan terhadap Kinerja Keuangan. Economics Professional in Action (E-PROFIT), 4(2), 126–135. https://doi.org/10.37278/eprofit.v4i2.529

Dita, E. M. A., & Ervina, D. (2021). Pengaruh Green Accounting, Kinerja Lingkungan dan Ukuran Perusahaan Terhadap Financial performance. Journal of Finance and Accounting Studies, 3(2), 72–84.

Faizah, B. S. Q. (2020). Penerapan Green Accounting Terhadap Kinerja Keuangan. Jurnal Riset Akuntansi Kontemporer, 12(2), 94–99.

Falih, A., & Ifada, L. M. (2025). Pengaruh Green Accounting dan Kinerja Lingkungan Terhadap Kinerja Keuangan Dengan Moderasi Independensi Dewan Komisaris. ECo-Buss, 7(3), 1786–1801. https://doi.org/10.32877/eb.v7i3.2061

Handoko, J., & Santoso, V. (2023). Pengaruh Akuntansi Hijau dan Kinerja Lingkungan terhadap Kinerja Keuangan dengan Tanggung Jawab Sosial sebagai Pemediasi. Nominal Barometer Riset Akuntansi Dan Manajemen, 12(1), 84–101. https://doi.org/10.21831/nominal.v12i1.56571

Hasanah, N., & Widiyati, D. (2023). Hasanah and Widiyati - 2023 - Penerapan Green Accounting Terhadap Kinerja Keuang. Jurnal Pajak Dan Bisnis, 4(2).

Holly, A., Mardiana, A., Jao, R., Tangke, P., & The, I. (2023). Pengaruh Environmental Performance dan Environmental Dislosure Terhadap Financial Performance . Jurnal Riset Akuntansi Aksioma, 22(1), 103–119. https://doi.org/10.29303/aksioma.v22i1.193

Imansari, L. C., Miqdad, M., & Wahyuni, N. I. (2024). Pengaruh Penerapan Green Accounting dan Environmental Performance Terhadap Financial Performance. Jurnal Ilmiah Akuntansi Indonesia, 9(1).

Kotango, J., Jeandry, G., & Ali, I. M. A. (2024). Dampak Penerapan Green Accounting, Kinerja Lingkungan dan Biaya Lingkungan terhadap Profitabilitas pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia Tahun 2018-2022. Jurnal Eksplorasi Akuntansi , 6(1), 86–102. https://doi.org/10.24036/jea.v6i1.1443

Lubis, R. J., Hutapea, T., Siagian, A., & Purba, B. (2023). Pengaruh Penerapan Green Accounting Dan Kinerja Lingkungan Terhadap Kinerja Keuangan Perusahaan. SANTRI : Jurnal Ekonomi Dan Keuangan Islam, 2(1), 60–78. https://doi.org/10.61132/santri.v2i1.198

Mustofa, A. J. G., & Murtanto, M. (2024). Pengaruh Green Accounting, Environmental Performance, Good Corporate Governance, Leverage, dan Ukuran Perusahaan Terhadap Financial Performance. Ekonomi Digital, 2(2), 97–112. https://doi.org/10.55837/ed.v2i2.105

Nadila, E., Saputra, J. A. A., & Astuti, S. Y. (2025). Pengaruh Green accounting, CSR, Kinerja Lingkungan dan Ukuran Perusahaan Terhadap Kinerja Keuangan Pada Perusahaan Pertambangan Yang Terdaftar Di BEI Periode 2021-2023. JAKUMA: Jurnal Akuntansi Dan Manajemen Keuangan, 6(1), 38–57. https://doi.org/10.31967/jakuma.v6i1.1496

Nianty, D. A. (2023). Green Accounting Terhadap Kinerja Keuangan Dengan Environmental Performance Sebagai Variabel Intervening. Jurnal Manajemen STIE Muhammadiyah Palopo, 9(2).

Noegroho, F., & Susilowati, E. (2024). Pengaruh Ukuran, Profitabilitas, Leverage dan Kinerja Lingkungan terhadap Environmental Disclosure dan Kinerja Keuangan Perusahaan Pertambangan di Indonesia. Reslaj; Religion Education Social Laa Roiba Journal, 6(3), 1056–1071. https://doi.org/10.47476/reslaj.v6i3.4740

Nurlaeli, F., & Prayoga, T. D. (2025). Pengaruh Penerapan Green Accounting dan Kinerja Lingkungan Terhadap Kinerja Keuangan Perusahaan Sektor Pertanian. JRKA: Jurnal Riset Keuangan dan Akuntansi, 11(1). https://doi.org/https://doi.org/10.25134/jrka.v11i1.11578

Oktadifa, R. M., & Widajantie, T. D. (2023). Pengaruh Penerapan Green Accounting, Material Flow Cost Accounting, dan Environmental Performance terhadap Profitabilitas Perusahaan. Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, 6(3), 2896–2909. https://doi.org/10.47467/alkharaj.v6i3.4743

Pramiana, O., Indrasah, F., Suprapto, S., & PGRI Dewantara, I. (2024). The Effect of Green Accounting on Financial Performance with Environmental Performance as a Mediation Variable. Journal of Culture Accounting and Auditing, 3, 117–130. https://doi.org/https://doi.org/10.30587/jcaa.v3i2.9019

Putri, A. Y., Wibowo, A. S., & Rosel. (2022). Pengaruh Penerapan Green Accounting Terhadap Kinerja Keuangan dengan Good Corporate Governance Sebagai Pemoderasi (Studi Empiris Pada Perusahaan Sektor Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2016-2020). Jurnal Manajemen Sains Dan Organisasi, 3.

Ramadhani, K., Saputra, M. S., & Wahyuni, L. (2022). Pengaruh Penerapan Green Accounting dan Kinerja Lingkungan Terhadap Keuangan Dengan Tata Kelola Perusahaan Sebagai Variabel Moderasi. Jurnal Akuntansi Trisakti, 9(2), 229–244. https://doi.org/10.25105/jat.v9i2.14559

Rosaline, V. D., & Wuryani, E. (2020). Pengaruh Penerapan Green Accounting dan Environmental Performance Terhadap Economic Performance. Jurnal Riset Akuntansi Dan Keuangan, 8(3), 569–578. https://doi.org/10.17509/jrak.v8i3.26158

Rosdiana, A. (2024). The Relationship Between Green Accounting and Environmental Performance With Financial Performance. Journal of Economics, Business, and Government Challenges, 7, 30–41. https://doi.org/doi.org/10.33005/ebgc.v7i01

Sukiyaningsih, T. W., & Hasanah, A. N. (2024). Green Accounting, CSR, Sustainability Disclosure dan ROA. Ekonomis: Journal of Economics and Business, 8(1), 428. https://doi.org/10.33087/ekonomis.v8i1.1470

Suryaningrum, R., & Ratnawati, J. (2024). Pengaruh Kinerja Lingkungan, Biaya Lingkungan, Kepemilikan Saham Publik, Green Accounting dan Struktur Modal Terhadap Kinerja Keuangan. 8(1).

Tambunan, R., Wahyuliza, S., & Munthe, I. L. S. (2025). The Impact of Sustainability Reporting, Green Accounting on Financial Performance. Jurnal Ilmiah Akuntansi Dan Financial Indonesia, 8(2), 88–101. https://doi.org/10.31629/1cagzw14

Wicaksono, C. A. (2024). Pengaruh Biaya Lingkungan, Kinerja Lingkungan, dan Kepemilikan Asing Terhadap Kinerja Keuangan Perusahaan. Ekonomi, Keuangan, Investasi Dan Syariah (EKUITAS), 5(4), 627–635. https://doi.org/10.47065/ekuitas.v5i4.5066

Wulandari, A. L., Divara, S. A., Ananta, D. S. H., Yovita, M. R., & Pandin, P. (2024). Pengaruh Penerapan Green Accounting Terhadap Kinerja Keuangan pada PT Semen Indonesia TBK. Indonesian Research Journal on Education, 4(2).

Downloads

Published

2025-12-26

How to Cite

Indrayani, S. V., Rahayu, S. ., & Putra, W. E. . (2025). From Environment to Profit: The Impact of Green Accounting and Environmental Performance on Financial Performance. Jurnal Sosial Dan Sains, 5(12), 990–1001. https://doi.org/10.59188/jurnalsosains.v5i12.32603

Issue

Vol. 5 No. 12 (2025): Jurnal Sosial dan Sains

Section

Articles

License

Copyright (c) 2025 Salsa Vonni Indrayani, Sri Rahayu, Wirmie Eka Putra

Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Authors who publish with this journal agree to the following terms:

  • Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-ShareAlike 4.0 International (CC-BY-SA). that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
  • Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
  • Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.