 |
[email protected] |
 |
3275638434 |
 |
 |
| Paper Publishing WeChat |
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
Reyinhard Sinaga, Willman Sihotang, Iskandar Muda, Erlina
Full-Text PDF
XML 29 Views
DOI:10.17265/1548-6583/2025.03.0010
Department of Accounting, Universitas Sumatera Utara, Medan Campus, Sumatera, Indonesia
Accounting’s emphasis has changed from standard financial reporting to sustainability reporting that takes environmental factors into account as a result of the sustainable development paradigm's evolution. In order to facilitate the incorporation of environmental data into the ESG (Environmental, Social, and Governance) reporting framework, green accounting has become a popular strategic approach. A comprehensive evaluation of recent research on the effects of green accounting on the quality of ESG disclosure, risk perception, and investment decision-making, as well as the use of digital technology in corporate operations, is the goal of this study. By analyzing 74 Scopus-indexed articles published between 2021 and 2024, this study finds that the integration of green accounting enhances the transparency and accountability of environmental reporting, influences firm valuation, and serves as a credibility signal to the market. Furthermore, the adoption of technologies such as AI, blockchain, and big data has proven to improve the accuracy and effectiveness of green accounting practices, although technical and resource-related challenges remain, particularly in developing countries and the SME sector. This study makes both theoretical and practical contributions to support more sustainable decision-making and proposes a future research agenda that position green accounting as a strategic instrument within the green economy.
green
accounting, environmental accounting, sustainability accounting, ESG performance.
Adams, K., Attah-Boakye, R., Yu, H., Chu, I., & Ishaque, M. (2023). Competence and enterprise of management as drivers of early foreign listing of medium-sized emerging market multinationals (EMNEs) from Africa. Journal of Business Research, 158, 113660. https://doi.org/10.1016/j.jbusres.2023.113660
Aguado-Correa, F., de la Vega-Jiménez, J. J., López-Jiménez, J. M., Padilla-Garrido, N., & Rabadán-Martín, I. (2023). Evaluation of non-financial information and its contribution to advancing the sustainable development goals within the Spanish banking sector. European Research on Management and Business Economics, 29(1), 100211. https://doi.org/10.1016/j.ermbe.2022.100211
Al-ahdal, W. M., Muhmad, S. N., Farhan, N. H. S., Almaqtari, F. A., Mhawish, A., & Hashim, H. A. (2024). Unveiling the impact of firm-characteristics on sustainable development goals disclosure: A cross-country study on non-financial companies in Asia. Borsa Istanbul Review, 24(5), 916–933. https://doi.org/10.1016/j.bir.2024.03.003
Alduais, F. (2023). Unravelling the intertwined nexus of firm performance, ESG practices, and capital cost in the Chinese business landscape. Cogent Economics & Finance, 11(2), 2254589. https://doi.org/10.1080/23322039.2023.2254589
Alnor, N. H. A. (2024). Corporate Governance Characteristics and Environmental Sustainability Affect the Business Performance among Listed Saudi Company. Sustainability, 16(19), 8436. https://doi.org/10.3390/su16198436
Alotaibi, E. M., Khallaf, A., Abdallah, A. A.-N., Zoubi, T., & Alnesafi, A. (2024). Blockchain-Driven Carbon Accountability in Supply Chains. Sustainability, 16(2), 705. https://doi.org/10.3390/su16020705
Al-Shaer, H., Uyar, A., Kuzey, C., & Karaman, A. S. (2023). Do shareholders punish or reward excessive CSR engagement? Moderating effect of cash flow and firm growth. International Review of Financial Analysis, 88, 102672
Alfianda, M. R., Pohan, P. A., & Muda, I. (2024). Carbon accounting and Green House Gas Accounting (GHG): the implementation of green accounting and Corporate Social Responsibility (CSR) in Indonesia. Brazilian Journal of Development, 10(1), 906-918. https://doi.org/10.34117/bjdv10n1-059
Bingler, J. A., Kraus, M., Leippold, M., & Webersinke, N. (2024). How cheap talk in climate disclosures relates to climate initiatives, corporate emissions, and reputation risk. Journal of Banking & Finance, 164, 107191.
Birindelli, G., Chiappini, H., & Jalal, R. N.-U.-D. (2024). Greenwashing, bank financial performance and the moderating role of gender diversity. Research in International Business and Finance, 69, 102235.
Blinova, E., Ponomarenko, T., & Tesovskaya, S. (2023). Key Corporate Sustainability Assessment Methods for Coal Companies. Sustainability, 15(7), 5763. https://doi.org/10.3390/su15075763
Brabete, V., Sichigea, M., Cîrciumaru, D., & Goagără, D. (2024). Bibliometric Mapping of the Relationships Between Accounting, Professional Accountants, and Sustainability Issues. Sustainability, 16(21), 9508. https://doi.org/10.3390/su16219508
Chen, L., Khurram, M. U., Gao, Y., Abedin, M. Z., & Lucey, B. (2023). ESG disclosure and technological innovation capabilities of the Chinese listed companies. Research in International Business and Finance, 65, 101974. https://doi.org/10.1016/j.ribaf.2023.101974
Cherkasova, V., & Nenuzhenko, I. (2022). Investment in ESG Projects and Corporate Performance of Multinational Companies. Journal of Economic Integration, 37(1), 54–92. https://doi.org/10.11130/jei.2022.37.1.54
Cho, Y., Lee, J., Senadheera, S. S., Chang, S. X., Rinklebe, J., Rhee, J. H., & Ok, Y. S. (2024). Biodiversity conservation activities for nature-positive goals: Cases of Korean companies. Sustainable Environment, 10(1), 2426832. https://doi.org/10.1080/27658511.2024.2426832
Citterio, A. (2024). Bank failure prediction models: Review and outlook. Socio-Economic Planning Sciences, 92, 101818. https://doi.org/10.1016/j.seps.2024.101818
Darsono, D., Ratmono, D., Tujori, A., & Clarisa, T. Y. (2025). The relationship between ESG, financial performance, and cost of debt: the role of independent assurance. Cogent Business & Management, 12(1), 2437137. https://doi.org/10.1080/23311975.2024.2437137
de Moraes, C. O., Grapiuna, L. S., & Antunes, J. A. P. (2023). What do we know about the relationship between banks' risk measures and social-environmental sustainability transparency? Borsa Istanbul Review, 23(3), 736–747. https://doi.org/10.1016/j.bir.2023.01.006
Dikau, S., & Volz, U. (2021). Central bank mandates, sustainability objectives and the promotion of green finance. Ecological Economics, 184, 107022. https://doi.org/10.1016/j.ecolecon.2021.107022
Drago, C., & Fortuna, F. (2023). Investigating the Corporate Governance and Sustainability Relationship: A Bibliometric Analysis Using Keyword-Ensemble Community Detection (Working Paper No. 012.2023). Fondazione Eni Enrico Mattei (FEEM).
Du Toit, E. (2024). Thirty Years of Sustainability Reporting: Insights, Gaps and an Agenda for Future Research Through a Systematic Literature Review. Sustainability, 16(23), 10750. https://doi.org/10.3390/su162310750
Elaigwu, M., Ugwu, J. I., Alghorbany, A., Ngwoke, O. M., Ude, A. O., Desmond, O. C., & Audu, P. (2024). Sustainability disclosure quality of Nigerian listed firms: The role of female leadership, board communication, and external assurance. Cogent Business & Management, 11(1), 2376774. https://doi.org/10.1080/23311975.2024.2376774
Firmansyah, E. A., Umar, U. H., & Jibril, R. S. (2023). Investigating the effect of ESG disclosure on firm performance: The case of Saudi Arabian listed firms. Cogent Economics & Finance, 11(2), 2287923. https://doi.org/10.1080/23322039.2023.2287923
Gao, S., Meng, F., Gu, Z., Liu, Z., & Farrukh, M. (2021). Mapping and Clustering Analysis on Environmental, Social and Governance Field a Bibliometric Analysis Using Scopus. Sustainability, 13(13), 7304. https://doi.org/10.3390/su13137304
Gu, X., Zhu, Y., & Zhang, J. (2023). Toward sustainable port development: An empirical analysis of China's port industry using an ESG framework. Humanities & Social Sciences Communications, 10(1), 944. https://doi.org/10.1057/s41599-023-02474-4
Gull, A. A., Carvajal, M., Atif, M., & Nadeem, M. (2024). The presence and composition of sustainability committee and waste management practices. International Review of Financial Analysis, 93, 103111.
Hamed, R., Al-Shattarat, W., Mahmood, F., Al-Shattarat, B., & Hassanein, A. (2023). Does corporate sustainable development still promote corporate financial performance during global crises? Empirical Study from China. Cogent Business & Management, 10(1), 2190195. https://doi.org/10.1080/23311975.2023.2190195
Hardiningsih, P., Srimindarti, C., Lisiantara, G. A., & Kartika, A. (2024). How does environmental, social, governance disclosure and political connection performance affect firm value? An empirical study in Singapore. Cogent Business & Management, 11(1), 2377764. https://doi.org/10.1080/23311975.2024.2377764
Hasan, A., Hussainey, K., & Aly, D. (2022). Determinants of sustainability reporting decision: Evidence from Pakistan. Journal of Sustainable Finance & Investment, 12(1), 214–237. https://doi.org/10.1080/20430795.2021.1964813
Ikpor, I. M., Bracci, E., Kanu, C. I., Ievoli, R., Okezie, B., Mlanga, S., & Ogbaekirigwe, C. (2022). Drivers of Sustainability Accounting and Reporting in Emerging Economies: Evidence from Nigeria. Sustainability, 14(7), 3780. https://doi.org/10.3390/su14073780
Ismail, H., Saleem, M. A., Zahra, S., Tufail, M. S., & Ali, R. A. (2021). Application of Global Reporting Initiative (GRI) Principles for Measuring Quality of Corporate Social Responsibility (CSR) Disclosure: Evidence from Pakistan. Sustainability, 13(20), 11409. https://doi.org/10.3390/su132011409
Kasperzak, R., Kureljusic, M., Reisch, L., & Thies, S. (2023). Accounting for Carbon Emissions—Current State of Sustainability Reporting Practice under the GHG Protocol. Sustainability, 15(22), 15998. https://doi.org/10.3390/su152215998
Kazemi, M. Z., Elamer, A. A., Theodosopoulos, G., & Khatib, S. F. A. (2023). Reinvigorating research on sustainability reporting in the construction industry: A systematic review and future research agenda. Journal of Business Research, 167, 114145. https://doi.org/10.1016/j.jbusres.2023.114145
Kong, Y., Agyemang, A., Alessa, N., & Kongkuah, M. (2023). The moderating role of technological innovation on environment, social, and governance (ESG) performance and firm value: Evidence from developing and least-developed countries. Sustainability, 15(19), 14240. https://doi.org/10.3390/su151914240
La Torre, M., Leo, S., Palma, A., & Salazar Zapata, J. D. (2024). Public spending and green finance: A systematic literature review. Research in International Business and Finance, 68, 102197.
Latif, R. A., Mohd, K. N. T., Kamardin, H., & Ariff, A. H. M. (2023). Determinants of Sustainability Disclosure Quality among Plantation Companies in Malaysia. Sustainability, 15(18), 13615. https://doi.org/10.3390/su151813615
Latifah, S. W., & Soewarno, N. (2023). The environmental accounting strategy and waste management to achieve MSME's sustainability performance. Cogent Business & Management, 10(1), 2176444. https://doi.org/10.1080/23311975.2023.2176444
Letiche, H., & Boucaud, L. (2024). Sustainability Accounting as a Wicked Problem. She Ji: The Journal of Design, Economics, and Innovation. Advance online publication. https://doi.org/10.1016/j.sheji.2024.07.001
Liu, P. J., Song, C., & Xin, J. (2022). Does green governance affect financing constraints? Evidence from China's heavily polluting enterprises. China Journal of Accounting Research, 15(4), 100267. https://doi.org/10.1016/j.cjar.2022.08.001
Maino, A. (2022a). Case studies: Corporate SLB issuance. In Sustainability-linked bonds and their role in the energy transition (pp. 37–52). Oxford Institute for Energy Studies.
Maino, A. (2022b). The design and impact of sustainability-linked bonds. In Sustainability-linked bonds and their role in the energy transition (pp. 5–36). Oxford Institute for Energy Studies.
Majid, M. F., Meraj, M., & Mubarik, M. S. (2022). In the Pursuit of Environmental Sustainability: The Role of Environmental Accounting. Sustainability, 14(11), 6526. https://doi.org/10.3390/su14116526
Matuszak-Flejszman, A., Łukaszewski, S., & Banach, J. K. (2024). ESG Reporting of Commercial Banks in Poland in the Aspect of the New Requirements of the Directive on Corporate Reporting in the Field of Sustainable Development (CSRD). Sustainability, 16(20), 9041. https://doi.org/10.3390/su16209041
Mazzarano, M., Guastella, G., Pareglio, S., & Xepapadeas, A. (2021). Carbon Boards and Transition Risk: Explicit and Implicit exposure implications for Total Stock Returns and Dividend Payouts (Working Paper No. 029.2021). Fondazione Eni Enrico Mattei (FEEM).
McCahery, J. A., Pudschedl, P. C., & Steindl, M. (2022). Institutional Investors, Alternative Asset Managers, and ESG Preferences. European Business Organization Law Review, 23(4), 821–868. https://doi.org/10.1007/s40804-022-00264-0
Morishita, M., Shimizu, N., & Mori, N. (2022). Japan Sustainable Finance Policy Update October 2021. Institute for Global Environmental Strategies.
Mundaca, L., & Heintze, J.-N. (2024). Banking on ecosystem services. Ecological Economics, 224, 108284.
Nakpodia, F., Sakariyahu, R., Fagbemi, T., Adigun, R., & Dosumu, O. (2024). Sustainable development goals, accounting practices and public financial management: A pre and post COVID-19 assessment. The British Accounting Review. Advance online publication.
Nazari, J. A., & Poursoleyman, E. (2024). Analysts’ recommendations on peer-relative comparable sustainability disclosure. Finance Research Letters, 64, 105486. https://doi.org/10.1016/j.frl.2024.105486
Oppon, E., Richter, J. S., Koh, S. C. L., & Nabayiga, H. (2023). Macro-level economic and environmental sustainability of negative emission technologies; Case study of crushed silicate production for enhanced weathering. Ecological Economics, 204, 107636. https://doi.org/10.1016/j.ecolecon.2022.107636
Osobajo, O. A., Oke, A., Lawani, A., Omotayo, T. S., Ndubuka-McCallum, N., & Obi, L. (2022). Providing a roadmap for future research agenda: A bibliometric literature review of sustainability performance reporting (SPR). Sustainability, 14(14), 8523. https://doi.org/10.3390/su14148523
Papafloratos, T., Markidis, I., Kotzaivazoglou, I., & Fragidis, G. (2023). Sustainability material topics and materiality analysis in the chemical industry. Sustainability, 15(18), 14014. https://doi.org/10.3390/su151814014
Rashed, A. H., Rashdan, S. A., & Ali-Mohamed, A. Y. (2022). Towards Effective Environmental Sustainability Reporting in the Large Industrial Sector of Bahrain. Sustainability, 14(1), 219. https://doi.org/10.3390/su14010219
Roger, T. (2024). Do financial analysts care about ESG? Finance Research Letters, 105289. Advance online publication. https://doi.org/10.1016/j.frl.2024.105289
Rusu, T. M., Odagiu, A., Pop, H., & Paulette, L. (2024). Sustainability Performance Reporting. Sustainability, 16(19), 8538. https://doi.org/10.3390/su16198538
Rutskiy, V., Marqas, R. B., Senapati, B., Mikhail, S., Shadmanbekova, K. A., & Tsarev, R. (2024, April). Assessment of Enterprise Efficiency Factors Affecting Its ESG Rating. In Computer Science On-line Conference (pp. 236-243). Cham: Springer Nature Switzerland. https://doi.org/10.1007/978-3-031-70595-3_25
Saeed, U. F., Kamil, R., & Wiredu, I. (2024). The moderating role of technological innovation on ownership structure, financing decisions and environmental accounting disclosure. Cogent Business & Management, 11(1), 2396543. https://doi.org/10.1080/23311975.2024.2396543
Saptono, P. B., Mahmud, G., Pratiwi, I., Purwanto, D., Khozen, I., Aditama, M. A., Khodijah, S., Wayan, M. E., Asmara, R. Y., & Jie, F. (2023). Development of Climate-Related Disclosure Indicators for Application in Indonesia: A Delphi Method Study. Sustainability, 15(14), 10915. https://doi.org/10.3390/su151410915
Setyaningsih, S., Widjojo, R., & Kelle, P. (2024). Challenges and opportunities in sustainability reporting: A focus on small and medium enterprises (SMEs). Cogent Business & Management, 11(1), 2298215. https://doi.org/10.1080/23311975.2023.2298215
Soeprajitno, R. R. W. N., Na'im, A., Kusuma, I. W., & Rakhman, F. (2024). Sustainability performance and earnings management: institutional and regulatory perspectives. Cogent Business & Management, 11(1), 2381663. https://doi.org/10.1080/23311975.2024.2381663
Su, E., Mahmood, R., & Som, H. M. (2024). Navigating external pressures: a study on CSR disclosure practices in an emerging region. Cogent Business & Management, 11(1), 2375408. https://doi.org/10.1080/23311975.2024.2375408
Sun, Y., Zhao, D., Cao, Y., & Xu, C. (2024). New trends in sustainability reporting: Exploring the online sustainability reporting practices by Irish universities. Journal of Innovation & Knowledge, 9(1), 100529. https://doi.org/10.1016/j.jik.2024.100529
Tamasiga, P., Onyeaka, H., Bakwena, M., & Ouassou, E. H. (2024). Beyond compliance: evaluating the role of environmental, social and governance disclosures in enhancing firm value and performance. SN Business & Economics, 4(1), 118. https://doi.org/10.1007/s43546-024-00714-6
Thomas, A., & Scandurra, G. (2023). The transition toward sustainability of airport operators. Evidence from Italy. Journal of Air Transport Management, 112, 102470.
Thomas, C., Roberts, H., Mökander, J., Tsamados, A., Taddeo, M., & Floridi, L. (2024). The case for a broader approach to AI assurance: addressing “hidden” harms in the development of artificial intelligence. AI & Society, 40, 1469–1484. https://doi.org/10.1007/s00146-024-01950-y
Thomas, D. T., Mata, G., Toovey, A. F., Hunt, P. W., Wijffels, G., Pirzl, R., Strachan, M., & Ridoutt, B. G. (2023). Climate and Biodiversity Credentials for Australian Grass-Fed Beef: A Review of Standards, Certification and Assurance Schemes. Sustainability, 15(18), 13935. https://doi.org/10.3390/su151813935
Tsairi, Y., & Martens, K. (2024). Workplace responsibility for employee mobility? A review of sustainability reporting frameworks. Transport Reviews, 44(5), 1077–1102. https://doi.org/10.1080/01441647.2024.2356030
Ullah, F., Jiang, P., Elamer, A. A., & Owusu, A. (2022). Environmental performance and corporate innovation in China: The moderating impact of firm ownership. Technological Forecasting & Social Change, 184, 121990. https://doi.org/10.1016/j.techfore.2022.121990
Wan, G., Dawod, A. Y., Chanaim, S., & Ramasamy, S. S. (2023). Hotspots and trends of environmental, social and governance (ESG) research: a bibliometric analysis. Data Science and Management, 6, 65–75. https://doi.org/10.1016/j.dsm.2023.01.002
Wang, J. B., Wang, G. H., & Ou, C. Y. (2023). The key factors for sustainability reporting adoption in the semiconductor industry using the hybrid FRST-PSO technique and fuzzy DEMATEL approach. Sustainability, 15(3), 1929. https://doi.org/10.3390/su15031929
Wijethilake, C., Upadhaya, B., & Lama, T. (2023). The role of organisational culture in organisational change towards sustainability: Evidence from the garment manufacturing industry. Production Planning & Control, 34(3), 275–294. https://doi.org/10.1080/09537287.2021.1913524
Wiredu, I., Agyemang, A. O., & Agbadzidah, S. Y. (2023). Does green accounting influences ecological sustainability? Evidence from a developing economy. Cogent Business & Management, 10(2), 2240559. https://doi.org/10.1080/23311975.2023.2240559
Witzel, M., & Bhargava, N. (2023). AI-related risk: The merits of an ESG-based approach to oversight. Centre for International Governance Innovation.
Xu, L., Xie, L., Mei, S., Hao, J., Zhang, Y., & Song, Y. (2024). Corporate Sustainability Reporting and Stakeholders’ Interests: Evidence from China. Sustainability, 16(8), 3443. https://doi.org/10.3390/su16083443
Yan, M., Li, Y., Pantelous, A. A., Vigne, S. A., & Zhang, D. (2024). A comparative and conceptual intellectual study of environmental topic in economic and finance. International Review of Financial Analysis, 91, 103023.
Zhang, Q., Ding, R., Chen, D., & Zhang, X. (2023). The effects of mandatory ESG disclosure on price discovery efficiency around the world. International Review of Financial Analysis, 89, 102811.