Green Accounting, Green Finance, and Firm Value: The Moderating Role of ESG Disclosure in Energy Firms

Abstract

Indonesia has steadily widened sustainability reporting duties for listed companies, yet the market value of energy issuers during 2021–2025 followed commodity prices far more closely than it followed disclosure. This study examines whether green accounting and green finance affect firm value and whether ESG disclosure moderates these links. The sample covers 49 Energy-sector companies (IDX-IC) on the Indonesia Stock Exchange, giving 210 firm-year observations in an unbalanced panel. Firm value is proxied by Tobin's Q. Green accounting is measured with 31 GRI 300 items, green finance with a ten-item index built from POJK 51/2017, the Indonesian Sustainable Finance Taxonomy, and the Green Bond Principles, and ESG disclosure with 38 items from Appendix II of SEOJK 16/SEOJK.04/2021. The hypotheses are tested with moderated regression analysis on a random-effects model with firm-clustered errors and a wild cluster bootstrap. None of the three disclosure variables shows a direct effect on firm value. ESG disclosure weakens the link between green accounting and Tobin's Q, mostly among coal producers, but the evidence is limited: it holds only at the 10% level under the bootstrap and fails several robustness checks. ESG disclosure does not moderate the green finance path. In this sector, the breadth of sustainability disclosure is not yet priced as a value signal.