THE EFFECT OF GREEN STRATEGY AND ASSURANCE REPORT ON FINANCIAL PERFORMANCE

Evi Zahrotur Rohma, Abd. Rohman Taufiq, Richo Diana Aviyanti

Abstract


This study aims to examine the effect of green strategy and assurance report on financial performance of basic materials companies listed on the Indonesia Stock Exchange (BEI) during the period 2021 to 2024. This research was motivated by the inconsistency in previous studies regarding the direction of influence of these two variables on financial performance. The sample was selected using purposive sampling from 81 out of 96 basic materials companies, resulting in 324 observations collected over four years of study. The green strategy is measured using 18 indicators, the assurance report is measured using a dummy variable for the use of Big Four accounting firms, and financial performance is measured using Tobin's Q. The data analysis was done using multiple linear regression with the help of IBM SPSS Statistics 26. Research results show that the green strategy and assurance report affect financial performance.

Keywords: Green Strategy, Assurance Report, Financial Performance, Tobin's Q, Basic Material.


Full Text:

PDF

References


Audhitiawaty, W., & Murwaningsari, E. (2024). The influence of green supply chain management,

environmental disclosure, and green strategy on company performance. Trisakti Journal of

Economics, 4(1), 197–206. https://doi.org/10.25105/jet.v4i1.18860

Eryanti, Y., Sulistyaningsih, E., Sri, F., & Ervina, N. (2026). The influence of sustainability

reporting, green accounting, and green strategy on financial performance. Journal of

Economics, Management, and Accounting, 5(3), 3632–3639.

Fitriyani, T., & Raharja, S. (2025). Is sustainability reporting important for company performance?

Owner: Research & Accounting Journal, 9(1), 289 297.

https://doi.org/10.33395/owner.v9i1.2584

Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman.

Ghozali, I. (2021). Application of multivariate analysis with IBM SPSS 26 (10th ed.). Diponegoro

University Publishing House.

Istiani, & Amirulloh, A. (2025). Analysis of the financial performance of mining companies listed

on the IDX in 2020-2023. Anggaran: Jurnal Publikasi Ekonomi dan Akuntansi, 3(1), 63–

https://doi.org/10.61132/anggaran.v2i4.1127

Kurniawati, E., & Arafah, W. (2026). The impact of green strategy and green innovation on

sustainability performance, moderated by digital transformation in manufacturing

companies. Insologi: Journal of Science and Technology, 5(2), 463–474.

https://doi.org/10.55123/insologi.v5i2.7646

Murthin, M., & Septiani, A. (2022). The effect of sustainability report disclosure on the cost of

capital, with sustainability assurance and assurance provider as moderating variables.

Diponegoro Journal of Accounting, 11(4), 1–12.

Rachman, A. A., & Makhsun, A. (2024). The effect of financial performance on company value

in the basic materials sector on the IDX for the 2020-2023 period. Journal of Economics,

Management, and Accounting, 3(6), 2489–2497.

Sari, D. P., Anugerah, E. G., & Wardhaningrum, O. A. (2025). Revealing the role of non-financial

information on the profitability of companies indexed by SRI KEHATI. Journal of

Accounting and Finance, 18(1), 103–121.

Suchman, M. C. (1995). Managing legitimacy: Strategic and institutional approaches. Academy

of Management Review, 20(3), 571–610. https://doi.org/10.2307/258788

Sugiyono, (2023). Quantitative, qualitative, and R&D research methods (2nd ed.). Alfabeta.

Suhardi, M., Sarsyah, A., Said, F., & Nadhirah, N. (2025). Sustainability reporting: A literature

review of trends and challenges. Costing: Journal of Economic, Business and Accounting,

(6), 1761–1774.

Suharta, & Sutandi. (2025). The effect of company size, audit fees, and audit rotation on audit

delay (An empirical study of food and beverage manufacturing companies listed on the

IDX in 2021-2024). Journal of Accounting, 4(2), 1–9.

Tarigan, J., & Semuel, H. (2014). Sustainability report disclosure and financial performance.

Journal of Accounting and Management, 16(2), 88–101.

https://doi.org/10.9744/jak.16.2.88-101


Refbacks

  • There are currently no refbacks.


 

 

 

 

 

 

 

Editorial Office:

Universitas PGRI Madiun

Kampus 3 Lantai 2

Fakultas Ekonomi dan Bisnis

Jl. Auri no. 14-16 Madiun