Efektivitas Sustainbility, Good Corporate Governance, Struktur Modal, dan Sales Growth terhadap Kinerja Keuangan

Abstract

This study analyzes the effect of green accounting, environmental performance, environmental costs, good corporate governance (GCG), capital structure, and sales growth on the financial performance of energy companies in Indonesia. A quantitative approach was employed using secondary data from 12 energy companies listed on the Indonesia Stock Exchange for the 2020–2024 period, analyzed using SmartPLS 4. The results show that green accounting and capital structure have a significant effect on financial performance, while environmental performance, environmental costs, GCG, and sales growth do not have a significant impact. These findings indicate that effective implementation of green accounting and optimal capital structure management can enhance a company’s profitability. On the other hand, other sustainability efforts have not shown a tangible impact on financial performance. Although the study is limited by sample size and observation period, it contributes to the sustainability and financial strategy literature in the energy sector by emphasizing the importance of integrating environmental aspects into financial decision-making.