Ulfa Rahmawati*

Accounting Department, Politeknik Negeri Madiun, Madiun, Indonesia

Permatasari Cahyaningdyah

Accounting Department, Politeknik Negeri Madiun, Madiun, Indonesia

Mukti Prasaja

Accounting Department, Politeknik Negeri Madiun, Madiun, Indonesia

Nelly Chintya Faradilla

Accounting Department, Politeknik Negeri Madiun, Madiun, Indonesia

DOI: https://doi.org/10.19184/jauj.v24i1.60004

ABSTRACT 

Global attention to climate change has encouraged companies to integrate carbon management into corporate strategy. This study examines whether carbon performance affects company performance and whether green intellectual capital (GIC) strengthens this relationship. Drawing on the isomorphism perspective of neo-institutional theory and the intellectual capital perspective, this study argues that coercive, mimetic, and normative pressures encourage firms to manage emissions, while GIC may determine whether carbon-related practices are translated into financial outcomes. The sample consists of 34 firms listed in the ESG Quality 45 IDX KEHATI index during 2023-2024, resulting in 68 firm-year observations. Secondary data were obtained from annual reports, sustainability reports, company websites, and IDX-related publications. The data was analyzed using panel regression with fixed effects. The results show that carbon performance has no significant positive effect on return on assets (ROA). Furthermore, the interaction between carbon performance and GIC is negative and insignificant, indicating that GIC does not strengthen the carbon performance-company performance relationship in the observed period. These findings suggest that carbon management and green knowledge assets may not produce immediate financial benefits when sustainability capabilities are not fully integrated into efficiency, innovation, and value-creation mechanisms. The study contributes to sustainability accounting literature by showing that institutional adoption of carbon practices in an emerging-market ESG context may be more legitimacy-oriented than performance-oriented in the short term.

Keywords: Company Performance; Carbon Performance; Green Intellectual Capital; ESG Quality 45 IDX KEHATI

ABSTRAK

Perhatian global terhadap perubahan iklim telah mendorong perusahaan untuk mengintegrasikan pengelolaan karbon ke dalam strategi korporat. Penelitian ini mengkaji apakah kinerja karbon memengaruhi kinerja perusahaan dan apakah modal intelektual hijau (GIC) memperkuat hubungan tersebut. Dengan mengacu pada perspektif isomorfisme dalam teori neo-institusional dan perspektif modal intelektual, penelitian ini berpendapat bahwa tekanan koersif, mimetik, dan normatif mendorong perusahaan untuk mengelola emisi, sementara GIC dapat menentukan apakah praktik-praktik terkait karbon diterjemahkan menjadi hasil keuangan. Sampel terdiri dari 34 perusahaan yang terdaftar dalam indeks ESG Quality 45 IDX KEHATI selama periode 2023–2024, menghasilkan 68 pengamatan perusahaan-tahun. Data sekunder diperoleh dari laporan tahunan, laporan keberlanjutan, situs web perusahaan, dan publikasi terkait IDX. Data dianalisis menggunakan regresi panel dengan efek tetap. Hasil menunjukkan bahwa kinerja karbon tidak memiliki efek positif yang signifikan terhadap return on assets (ROA). Selain itu, interaksi antara kinerja karbon dan GIC bersifat negatif dan tidak signifikan, yang menunjukkan bahwa GIC tidak memperkuat hubungan antara kinerja karbon dan kinerja perusahaan pada periode yang diamati. Temuan ini menunjukkan bahwa pengelolaan karbon dan aset pengetahuan hijau mungkin tidak menghasilkan manfaat keuangan langsung ketika kemampuan keberlanjutan belum sepenuhnya terintegrasi ke dalam mekanisme efisiensi, inovasi, dan penciptaan nilai. Penelitian ini memberikan kontribusi terhadap literatur akuntansi keberlanjutan dengan menunjukkan bahwa adopsi institusional praktik karbon dalam konteks ESG pasar negara berkembang mungkin lebih berorientasi pada legitimasi daripada berorientasi pada kinerja dalam jangka pendek.

Keywords: Kinerja Perusahaan; Kinerja Karbon; Modal Intelektual Ramah Lingkungan; Kualitas ESG 45 IDX KEHATI

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