Impact of Corporate Social Responsibility between Green Accounting and

Sustainable Development Goals

Abstract

Objective: This study aims to test and analyze the impact of CSR on SDGs,
Green Accounting's link with SDGs, and the moderating effect of CSR on this
relationship. Next, test and analyze company value as a mediating variable in
the relationship between Green Accounting and CSR.
Method: Purposive sampling resulted in a total of 380 samples. Data was
collected from annual and sustainability reports from 76 energy, transportation,
and logistics companies listed on the Indonesia Stock Exchange (BEI) in 2017-
2021. Data were processed and analyzed using WarpPLS 7.0 software.
Findings: The results of this study show that green accounting has a positive
effect on SDGs, and CSR has a significantly positive impact on SDGs.
Furthermore, CSR can strengthen the influence of green accounting on the
SDGs, and company value can mediate the relationship between green
accounting and CSR.
Novelty: This research contributes to placing CSR as a moderating variable in
the relationship between green accounting and SDGs and placing company
value as a mediating variable in the relationship between green accounting and
CSR in energy transportation and logistics sector companies in Indonesia.

Keywords: Corporate social responsibility, Green accounting, Sustainable

development goals, Firm value

INTRODUCTION
Human needs for energy and means of transportation continue to
increase along with changes in human needs, especially in efforts to support
mobilization activities and productivity. This creates new problems, especially
in social and environmental aspects. The high production activity of energy
supplies and the level of mobility supplied by companies from the energy,
transportation, and logistics sectors have significantly impacted environmental
aspects. According to the greenhouse gas inventory report published by
Kementerian ESDM RI (2020) , the energy and transportation sectors have an
average contribution of greenhouse gas emissions of 271,394 and 152,229 Gg
CO2e, respectively, per year from 2017 to 2019. Emissions endanger
environmental sustainability and prevent world citizens from achieving
Sustainable Development Goals (SDGs). Increased awareness of the SDGs can
be seen in various fields, increasing the visibility of adverse social and
environmental impacts from human actions (Bebbington & Larrinaga, 2014) .
Many companies believe it is crucial to recognize the current phenomenon and
change the direction of their corporate activities due to global warming and
pollution worsening yearly (Obbard et al., 2014; Tardivo et al., 2017) . In this
situation, too, many businesses are being encouraged by stakeholders and the

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wider community to reconsider how adaptation strategies are prepared to face
current world conditions (Bogers et al., 2020) .
Governments and shareholders, among other stakeholders, are pushing
more vigorously for moral business practices and a sustained commitment to
environmental sustainability. It takes unique methods to accomplish
environmentally and morally responsible company management, especially
when controlling ecological effects. Tight supervision is necessary. By
implementing green accounting practices, businesses and society can lessen
their detrimental effects on social and environmental issues. The Sustainable
Development Goals are advanced through green accounting, created to replace
conventional techniques (SDGs). This strategy seeks to more clearly
differentiate between green accounting and classical accounting assumptions
for the SDGs (Bebbington & Larrinaga, 2014) . So far, economic activities have
only been oriented towards profit, without paying attention to social and
environmental aspects. The inception of green accounting, which encompasses
endeavors such as corporate social responsibility (CSR), was motivated by the
desire to redirect attention away from negative social and environmental issues
to optimize firm value and guarantee the long-term viability of the business.
The novelty of this research is placing the CSR variable as a moderating
variable on the relationship between green accounting and SDGs and, next,
placing firm value as a mediating variable in the relationship between green
accounting and CSR in energy and transportation sector companies in
Indonesia. This study examines and assesses whether green accounting and
CSR contribute positively to achieving the SDGs. This study also tests whether
CSR can moderate the relationship between green accounting and SDGs and
whether firm value can mediate the relationship between green accounting and
CSR.
This research uses agency and legitimacy theory to support explanations
regarding the influence of the variables discussed. Various ideas provide
descriptions of the interactions between management and shareholders.
Agency theory is characterized as a relationship between agents identified as
management, who function as servants for principals identified as
shareholders (Jensen & Meckling, 1976) . The most important thing that wants
to be explained through agency theory is how to change the company
paradigm, initially managed by a single management figure, into a complex
interacting forum for a group of stakeholders (Raimi, 2017) . This situation also
causes pressure due to the differences in interests held by each party.
The pressure on company management or directors to understand the
importance of their environmental impact is growing in the current situation.
For future company operations' sustainability, there is a demand to start
sustainable development and use green accounting. Companies develop
corporate governance mechanisms using agency theory (Ghozali, 2018) .
Responsible shareholders emphasize to corporations the significance of
implementing environmentally friendly strategies such as CSR and green
accounting to ensure sustainable corporate governance. CSR not only prevents

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conflicts of interest but also fosters social and environmental accountability,
thereby contributing to the long-term achievement of the Sustainable
Development Goals. Agency theory posits that corporate social responsibility
(CSR) is a mechanism organizations employ to promote sustainable practices
and accomplish the Sustainable Development Goals (SDGs).
The interest often influences organizational decision-making and policies
in improving and creating a positive company image. Shareholders and the
general public are the parties who have the most significant influence on
decisions in improving or building the company's image. On the one hand,
management has a specific vision for the company's future rather than
shareholders. Still, on the other hand, shareholders want the corporation to
change its perspective on sustainable corporate governance.
Gunningham et al. (2002)
suggest that companies receive "social respect" from existing
communities as a sign that they are accepted in their communities when
companies operate based on the law (CSR) by existing interests. In this study,
various policies that are much more environmentally friendly become an
obsession that shareholders desire.
A positive reputation can improve business performance and a
company's position in the eyes of society. Legitimacy theory aims to align
corporate behavior with stakeholder perceptions of desirable and acceptable
behavior and societal norms (Deegan, 2002) . The company aims to retain its
favorable reputation, which may lead to possibilities to present itself to new
groups. The corporation aligns its operations with society's expectations for
sustainability, the environment, and social responsibility. As it provides a solid
framework for organizations engaged in socially and environmentally
responsible and sustainable initiatives, legitimacy theory is vital for enhancing
the relationship between CSR, Green Accounting, and SDG performance.
Environmental accounting entails a complete understanding of the enterprises
and other organizations profiting from the environment. Ecological accounting,
tied to CSR and Green Accounting for SDGs, aligns corporate practices with
sustainability. The synergy of CSR impact enhances transparency, meets
community expectations, and aids businesses in their sustainable journey.
Green accounting studies experience Lots of progress with evaluation
performance, social, financial, and corporate social responsibility as room
scope (Chamorro Gonzalez & Herrera Mendoza, 2021) . Green accounting was
created to help the company learn about the solutions to environmental
problems and conventional economic goals (Maama & Appiah, 2019) . According
to (Dhar et al., 2022) , engaging in green accounting can promote a sustainable
future for the company. According to environmental accounting Jones's (2010)
theory, green accounting supports achieving the SDGs by providing
measurement and reporting framework impact environment from activity
economy. Various studies have investigated green accounting, and SDGs state
that implementing green accounting has a positive connection to the SDGs
(Padilla-Lozano & Collazzo, 2022; Elahi et al., 2022) . The more companies

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implement green accounting, as shown in the number disclosure accountancy
environment, the more they will develop the company's continuity.
H1: Green accounting has a positive effect on SDGs
According to (Melinda & Wardhani, 2020) , the relationship between
investors and consumers to issues continuity causes a change culture
sustainable company. Responsible performance and good social responsibility
are possible for companies to obtain consumers' trust and attract investors'
attention.. Environmental accounting theory explains that CSR holds an
essential role in achieving the SDGs by encouraging companies to invest in
contributing social and environmental initiatives directly to objective
sustainable development (Jones, 2010) . Research results Dhar et al., (2022a) ,
found that CSR significantly affected the SDGs.
H2: CSR has a positive effect on SDGs
Size company is scale classification large or small total assets owned,
market capitalization owned, and total sales. Several studies show an influence
between firm value and CSR disclosure (Wenni Anggita et al., 2022) . The larger
the string value, the wider the level of CSR disclosures carried out by the
company to highlight the audience (Ling et al., 2020) . This is to the theory of
legitimacy, which states that the company carrying out CSR disclosure will get
legitimacy from the public (Gunningham et al. 2002) . Statement This is
supported by previous research, which says that Firm Value influences the
performance of CSR
(Carnevale et al., 2012; Ling et al., 2020; Wenni Anggita et al., 2022)
H3: Firm value mediates the relationship between green accounting on
CSR
The company's key CSR focus is to finish stakeholders' interest in
fulfilling wishes, demands, and hopes. According to agency theory, there is a
motivation in CSR implementation for corporations to establish image
companies in society (Jensen & Meckling, 1976) . At the same time, legitimacy
theory explains CSR to demonstrate adherence to corporations to be recognized
in the community (Gunningham et al. 2002) . Several studies claim that CSR
positively influences sustainable companies, while others claim that CSR has a
negative impact. According to
Ikram et al. (2019), Ma & Yoo (2022), and Mensah (2019)
, stakeholder satisfaction with economic, social, and
environmental factors improves corporate sustainability. Meanwhile, on the
other hand, according to Suryaningtyas dan Sari (2021) , CSR has yet to have a
simultaneous relationship with SDGs.
H4: CSR moderates the relationship between green accounting and SDGs

METHODS
This study uses a quantitative approach. The data included in this study
comprises secondary sources, including annual reports and sustainability
reports of energy transportation and logistics companies that were listed on the
IDX and maintained on corporate websites between 2017 and 2021. This
research uses WarpPLS 7.0 software for hypothesis testing and analyzing

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statistical data. According to Ghozali Imam, (2016) . the flexibility of WarpPLS
7.0 allows researchers to develop theories to test further and validate research
models. The lack of normality and large sample size make the multivariate
model suitable for our study.
The population of this research is companies that contribute the most
significant greenhouse gas emissions in Indonesia. According to the
"Greenhouse Gas Inventory Report and Monitoring, Reporting, Verification"
published by the Ministry of Environment and Forestry, the corporate sectors
that contribute the most significant greenhouse gas emissions in Indonesia
include the energy and transportation and logistics sectors
(Laporan IGRK MPV, 2021)
.

Table 1. Purposive sampling criteria

No. Criteria Excluded Total
Sample and Population 99
1. Companies in the energy and logistics (5) 94
transportation sectors are listed on the IDX or
Public Offering (IPO) before January 1, 2021
2. Companies that do not have an annual report and (18) 76
sustainability report for the 2017-2021 period
Total Sampling 76
Observation Period (2017-2021) 5
Total Observation (76 x 5) 380
Source: Secondary data processing results (2023)
The sample selection process utilized purposive sampling, incorporating
predetermined objectives and criteria. To ensure distinct changes within the
sample, the purposive sampling technique was conceived by (Ghozali I, 2016) .
Specific criteria are required to produce the desired information. Table 1 shows
the sampling process. SDGs or corporate sustainability were chosen as the
dependent variable for organizational performance. The SDGs concept requires
supporting tools in the accounting field, namely, environmentally-based
accounting. SDGs measurement refers to a study by Marota (2017a) , that uses
four dimensions and indicators that represent the sustainable development of
a company, namely, economic, social, environmental, and technological
(Azapagic, 2003) .
Green accounting, or environmental accounting, is a field of study within
accounting and science. As defined by A. Lako (2018) , it entails the systematic
recording, introduction, and dissemination of information and the identification
of value and reporting of events, transactions, and objects related to
organizations' economic, social, and environmental activities. Its purpose is to
assist stakeholders in such entities' evaluation and decision-making
processes.. Green accounting and conventional accounting are different
(Dhar et al., 2022)
. Traditional accounting only uses one currency measurement
scale. In contrast, green accounting validates, records, and measures currency
by considering environmental aspects and referring to research by Tiep Le et al. (2023)

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 , which uses a dummy method to measure green accounting variables.
Suppose the company has components of environmental responsibility costs,
renovation, maintenance, and ecological improvements in the annual report, or
there are provision costs such as moving, demolition, and reclamation in the
financial position report. In that case, it gets a value of 1, but if there are no
such components, it will be given 0.

Table 2. PROPER Criteria

Criteria Predicate Score
Gold Very good 5
Green Good 4
Blue Enough 3
Red Bad 2
Black Very bad 1
Source: (Kementerian LHK RI, 2018)
In contrast, Pujakesuma (2022) defines CSR as an action taken directly
or indirectly by businesses as a type of corporate responsibility concerning the
environment. CSR disclosure is governed by Article 66 Paragraph 2 of Law No.
40 of 2007, which mandates that companies provide this information in their
annual reports. The CSR variable is assessed by a ranking system, namely the
Ministry of the Environment's Company Environmental Performance Rating
Program in Environmental Management (PROPER) (Tiep Le et al., 2023) .
Firm value is the value investors need to make investment decisions at
market prices. The selection of this variable was intended to demonstrate if
incorporating corporate social responsibility (CSR) can yield advantages for the
organization in terms of enhancing its reputation, operational effectiveness,
and efficiency. Firm value measurements using ROA are commonly used in
research related to this variable, such as that carried out by
(Aydomu et al., 2022)
.

Table 3. Definition operational variable.

No. Variable Measurement Source
Four dimensions and
indicators of sustainable
Sustainable
company development,
1. Development (Marota, 2017)
namely economic, social,
Goals
environmental, and
technological
If using green accounting, (Wahyuddin A. M &
2. Green Accounting give a score of 1, otherwise 0 Yuliana, 2018)
Using PROPER is grouped (Tiep Le et al., 2023)
Corporate Social into five levels, with the
3.
Responsibility highest score being five and
the lowest being 1

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 Net profit (Aydoğmuş et al., 2022)
4. Firm Value ROA= x 100 %
Total asset
Source: Data processing result, 2023

RESULTS AND DISCUSSION

The descriptive statistical results of this research are presented in Table

4. Indonesia's energy and transportation sectors exhibit a comparatively
limited capability for sustainable development, as evidenced by the average
SDG value of 25,987. The extreme values are 14,770 and 33,090, respectively,
meaning each company has a lower sustainable development capacity. On
average, companies implement green accounting at 53.4%, with the extreme
values being 0 and 1. The quality of disclosure of social responsibility
information has an average CSR rating of 0.922, with 0 and 5 representing the
severe extremes, respectively. As seen by the standard deviation of 1.6, big
polluters are not entities that have given CSR information.

Table 4. Descriptive statistic results

GA SDGs CSR FV
Mean 0.534 25.987 0.921 0.002
SD 0.499 3.162 1.64 0.145
Min 0 14.770 0 -1.574
Max 1 33.090 5 0.29
Median 1 26.300 0 0.016
Source: Secondary data processing result (2023)
The outcomes of the model fit test conducted on the acquired secondary
data are presented in Table 5. The data was then processed and analyzed using
WarpPLS 7.0. From processing this data, the results obtained were quite good
in modeling the relationship between the variables studied. Following the
outcomes of the model fit and quality index presented in Table 5, the research
model satisfies every criterion for fit and is appropriate for explaining the
population.

Table 5. Fit model test results

Model Fit and Quality Indices Index Criteria Result
Fit
Average Path Coefficient (APC) 0.559 P<0.001
Model
Fit
Average R-Squared (ARS) 0.577 P<0.002
Model
Fit
Average Adjusted R-Squared 0.576 P<0.003
Model
Average Block Variance Inflation if <= 5, ideally <= Fit
2.284
Factor (AVIF) 3.3 Model
if <= 5, ideally <= Fit
Average Full Collinearity VIF (AFVIF) 0
3.4 Model

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 small >= 0.1,
Fit
Tenenhaus GoF (GoF) 0.76 medium >= 0.25,
Model
large >= 0.36
acceptable if >= Fit
Simpson’s Paradox Ratio (SPR) 1.000
0.7, ideally = 1 Model
R-Squared Contribution Ratio acceptable if >= Fit
1.000
(RSCR) 0.9, ideally = 1 Model
acceptable if >= Fit
Statistical Suppression Ratio (SSR) 1.000
0.7 Model
Nonlinear Bivariate Causality acceptable if >= Fit
1.000
Direction Ratio (NLBCDR) 0.7 Model
Source: Secondary data processing result (2023)

Figure 1. conceptual framework

Green Accounting on SDGs

Based on the data processing results in Figure 1, the results show that
this research can prove the existence of a positive and significant influence
between green accounting and SDGs. Hypothesis H1 is further supported and
verified by a significant positive correlation between the variables. The positive
research results, in line with the hypothesis, show that applying green
accounting can have a positive effect and help achieve the SDGs' goals. As a
result, using green accounting practices assists businesses in enhancing their
environmental performance and can significantly boost their capacity for
sustainable development.
Environmental performance can be measured and enhanced by
organizations with the aid of green accounting, according to published
research. Afsah et al. (2021) revealed that green accounting positively and
significantly influences achieving the SDGs. This can be explained by the fact
that green accounting practices can help companies reduce negative
environmental impacts, encouraging sustainable development. Thus,
implementing green accounting can help companies achieve SDGs related to
the environment, such as reducing greenhouse gas emissions or improving

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water quality. In addition, green accounting may assist organizations in
identifying new sustainable business prospects that contribute to attaining
SDG objectives. Green accounting may help businesses in this situation in
creating value for their clients, staff, and society. It can utilize green
accounting to achieve sustainable development goals more effectively.
CSR on SDGs
Based on the relationship between CSR and SDGs, the results show that
this research can prove the existence of a positive and significant influence, as
shown in Figure 2. A substantial positive association between sustainable
development capacities supports and confirms Hypothesis H2. This is by the
results of research from Abdurrahman et al. (2022) , which shows that the
implementation of CSR positively influences the SDGs. Enhanced CSR
performance by a corporation correlates with improved quality of SDG
information disclosure, leading to increased public interest and access to a
broader range of development resources. This, in turn, facilitates the
achievement of sustainable development objectives.
Several studies support a positive relationship between corporate social
responsibility and sustainability goals. Lee et al. (2020) show that companies
implementing corporate social responsibility can significantly contribute to
achieving environmental, social, and economic sustainability goals. Other
research conducted by Yoon dan Kim (2018) shows that companies that
implement CSR effectively can improve their financial performance, which can
help achieve economic sustainability goals. Besides that, (Trumpp et al., 2021)
show that companies with a solid corporate social responsibility commitment
also tend to have more initiatives related to sustainability goals and are better
able to adapt to environmental and social changes. Thus, companies can use
social responsibility to achieve sustainable development goals better.

Firm Value and Green Accounting on CSR.

The study results regarding green accounting and firm value and CSR
show that introducing green accounting can increase strong value and CSR.
The relationship between business value and CSR, mediated by green
accounting, indicates that this research can demonstrate a favorable and
significant impact, as shown in Figure 2. A substantial positive association
exists, thereby furnishing additional validation and support for Hypothesis 3.
The results of this study by research Suryaningtyas dan Sari (2021) show that
firm value has positive effects and can be an essential mediator in the
relationship between green accounting implementation practices and CSR.
Effectively applying green accounting methods and exhibiting a high level of
social responsibility can raise the firm value of a company, according to the
science. In sustainable development, this can achieve environmental and social
goals.
Several studies have shown a positive relationship regarding the
relationship between firm value mediating green accounting so that it
influences CSR. Supported by research conducted by Aier & Zhang (2021)

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shows that companies that implement green accounting have better financial
performance and higher market value. Another study by Xie et al. (2019) shows
that good environmental reporting can improve a company's reputation,
increasing firm value. This indicates that companies that pay attention to CSR
positively impact the environment and can also increase firm value. These
studies show that green accounting and good environmental reporting can
positively impact firm value. This can be caused by expanding the company's
reputation, which can increase investor and consumer confidence by using
green accounting in social responsibility reporting.

CSR and GA on SDGs

Hypothesis 4 of this study states that CSR can moderate the relationship
between green accounting and SDGs. The results of research regarding CSR
moderating the relationship between green accounting and SDGs shown in
Figure 2 show that this research can prove that there is a positive and
significant influence. A significant positive correlation provided further support
and verification for Hypothesis 4. In this case, H4 states that implementing
CSR as a variable that moderates green accounting on SDGs has a positive and
significant effect. Companies can improve their performance in fulfilling SDG-
related objectives by efficiently implementing green accounting practices and
maintaining a high level of CSR, according to the findings of this study. In
sustainable development, this can help achieve environmental and social goals.
Several studies show a positive influence on the relationship between
CSR, which can moderate the relationship between green accounting and
SDGs. Research conducted by Arifin et al. (2021) shows that CSR plays an
essential role as a moderator in the relationship between green accounting and
SDGs. The results of their research show that companies that implement green
accounting practices effectively and have a high level of CSR tend to have
better performance in achieving goals related to the SDGs.

Table 6. Hypotheses summary

Hypotheses Criteria Sig. Result
H1: Green accounting positively <0.05 0.01
Accepted
affects SDGs
H2: CSR positively affects SDGs <0.05 0.01 Accepted
H3: Firm value mediates green <0.05 0.01
Accepted
accounting on CSR
H4: CSR moderates green <0.05 0.01
Accepted
accounting on SDGs
Source: Secondary data processing result (2023)

Another research conducted by Yudarwati et al. (2020) also found similar

results. As demonstrated, CSR can increase the relationship between green
accounting and the SDGs. Put simply, organizations that prioritize corporate
social responsibility (CSR) can optimize the advantages of green accounting

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 techniques to accomplish objectives associated with the SDGs. These studies
show a positive and significant relationship between green accounting, CSR,
and SDGs. In this context, green accounting practices can help companies
achieve goals related to the SDGs, and CSR can strengthen the positive impact
of green accounting practices on achieving these goals.
CONCLUSIONS
Based on the research results, implementing green accounting in energy
and transportation companies that produce heavy pollution in Indonesia has a
positive relationship with the SDGs. This means that the company has
disclosed environmental costs, and it has been proven that this can improve
the SDGs. There is substantial evidence that the quality of CSR disclosure
positively influences the SDGs. CSR disclosure has proven that it can affect the
SDGs to help companies increase their responsibility for their corporate
reputation. Firm value controls green accounting and CSR disclosure. It is
proven that the implementation of green accounting and CSR not only affects
the environment but also increases firm value. The caliber of CSR disclosure
can substantially strengthen a correlation between the execution of green
accounting and the SDGs. Environmental and financial performance can be
enhanced by CSR disclosure.
The limitation of this research is the incompleteness of company data.
Not all companies submit annual reports and sustainability reports. Apart from
that, not all companies have a PROPER certificate and carry out green
accounting disclosures. After carrying out statistical tests, the corrected,
adjusted R square was produced, and the firm value variable was relatively
small, namely only 0.26. There are very few variables used in this research,
namely four variables. Therefore, further analysis can add other proxies and
variables related to SDGs. As well as expanding the sample and criteria to be
studied. It is advised that researchers in the future employ metrics other than
PROPER. Alternatives include the entity's attempts to cut emissions and
environmental waste through accounting activities. An expanded
understanding of the SDGs and their influence on the use of green accounting
may be gleaned from the results.

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