Green Accounting And Intellectual Capital Effect On Firm Value

Moderated By Business Strategy

Rilla Gantino1*, Endang Ruswanti2, Agung Mulyo Widodo3

1
Accounting Department, Faculty of Economics and Business, Esa Unggul University, Jakarta,
Indonesia
2
Management Department, Faculty of Economics and Business, Esa Unggul University, Jakarta,
Indonesia
3
Information System Department, Faculty Of Informatics Engineering And Information Systems,
Esa Unggul University, Jakarta, Indonesia

Email Address:
[email protected]*, [email protected],
[email protected]
*
Corresponding author

Submitted 26-09-2022 Reviewed 01-11-2022 Revised 10-11-2022 Accepted 28-11-2022 Published 06-01-2023

Abstract: This study aims to compare the influence of Green Accounting and Intellectual Capital on the Firm
Value model with Business Strategy as a Moderating Variable, using 2016 to 2021 data from IDX in the
Automotive and Components and Consumer Goods sector. This study used purposive sampling and hypothesis
testing using multiple regression. Green Accounting is measured by obtaining an ISO 1400, Intellectual
Capital by VAICTM and Business Strategy by PPC. The results show green accounting has a negative effect
on firm value in the Consumer Goods sector before and after being moderated and a significant positive effect
on the other sector. Intellectual Capital has a significant effect on both sectors before and after moderation.
Business strategy has a significant relationship with firm value in the Consumer Goods sector but has a
negative relationship in other sectors. Business Strategy moderates the influence of Green accounting and
Intellectual Capital on firm value.
Keywords: Green Accounting; Intellectual Capital; Business Strategy; Firm Value.

Abstraks: Penelitian ini bertujuan untuk membandingkan pengaruh Green Accounting dan Intellectual
Capital terhadap model Nilai Perusahaan dengan Strategi Bisnis sebagai Variabel Moderating, menggunakan
data tahun 2016 sd 2021 dari BEI dan website perusahaan di sektor Otomotif dan Komponen dan Barang
Konsumsi. Penelitian ini menggunakan purposive sampling, pengujian hipotesis menggunakan regresi
berganda. Green Accounting diukur dengan memperoleh sertifikat ISO 14001, Intellectual Capital diukur
dengan VAICTM dan Business Strategy diukur dengan PPC. Hasil penelitian menunjukkan bahwa green
accounting berpengaruh negatif terhadap nilai perusahaan pada sektor Consumer Goods sebelum dan sesudah
dimoderasi dan berpengaruh signifikan positif pada sektor lainnya. Intellectual Capital berpengaruh signifikan
pada kedua sektor, sebelum dan sesudah dimoderasi. Strategi bisnis memiliki hubungan yang signifikan
terhadap nilai perusahaan di sektor barang konsumsi, tetapi memiliki hubungan negatif di sektor lainnya.
Strategi Bisnis memoderasi pengaruh Green accounting dan Intellectual Capital terhadap nilai perusahaan di
kedua sektor.
Kata Kunci: Green Accounting; Intellectual Capital; Stretegi Bisnis; Nilai Perusahaan.

INTRODUCTION
Company value is the value given by investors to companies that have succeeded in
improving their performance and is associated with stock prices. The high value of the
company shows the company's success in prospering the principal or maximizing
shareholder wealth or shareholder welfare (Brigham and Ehrhardt, 2016). This causes the
company's stock price to increase.

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 Efforts to increase the value of the company through improving the company's
financial performance should be followed by better environmental management, but in fact,
this is not the case. The rise of cases of environmental pollution in the form of soil and water
pollution due to hazardous production waste is evidence that the environment is not
managed properly (Mardiana and Wuryani, 2019). Several cases of environmental pollution
carried out by PT How Are You Indonesia, PT Industri Tekstil Kamarga Kurnia, PT Kawi
Mekar and PT United Color Indonesia polluting the environment around the factory are
some evidence of cases that occurred in Indonesia (Head of Relations Bureau et al., 2020).
For this reason, companies are encouraged to fulfil their social responsibilities, including to
the environment.
Corporate responsibility towards the environment is the focus of the company's
attention because nowadays, more and more consumers are paying attention to products that
are environmentally friendly. This is evidenced by the increasing number of consumers who
care about environmentally friendly products by 112 per cent from 2019 to 2020 (Indah
Handayani, 2021). In addition to the issue of environmental damage and the increasing
number of consumers who care about environmentally friendly products, this is one of the
drivers for companies to innovate in production.
Environmentally friendly innovation activities or green innovation should be the
company's choice to improve the company's relationship with the community and
stakeholders and to obtain a good corporate image. Therefore, companies should optimize
the role of Green Accounting or environmental management accounting. The results of the
study prove that the application of environmental management accounting can increase
company profits and, at the same time, increase company value (Agustia et al., 2019; Che
Ahmad and Nosakhare, 2016; Danang and Kunto, 2020). However, the results of Afazis and
Handayani's research (Afazis and Handayani, 2020) state that environmental management
accounting has no effect on firm value.
As described in the previous paragraph that companies need to innovate. To innovate
requires the application of knowledge and technology (Law of the Republic of Indonesia
Number 18 of 2002, 2002); therefore, companies need to improve the strategy of doing
business which originally implemented labour-based business to become a knowledge-
based business (Abdul-Jawad, 2017). The creation of transformation and capitalization of
knowledge into assets for the company is called an intangible asset (Albertini and Berger-
Remy, 2019).
Intangible assets include information and knowledge that must be managed properly
to create a competitive advantage. Knowledge-based companies have employees who have
high skills, expertise and innovation power. This knowledge and technology-based capital
are known as Intellectual Capital (IC) (Ulum and Jati, 2016).
Intellectual Capital is knowledge, information and intellectual property that is able to
find opportunities and manage threats to the company so that it has resilience and creates a
competitive advantage (Eliana and Afni, 2017). Without Intellectual Capital, the company
will not be able to run its business even with abundant wealth because it is human capital
that utilizes all company assets to achieve company goals (Ulum, 2016).
Several research results have proven that Intellectual Capital has an effect on firm
value, including the research of Ahmed and many others (Ahmed et al., 2019; Gantino and
Alam, 2021; Mawaheb, 2020; Ni et al., 2020; Rabaya et al., 2020). Other research results
state that Intellectual Capital has no effect on firm value (Subaida and Mardiati, 2018;

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Wafiyudin et al., 2020), and Madyan's research results state that Intellectual Capital has a
negative effect on firm value (Madyan and Fikir, 2019).
In addition to the use of Intellectual Capital and Green Accounting, the value of the
company is also influenced by choice of Business Strategy to face the competition. The
company's efforts to formulate a competitive strategy will increase its value of the company
(Muchammad, 2018). Nickols (Nickols, 2016) cites Chandler's definition, which states that
strategy is the determination of the basic long-term goals and objectives of a company and
the adoption of actions and the allocation of resources to carry out these goals.
Furthermore, according to Wheelen et al. (Wheelen et al., 2018), Business Strategy is
a strategy for conducting the business competition and cooperating with business partners
that emphasize increasing the competitive position for products and services produced by
the company in a particular industry or market segment. Many studies have proven that
Business Strategy has a positive effect on firm value, including research by Saidi et al. and
others (Farida, 2022; Hariyanto, 2019; Saidi et al., 2021). Baihaqi's research results
(Muchammad, 2018) show that business strategy has a negative effect on firm value.
Based on the identification of initial data, the application of the concept of Green
Accounting, Intellectual Capital and Business Strategy has been carried out by companies
listed on the Indonesia Stock Exchange, especially the Automotive and Components sector
and the Consumer Goods sector, but the results do not always increase the value of the
company. The results of searching data from several companies in both sectors are as
follows:

Table 1. Eco-Efficiency, VAICTM and PBV

Consumers Goods Sector

Emiten Year IC GA BS FV
(VAICTM) (ISO14001 (PPC) (PBV)
2017 7.535 0 0.539 1.269
Akasha Wira International Tbk 2018 0 0.484 1.334
7.406
2019 8.659 0 0.416 0.821
Ultra Jaya Milk Industry andTrading Company 2017 7.281 1 0.376 1.622
2018 6.824 1 0.357 2.479
2019 4.120 1 0.376 3.323
Automotive and Components Sector
2017 6.952 1 0.094 1.157
Goodyear Indonesia Tbk 2018 5.895 1 0.088 1.064
2019 7.140 1 0.123 0.794
2017 4.037 0 0.200 0.730
Indomobil Sukses Internasional 2018 4.079 0 0.192 0.753
2019 3.982 0 0.199 0.141

Table 1 shows, conceptually, the application of Intellectual Capital, Green

Accounting and Business Strategy has a positive influence on firm value, but in table 1, PT.
Akasha Wira International Tbk in 2017 and 2018 did not implement Green Accounting with
indicators not obtaining an ISO 14001 certificate, obtaining a company value that increased
from 1.269 in 2017 to 1.334 in 2018, although its Intellectual Capital decreased from 7.534
to 7.406 and also experienced a decline in the implementation of its Business Strategy

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(PPC). In 2018, the company's Intellectual Capital increased from 7.406 in 2018 to 8.659 in
2019, but the value of the company actually decreased from 1.334 to 0.821. Likewise PT.
Goodyear Indonesia Tbk, its Intellectual Capital increased from 5.895 to 7.140 from 2018
to 2019. This company also implemented Green Accounting, which increased its PPC value
but obtained a decreased company value from 1.064 to 0.794.
The description above shows the inconsistent results of the implementation of
Intellectual Capital, Green Accounting, and PPC on firm value. Similarly, the results of
previous studies show inconsistent results, as described in the previous paragraphs. This is
what makes researchers interested in conducting research again with a sample of companies
in 2 sectors, namely the Automotive and Components sector and the Consumer Goods
sector.
This sector was chosen because these two sectors are two sectors that have different
business characteristics and different levels of environmental uncertainty. Companies in the
Consumer Goods sector that fall into the food and beverage, cosmetics and household sub-
sectors, household appliances, pharmaceuticals and cigarettes sub-sectors face higher
competition from the automotive and components sector, goods produced and sold in the
category Consumer Goods for public needs. Meanwhile, companies in the automotive and
component sectors produce and sell goods categorized as tertiary needs, facing different
market shares, thus requiring different implementations of Green Accounting and
Intellectual Capital to increase company value.
This study uses the Green Accounting variable, which refers to previous research,
namely the research of Merrie Anne et al. and Pantamee (Merrie et al., 2022; Pantamee
Abdurrahman, 2019), which examines the effect of environmental accounting on firm value.
Furthermore, this study uses the Intellectual Capital variable, which refers to the research
of Subaida and Mardiati et al. (Subaida and Mardiati, 2018). The business strategy variable
refers to the research of Ung, Muchammad, and Farida (Farida, 2022; Muchammad, 2018;
Ung et al., 2018). However, this research is different from previous research. This study
aims not only to prove the effect of Green Accounting, Intellectual Capital and Business
Strategy variables on firm value in companies in two different sectors partially or
simultaneously and also to prove the success of Business Strategies in strengthening or
weakening the influence of Green Accounting and Intellectual Capital on firm value in two
different sectors.

THEORETICAL REVIEW
Signalling Theory. Signalling theory focuses on the importance of the information
produced by the company for making investment decisions by parties outside the company
(Brigham and Ehrhardt, 2016). A disclosure is said to contain information if it can trigger a
market reaction, which can be in the form of changes in stock prices or abnormal returns
(Panggau and Septiani, 2017).
Information is an important element for investors and business people because
information essentially presents information, notes, or a good picture of past conditions, for
the survival of a company and how the effects will be (Ulum, 2016). Furthermore, it is stated
that the voluntary disclosure of Intellectual Capital information and information generated
by Green Accounting (Tri et al., 2022) will be a very effective medium for companies to
convey a signal of superior quality or competitive advantage related to Intellectual Capital
which is significant for the creation of wealth in the future.

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 Resources-Based Theory (RBT). Resources-based theory (RBT) is a theory
developed to analyze the competitive advantage of a company that emphasizes the
advantages of knowledge or an economy that relies on intangible assets (Albertini and
Berger-Remy, 2019; Mirwan, 2018). The Resource-Base View theory pioneered by Barney
in 1991 states that the economic value in a company's competitive advantage lies in the
ownership and effective use of organizational resources that are able to add value, are rare,
difficult to imitate, and are not replaced by other resources. Therefore, efforts are needed to
find, obtain, develop, and maintain strategic resources. Furthermore, Josua stated that the
strategic resource is Intellectual Capital (IC) (Josua et al., 2019).
The high value of Intellectual Capital reflects that the company has high-quality
human resources as well. The results of Eristy's research (Utami, 2018) show a positive
relationship between IC and firm value. Companies that are able to utilize their intellectual
capital efficiently will increase their market value (Ahmed et al., 2019; Ni Made and Ni
Putu, 2019; Subaida and Mardiati, 2018; Utami, 2018).
Company value is a value that can be used in measuring the level of interest of a
company from several points of view, such as the assessment of investors who value the
company from the stock price. The higher the share price, the higher the shareholder's profit,
so this situation will be in demand by investors because the increasing demand for shares
causes the value of the company to also increase. The value of the company in this study is
described through the price book value (PBV) (Nuryana and Bhebhe, 2019).
Price book value (PBV) is defined as a comparison of the market value of a stock
against its own book value so that it can measure whether the stock price is overvalued or
undervalued. Price book value or commonly known as the market to book value, describes
how much the market appreciates the book value of a company's shares (Brigham and
Ehrhardt, 2016). This ratio shows how far a company is able to create firm value relative to
the amount of capital invested and can be interpreted as an indicator that the company’s
future returns are expected to be exactly equal to the returns required by the market
(Robinson et al., 2016)
The regression equation model used is:

FV = α + β1GA + β2IC + e …………………………….......................... (1)

FV = α + β1GA + β2IC + β3 BS + e ……………………....................... (2)
FV = β4[{GA ∗ BS}] + β5[{IC ∗ BS }] ] + e ………………......................... (3)

Where; FV is the Dependent variable, namely price book value; α is Constanta; β1,
β2 are Regression coefficient; GA is Green Accounting; IC is Intellectual Capital; BS is
Business Strategy; and e is an error (interrupt)
Intellectual Capital will increase competitiveness. Companies that are able to utilize
their intellectual capital more efficiently than their market value will increase (Ida et al.,
2018; Ni Made and Ni Putu, 2019; Rabaya et al., 2020). Intellectual Capital has a positive
effect on firm value. Intellectual Capital is one of the factors that determine the high Firm
Value for investors. This is because intellectual capital is a company knowledge asset that
will be used by the company to face business competition (Badarudin and Eni, 2018). The
value given by investors to the company will be reflected in the company's stock price
(Danang and Kunto, 2020).
Environmental management accounting is part of Green Accounting involving full
cost accounting, life cycle costs, strategic planning for environmental management and

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profit assessment (Rosaline et al., 2020). Environmental management accounting that is
applied properly by the company can increase the company's profit and, at the same time,
increase the value of the company. This is in line with previous research.
The practice of Green Accounting /Environmental Management Accounting will
produce relevant information about environmental management and is relevant information
for decision making if implemented properly by the company can increase company profits
and, at the same time, increase Company Value (Agustia et al., 2019; Che Ahmad and
Nosakhare, 2016; Danang and Kunto, 2020; Ni et al., 2020; Panggau and Septiani, 2017).

H1: There is the influence of Green Accounting and Intellectual Capital together on
Company Value.

Green Accounting or environmental accounting Environmental Management

Accounting (EMA) is an accounting that identifies, measures assesses and discloses costs
related to company activities related to the environment in order to reduce the impact of
business activities on the environment and make reports on environmental costs (Agustia et
al., 2019; Chasbiandani et al., 2019). Through the application of Green Accounting, it is
hoped that the company will voluntarily comply with the government policies where the
company runs its business (Rosaline et al., 2020). Furthermore, it is explained that
environmental management accounting consists of estimating and collecting, identifying,
reporting, analyzing and sending information about 1) Information based on environmental
costs, 2) Information based on energy and material flows, 3) Measurable cost information,
made based on environmental costs, for decision making (Ria, 2020).
As explained above, one of the reasons companies implements Green Accounting is
that it can support the company's development and operation of the overall environmental
management system. Such a system will soon become a must for companies engaged in
international trade due to the approval of the implementation of the international standard
ISO 14001 (Che Ahmad and Nosakhare, 2016). Therefore, environmental accounting
measurements that focus on the application of environmental management accounting in
this study were adopted from the research of Afazis and Nosakhare (Afazis and Handayani,
2020; Che Ahmad and Nosakhare, 2016), which used the definition of environmental
management accounting as a company's effort to manage environmental and financial
performance, by implementing an environmental accounting system that is in accordance
with the company's condition as represented by the ISO 14001 certificate obtained by the
company.
The practice of Green Accounting /Environmental Management Accounting will
produce relevant information about environmental management and is relevant information
for decision-making if implemented properly by the company, can increase company profits
and, at the same time, increase Company Value (Agustia et al., 2019; Che Ahmad and
Nosakhare, 2016; Danang and Kunto, 2020; Ni et al., 2020; Panggau and Septiani, 2017).

H2: There is a positive effect of Green Accounting on firm value.

Intellectual Capital is defined as knowledge, information and intellectual property that

is able to find opportunities and manage threats in the life of a company so that it can affect
resilience and competitive advantage in various ways (Rhoma and Subowo, 2016; Ulum,
2016). Three elements of Intellectual Capital, namely intellectual capital that is attached to

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humans (human capital), intellectual capital that is attached to the organization (structural
capital), and intellectual capital that is attached to relationships with external parties
(customer capital) (Ulum, 2016).
Human capital is the core of Intellectual Capital because, in human capital, there is
innovation and improvement (Meles et al., 2016). Some basic characteristics that can be
measured from this capital are training programs, credentials, experience, competence,
recruitment, mentoring, learning programs, individual potential and personality (Dwi,
2021).
Structural capital is the organization's ability to process routines through its structure
that supports employees to produce optimal intellectual performance and business
performance to create competitive advantages, for example, company operating systems,
manufacturing processes, organizational culture and management philosophy. Relational
capital is a relationship (network) with its partners, both from reliable suppliers and from
customers who are loyal and satisfied with the services provided, the company's relationship
with the government and with the surrounding community so as to create value-added
(Meles et al., 2016).
The Public developed a method of measuring Intellectual Capital with monetary
valuation known as VAIC TM. Pulic (Pulic, 2000) proposed the ValueAdded Intellectual
Coefficient (VAICTM) to provide information on the efficiency of value creation from
tangible and intangible assets in companies, and VAIC TM is considered suitable to measure
IC in empirical research (Ulum, 2016).

H3: There is a positive influence of Intellectual Capital on Firm Value.

The company has established a Business Strategy since the company was founded,
and the strategy has always been consistent from time to time (Irfan et al., 2020). According
to Wheelen et al. (Wheelen et al., 2018), Business Strategy is a strategy for conducting the
business competition and cooperating with business partners that emphasize increasing the
competitive position for products and services produced by the company in a particular
industry or market segment. Furthermore, it is also explained that Business Strategy
describes how an organization deals with competitors, what products are sold in the market,
and through what methods the company's products/services are delivered/distributed
(Muchammad, 2018).
Business strategy can be measured using indicators of cost leadership, product
differentiation and focus (Nasri and Ikra, 2016). A similar opinion is expressed by Surono
(Surono et al., 2020) that cost leadership, differentiation, and Focused strategy are
dimensions used in measuring the concept of Business Strategy.
This study uses one of the measurements used by Putri (Putri et al., 2017), which is
also used by Al-Rdaydeh et al. (Al-Rdaydeh et al., 2018) to measure Business Strategy to
be able to compete through premium price capability (PPC). Companies that implement an
innovation strategy will offer unique products/services at premium prices. Therefore,
companies that implement an innovation strategy will have a higher premium price
capability than companies that implement a cost-efficiency strategy (Al-Rdaydeh et al.,
2018).
The right business strategy in a company will have an impact on performance and
Company Value (Hariyanto, 2019; Hermawan, 2021). Furthermore, Ung (Ung et al., 2018)
conclude that the defensive strategy, particularly the retrenchment strategy, has a positive

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significance on the company's excess value. This means that a defensive strategy will
increase the value of the company.

H4: There is a positive influence of Business Strategy on Firm Value.

Previously it was explained that the application of environmental accounting by the

company is an attempt by the company to fulfil the wishes of stakeholders because the focus
of the stakeholders is not only on the company's financial factors but also related to the
company's environmental factors. Environmental management accounting which is part of
the company's environmental accounting that is well implemented by the company, can
increase company profits and, at the same time, increase company value (Agustia et al.,
2019; Che Ahmad and Nosakhare, 2016; Danang and Kunto, 2020; Panggau and Septiani,
2017). Likewise, the implementation of Intellectual Capital will have an effect on Company
Value.
This condition indicates that investors can capture the signals provided by companies
through Intellectual Capital and use that information in the analysis of investment decision-
making (Cheng-Hung and Eugene, 2020). Companies that are able to utilize their
intellectual capital efficiently will increase their market value (Ahmed et al., 2019; Ni Made
and Ni Putu, 2019; Subaida and Mardiati, 2018; Utami, 2018). Furthermore, the value of the
company is also determined by the determination of the Business Strategy. The right business
strategy will create the proper market share so that the company can win the business
competition with its competitors. The right business strategy in a company that will generate
profit opportunities will be responded to positively by investors (Hariyanto, 2019;
Muchammad, 2018). The right plan and unit or different in serving consumers will affect
the company's performance (Hermawan, 2021).

H5: There is a positive influence of Green Accounting, Intellectual Capital on Firm Value
Moderated by Business Strategy.

METHODS
This is associative research aiming to determine the relationship between the
independent and dependent variables. Source of data using secondary data sources, namely
financial statements company reports in the Consumer Goods sector and the Automotive
and Components sector for 2016 to 2021 obtained from the Indonesia Stock Exchange
website Exchange (IDX) www.idx.co.id and their respective websites company. The
population is all companies in the Consumer Goods sector and in the Automotive and
Components sector listed on the Indonesia Stock Exchange (IDX) using a purposive
sampling technique. Hypothesis testing using multiple linear regression.
The variables and their measurements in this study are as follows:

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 Table 2. Measuring Scale

Variable Proxy Scale

Green Accounting (GA) Companies that have ISO 14000 Dummy
Intellectual Capital (IC) VAICTM = VACA + VAHU + STVA Ratio
Business Strategy (BS) PPC = Gross Margin/Sales Ratio
Firm Value (FV) PBV = Price per share/Book Value Per Share Ratio

Table 2 shows describes the proxies and scales used for the variables used in this
study. Green Accounting or environmental management accounting identifies, measures,
assesses and discloses costs related to company activities related to the environment in order
to reduce the impact of business activities on the environment and make reports on
environmental costs (Agustia et al., 2019; Chasbiandani et al., 2019). Implementing it
requires an overall environmental management system that is internationally recognized
through the acquisition of an ISO 14001 certificate. Therefore in this study, the proxy of
Green Accounting is a company that obtains the certificate with a dummy scale. Companies
that obtain ISO 14001 certificates will be given a value of 1, and those that are not given a
value of zero.
Furthermore, the measurement of intellectual capital in this study uses the Value
Added Intellectual Coefficient (VAICTM) proxy, which provides information about the
efficiency of value creation from tangible and intangible assets in the company. VACA is
an indicator of the VA created by a unit of physical capital. This ratio shows the contribution
made by each unit of CE to the value-added of the organization. VAHU is an indicator that
shows how much VA is generated with the funds spent on labour. This ratio indicates the
contribution made by each rupiah invested in HC to the value added to the organization.
STVA (Structural Capital Value Added) is a ratio to measure the amount of SC needed to
generate 1 rupiah from VA.
Strategy Business uses a PPC measure that indicates the company's ability to charge
customers a premium price. Companies that implement an innovation strategy will offer
unique products/services at premium prices. Therefore, a company that implements an
innovation strategy will have a higher premium price capability compared to a company
that implements a cost-efficiency strategy.
Then, the value of the company is a value that can be used in measuring the level of
importance of a company from several points of view. Measured by PBV proxy. Price book
value (PBV) is defined as a comparison of the market value of a stock against its own book
value so that it can measure whether the stock price is overvalued or undervalued.
The research model is as follows:

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 Figure 1. Research Model

RESULTS
Prior to the classical assumption test, the data normality test was carried out first,
and the results showed that the data used were normally distributed for both sectors.

Table 3. Kolmogorov-Smirnov Test of the Automotive and Components Sector

Non Moderation Moderation

Description Unstandardized Unstandardized
Residual Residual
N 39 39
Mean 0.000 0.000
Normal Parameters,b
Std. Deviation 0.738 0.728
Absolute 0.123 0.125
Most Extreme Differences Positive 0.123 0.125
Negative -0.122 -0.087
Kolmogorov-Smirnov Z 0.771 0.783
Asymp. Sig. (2-tailed) 0.592 0.571

Table 3 shows describes the results of the normality test of the data tested using the
Kolmogorov-Smirnov test for the Automotive and Components sector before and after
being moderated. The test results show that the Asymp.Sig (2-tailed) values of 0.592 and
0.571, which exceeds 0.050, which means that they are normally distributed.

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 Table 4. Kolmogorov-Smirnov Test of the Consumer Goods Sector

Non Moderation Moderation

Description Unstandardized Unstandardized
Residual Residual
N 130 39
Mean 0.000 0.000
Normal Parameters,b
Std. Deviation 1.432 1.246
Absolute 0.115 0.098
Most Extreme Differences Positive 0.115 0.098
Negative -0.078 -0.083
Kolmogorov-Smirnov Z 1.310 1.114
Asymp. Sig. (2-tailed) 0.065 0.167

Table 4 shows describes the results of the normality test of the data tested using the
Kolmogorov-Smirnov test for the Consumer Goods sector before and after being moderated.
The test results show that the Asymp. Sig (2-tailed) values of 0.065 and 0.167, which exceed
0.050, mean that they are normally distributed.
The multicollinearity test was tested through the value of the Variance Inflation Factor
(VIF). The test results of the two sectors are as follows:

Table 5. Multicollinearity Test of the Automotive and Components Sector

Collinearity Statistics Collinearity Statistics

Model non Moderated Model Moderated
Tolerance VIF Tolerance VIF
ISO14001 0.947 1.056 ISO14001_PPC 0.732 1.367
VAICTM 0.253 3.955 VAICTM_PPC 0.732 1.367
PPC 0.259 3.857

Table 5 shows the results of the multicollinearity test. Green Accounting variables as
measured by ISO14001, Intellectual Capital as measured by VAICTM and Business
Strategy as measured by PPC in the automotive and component sectors before and after
being moderated have a VIF value below ten which means that there is no multicollinearity.

Table 6. Multicollinearity Test of the Consumer Goods Sector

Collinearity Statistics Collinearity Statistics

Model non Moderated Model Moderated
Tolerance VIF Tolerance VIF
ISO14001 0.741 1.349 ISO14001_PPC 0.664 1.505
VAICTM 0.649 1.540 VAICTM_PPC 0.664 1.505
PPC 0.771 1.296

Table 6 shows the results of the multicollinearity test in the Consumer Goods sector
before and after being moderated. Green Accounting variables, as measured by ISO14001,
Intellectual Capital, as measured by VAICTM and Business Strategy, as measured by PPC,
have a VIF value below ten which means there is no multicollinearity.
Heteroscedasticity test in this study using a scatter plot, the test results in the
Automotive and Component sectors are as follows:

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 Figure 2. Heteroscedasticity test Automotive and Component Sector

In Figure 2 shows, these points appear randomly and are scattered below and above
the number 0 on the Y-axis. It can be concluded that there is no heteroscedasticity in the
Automotive and Components sector.

Figure 3. Heteroscedasticity test Consumer Goods Sector

In Figure 3 shows, these points appear randomly and are scattered below and above
the number 0 on the Y-axis. It can be concluded that there is no heteroscedasticity in the
Automotive and Components sector.
The results of the autocorrelation test for both sectors with Durbin Watson are as
follows:

Table 7. Autocorrelation Test of The Automotive and Component Sector

Non Moderation Moderation

Description Value Description Value
Durbin Watson 2.089 Durbin Watson 2.172
DU 1.658 DU 1.597
4-DU 2.423 4-DU 2.403

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 Table 7 shows the results of the autocorrelation test in the Automotive and
Components sector before and after being moderated. Durbin Watson's value with a non-
moderating variable is 2.089 is greater than the DU value of 1.658 and smaller than the 4-
DU value of 2.423. Based on these results, it can be concluded that the data does not occur
autocorrelation. Durbin Watson's value with moderating variable is 2.172 is greater than the
DU value of 1.597 and smaller than the 4-DU value of 2.403. Based on these results, it can
be concluded that the data does not occur autocorrelation

Table 8. Autocorrelation Test of The Consumer Goods Sector

Non Moderation Moderation

Description Value Description Value
Durbin Watson 1.901 Durbin Watson 1.753
DU 1.761 DU 1.745
4-DU 2.239 4-DU 2.255

Table 8 shows the results of the autocorrelation test in the Consumer Goods sector
before and after being moderated. Durbin Watson's value with a non-moderating variable is
1.901 is greater than the DU value of 1.761 and smaller than the 4-DU value of 2.239. Based
on these results, it can be concluded that the data does not occur autocorrelation. Durbin
Watson's value with moderating variable is 1.753 is greater than the DU value of 1.745 and
smaller than the 4-DU value of 2.255. Based on these results, it can be concluded that the
data does not occur autocorrelation
The results of the descriptive test for the Automotive sector are as follows:

Table 9. Descriptive Statistics of the Automotive and Components Sector

N Minimum Maximum Mean Std. Deviation

GA-ISO14001 78 0.000 1.000 0.718 0.453
IC-VAICTM 78 -5.110 237.600 22.270 50.366
BS-PPC 78 0.0000 36.440 17.682 7.723
FV-PBV 78 0.140 607131.340 17609.297 96053.947
Valid N (listwise) 78

Table 9 shows, the information obtained, Green Accounting is proxied by the

acquisition or implementation of ISO 14001, which amounts to 10 companies out of 13
companies in this sector. In 2016 there were seven companies, and this continued to increase
until 2019 (10 companies), decreased in 2020 to 9 companies and then increased to 10
companies in 2021.
Intellectual Capital, as proxied by VAICTM has a minimum value of -5.110 for
issuers with ASII code in 2020 and a maximum value of 237.600 for issuers with LPIN code
in 2016. In addition, the results also show a mean value of 22.270 and a standard deviation
of 50.366. The value of the standard deviation shows that it is greater than the average value,
meaning that the data for this variable has a large/wide distribution of data.
Business Strategy measured by PPC has a minimum value of 0.000 for companies
with GJTL issuer code in 2018, and the maximum value is 36.440 for companies with LPIN
issuer code in 2016. Furthermore, the results also show a mean value of 17.682 and a

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standard deviation of 7.723. The standard deviation value is smaller than the average value,
which means that the data on this variable has a small/narrow data distribution
Company value as proxied by PBV, the minimum value is 0.140 for companies with
issuer code PRAS 2016, the maximum value is 607131.340 for companies with issuer code
INDS in 2018 and has an average of 17609.297 and the standard deviation amounted to
96053,947. The standard deviation value greater than the average value means that the data
used in this variable has a large/wide distribution of data.
Furthermore, the results of the descriptive test for the Consumer Goods sector are as
follows:

Table 10. Results of Descriptive Statistics of the Consumer Goods Sector

N Minimum Maximum Mean Std. Deviation

GA-ISO14001 240 0.000 1.000 0.454 0.499
IC-VAIC TM 240 -80.390 172.970 8.853 24.378
BS-PPC 240 -50.600 98.400 30.772 20.478
FV-PBV 240 -0.510 1946.700 130.533 372.353
Valid N (listwise) 240

Table 10 shows, the information obtained, Green Accounting is proxied by the

acquisition or implementation of ISO 14001. The number that obtained and implemented
ISO 14001 was originally 14 companies from 40 companies. In 2020 increased to 21 and
decreased again to 16 companies in 2021.
Intellectual Capital, as proxied by VAICTM has a minimum value of -80.390 for
issuers with SKBM code in 2019, and the maximum value is 172.970 for issuers with AISA
code in 2021. In addition, the results also show a mean value of 8.853 and a standard
deviation of 24.378. The standard deviation value is greater than the average value. This
means that the data for this variable has a large/wide distribution of data.
The Business Strategy variable, as measured by PPC, has a minimum value of -50.600
for companies with an IIKP issuer code in 2020 and a maximum value of 98.400 for
companies with an SCPI issuer code in 2021. Furthermore, the results also show a mean
value of 30.772 and a standard deviation of 20.478. The standard deviation value is smaller
than the average value, which means that the data on this variable has a small/narrow data
distribution
The minimum value of PBV is -0.510 for companies with issuer code AISA 2018, and
the maximum value is 1946.700 for companies with issuer code DVLA in 2021 and has an
average is 130.533, and the standard deviation is 372.353. The standard deviation value
greater than the average value means that the data used in this variable has a large/wide
distribution of data.
Furthermore, after testing the classical assumption, a hypothesis test is carried out with
the following results. Simultaneous test results in the Automotive and Component sectors
are as follows:

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 Table 11. F - Test of The Automotive and Component Sector

Non Moderation
Sum of Squares Df Mean Square F Sig.
Regression 19.707 3 6.569 11.102 0.000b
Residual 20.709 35 0.592
Total 40.416 38
Moderation
Regression 20.336 2 10.168 18.192 0.000b
Residual 20.122 36 0.559
Total 40.458 38

Table 11 shows, the results of the F test in the Automotive and Component sectors
with moderating variables or not showing a significance value of 0.000 means that together
with Green Accounting, Intellectual Capital has a significant effect on firm value.

Table 12. F - Test of The Consumer Goods Sector

Non Moderation
Sum of Squares Df Mean Square F Sig.
Regression 99.651 3 33.217 15.825 0.000b
Residual 264.476 126 2.099
Total 364.126 129
Moderation
Regression 163.730 2 81.865 51.882 0.000b
Residual 200.396 127 1.578
Total 364.126 129

Table 12 shows, the results of the F test in the Consumer Goods sectors with
moderating variables or not, showing a significance value of 0.000, means that together with
Green Accounting, Intellectual Capital has a significant effect on firm value.

Table 13. Results Summary of Data Processing

Result
No Industrial Sector Non Moderation Moderation
Coefficient Sig Coefficient Sig
1 Consumer Goods Sector
Adj R2 0.193
(Constant) 1.708
GA_ISO14 - 0.123 0.708
IC_VAICTM 0.407 0.000
Adj R2 0.256 0.441
(Constant) 0.948 1.417
GA_ISO14 - 0.209 0.512
IC_VAICTM 0.250 0.003
BS_ PPC 0.046 0.000
GA_ISO14_BS -0.009 0.305
IC_VAICTM_BS 0.210 0.000
2 Automotive and Components Sector
Adj R2 0.459
(Constant) 0.652
GA_ISO14 0.552 0.044

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 IC_VAICTM 0.242 0.000
Adj R2 0,444 0.475
(Constant) 0.737 0.467
GA_ISO14 0.549 0.048
IC_VAICTM 0.258 0.012
BS_ PPC -0.009 0.846
GA_ISO14_BS 0.053 0.011
IC_VAICTM_BS 0.015 0.003

Table 13 shows, H1 in the Consumer Goods sector is accepted because it gives

significant positive results, and H1 in the Automotive and Components sector is also
accepted.
Another hypothesis test result is that before being moderated by Business Strategy, H 2
in the Consumer Goods sector was rejected because it gave insignificant negative results,
but H2 in the Automotive and Components sector was accepted because it gave significant
positive results (Agustia et al., 2019; Che Ahmad and Nosakhare, 2016; Danang and Kunto,
2020; Ni et al., 2020; Panggau and Septiani, 2017). This can be interpreted that the
implementation of Green Accounting alone in the Consumer Goods sector without the use
of Intellectual Capital has a negative effect on firm value. The model equations for
Consumer Goods before being moderated:

FV = 1.708 – 0.123GA + 0.407IC …………………………….................... (4)

The equation model for the Automotive and Components sector before being moderated:

FV = 0.652 + 0.552GA + 0.242IC …………………………….................... (5)

In Consumer Goods, if the use of Green Accounting is followed by the use of

Intellectual Capital or innovation, it will result in a company value of 1,992. The value of
the company will be positive if the value of IC is greater than GA. In the Automotive and
Components sector company value is 1.446. Then after being moderated, H2 in the
Consumer Goods sector was rejected because it gave insignificant negative results, but H2
in the Automotive and Components sector was accepted because it gave significant positive
results with the equation model.
Furthermore, H3 in the Consumer Goods sector and in the Automotive and
components sector was accepted because it gave positive and significant results, both before
and after moderation (Ahmed et al., 2019; Gantino and Alam, 2021; Mawaheb, 2020; Ni
et al., 2020; Rabaya et al., 2020). H4 in the Consumer Goods sector was accepted in the
Consumer Goods sector because it gave positive and significant results, but H4 in the
Automotive and Components sector was rejected because it gave insignificant negative
results. This means that Business Strategy, as measured by the application of premium
prices in the automotive and component sectors, has a negative impact on firm value,
although partially, the application of Green Accounting and Intellectual Capital has a
positive and significant effect. In contrast, Business Strategy in the Consumer Goods sector
has a positive and significant effect, although partially, the implementation of Green
Accounting has a negative effect.
The model equations in the Consumer Goods sector are:

FV = 0.948 – 0.209GA + 0.250IC + 0.046BS ………………………................ (6)

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 Through the above equation, even though the application of Green Accounting is
negative, the value of FV remains positive as long as IC and BS are greater than the value
of GA. If GA, IC and BS value is 1, then the FV value becomes 1.035.
Furthermore, the equation model in the Automotive and Components sector is

FV = 0.737 + 0.549GA + 0.258IC − 0.009BS ………………………................ (7)

Through the above equation, although the implementation of the Business Strategy is
negative, the value of FV remains positive as long as GA and IC are greater than the value
of BS. If GA, IC and BS value is 1, then the FV value becomes 1.535. The firm value from
the regression equation in the Consumer Goods sector is greater than the firm value in the
Automotive and Components sector by including the Business Strategy.
H5 in the Consumer Goods sector is accepted because the Business Strategy can
moderate IC and PPC against Y, as well as H5 in the Automotive and Components sector.
The equation model for Consumer Goods:

FV = 1.417 – 0.009GA + 0.210IC ………………………................ (8)

Although the Business Strategy is moderating, the value of Green Accounting is

negative. It will result in a positive firm value if the value of the application of intellectual
capital is greater than that of Green Accounting. This also proves that the application of
Green Accounting and Intellectual Capital together in the Consumer Goods sector will
increase the value of the company. Furthermore, the equation model for the Automotive and
Components sector :
FV = 0.467 + 0.053GA + 0.015IC ………………………................ (9)
Although the Business Strategy is moderating, the value of Green Accounting is
negative. It will result in a positive firm value if the value of the application of intellectual
capital is greater than that of Green Accounting. This also proves that the application of
Green Accounting and Intellectual Capital together in the Consumer Goods sector will
increase the value of the company.

DISCUSSION
Application of Green Accounting is the application of environmental cost accounting
and the application of an environmental management system. A good environmental
management system is characterized by the application of the international standard ISO
14001 (Pacana and Ulewicz, 2017). In the Food and Beverage sector, companies that
obtained ISO 14001 were initially 14 companies out of 40 companies, then increased to 21
in 2020 and decreased again to 16 companies in 2021 or 35 per cent to 40 per cent on the
contrary in the Automotive and Components sector that implemented ISO 14001 in 2016
there were seven companies and continued to increase until 2019 (10 companies),
decreasing in 2020 to 9 companies then increasing to 10 companies in 2021 or 53.800 per
cent to 76.9 per cent. The number of companies that obtained certificates in this study
affected the value of the company.
The results of data processing before and after being moderated indicate that in the
Automotive sector and components and the Consumer Goods sector, Green Accounting and
intellectual capital together have a positive and significant effect on firm value. This means

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that H1 and H5 are accepted. These results support the research of Agustia et al., Nosakhare
and Che Ahmad, Mawaheb, Ni et al., Rabaya (Agustia et al., 2019; Che Ahmad and
Nosakhare, 2016; Mawaheb, 2020; Ni et al., 2020; Rabaya et al., 2020) and contrary to the
research results of Afazis and Handayani, Subaida and Mardiati, Wafiyudin (Afazis, R.D.
and Handayani, 2020; Subaida and Mardiati, 2018; Wafiyudin et al., 2020).
Then the results of partial data processing before and after being moderated indicate
that Green Accounting has a positive and significant effect on the Automotive and
Components sector, meaning that H2 in this sector is accepted. These results support the
research of Agustia et al., Nosakhare and Che Ahmad, Mawaheb, Ni et al., Rabaya (Agustia
et al., 2019; Che Ahmad and Nosakhare, 2016; Mawaheb, 2020; Ni et al., 2020; Rabaya et
al., 2020) and contrary to the research results of Afazis and Handayani, Subaida and
Mardiati, Wafiyudin (Afazis, R.D. and Handayani, 2020; Subaida and Mardiati, 2018;
Wafiyudin et al., 2020). In the Consumer Goods sector, the results of data processing show
that Green Accounting has a negative and insignificant effect. These results support the
research of Afazis and Handayani, Subaida and Mardiati, and Wafiyudin (Afazis, R.D. and
Handayani, 2020; Subaida and Mardiati, 2018; Wafiyudin et al., 2020) and contrary to the
research of Agustia et al., Nosakhare and Che Ahmad, Mawaheb, Ni et al., Rabaya (Agustia
et al., 2019; Che Ahmad and Nosakhare, 2016; Mawaheb, 2020; Ni et al., 2020; Rabaya et
al., 2020).
In the Consumer Goods sector, obtaining an ISO 14001 certificate has a negative
impact on company value both before and after being moderated by the company's strategy,
meaning that stakeholders do not give a positive response to the implementation of ISO
14001, but in this sector, the implementation of the company's strategy is measured by PPC
or burdening customers with prices. Premium and the application of a knowledge base have
a significant effect on firm value. This may be because the business faces a high degree of
environmental uncertainty (changes in consumer tastes, income levels, many competitors,
etc.). Companies in this sector are more concerned with innovation in creating new types of
products following changes in consumer tastes and/or changes in people's income levels.
This is supported by the results of data processing before and after being moderated,
showing that Intellectual Capital has a positive and significant effect on the Consumer
Goods sector and the Automotive and Components sector also, meaning H 3 is accepted.
These results support the research of Ahmed et al.,gantino and Alam, Mawaheb, Ni et al.
and Rabaya (Ahmed et al., 2019; Gantino and Alam, 2021; Mawaheb, 2020; Ni et al., 2020;
Rabaya et al., 2020) and contrary to the results of research by Zubaidah and Mandiri and
Wafiyudin (Subaida and Mardiati, 2018; Wafiyudin et al., 2020). Other results show that
the Business Strategy variable has an insignificant negative effect on the Automotive and
Components sector. This result means that H4 is rejected. These results support Baihaqi .'s
research (Muchammad, 2018) and are contrary to the research results of Farida, Hariyanto
and Saidi (Farida, 2022; Hariyanto, 2019; Saidi et al., 2021). Business Strategy has a
positive and significant impact on the Consumer Goods sector. This means that H 4 is
accepted and supports the research of Farida, Hariyanto and Saidi (Farida, 2022; Hariyanto,
2019; Saidi et al., 2021) and contrary to Baihaqi research (Muchammad, 2018).
The results of R2 before being moderated, it turns out that the variables used in this
study do not have a major influence on the firm value, which is only 25.6 per cent. This
means that in companies in the Consumer Goods sector, the firm value is greater influenced
by the variable others, for example, profitability (Aldo and Jamaludin Iskak, 2020; Danang
and Kunto, 2020) and capital structure (Diana, 2020; Kolamban et al., 2020) or others.

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Although R2 in both sectors is below 50 per cent both before and after being moderated,
these results prove that the application of Green Accounting and resource-based use of
Intellectual Capital together in both sectors will give a good signal and will be responded to
positively by stakeholders through increasing firm value. The influence of Green
Accounting and Intellectual Capital on firm value is strengthened by the moderating
variable of Business Strategy. Although companies in both sectors face different consumer
behaviour, consumers respond positively by increasing sales even though they have to pay
a premium price.
On the other hand, the implementation of ISO 14001 in companies in the Automotive
and Components sector has a positive and significant effect on the value of the company as
well as the implementation of the knowledge base, but the company's strategy as measured
by PPC has no significant negative effect. The business characteristics of companies in the
Automotive and Components sector do not face as much competition as companies in the
Consumer Goods sector but are also influenced by consumer tastes, people's income levels
and other factors in running their business. Therefore, stakeholders give a positive response
to the level of innovation and environmental management system that is implemented. With
high innovation, environmentally friendly products will be produced and have an impact on
the level of product sales and profits achieved. Likewise, the implementation of the PPC
strategy by companies in this sector has a significant positive effect on the value of the
company. This is because consumers will also give a positive response to innovative
products that are of good quality even though the Price is more expensive. This can be seen
from the results of data processing that R2 before moderation is worth 0.444 to 0.475, which
indicates that the company's strategy has succeeded in moderating the influence of GA and
IC on FV.

CONCLUSION
Through hypothesis testing, it was concluded that jointly the effect of the application
of Green Accounting and Intellectual Capital had a significant effect on FV in both sectors,
and Business Strategy succeeded in moderating the effect of Green Accounting and
Intellectual Capital on FV. Partially before being moderated by Business Strategy, the
hypothesis about the application of Green Accounting in the Consumer Goods sector was
rejected because it gave an insignificant negative result, but in the Automotive sector and
the hypothesis, component was accepted because it gave a significant positive result. This
can be interpreted that the implementation of Green Accounting only in the Consumer
Goods sector without the use of Intellectual Capital has a negative effect on firm value. After
being moderated, the hypothesis about the implementation of Green Accounting in the
Consumer Goods sector was rejected because it gave insignificant negative results, but in
the Automotive and Components sector, it was accepted because it gave significant positive
results.
Furthermore, the hypothesis about the application of Intellectual Capital in the
Consumer Goods sector and in the Automotive and components sector is accepted because
it gives positive and significant results, both before and after moderation. The hypothesis
about the application of Business Strategy in the Consumer Goods sector was accepted in
the Consumer Goods sector because it gave positive and significant results, but in the
Automotive and Components sector, it was rejected because it gave insignificant negative
results. This means that Business Strategy, as measured by the application of premium

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prices in the automotive and component sectors, has a negative impact on firm value,
although partially, the application of Green Accounting and Intellectual Capital has a
positive and significant effect. In contrast, Business Strategy in the Consumer Goods sector
has a positive and significant effect, although partially, the implementation of Green
Accounting has a negative effect.

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