JURNAL KEUANGAN DAN BISNIS
Volume 23.
Number 2.
October 2025 GREEN ACCOUNTING.
MATERIAL FLOW COST ACCOUNTING,
ECO-EFFICIENCY.
AND CORPORATE SOCIAL RESPONSIBILITY
ON SUSTAINABLE DEVELOPMENT GOALS DISCLOSURE
Nur Amalina Widya PangestikaA .
uramalinawp@gmail.
Dien Noviany RahmatikaA .
iennovi@upstegal.
Budi SusetyoA .
udisetyoups@gmail.
a Faculty of Economics and Business.
Universitas Pancasakti Tegal.
Indonesia Abstract Purpose: This study examines whether green accounting, material flow cost accounting (MFCA), and eco-efficiency influence Sustainable Development Goals (SDG.
disclosure, and tests corporate social responsibility (CSR) as a moderating variable in these relationships Design/Methodology/Approach: A quantitative design is employed using a purposive sample of 27 mining subsector companies listed on the Indonesia Stock Exchange (IDX) over 2020Ae2024 .
firmyear observation.
, with moderated regression analysis (MRA) applied to annual and sustainability report data.
Findings: Green accounting and eco-efficiency exhibit significant negative effects on SDGs disclosure, while MFCA shows no effect.
CSR strengthens the effects of green accounting and eco-efficiency but does not moderate the MFCAAeSDGs link.
Practical Implications: Green accounting should be positioned as a strategic stakeholder communication device rather than mere compliance with programmatic ratings.
MFCA needs to be integrated with resource-efficiency governance and environmental cost allocation.
and eco-efficiency should be embedded in holistic sustainability strategies aligned with GRI-based SDGs mapping and strengthened CSR policies.
Originality/Value: By focusing on high-impact mining firms, the study clarifies mixed evidence on whether environmental management instruments .
reen accounting.
MFCA, eco-efficienc.
translate into broader SDGs disclosure, and identifies CSRAos boundary-spanning role as a governance mechanism in emerging markets.
Keywords: Green Accounting.
Material Flow Cost Accounting.
Eco-Efficiency.
SDGs Disclosure.
Corporate Social Responsibility Page 98 of 116 A [Nur Amalina Widya Pangestik.
Published in Jurnal Keuangan dan Bisnis (JKB).
Published by LPPM.
Universitas Katolik Musi Charitas.
This article is published under the Creative Commons Attribution-NonCommercial 4.
0 (CC BY-NC 4.
Anyone may reproduce, distribute, translate, and create derivative works of this article, subject to full attribution to the original publication and authors.
The full terms of this licence may be seen at http://creativecommons.
org/licences/by/4.
0/legalcode LPPM.
Universitas Katolik Musi Charitas Website: https://journal.
id/index.
php/jkb Jurnal Keuangan dan Bisnis (JKB) Volume 22.
No.
2 / Oktober 2025
INTRODUCTION
Companies are established to achieve profitability while fulfilling stakeholder expectations that drive business development.
Traditionally, many firms considered supplying demanded products and creating employment opportunities as sufficient contributions to However, growing public awareness reveals that such contributions are no longer deemed adequate in addressing broader social and environmental responsibilities (Safitri & Saifudin, 2.
This shift emerged alongside the increasing recognition of environmental impacts caused by corporate activities.
Consequently, the concept of sustainable development arose as a response to these negative externalities, emphasizing a strategic balance among social, environmental, and economic dimensions.
This balance is embodied in the Sustainable Development Goals (SDG.
, which represent a global framework to mitigate the adverse consequences of industrialization while maximizing each nationAos potential and resources to enhance the quality of life for both present and future generations (Irhamsyah, 2.
The primary challenge in achieving SDGs lies in integrating social and environmental considerations within economic growth models.
response, various international financial institutions have introduced cooperative programs to accelerate sustainable development implementation.
Since the issuance of Presidential Regulation No.
59/2017.
Indonesia has reinforced its commitment to the SDGs as a United Nations member state, embedding sustainability principles into national development planning (Arifianti & Widianingsih, 2.
A closer examination of IndonesiaAos SDGs performance reveals fluctuating progress influenced by both domestic and global factors.
Figure 1.
SDGs Index Scores in Indonesia Source: dashboards.
org/rankings, processed data .
Figure 1 illustrates a decline in IndonesiaAos SDGs achievement rate in 2024, with a score 4 on a 100-point scale, compared to 70.
16 in 2023.
Consequently.
IndonesiaAos ranking dropped from 75th out of 166 countries to 78th out of 167.
The persistent challenge of deforestation remains a major contributor to lower performances in SDG 13 (Climate Actio.
and SDG 15 (Life on Lan.
Despite ongoing efforts, issues such as illegal logging, land conversion for plantations, and rapid infrastructure expansion continue to exacerbate According to Global Forest Watch .
Indonesia loses hundreds of Page 99 of 116 Full edition available at:https://journal.
id/index.
php/jkb/issue/view/jkb_23_2_oct25 Jurnal Keuangan dan Bisnis (JKB) Volume 22.
No.
2 / Oktober 2025 thousands of hectares of forest each year, resulting in increased carbon emissions, ecosystem degradation, and biodiversity loss factors that intensify the climate crisis and hinder progress toward sustainable development targets.
Several factors are believed to influence SDGs disclosure, one of which is green Green accounting enables firms to build competitive advantage by fostering positive stakeholder perceptions and enhancing customer loyalty while promoting long-term environmental responsibility over short-term profit orientation (Purnamawati et al.
, 2.
This approach extends beyond financial gain by incorporating social and ecological costs into business decision-making (Hamidi, 2.
To evaluate environmental performance more effectively, many companies have implemented Material Flow Cost Accounting (MFCA).
This method enhances internal productivity and profitability while simultaneously reducing external environmental impacts, thereby reinforcing corporate sustainability commitments (Loen, 2.
However.
Rahmatika et al.
emphasize that MFCAAos effectiveness largely depends on a companyAos readiness to adopt environmentally friendly technologies and the existence of supporting regulations promoting resource efficiency.
Without these enabling factors.
MFCAAos potential to minimize waste and improve production efficiency remains limited.
In parallel, eco-efficiency plays a vital role in achieving sustainability by reducing environmental burdens without compromising productivity.
Defined as Aucreating more value with less environmental impactAy (WBCSD, 2.
, eco-efficiency underscores the need for efficient resource utilization and emission reduction in economic processes.
To yield significant results, environmental management systems must be integrated into broader corporate strategies.
Moreover.
Corporate Social Responsibility (CSR) programs should move beyond philanthropic initiatives and adopt strategic, goal-oriented frameworks to accelerate SDG progress.
For effective transparency.
CSR disclosures should align with internationally recognized sustainability standards such as the Global Reporting Initiative (GRI) (Adnyana et , 2.
This study addresses a research gap identified in prior literatureAia lack of comprehensive examination of CSRAos moderating role in the relationship between green accounting.
MFCA, and eco-efficiency with SDGs disclosure.
By focusing on IndonesiaAos mining subsector, which faces elevated environmental risks that may impede SDG achievement, this study aims to offer a holistic perspective on the drivers and barriers of sustainability implementation.
The results are expected to provide empirical insight and policy implications that support IndonesiaAos efforts toward achieving inclusive and impactful sustainable development.
LITERATURE REVIEW
Theoretical Foundations Stakeholder theory, initially introduced by the Stanford Research Institute in 1963 and further developed by Freeman et al.
, asserts that business success depends not solely on profit generation but on creating value for all stakeholders.
This approach highlights corporate responsibility toward investors, employees, customers, communities, and the environment.
Page 100 of 116 Full edition available at:https://journal.
id/index.
php/jkb/issue/view/jkb_23_2_oct25 Jurnal Keuangan dan Bisnis (JKB) Volume 22.
No.
2 / Oktober 2025 addressing stakeholder expectations, organizations enhance long-term sustainability and social credibility (Purnamawati et al.
, 2.
Complementing this, legitimacy theory proposed by Dowling and Pfeffer .
posits that corporate survival relies on maintaining congruence between organizational actions and societal norms (Anjasari & Andriati, 2.
When companies fail to meet societal expectations.
Both theories collectively justify why firms engage in sustainability and SDGs disclosure to maintain legitimacy, respond to stakeholder pressure, and secure long-term value creation (Wati et al.
, 2024.
Wiguna et al.
, 2.
Sustainable Development Goals (SDG.
as a Global Framework The Sustainable Development Goals (SDG.
, adopted by the United Nations, represent a universal agenda to balance social welfare, economic progress, and environmental preservation (Irhamsyah, 2.
The SDGs emphasize meeting current needs without compromising future generationsAo capacity to meet theirs (Damayanti & Yanti, 2.
Farida .
classifies SDG information into four interdependent dimensions economic, social, environmental, and technological each forming a foundation for assessing sustainable development.
As noted by Arifianti and Widianingsih .
, corporate disclosure of SDG-related activities enhances financial transparency and demonstrates commitment to global sustainability efforts.
Therefore.
SDGs disclosure serves as both a communication mechanism to stakeholders and a strategic reporting tool for measuring corporate contributions to national and global sustainability priorities (Apriliyani & Novita, 2.
Environmental Accounting Practices and SDGs Disclosure Green accounting integrates environmental and financial data to evaluate ecological impacts alongside profitability (Hamidi, 2.
The approach enhances compliance with sustainability frameworks such as POJK 51/2017 and the Global Reporting Initiative (GRI), aligning with SDG 16 and SDG 17 (Loen, 2.
Multiple studies confirm its positive relationship with sustainability performance.
Selpiyanti and Fakhroni .
as well as Hindriani et al.
find that green accounting significantly improves SDG disclosure and environmental accountability.
Lestari and Alim .
demonstrate that transparent environmental cost reporting supports long-term corporate growth, while Arum and Farida .
emphasize its role in enhancing environmental indicators within the SDG framework.
Dura and Suharsono .
identify green accounting as a tangible reflection of corporate environmental responsibility, whereas Abdullah and Amiruddin .
and Rachmawati and Karim .
highlight its ability to enhance operational efficiency when integrated with MFCA practices.
Overall, green accounting functions not merely as a financial mechanism but as a strategic management tool for sustainable value creation (Adnyana et al.
H1: Green Accounting positively influences Sustainable Development Goals (SDG.
Page 101 of 116 Full edition available at:https://journal.
id/index.
php/jkb/issue/view/jkb_23_2_oct25 Jurnal Keuangan dan Bisnis (JKB) Volume 22.
No.
2 / Oktober 2025 Material Flow Cost Accounting (MFCA) is an environmental management tool that traces physical material flows to identify inefficiencies, waste, and emissions (Loen, 2.
Its application enhances both cost savings and sustainability performance, supporting SDG 12 (Responsible Consumption and Productio.
May et al.
confirm that MFCA improves production efficiency while reducing ecological impacts.
Abdullah and Amiruddin .
and Lestari and Alim .
reveal that MFCA promotes sustainable business performance by optimizing resource use and improving Similarly.
Kokubu and Kitada .
argue that MFCA enhances decisionmaking efficiency, while Kokubu et al.
show that it directly contributes to SDG achievement by improving managerial awareness of waste reduction and energy optimization.
Selpiyanti and Fakhroni .
Rahmatika et al.
, and Hindriani et al.
further validate that MFCA strengthens corporate legitimacy through environmentally responsible reporting.
Thus.
MFCA operationalizes stakeholder and legitimacy theories by combining cost efficiency, sustainability transparency, and accountability to society.
H2: Material Flow Cost Accounting positively influences Sustainable Development Goals (SDG.
Eco-efficiency refers to Aucreating more value with less environmental impactAy (WBCSD, 2.
It represents a balance between economic productivity and ecological Research by Wang et al.
and Sun et al.
highlights eco-efficiencyAos contribution to reducing emissions and resource consumption, strengthening SDG Vargas et al.
demonstrate that eco-efficiency drives sustainable resource management and competitiveness, while Yang et al.
show its applicability in industrial sustainability transitions in developing economies.
Basuki .
emphasizes eco-efficiency as an essential element of sustainability strategy, encompassing waste reduction and CSR alignment.
Recent studies by Lukia and Lestari .
and Jamil and Rasheed .
confirm that eco-efficiency supports the triple bottom line economic, social, and environmental performance strengthening the foundation for SDGs disclosure.
H3: Eco-Efficiency positively influences Sustainable Development Goals (SDG.
Corporate Social Responsibility (CSR) as a Moderating Variable CSR provides a strategic platform to amplify the impact of green accounting on SDG Green accounting identifies environmental costs, while CSR communicates these initiatives to stakeholders transparently (Nabila & Arinta, 2.
Dhar et al.
demonstrate that CSR integration enhances stakeholder trust and corporate accountability.
Mohammadi and Saeidi .
confirm that CSR disclosures reduce investor uncertainty, while Wiguna et al.
and Wati et al.
show that CSR strengthens the alignment between green accounting and SDG outcomes.
Therefore.
CSR serves as a catalyst that connects environmental accounting data to societal impact, reinforcing sustainability transparency and stakeholder legitimacy (Adnyana et al.
, 2.
Page 102 of 116 Full edition available at:https://journal.
id/index.
php/jkb/issue/view/jkb_23_2_oct25 Jurnal Keuangan dan Bisnis (JKB) Volume 22.
No.
2 / Oktober 2025 H4: Corporate Social Responsibility strengthens the positive relationship between Green Accounting and SDGs Disclosure Integrating MFCA within CSR policies reflects the companyAos commitment to balancing efficiency with ethical responsibility (Lestari & Alim, 2021.
Farida, 2.
CSR
motivates the adoption of MFCA by emphasizing environmental and social impacts beyond financial gains (Kokubu & Kitada, 2.
Kokubu et al.
provide empirical evidence that CSR integration enhances MFCAAos effectiveness in achieving sustainability targets.
Through CSR, firms gain legitimacy and strengthen stakeholder support for resource optimization Thus.
CSR and MFCA work synergistically: CSR drives sustainability culture, while MFCA provides measurable operational results.
H5: Corporate Social Responsibility strengthens the positive relationship between Material Flow Cost Accounting and SDGs Disclosure.
Eco-efficiency focuses on minimizing waste, energy, and material consumption, but its effectiveness increases when aligned with CSR values (Niu et al.
, 2.
CSR ensures that ecoefficiency initiatives extend beyond internal cost savings to deliver social and environmental Astuti et al.
highlight CSRAos role in enhancing corporate environmental awareness and encouraging the adoption of eco-efficient processes.
Alfy et al.
identify CSR as a mechanism that embeds eco-efficiency into long-term business strategies, particularly through carbon emission reduction and sustainable innovation.
Adnyana et al.
further emphasize that CSR must evolve into a strategic tool for advancing SDG progress.
The combined implementation of CSR and eco-efficiency thus accelerates sustainability transformation and strengthens corporate competitiveness in global markets.
H6: Corporate Social Responsibility strengthens the positive relationship between EcoEfficiency and SDGs Disclosure.
Conceptual Framework This study proposes a conceptual model that integrates environmental accounting practices green accounting.
Material Flow Cost Accounting (MFCA), and eco-efficiency as the primary determinants influencing the level of Sustainable Development Goals (SDG.
These three practices collectively represent a companyAos internal mechanism for embedding sustainability into operational and financial processes.
Green accounting ensures the integration of environmental costs into financial reporting.
MFCA identifies material inefficiencies and promotes resource optimization, while eco-efficiency focuses on achieving higher productivity with lower environmental impact.
Together, they reflect an organizational effort to balance profitability, transparency, and ecological responsibility in line with sustainable development principles.
The model further positions Corporate Social Responsibility (CSR) as a moderating variable that strengthens the relationship between environmental accounting practices and SDGs disclosure.
CSR provides a social and ethical dimension that enhances the translation of sustainability actions into transparent reporting, aligning corporate performance with Page 103 of 116 Full edition available at:https://journal.
id/index.
php/jkb/issue/view/jkb_23_2_oct25 Jurnal Keuangan dan Bisnis (JKB) Volume 22.
No.
2 / Oktober 2025 stakeholder expectations and social legitimacy.
In this framework, the synergy between environmental management systems and CSR is expected to improve the quality and credibility of SDGs disclosure, thereby reinforcing the firmAos contribution to sustainable value creation and the achievement of global sustainability objectives.
Figure 2.
Conceptual Framework Source: Processed Data .
RESEARCH METHODS Research Design and Approach This study adopts a quantitative explanatory research design aimed at empirically examining the influence of Green Accounting.
Material Flow Cost Accounting (MFCA), and Eco-Efficiency on Sustainable Development Goals (SDG.
Disclosure, with Corporate Social Responsibility (CSR) as a moderating variable.
The quantitative approach enables the establishment of measurable causal relationships among variables through statistical analysis, ensuring objectivity and replicability.
This design is aligned with prior empirical studies emphasizing quantitative evaluation of sustainability accounting practices (Loen, 2019.
Rahmatika et al.
, 2023.
Wati et al.
, 2.
Population and Sampling Technique The population of this research consists of 64 mining subsector companies listed on the Indonesia Stock Exchange (IDX) during the period 2020Ae2024.
This sector was chosen because it has a high level of environmental exposure and plays a critical role in IndonesiaAos sustainable development performance.
The sampling process applied a purposive sampling technique, selecting companies that met specific inclusion criteria.
The selected companies were required to remain continuously listed on the IDX throughout the observation period, to have published both annual and sustainability reports consistently, and to provide complete and verifiable financial, environmental, and CSR information.
After applying these criteria, 27 companies qualified as the research sample, resulting in 135 firm-year observations .
companies over five year.
This sample size is considered adequate to ensure statistical reliability and analytical robustness in panel data regression analysis.
Page 104 of 116 Full edition available at:https://journal.
id/index.
php/jkb/issue/view/jkb_23_2_oct25 Jurnal Keuangan dan Bisnis (JKB) Volume 22.
No.
2 / Oktober 2025 Data and Sources The study uses secondary data derived from publicly available annual reports and sustainability reports, accessed through company websites and the official IDX database.
Data triangulation was conducted by cross-verifying with external sources, including the Global Reporting Initiative (GRI) database, to ensure accuracy and consistency.
Each variable was operationalized based on established theoretical and empirical frameworks, ensuring construct validity and analytical reliability.
Operational Definition of Variables All variables were defined and measured based on relevant literature and reporting standards, as summarized below.
Table 1.
Operational Definition and Measurement of Variables Variable Definition & Indicators Measurement Sources SDGs Extent company SDGs Disclosure Index Arifianti Disclosure disclosure related to SDG .
Ae.
based on GRI & Widianingsih
(Y)
indicators across economic.
SDG Compass .
Damayanti social, environmental, and indicators.
& Yanti .
governance dimensions.
Green Integration of Green Accounting Index Selpiyanti Accounting environmental costs and using POJK 51/2017 and Fakhroni .
(XCA)
impacts into financial GRI 305Ae306 disclosure Loen .
reflect items.
sustainability commitment.
MFCA (XCC) Accounting system that MFCA Implementation Kokubu & Kitada traces material flow and Score based on waste .
May et al.
cost efficiency to reduce identification, cost .
improve efficiency.
EcoCompanyAos to Ratio-based indicators WBCSD .
Efficiency maximize productivity with .
nergy intensity.
Wang et al.
(XCE)
environmental emission impact through efficient use waste minimizatio.
of resources.
CSR (Z)
Corporate responsibility CSR Disclosure Index Nabila & Arinta social, covering environment, .
Dhar et al.
environmental, and ethical community, employee, .
Wati et al.
into and product dimensions.
Source: Compiled from various sources .
Data Analysis Procedure Data analysis in this study was conducted using SPSS version 22.
0 and Microsoft Excel to examine both the direct and moderating effects among variables.
The analytical process began with a descriptive statistical analysis that summarized the data distribution and provided Page 105 of 116 Full edition available at:https://journal.
id/index.
php/jkb/issue/view/jkb_23_2_oct25 Jurnal Keuangan dan Bisnis (JKB) Volume 22.
No.
2 / Oktober 2025 an overview of central tendency, including the mean, minimum, maximum, and standard deviation of each variable.
This stage aimed to understand the general characteristics of the dataset before proceeding to inferential testing.
To ensure that the regression model met the assumptions of classical linear analysis, a series of classical assumption tests were performed.
The KolmogorovAeSmirnov test was used to examine the normality of residuals, while Variance Inflation Factor (VIF) and tolerance values were analyzed to detect any potential multicollinearity among predictor variables.
The DurbinAeWatson test was applied to identify the presence of autocorrelation in the residuals, and the Glejser test was used to confirm the absence of heteroscedasticity, ensuring homogeneity of variance across the dataset.
All assumptions were verified before conducting the main regression analysis to guarantee that the model results were statistically valid and The study employed Moderated Regression Analysis (MRA) to test the hypothesized relationships among variables and to evaluate the moderating role of Corporate Social Responsibility (CSR).
The regression equation used in this study was formulated as follows:
ycU = yu yu1 ycU1 yu2 ycU2 yu3 ycU3 yu4 ycs yu5 .
cU1 yc.
cU2 yc.
cU3 yc.
yuA Where ycUrepresents SDGs disclosure, ycU1 , ycU2 , and ycU3 represent green accounting.
Material Flow Cost Accounting (MFCA), and eco-efficiency, respectively, while ycsdenotes CSR as the moderating variable.
This analytical technique allowed the identification of both the direct influence of each independent variable and the interaction effects between CSR and the independent variables.
Model evaluation was carried out through several diagnostic tests.
The coefficient of determination (RA) was used to assess the explanatory power of the model, the F-test determined the overall goodness-of-fit, and the t-test measured the individual significance of each predictor.
The interpretation of the moderating effects was further supported by examining the interaction terms and plotting them to visualize whether CSR strengthened or weakened the relationships between the independent and dependent variables.
To ensure the accuracy and robustness of findings, construct validity was established by aligning all variable measurements with recognized frameworks, including the Global Reporting Initiative (GRI) Standards.
POJK 51/2017, and the SDG Compass Guidelines.
Reliability was maintained by applying consistent coding procedures during content analysis and validating the results through independent cross-checking by two researchers.
As the data were obtained from publicly accessible company reports, all research procedures complied with ethical standards of academic research.
The analysis was conducted with rigor, transparency, and integrity to ensure that the conclusions drawn reflect objective and evidencebased insights into corporate sustainability performance.
RESULT
The empirical findings of this study were obtained through several analytical procedures, including descriptive analysis, classical assumption testing, and moderated regression analysis.
All stages were performed using SPSS version 22.
0 and Microsoft Excel to ensure analytical accuracy and consistency.
The following sections present the results in a Page 106 of 116 Full edition available at:https://journal.
id/index.
php/jkb/issue/view/jkb_23_2_oct25 Jurnal Keuangan dan Bisnis (JKB) Volume 22.
No.
2 / Oktober 2025 sequential and interpretive manner to provide a comprehensive understanding of the data analysis outcomes.
The first step was to conduct a descriptive statistical analysis to provide an overview of the characteristics of each variable observed in this study.
The results of the descriptive analysis are summarized in the following table.
Table 2.
Descriptive Statistical Analysis Variable SDGs Disclosure Green Accounting Material Flow Cost Accounting Eco-Efficiency Corporate Social Responsibility Source: Processed Data .
Minimum Maximum Mean Std.
Deviation The results in Table 2 indicate that all variables exhibit mean values greater than their respective standard deviations, suggesting that the data are of good quality and relatively stable.
SDGs disclosure shows a mean of 0.
71, reflecting that mining companies in Indonesia generally provide a moderate to high level of sustainability reporting.
Meanwhile, green accounting and eco-efficiency display moderate variability, indicating that environmental initiatives are unevenly implemented across the sampled firms.
Before proceeding to regression analysis, a series of classical assumption tests were conducted to ensure the reliability and validity of the regression model.
The results of these diagnostic tests are presented in the following table.
Table 3.
Classical Assumption Tests Summary Test Type Method Decision Rule Result Conclusion Normality KolmogorovAe Smirnov Sig.
> 0.
Data are Multicollinearity VIF < 10 and Tolerance > 0.
Autocorrelation dL < DW < 4Ae Heteroscedasticity Sig.
> 0.
VIF
DW =
All > 0.
No autocorrelation Source: Processed Data .
All diagnostic test results presented in Table 3 meet the required criteria, confirming that the dataset fulfills the classical assumptions of normality, independence, and Therefore, the regression model can be considered statistically appropriate for further analysis.
Page 107 of 116 Full edition available at:https://journal.
id/index.
php/jkb/issue/view/jkb_23_2_oct25 Jurnal Keuangan dan Bisnis (JKB) Volume 22.
No.
2 / Oktober 2025 Following the verification of model assumptions, a moderated regression analysis (MRA) was conducted to examine both the direct and moderating effects of green accounting.
Material Flow Cost Accounting (MFCA), and eco-efficiency on the disclosure of Sustainable Development Goals (SDG.
, with Corporate Social Responsibility (CSR) serving as the moderating variable.
The results of the MRA are summarized below.
Table 4.
Moderated Regression Analysis Variable Std.
Error Beta Sig.
Decision (Constan.
Ai 000 Ai Green Accounting 012 Significant (A.
Material Flow Cost Accounting 170 Not Eco-Efficiency 000 Significant (A.
Green Accounting y Corporate 0.
Social Responsibility 000 Significant ( ) Material Flow Cost Accounting y 0.
Corporate Social Responsibility 640 Not Eco-Efficiency y Corporate 0.
Social Responsibility 009 Significant ( ) Source: Processed Data .
The regression results show that green accounting and eco-efficiency have significant negative effects on SDGs disclosure, while MFCA does not exhibit a significant influence.
However.
CSR significantly moderates the relationships between green accounting and ecoefficiency with SDGs disclosure, suggesting that companies with stronger CSR engagement are better able to translate environmental and efficiency initiatives into improved sustainability reporting performance.
The explanatory power and overall fit of the model were then evaluated using the coefficient of determination and F-test, as shown below.
Table 5.
Model Summary and Feasibility Test Model R Square Adjusted R Square Sig.
Regression Source: Processed Data .
As shown in Table 5, the coefficient of determination (RA = 0.
indicates that 93.
of the variation in SDGs disclosure is explained by the variables of green accounting.
MFCA.
Page 108 of 116 Full edition available at:https://journal.
id/index.
php/jkb/issue/view/jkb_23_2_oct25 Jurnal Keuangan dan Bisnis (JKB) Volume 22.
No.
2 / Oktober 2025 eco-efficiency, and CSR, including their interaction effects.
The F-test result (Sig.
= 0.
confirms that the model is statistically significant and suitable for explaining the relationship among the variables.
To further interpret the findings, hypothesis testing was carried out to assess the direction and strength of each relationship, as summarized in the following table.
Table 6.
Summary of Hypothesis Testing Hypothesis Relationship Tested Result Conclusion Green Accounting Ie SDGs Disclosure Sig.
Significant .
MFCA Ie SDGs Disclosure Sig.
Not significant Eco-Efficiency Ie SDGs Disclosure Sig.
Significant .
Green Accounting y CSR Ie SDGs Sig.
Disclosure Supported MFCA y CSR Ie SDGs Disclosure Not supported Eco-Efficiency y CSR Ie SDGs Disclosure Sig.
Sig.
Supported Source: Processed Data .
The hypothesis testing results reveal that green accounting and eco-efficiency independently exert negative effects on SDGs disclosure, indicating potential resource constraints or implementation inefficiencies in environmental accounting practices.
However, the significant moderating effect of CSR demonstrates its strategic role in enhancing sustainability transparency.
Specifically.
CSR transforms eco-efficiency and green accounting practices from internal management tools into externally visible commitments that strengthen corporate legitimacy and stakeholder trust.
Overall, the regression results and hypothesis testing indicate that CSR plays a critical role in linking environmental performance with transparent sustainability disclosure, underscoring its importance in achieving the Sustainable Development Goals within environmentally sensitive industries such as mining.
DISCUSSION
The findings of this study provide important insights into how environmental accounting mechanisms, efficiency practices, and social responsibility interact to influence the disclosure of Sustainable Development Goals (SDG.
among mining companies in Indonesia.
Overall, the results suggest that while some sustainability-oriented practices may not immediately translate into greater disclosure, the moderating role of Corporate Social Page 109 of 116 Full edition available at:https://journal.
id/index.
php/jkb/issue/view/jkb_23_2_oct25 Jurnal Keuangan dan Bisnis (JKB) Volume 22.
No.
2 / Oktober 2025 Responsibility (CSR) serves as a critical bridge connecting internal environmental management with external sustainability communication.
The negative effect of green accounting on SDGs disclosure indicates that environmental cost recognition and ecological reporting are still perceived as compliancedriven rather than value-creating initiatives.
Companies may face increased costs and operational complexity when adopting green accounting, especially in environmentally sensitive sectors such as mining.
This finding contrasts with Loen .
and Dura and Suharsono .
, who reported a positive relationship between green accounting and sustainability disclosure, but aligns with Hamidi .
, who argued that the early stages of green accounting implementation often lead to disclosure constraints due to limited expertise and cost burdens.
From the perspective of legitimacy theory (Dowling & Pfeffer, 1.
, this suggests that mining firms are still struggling to align their environmental accounting practices with societal expectations.
Their disclosure decisions appear to be strategic attempts to maintain legitimacy while minimizing reputational and financial risks.
The non-significant relationship between Material Flow Cost Accounting (MFCA) and SDGs disclosure further reinforces this interpretation.
Although MFCA theoretically enhances production efficiency and environmental performance (Loen, 2018.
Kokubu & Kitada, 2.
, its operational benefits may not be immediately reflected in external sustainability reporting.
The lack of significant association implies that MFCA adoption in the mining industry remains primarily an internal management tool rather than a communication instrument.
This result aligns with the findings of May et al.
, who observed that the impact of MFCA depends heavily on organizational commitment, resource availability, and top management support.
other words, the systemAos effectiveness is contingent upon how deeply it is integrated into corporate sustainability strategies.
In contrast, the negative but significant effect of eco-efficiency on SDGs disclosure reveals a nuanced dynamic.
Eco-efficiency aims to achieve Aumore with less,Ay optimizing resource use while reducing environmental impact (WBCSD, 2.
However, in developing contexts such as Indonesia, firms that prioritize operational efficiency may reduce voluntary disclosures if such transparency exposes inefficiencies or inconsistencies in environmental This finding is consistent with the argument of Wang et al.
and Yang et .
, who highlight that eco-efficiency outcomes often precede full disclosure, especially when firms are still consolidating internal sustainability metrics.
Under stakeholder theory (Freeman et al.
, 2.
, this situation reflects a pragmatic approach where companies prioritize internal efficiency to satisfy key stakeholders .
, investors, regulator.
before engaging in broader public transparency.
The moderating role of Corporate Social Responsibility (CSR) offers an important counterbalance to these negative trends.
CSR significantly strengthens the influence of green accounting and eco-efficiency on SDGs disclosure, implying that socially responsible firms are more capable of transforming internal environmental performance into credible sustainability This finding supports the studies of Mohammadi and Saeidi .
Dhar et al.
, and Wati et al.
, who emphasize that CSR acts as an integrative mechanism aligning economic, social, and environmental objectives.
In the context of the mining sector.
CSR initiatives such as community development, environmental restoration, and transparent Page 110 of 116 Full edition available at:https://journal.
id/index.
php/jkb/issue/view/jkb_23_2_oct25 Jurnal Keuangan dan Bisnis (JKB) Volume 22.
No.
2 / Oktober 2025 sustainability reporting serve as legitimacy-enhancing tools that bridge the gap between internal performance improvements and external disclosure obligations.
Interestingly.
CSR does not moderate the relationship between MFCA and SDGs This suggests that while CSR can amplify the communicative dimension of accounting and efficiency practices, it may not yet be capable of institutionalizing technical management tools like MFCA within sustainability reporting frameworks.
As noted by Kokubu et al.
MFCAAos success depends on operational integration rather than symbolic social Therefore.
CSRAos moderating role may be more influential in relational and narrative aspects of disclosure rather than in process-based efficiency mechanisms.
Overall, these findings provide empirical support for the combined application of stakeholder theory and legitimacy theory in explaining corporate sustainability behavior.
Mining companies appear to use disclosure strategically to manage legitimacy and stakeholder perceptions rather than as a direct reflection of internal sustainability performance.
CSR
emerges as a key legitimizing force that transforms compliance-oriented practices into broader accountability efforts.
The high explanatory power of the model (RA = 0.
also underscores that the interaction among these variables is not coincidental but rather systemic, reflecting an evolving paradigm of corporate sustainability in emerging economies.
From a practical standpoint, the results emphasize the need for companies to move beyond symbolic CSR and compliance-based reporting.
Integrating CSR into operational frameworks such as green accounting and eco-efficiency can help firms not only improve transparency but also achieve genuine progress toward the SDGs.
Regulators and policymakers are encouraged to provide stronger incentives and standardized reporting frameworks that promote substantive, rather than declarative, sustainability disclosure.
Finally, continuous capacity-building programs for environmental accounting and sustainability reporting professionals are essential to ensure that sustainability efforts in high-impact industries like mining can meaningfully contribute to national and global development goals.
CONCLUSIONS AND RECOMMENDATIONS
This study investigated the influence of green accounting.
Material Flow Cost Accounting (MFCA), and eco-efficiency on the disclosure of Sustainable Development Goals (SDG.
, with Corporate Social Responsibility (CSR) as a moderating variable, using data from 27 mining companies listed on the Indonesia Stock Exchange between 2020 and 2024.
The empirical results provide several key conclusions.
First, both green accounting and eco-efficiency were found to have a significant negative effect on SDGs disclosure.
This outcome suggests that while these practices enhance internal environmental management, they may initially impose higher operational and reporting costs, leading to conservative disclosure behaviors.
In other words, mining companies appear to prioritize internal process improvement over public transparency when adopting environmental accounting and efficiency initiatives.
Second.
MFCA does not have a significant influence on SDGs disclosure, indicating that this management tool remains primarily operational and has yet to evolve into a formalized disclosure mechanism.
The limited integration of MFCA into sustainability reporting frameworks may explain this weak relationship.
Page 111 of 116 Full edition available at:https://journal.
id/index.
php/jkb/issue/view/jkb_23_2_oct25 Jurnal Keuangan dan Bisnis (JKB) Volume 22.
No.
2 / Oktober 2025 Third.
CSR plays a pivotal moderating role in strengthening the positive influence of green accounting and eco-efficiency on SDGs disclosure.
This demonstrates that CSR acts as a bridge between internal performance and external accountability, enabling companies to communicate sustainability achievements more effectively and build stakeholder trust.
However.
CSR does not moderate the relationship between MFCA and SDGs disclosure, implying that social responsibility initiatives alone are insufficient to institutionalize efficiency-based management systems within reporting structures.
Collectively, these findings reinforce the complementary perspectives of stakeholder theory and legitimacy theory.
Mining companies disclose sustainability information not only to comply with regulations but also to maintain legitimacy and fulfill stakeholder expectations.
CSR emerges as a legitimizing mechanism that strengthens the link between environmental management efforts and public accountability, while highlighting the evolving maturity of sustainability practices in IndonesiaAos high-impact sectors.
The results of this study provide several important recommendations for strengthening sustainability disclosure practices among mining companies in Indonesia.
The integration of Corporate Social Responsibility (CSR) into environmental and operational strategies should be prioritized as a central pillar of corporate sustainability.
Rather than being treated as a peripheral activity or public relations instrument.
CSR must be embedded within the implementation of green accounting and eco-efficiency to ensure that environmental performance is directly translated into measurable contributions to the Sustainable Development Goals (SDG.
Strengthening this integration will not only enhance transparency but also reinforce corporate legitimacy and stakeholder trust.
Regulatory authorities such as the Financial Services Authority (OJK) and the Ministry of Environment and Forestry are encouraged to enhance the effectiveness of existing policies, particularly POJK 51/2017, by providing clearer reporting frameworks and consistent enforcement mechanisms.
Establishing standardized disclosure indicators aligned with the Global Reporting Initiative (GRI) Standards and the SDG Compass Guidelines will help companies reduce ambiguity in sustainability reporting and improve comparability across Additionally, offering fiscal or reputational incentives for companies that demonstrate exemplary sustainability disclosure can further motivate corporate participation in sustainable development efforts.
Capacity building in the field of environmental accounting and sustainability management is also urgently needed.
Continuous professional development programs and inter-institutional collaborations between universities, industry associations, and government agencies should be implemented to increase technical competence and awareness regarding the strategic value of sustainability disclosure.
Empowering corporate managers and accountants with a deeper understanding of green accounting.
Material Flow Cost Accounting (MFCA), and eco-efficiency will help transform sustainability reporting from a compliance obligation into a strategic management tool.
Furthermore, companies should begin leveraging digital technologies to improve the quality, accuracy, and accessibility of sustainability information.
The use of integrated reporting systems, sustainability dashboards, and data analytics platforms can streamline data collection and verification processes, thereby improving transparency and reducing the cost of sustainability reporting.
These technologies can also facilitate real-time monitoring of Page 112 of 116 Full edition available at:https://journal.
id/index.
php/jkb/issue/view/jkb_23_2_oct25 Jurnal Keuangan dan Bisnis (JKB) Volume 22.
No.
2 / Oktober 2025 environmental performance, enabling companies to make more responsive and data-driven sustainability decisions.
Finally, future research is encouraged to expand the analytical framework by incorporating additional variables such as environmental innovation, governance mechanisms, and firm size to obtain a more comprehensive understanding of the determinants of SDGs Longitudinal and cross-sectoral studies could also provide valuable insights into how sustainability disclosure evolves over time and across industries, particularly in emerging economies where institutional frameworks are still developing.
Through these recommendations, it is expected that the mining industry and other environmentally intensive sectors in Indonesia can transition toward a more transparent, accountable, and sustainable corporate cultureAione that not only complies with regulatory requirements but also contributes substantively to global sustainability objectives.
REFERENCES