Greenwashing and Eco-Efficiency in Firm Valuation: The Moderating Role of Earnings Management

Neni Nuryati; Iin Rosini; Dian Widiyati

doi:10.59261/bustechno.v7i4.760

Authors

Neni Nuryati Universitas Pamulang
Iin Rosini Universitas Pamulang
Dian Widiyati Universitas Pamulang

DOI:

https://doi.org/10.59261/bustechno.v7i4.760

Keywords:

Greenwashing, Eco-Efficiency, Firm Value, Earnings Management, Energy Sector

Abstract

Background: Growing sustainability concerns have increased investor attention to environmental practices, while greenwashing and eco-efficiency may shape market perceptions of firm value. At the same time, earnings management can affect the credibility of financial information and potentially influence how investors interpret sustainability signals.

Objective: This study examines the effects of greenwashing and eco-efficiency on firm value and evaluates earnings management as a moderating variable among energy-sector companies listed on the Indonesia Stock Exchange during 2020–2024.

Methods: A quantitative associative design was applied using secondary data from financial statements, annual reports, sustainability reports, and Indonesia Stock Exchange data. Purposive sampling yielded 20 companies and 100 firm-year observations. Firm value was measured using Tobin’s Q, greenwashing was assessed through GRI-based content analysis, eco-efficiency was measured using ISO 14001 certification, and earnings management was measured using discretionary accruals estimated through the Modified Jones Model.

Results: Greenwashing had no significant effect on firm value, and eco-efficiency likewise had no significant effect on firm value. Earnings management had a positive effect on firm value. However, earnings management did not moderate the relationship between greenwashing and firm value or between eco-efficiency and firm value. These findings indicate that investors may respond more strongly to reported earnings information than to environmental claims or certification.

Conclusion: The study concludes that sustainability-related signals alone do not determine firm value in Indonesia’s energy sector. Earnings information remains more influential, while earnings management does not strengthen or weaken the effects of greenwashing and eco-efficiency on firm value.

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