Sustainability Principles and Corporate Characteristic Instruments: Their Impact on Financial Performance in the Indonesian Pharmaceutical Sector
DOI:
https://doi.org/10.55587/jla.v6i3.412Keywords:
Kinerja Keuangan, Prinsip Keberlanjutan, Instrumen Karakteristik PerusahaanAbstract
Purpose: This research is conducted to investigate how Green Accounting, Environmental Performance, Firm Size, Good Corporate Governance, Leverage, and Intellectual Capital influence the financial performance of pharmaceutical firms registered on the Indonesia Stock Exchange (IDX) throughout the 2021–2025 timeframe. Financial performance in this context is assessed through Return on Assets (ROA) as an indicator of profitability.
Method: A quantitative associative approach was applied in this research, utilizing secondary panel data gathered from annual reports, sustainability disclosures, and PROPER assessments belonging to 11 pharmaceutical firms registered on the IDX between 2021 and 2025. Panel data regression analysis was performed using the Random Effect Model (REM), processed through EViews 12 software.
Finding: The findings reveal that Green Accounting and Intellectual Capital exert a positive and statistically meaningful influence on financial performance. In contrast, Environmental Performance, Firm Size, Good Corporate Governance, and Leverage show no significant partial impact on financial performance. Nonetheless, when examined collectively, all independent variables demonstrate a significant combined effect on financial performance
Novelty: This study offers novelty by integrating Green Accounting and Intellectual Capital into a single research model to examine their effects on the financial performance of pharmaceutical companies, an approach that has received limited attention in previous studies. In addition, this study incorporates Environmental Performance, Company Size, Good Corporate Governance, and Leverage while using recent panel data from 2021–2025, providing more comprehensive and up-to-date evidence on the determinants of financial performance in Indonesia's pharmaceutical industry.
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