Financial Performance as a Determinant of Blue Accounting Disclosure Implementation in Maritime, Energy, and Mining Companies in Indonesia
Abstract
Environmental degradation within the maritime, energy, and mining sectors requires a transformation toward sustainable corporate reporting through blue accounting disclosure (BAD). However, this voluntary mechanism is often constrained by internal financial trade-offs. This study aims to empirically examine the influence of financial performance projected through profitability (ROA), liquidity (CR), and leverage (DER) on BAD. Employing a quantitative approach with purposive sampling, data were gathered from maritime, energy, and mining companies listed on the Indonesia Stock Exchange (IDX) from 2021 to 2025. The data were analyzed using multiple linear regression with a Random Effect Model (REM). The results indicate that profitability has a negative but insignificant effect on BAD. Conversely, both liquidity and leverage exert a significant negative impact on BAD. This confirms that highly liquid firms reduce voluntary disclosure for operational efficiency under Legitimacy Theory, while heavily indebted firms prioritize credit obligations over blue accounting costs under Agency Theory. This research contributes to sustainability literature by identifying internal financial constraints in developing markets and urges regulators to implement mandatory reporting frameworks.References
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Baltagi BH. 2021. Econometric Analysis of Panel Data. 6th ed. Cham: Springer Nature.
Brooks C. 2019. Introductory Econometrics for Finance. 4th ed. Cambridge: Cambridge University Press.
Burhany DI, Afriady A, Mulyandani VC. 2022. Analisis determinan pengungkapan informasi lingkungan menggunakan voluntary disclosure theory: Komparasi pada industri yang berbeda. JABI (Jurnal Akuntansi Berkelanjutan Indonesia). 5(3): 316–337.
Deegan C. 2019. Financial Accounting Theory. 5th ed. Sydney: McGraw-Hill Education.
Dewi S, Kuntari R. 2021. Efisiensi biaya agen dan dampaknya terhadap pengungkapan tanggung jawab sosial dan lingkungan. Jurnal Akuntansi dan Keuangan. 23(1): 45–56.
Freeman RE, Dmytriyev SD, Phillips RA. 2020. Stakeholder Theory and the resource-based view of the firm. Journal of Management. 46(6): 1011–1025.
Friede G, Busch T, Bassen A. 2015. ESG and financial performance: Aggregated evidence from more than 2,000 empirical studies. Journal of Sustainable Finance & Investment. 5(4): 210–233.
Gray R. 2010. Is accounting for sustainability actually accounting for sustainability—and how would we know? An exploration of narratives of organisations and the planet. Accounting, Organizations and Society. 35(1): 47–62.
Gujarati DN, Porter DC. 2012. Dasar-Dasar Ekonometrika. Edisi 5. Jakarta: Salemba Empat.
Hair JF, Black WC, Babin BJ, Anderson RE. 2019. Multivariate Data Analysis. 8th ed. Boston: Cengage Learning.
Muwaffaq Helmi W, Widiastuty E. 2023. Effect of green innovation and green process innovation on firm performance. Jurnal Riset Akuntansi Aksioma. 22(1): 55–69.
Pauli G. 2018. The Blue Economy: 10 Years, 100 Innovations, 100 Million Jobs. Taos: Paradigm Publications.
Pratiwi A, Kasbun N. 2020. Determinants of environmental accounting disclosure in high-profile companies in Indonesia. Journal of Sustainability Accounting and Finance. 4(2): 112–125.
Qiu Y, Shaukat A, Tharyan R. 2016. Environmental and social disclosures: Link with corporate financial performance. The British Accounting Review. 48(1): 102–116.
Ramadhani F. 2024. Pengaruh leverage dan likuiditas terhadap praktik blue accounting pada sektor kemaritiman. Review Akuntansi dan Bisnis Indonesia. 8(1): 12–27.
United Nations Environment Programme. 2021. Turning the Tide: How to Finance a Sustainable Ocean Recovery. Nairobi: United Nations Environment Programme.
Utomo S, Rahmawati E. 2023. Analisis konten pengungkapan akuntansi biru (blue accounting disclosure) pada sektor maritim di Indonesia. Jurnal Ilmiah Akuntansi dan Bisnis. 18(1): 75–92.
Velte P. 2022. Archival research on integrated reporting: A systematic review of main drivers and consequences. Journal of Management and Governance. 26(4): 997–1061.
Wicaksono AP, Amelia RW, Zulvina D, Rachmadani WS. 2021. Membangun citra positif perusahaan melalui pengungkapan lingkungan. Jurnal Akuntansi Multiparadigma. 12(1): 1–18
Wooldridge JM. 2019. Introductory Econometrics: A Modern Approach. 7th ed. Boston: Cengage Learning.
Published
2026-07-06
How to Cite
SABATINI, Ester; SOEGIHARTO WIBOWO, Vivian Angelina.
Financial Performance as a Determinant of Blue Accounting Disclosure Implementation in Maritime, Energy, and Mining Companies in Indonesia.
JURNAL ONLINE INSAN AKUNTAN, [S.l.], v. 11, n. 1, p. 75 - 92, july 2026.
ISSN 2528-0163.
Available at: <https://ejournal-binainsani.ac.id/index.php/JOIA/article/view/3939>. Date accessed: 10 july 2026.
doi: https://doi.org/10.51211/joia.v11i1.3939.
Section
Articles
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
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