A SYSTEMATIC LITERATURE REVIEW ON THE IMPLICATIONS OF GREEN ACCOUNTING IMPLEMENTATION IN INDONESIA

Abstrak

The This study aims to systematically review the implementation and implications of green accounting in Indonesia using the Systematic Literature Review (SLR) method. Green accounting represents an innovation in financial reporting that integrates environmental aspects into the accounting system to support sustainable economic development. This research employs a qualitative approach by examining various national and international scholarly articles published between 2018 and 2024. The findings indicate that the implementation of green accounting in Indonesia has shown positive developments, particularly following the enactment of the Financial Services Authority Regulation (POJK) No. 51/POJK.03/2017 on Sustainable Finance. Nevertheless, its adoption remains concentrated in large enterprises, while micro, small, and medium enterprises (MSMEs) face challenges such as limited resources, insufficient technical knowledge, and the absence of standardized environmental reporting guidelines. The literature suggests that green accounting positively influences environmental performance, corporate reputation, and public legitimacy, although its effect on firm value remains insignificant. These results underscore that the successful implementation of green accounting largely depends on government regulatory support, stakeholder pressure, and top management commitment. The novelty of this study lies in
the integration of three theoretical frameworks—stakeholder theory, legitimacy theory, and the Triple Bottom Line concept—which collectively explain how green accounting can serve as a strategic instrument to enhance corporate transparency, accountability, and sustainability in Indonesia.