GREEN ACCOUNTING, MFCA, AND CORPORATE SUSTAINABILITY: THE ROLE OF CSR DISCLOSURE IN THE BASIC MATERIALS SECTOR

Abstract

This study examines the effects of green accounting and material flow cost accounting (MFCA) on corporate sustainability, with Corporate Social Responsibility (CSR) disclosure as a moderating variable in basic materials companies listed on the Indonesia Stock Exchange during 2021–2024. Using purposive sampling, 148 datafrom 37 firms were analyzed. Moderating Regression Analysis (MRA). The results indicate that green accounting has no significant effect on corporate sustainability, suggesting that environmental cost disclosure remains largely administrative. In contrast, MFCA demonstrates a positive and significant impact, highlighting the importance of operational efficiency in material usage for achieving sustainability. Furthermore, CSR disclosure strengthens the relationship between MFCA and corporate sustainability but fails to moderate the effect of green accounting. These findings emphasize that sustainability is more effectively driven by tangible operational improvements rather than formal compliance mechanisms, and that transparent CSR reporting enhances stakeholder recognition of efficiency-based sustainability performance.