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Abstract
This study aims to examine and analyze the effects of Biological Asset Intensity, Green Accounting Implementation, and Total Asset Turnover on the Financial Performance of agricultural companies listed on the Indonesia Stock Exchange during 2020–2024. The study employs a quantitative approach using secondary data in the form of audited annual financial statements published on the Indonesia Stock Exchange during the 2020–2024 period. The population consists of 56 agricultural companies. Purposive sampling resulted in 13 companies being selected as the research sample, yielding a total of 65 observations. The analytical method used is panel data regression with the assistance of EViews 12. The results show that: (1) Biological Asset Intensity has a positive effect on Financial Performance; (2) Green Accounting Implementation has a negative effect on Financial Performance; and (3) Total Asset Turnover has a positive effect on Financial Performance.
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References
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References
Almas, M. J., Widiyanti, N. W., & Ari, O. (2025). Disclosing biological assets: A catalytic role in enhancing financial performance of agricultural companies. 26(3). https://doi.org/10.18196/jai.v26i3.25583
Bukhtiarova, A., Hayriyan, A., Chentsov, V., & Sokol, S. (2019). Modeling the impact assessment of agricultural sector on economic development as a basis for the country’s investment potential. Investment Management and Financial Innovations, 16(3), 229–240. https://doi.org/10.21511/imfi.16(3).2019.21
Davis, J. H. (1997). Toward a stewardship theory of management. The Academy of Management Review, 22(1), 20–47. https://doi.org/10.2307/259223
Gołaś, Z. (2020). The effect of inventory management on profitability: Evidence from the Polish food industry: A case study. Agricultural Economics (Zemědělská Ekonomika), 66(5), 234–242. https://doi.org/10.17221/370/2019-AGRICECON
IAI. (2024). PSAK 241 agrikultur. https://mobile-api.iaiglobal.or.id/login
Jensen, M., & Meckling, W. (2012). Theory of the firm: Managerial behavior, agency costs, and ownership structure. In The economic nature of the firm: A reader (3rd ed., pp. 283–303). https://doi.org/10.1017/CBO9780511817410.023
Putri, M., Polapa, S., Noholo, S., & Husain, S. P. (2025). The impact of green accounting implementation on the profitability of food and beverage industry sector companies listed on the Indonesia Stock Exchange in 2019–2023. 2(2), 2209–2218.
Sehusman. (2024). Analisis kinerja perdagangan kelapa sawit. Pusat dan Sistem Informasi Pertanian, Sekretariat Jenderal Kementerian Pertanian. https://satudata.pertanian.go.id/assets/docs/publikasi/1F_Analisis_Kinerja_Perdagangan_Kelapa_Sawit_2024_-_publish.pdf
Shumakova, O. V., Blinov, O. A., & Khrabrykh, S. L. (2016). Disclosure of assets of the agricultural enterprises in the financial reporting under International Financial Reporting Standards. 6, 172–178.
Singh, M., & Iii, W. N. D. (2003). Agency costs, ownership structure and corporate governance mechanisms. 27, 793–816. https://doi.org/10.1016/S0378-4266(01)00260-6
Sugiyono. (2017). Metode penelitian pendidikan pendekatan kuantitatif (Edisi revisi). Alfabeta.
Theana, A. C., Nyoman, N., Rahayu, S., & Dewi, T. (2025). The effect of green accounting, environmental performance, and corporate social responsibility disclosure on profitability.
Tsagris, M., & Pandis, N. (2021). Normality test: Is it really necessary? American Journal of Orthodontics and Dentofacial Orthopedics, 159(4), 548–549. https://doi.org/10.1016/j.ajodo.2021.01.003
Wang, W., Fu, Y., Qiu, H., Moore, J. H., & Wang, Z. (2017). Corporate social responsibility and employee outcomes: A moderated mediation model of organizational identification and moral identity. Frontiers in Psychology, 8, 1–14. https://doi.org/10.3389/fpsyg.2017.01906
World Bank. (2020). Indonesia agro-value chain assessment: Background paper 2: Issues and options in promoting digital agriculture. World Bank Group. https://openknowledge.worldbank.org/bitstream/handle/10986/34069/Indonesia-Agro-Value-Chain-Assessment-Background-Paper-2-Issues-and-Options-in-Promoting-Digital-Agriculture.pdf?sequence=4&isAllowed=y
Young, D. S. (2017). Handbook of regression methods. Chapman and Hall/CRC. https://doi.org/10.1201/9781315154701