The Role of Environmental, Social, and Governance (ESG), Green Accounting, and Earnings Management in Enhancing Firm Value: A Systematic Literature Review with Institutional Ownership as a Moderating Variable
Keywords:
Environmental, Social, and Governance (ESG); green accounting; earnings management; firm value; institutional ownership; Systematic Literature Review.
Abstract
This study aims to analyze the role of Environmental, Social, and Governance (ESG), green accounting, and earnings management in enhancing firm value and to identify the potential role of institutional ownership as a moderating mechanism. This study employs a Systematic Literature Review (SLR) method using the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) approach. The literature was obtained from international academic databases, including Scopus, Web of Science, ScienceDirect, and Emerald Insight, covering publications from 2021 to 2026. Based on the identification, screening, full-text assessment, and quality evaluation processes, 50 international journal articles met the predetermined criteria. The findings indicate that ESG generally contributes positively to firm value through improved corporate reputation, investor confidence, risk reduction, legitimacy, and access to funding sources. Green accounting plays an important role in enhancing environmental information transparency, accountability, and corporate sustainability. In contrast, opportunistic earnings management may reduce information credibility and market confidence, thereby potentially hindering firm value creation. The literature synthesis also indicates that institutional ownership has the potential to strengthen the effects of ESG and green accounting on firm value through its monitoring function while potentially limiting opportunistic managerial behavior. However, variations in the measurement of ESG, green accounting, earnings management, and firm value, as well as differences in regulatory environments and country characteristics, contribute to diverse findings across previous studies. This study contributes by integrating these four aspects into a comprehensive conceptual framework and identifying opportunities for future empirical research.
References
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Hamim, M. T., & Mollah, S. (2026). Climate risk governance, green transformation initiatives, and carbon mitigation performance. Journal of International Accounting, Auditing and Taxation, 60, Article 100757. https://doi.org/10.1016/j.intaccaudtax.2026.100757
He, F., Yang, S., Chen, L., & Hao, J. (2026). ESG ratings and firm-level biodiversity risk exposure. Global Finance Journal, 72, Article 101302. https://doi.org/10.1016/j.gfj.2026.101302
Hou, B., Huang, W., Wang, X., & Wang, J. (2025). Green investments and their effect on ESG ratings: An empirical analysis of Chinese publicly traded companies. Research in International Business and Finance, 74, Article 102670. https://doi.org/10.1016/j.rib af.2024.102670
Huang, J., Hu, P., Wang, D. D., & Wang, Y. (2025). The double signal of ESG reports: Readability, growth, and institutional influence on firm value. Sustainability, 17(6), 2514. https://doi.org/10.3390/su17062514
Jiao, A., Liu, C., & Ren, H. (2026). Does environmental lobbying create firm value? Journal of Corporate Finance, 98, Article 102972. https://doi.org/10.1016/j.jcorpfin.2026.102972
Khan, M. A. (2022). ESG disclosure and firm performance: A bibliometric and meta analysis. Research in International Business and Finance, 61, Article 101668. https://doi.org/10.1016/j.ribaf.2022.101668
Lester, R., & Olbert, M. (2025). Firms' real and reporting responses to taxation: A review. Journal of Accounting and Economics, 80, Article 101837. https://doi.org/10.1016/j.jacceco.2025.101837
Liu, J., Jin, C., Zhu, X., & Sun, L. (2026). Environmental policy, green governance, and institutional investor divestment. Research in International Business and Finance, 81, Article 103185. https://doi.org/10.1016/j.ribaf.2025.103185
Liu, L., Liu, L., Liu, K., & Jiménez-Zarco, A. I. (2025). Climate policy and corporate green transformation: Empirical evidence from carbon emission trading. Research in International Business and Finance, 74, Article 102675. https://doi.org/10.1016/j.ribaf.2024.102675
Liu, Y., Song, K., Xu, L., & Song, Z. (2026). ESG and firms' exploitative versus exploratory innovation: Evidence from a large language model approach. Research in International Business and Finance, 83, Article 103305. https://doi.org/10.1016/j.ribaf.2026.103305
Liu, H., & Lee, H. (2024). The role of ownership structure in the relationship between environmental, social, and governance practices and financial reporting quality: Evidence from China. Sustainability, 16(23), 10687. https://doi.org/10.3390/su162310687
Liu, Y.-Y., & Lee, P.-S. (2025). The effect of Environmental, Social, and Governance (ESG) on the persistence of firm value: Evidence from survival analysis. Account. Audit., 1, Article 4. https://doi.org/10.3390/accountaudit1010004
Long, S., Zhao, H., & Zhu, D. (2026). Transforming maritime supply chains through digital port policies considering ESG: An evolutionary game theoretical framework with empirical analysis. Transportation Research Part E: Logistics and Transportation Review, 207, Article 104648. https://doi.org/10.1016/j.tre.2025.104648
Lu, H., Osiyevskyy, O., & Liu, X. (2023). Enhancer or stabilizer? Investigating the distinct impact of primary and secondary CSR on the level and variability of firm value. Journal of Business Research, 168, Article 114210. https://doi.org/10.1016/j.jbusres.2023.114210
Luo, K., Gao, T., Tian, G. G., & Yao, D. (2025). Green is the new gold: The role of professional managers in enhancing ESG performance in Chinese state-owned enterprises. The British Accounting Review. Advance online publication. https://doi.org/10.1016/j.bar.202 5.101705
Nguyen, P., Rahman, N., & Zhao, R. (2024). Do firms adjust their payout policy to public perception of their social irresponsibility? Journal of Business Research, 185, Article 114941. https://doi.org/10.1016/j.jbusres.2024.114941
Perdana, M. R., Sudiro, A., Ratnawati, K., & Rofiaty, R. (2023). Does sustainable finance work on banking sector in ASEAN?: The effect of sustainable finance and capital on firm value with institutional ownership as a moderating variable. Journal of Risk and Financial Management, 16(10), 449. https://doi.org/10.3390/jrfm16100449
Rashwan, M., Farouk, N., & Pasha, R. (2025). Can ESG strategies drive firm value growth in the MENA region? Sustainability, 17(17), Article 7894. https://doi.org/10.3390/su17177894
Ruan, L., Yang, L., & Dong, K. (2024). Corporate green innovation: The influence of ESG information disclosure. Journal of Innovation & Knowledge, 9, Article 100628. https://doi.org/10.1016/j.jik.2024.100628
Sundarasen, S., Rajagopalan, U., & Alsmady, A. A. (2024). Environmental accounting and sustainability: A meta-synthesis. Sustainability, 16(21), 9341. https://doi.org/10.3390/su16219341
Surya, R. A. S., Andreas, Halim, E. H., & Zarefar, A. (2026). ESG performance and firm value in Indonesia: Do political connections and external assurance matter? Journal of Risk and Financial Management, 19(2), Article 131. https://doi.org/10.3390/jrfm19020131
Vaihekoski, M., & Yahya, H. (2025). Environmental, social, and governance (ESG) and firm valuation: The moderating role of audit quality. Journal of Risk and Financial Management, 18(3), 148. https://doi.org/10.3390/jrfm18030148
Vatis, S. E., Drogalas, G., Persakis, A., & Chytis, E. (2025). The impact of ESG on earnings quality and real earnings management: The role of firm size. Sustainability, 17(11), 5027. https://doi.org/10.3390/su17115027
Wang, H., & Liu, Z. (2026). ESG performance and excessive employment: Evidence from China. Journal of International Accounting, Auditing and Taxation, 61, Article 100789. https://doi.org/10.1016/j.intaccaudtax.2026.100789
Wang, J., & Wang, Q. (2021). Influence or preference? A new look at institutional ownership and earnings management. Businesses, 1(3), 151–167. https://doi.org/10.3390/businesses1030012
Wu, S., Li, X., Du, X., & Li, Z. (2022). The impact of ESG performance on firm value: The moderating role of ownership structure. Sustainability, 14(21), Article 14507. https://doi.org/10.3390/su142114507
Xiong, W., Zhu, P., & Wen, F. (2025). The signalling role of a regulatory minority shareholder exercising rights: Evidence from firm's bank loans. Research in International Business and Finance, 75, Article 102788. https://doi.org/10.1016/j.ribaf.2025.102788
Yang, X., Shira, R. K., Dang, L. P., & Hao, P. (2025). Unforeseen benefits: Can ESG enhance corporate access to commercial credit financing? Research in International Business and Finance, 75, Article 102735. https://doi.org/10.1016/j.ribaf.2024.102735
Yildiz, F., Dayi, F., Yucel, M., & Cilesiz, A. (2024). The impact of ESG criteria on firm value: A strategic analysis of the airline industry. Sustainability, 16(19), Article 8300. https://doi.org/10.3390/su16198300
You, X., Chen, C., Peng, K., & Li, Y. (2025). ESG disclosure quality and cost of debt. Emerging Markets Review, 64, Article 101219. https://doi.org/10.1016/j.ememar.2024.101219
Yu, X., & Xiao, K. (2022). Does ESG performance affect firm value? Evidence from a new ESG-scoring approach for Chinese enterprises. Sustainability, 14(24), Article 16940. https://doi.org/10.3390/su142416940
Zhang, C., Ma, Y., & Zhang, E. (2025). Does green innovation promote financial performance of Chinese listed companies? Journal of Innovation & Knowledge, 10, Article 100740. https://doi.org/10.1016/j.jik.2025.100740
Bashir, Y., Zhao, Y., Qiu, H., Ahmed, Z., & Tan-Hwang Yau, J. (2023). Environmental, Social, and Governance Performance and Value Creation in Product Market: Evidence from Emerging Economies. Journal of Risk and Financial Management, 16(12), Article 517. https://doi.org/10.3390/jrfm16120517
Blouin, J. (2025). Firms' real and reporting response to taxation: A discussion. Journal of Accounting and Economics, 80, Article 101836. https://doi.org/10.1016/j.jacceco. 2025.101836
Bo, S., Christofi, M., Battisti, E., & Papa, A. (2026). ESG and resource acquisition in Chinese startups: The role of financing strategies and resource constraints. Technological Forecasting and Social Change, 228, Article 124652. https://doi.org/10.1016/j.techf ore.2026.124652
Cao, L., Zhu, X., & Li, Y. (2026). Firm digitalization and bank lending: Evidence from China. Research in International Business and Finance, 82, Article 103227. https://doi.org/10.1016/j.ribaf.2025.103227
Chang, X., Xie, Y., & Xu, W. (2026). [eos]Fueling green innovation: How climate policy reshapes corporate capital structure. [eos]Journal of Innovation & Knowledge. https://d oi.org/10.1016 /j.jik.2026.101162
Chang, Y.-J., & Lee, B.-H. (2022). The impact of ESG activities on firm value: Multi-level analysis of industrial characteristics. Sustainability, 14(21), Article 14444. https://d oi.org/10.3390/su142114444
Cheng, Z., & Su, Y. (2024). ESG and Chinese corporate OFDI. Research in International Business and Finance, 72, Article 102522. https://doi.org/10.1016/j.ribaf.2024.102522
Chin, T., Li, Z., Huang, L., & Li, X. (2025). How artificial intelligence promotes new quality productive forces of firms: A dynamic capability view. Technological Forecasting and Social Change, 216, Article 124128. https://doi.org/10.1016/j.techfore.2025.124128
Choi, D., Mukherjee, A., & Zheng, Z. (2025). ESG news and firm value: Evidence from China's automation of pollution monitoring. Research in International Business and Finance, 78, Article 103024. https://doi.org/10.1016/j.ribaf.2025.103024
Cochardt, A., Heller, S., & Orlov, V. (2026). Do mutual funds greenwash? Evidence from fund name changes. Research in International Business and Finance, 90, Article 103555. https://doi.org/10.1016/j.ribaf.2026.103555
Duan, Y., Yang, F., & Xiong, L. (2023). Environmental, Social, and Governance (ESG) performance and firm value: Evidence from Chinese manufacturing firms. Sustainability, 15(17), article 12858. https://doi.org/10.3390/su151712858
Fisman, R., Ghosh, P., Sarkar, A., & Zhang, J. (2026). Dirty air and green investments: The impact of pollution information on portfolio allocations. Journal of Financial Economics, 182, Article 104309. https://doi.org/10.1016/j.jfinec.2026.104309
Fuadah, L. L., Mukhtaruddin, M., Andriana, I., & Arisman, A. (2022). The ownership structure, and the Environmental, Social, and Governance (ESG) disclosure, firm value and firm performance: The audit committee as moderating variable. Economies, 10(12), Article 314. https://doi.org/10.3390/economies10120314
Geng, Y., Zheng, Z., Yuan, X., & Jiménez-Zarco, A. I. (2025). ESG performance and total factor productivity of enterprises: The role of digitization. Research in International Business and Finance, 77, Article 102920. https://doi.org/10.1016/j.ribaf.2025.102920
Gillan, S. L., Koch, A., & Starks, L. T. (2021). Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance, 66, Article 101889. https://doi.org/10.1016/j.jcorpfin.2021.101889
Guo, K., Bian, Y., Zhang, D., & Ji, Q. (2024). ESG performance and corporate external financing in China: The role of rating disagreement. Research in International Business and Finance, 69, Article 102236. https://doi.org/10.1016/j.ribaf.2024.102236
Guo, Y., Bai, Y., Feng, Y., & Li, W. (2026). Green innovation earns greater impact: The asymmetric effect of green radical and incremental innovations on firm social impact. Journal of Engineering and Technology Management, 81, Article 101967. https://doi.org/10.1016/j.jengtecman.2026.101967
Hamim, M. T., & Mollah, S. (2026). Climate risk governance, green transformation initiatives, and carbon mitigation performance. Journal of International Accounting, Auditing and Taxation, 60, Article 100757. https://doi.org/10.1016/j.intaccaudtax.2026.100757
He, F., Yang, S., Chen, L., & Hao, J. (2026). ESG ratings and firm-level biodiversity risk exposure. Global Finance Journal, 72, Article 101302. https://doi.org/10.1016/j.gfj.2026.101302
Hou, B., Huang, W., Wang, X., & Wang, J. (2025). Green investments and their effect on ESG ratings: An empirical analysis of Chinese publicly traded companies. Research in International Business and Finance, 74, Article 102670. https://doi.org/10.1016/j.rib af.2024.102670
Huang, J., Hu, P., Wang, D. D., & Wang, Y. (2025). The double signal of ESG reports: Readability, growth, and institutional influence on firm value. Sustainability, 17(6), 2514. https://doi.org/10.3390/su17062514
Jiao, A., Liu, C., & Ren, H. (2026). Does environmental lobbying create firm value? Journal of Corporate Finance, 98, Article 102972. https://doi.org/10.1016/j.jcorpfin.2026.102972
Khan, M. A. (2022). ESG disclosure and firm performance: A bibliometric and meta analysis. Research in International Business and Finance, 61, Article 101668. https://doi.org/10.1016/j.ribaf.2022.101668
Lester, R., & Olbert, M. (2025). Firms' real and reporting responses to taxation: A review. Journal of Accounting and Economics, 80, Article 101837. https://doi.org/10.1016/j.jacceco.2025.101837
Liu, J., Jin, C., Zhu, X., & Sun, L. (2026). Environmental policy, green governance, and institutional investor divestment. Research in International Business and Finance, 81, Article 103185. https://doi.org/10.1016/j.ribaf.2025.103185
Liu, L., Liu, L., Liu, K., & Jiménez-Zarco, A. I. (2025). Climate policy and corporate green transformation: Empirical evidence from carbon emission trading. Research in International Business and Finance, 74, Article 102675. https://doi.org/10.1016/j.ribaf.2024.102675
Liu, Y., Song, K., Xu, L., & Song, Z. (2026). ESG and firms' exploitative versus exploratory innovation: Evidence from a large language model approach. Research in International Business and Finance, 83, Article 103305. https://doi.org/10.1016/j.ribaf.2026.103305
Liu, H., & Lee, H. (2024). The role of ownership structure in the relationship between environmental, social, and governance practices and financial reporting quality: Evidence from China. Sustainability, 16(23), 10687. https://doi.org/10.3390/su162310687
Liu, Y.-Y., & Lee, P.-S. (2025). The effect of Environmental, Social, and Governance (ESG) on the persistence of firm value: Evidence from survival analysis. Account. Audit., 1, Article 4. https://doi.org/10.3390/accountaudit1010004
Long, S., Zhao, H., & Zhu, D. (2026). Transforming maritime supply chains through digital port policies considering ESG: An evolutionary game theoretical framework with empirical analysis. Transportation Research Part E: Logistics and Transportation Review, 207, Article 104648. https://doi.org/10.1016/j.tre.2025.104648
Lu, H., Osiyevskyy, O., & Liu, X. (2023). Enhancer or stabilizer? Investigating the distinct impact of primary and secondary CSR on the level and variability of firm value. Journal of Business Research, 168, Article 114210. https://doi.org/10.1016/j.jbusres.2023.114210
Luo, K., Gao, T., Tian, G. G., & Yao, D. (2025). Green is the new gold: The role of professional managers in enhancing ESG performance in Chinese state-owned enterprises. The British Accounting Review. Advance online publication. https://doi.org/10.1016/j.bar.202 5.101705
Nguyen, P., Rahman, N., & Zhao, R. (2024). Do firms adjust their payout policy to public perception of their social irresponsibility? Journal of Business Research, 185, Article 114941. https://doi.org/10.1016/j.jbusres.2024.114941
Perdana, M. R., Sudiro, A., Ratnawati, K., & Rofiaty, R. (2023). Does sustainable finance work on banking sector in ASEAN?: The effect of sustainable finance and capital on firm value with institutional ownership as a moderating variable. Journal of Risk and Financial Management, 16(10), 449. https://doi.org/10.3390/jrfm16100449
Rashwan, M., Farouk, N., & Pasha, R. (2025). Can ESG strategies drive firm value growth in the MENA region? Sustainability, 17(17), Article 7894. https://doi.org/10.3390/su17177894
Ruan, L., Yang, L., & Dong, K. (2024). Corporate green innovation: The influence of ESG information disclosure. Journal of Innovation & Knowledge, 9, Article 100628. https://doi.org/10.1016/j.jik.2024.100628
Sundarasen, S., Rajagopalan, U., & Alsmady, A. A. (2024). Environmental accounting and sustainability: A meta-synthesis. Sustainability, 16(21), 9341. https://doi.org/10.3390/su16219341
Surya, R. A. S., Andreas, Halim, E. H., & Zarefar, A. (2026). ESG performance and firm value in Indonesia: Do political connections and external assurance matter? Journal of Risk and Financial Management, 19(2), Article 131. https://doi.org/10.3390/jrfm19020131
Vaihekoski, M., & Yahya, H. (2025). Environmental, social, and governance (ESG) and firm valuation: The moderating role of audit quality. Journal of Risk and Financial Management, 18(3), 148. https://doi.org/10.3390/jrfm18030148
Vatis, S. E., Drogalas, G., Persakis, A., & Chytis, E. (2025). The impact of ESG on earnings quality and real earnings management: The role of firm size. Sustainability, 17(11), 5027. https://doi.org/10.3390/su17115027
Wang, H., & Liu, Z. (2026). ESG performance and excessive employment: Evidence from China. Journal of International Accounting, Auditing and Taxation, 61, Article 100789. https://doi.org/10.1016/j.intaccaudtax.2026.100789
Wang, J., & Wang, Q. (2021). Influence or preference? A new look at institutional ownership and earnings management. Businesses, 1(3), 151–167. https://doi.org/10.3390/businesses1030012
Wu, S., Li, X., Du, X., & Li, Z. (2022). The impact of ESG performance on firm value: The moderating role of ownership structure. Sustainability, 14(21), Article 14507. https://doi.org/10.3390/su142114507
Xiong, W., Zhu, P., & Wen, F. (2025). The signalling role of a regulatory minority shareholder exercising rights: Evidence from firm's bank loans. Research in International Business and Finance, 75, Article 102788. https://doi.org/10.1016/j.ribaf.2025.102788
Yang, X., Shira, R. K., Dang, L. P., & Hao, P. (2025). Unforeseen benefits: Can ESG enhance corporate access to commercial credit financing? Research in International Business and Finance, 75, Article 102735. https://doi.org/10.1016/j.ribaf.2024.102735
Yildiz, F., Dayi, F., Yucel, M., & Cilesiz, A. (2024). The impact of ESG criteria on firm value: A strategic analysis of the airline industry. Sustainability, 16(19), Article 8300. https://doi.org/10.3390/su16198300
You, X., Chen, C., Peng, K., & Li, Y. (2025). ESG disclosure quality and cost of debt. Emerging Markets Review, 64, Article 101219. https://doi.org/10.1016/j.ememar.2024.101219
Yu, X., & Xiao, K. (2022). Does ESG performance affect firm value? Evidence from a new ESG-scoring approach for Chinese enterprises. Sustainability, 14(24), Article 16940. https://doi.org/10.3390/su142416940
Zhang, C., Ma, Y., & Zhang, E. (2025). Does green innovation promote financial performance of Chinese listed companies? Journal of Innovation & Knowledge, 10, Article 100740. https://doi.org/10.1016/j.jik.2025.100740
Published
2026-10-08
How to Cite
Farhana, D., Yusnaini, Y., & Kartasari, S. F. (2026). The Role of Environmental, Social, and Governance (ESG), Green Accounting, and Earnings Management in Enhancing Firm Value: A Systematic Literature Review with Institutional Ownership as a Moderating Variable. International Journal of Education, Vocational and Social Science , 5(04), 2820-2849. https://doi.org/10.63922/ijevss.v5i04.6896
Contact Person +6282139474255
Email : ijevss@citakonsultindo.or.id / editor.ijevss@gmail.com
