This study examines the relationship between green accounting practices and the sustainable growth of manufacturing companies in three emerging Southeast Asian economies—Indonesia, Malaysia, and Thailand. As environmental degradation and stakeholder pressure intensify, green accounting has emerged as a strategic instrument that integrates environmental costs, environmental performance, green investment, and carbon emission disclosure into corporate decision-making. Using a quantitative comparative design, the study analyzes panel data from 150 listed manufacturing firms (50 per country) over the 2020–2024 period, yielding 750 firm-year observations. Data were processed using IBM SPSS Statistics version 26 through descriptive statistics, reliability testing, classical assumption tests, Pearson correlation, multiple linear regression, and one-way ANOVA. The results show that environmental cost disclosure, environmental performance, green investment, and carbon emission disclosure jointly and individually exert a positive and significant effect on sustainable growth, with the model explaining 61.4% of the variance (Adjusted R² = 0.614). The one-way ANOVA confirms statistically significant cross-country differences in green accounting implementation (F = 14.273; p < 0.05), with Malaysian firms demonstrating the highest level of adoption, followed by Thailand and Indonesia. The findings imply that strengthening regulatory frameworks, environmental disclosure standards, and green investment incentives can accelerate sustainable corporate growth across emerging economies. The study contributes to the limited comparative literature on green accounting in ASEAN and offers practical guidance for regulators, managers, and investors.
Publication Date: 2026-06-18