Analisis Hubungan Kinerja Lingkungan dan Profitabilitas Terhadap Nilai Perusahaan
ANALISIS HUBUNGAN KINERJA LINGKUNGAN DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN
Abstract
This study aims to examine the relationship between environmental performance and profitability on firm value. The method used in this research is a descriptive research method with a quantitative approach. The population in this study is textile companies listed on the Indonesia Stock Exchange. The sampling technique in this study used purposive sampling, companies listed on the Indonesia Stock Exchange and published financial statements for 2018-2019, and participated in the Company Rating Program. The type of data used is secondary data. The analytical model used is multiple linear regression with partial hypothesis test (t) and simultaneous test (F). Environmental Performance is measured by the company's performance in PROPER. Profitability is measured by return on assets (ROA). Firm value can be calculated by Tobin's Q analysis. The results of this study indicate that environmental performance and profitability have no partial effect on firm value. Furthermore, the test results simultaneously environment and profitability affect firm value. This research contributes to the environmental accounting literature, especially for sustainable development. This research is expected to provide consideration to further increase awareness of environmental performance by making accurate principles.References
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Muslichah. (2020). The effect of environmental , social disclosure , and financial performance on firm value. Jurnal Akuntansi Dan Auditing Indonesia (Jaai), 24(1), 22–32.
Nur Utomo, M., Rahayu, S., Kaujan, K., & Agus Irwandi, S. (2020). Environmental performance, environmental disclosure, and firm value: empirical study of non-financial companies at Indonesia Stock Exchange. Green Finance, 2(1), 100–113. https://doi.org/10.3934/gf.2020006
O’Donovan, G. (2002). Environmental disclosures in the annual report: Extending the applicability and predictive power of legitimacy theory. Accounting, Auditing & Accountability Journal, 15(3), 344–371. https://doi.org/10.1108/09513570210435870
Putranto, P., & Kurniawan, E. (2018). Effect of Managerial Ownership and Profitability in Firm Value. European Journal of Business and Management, 10(25), 96–104.
Richardson, A. J., & Welker, M. (2001). Social disclosure, financial disclosure and the cost of equity capital. Accounting, Organizations and Society, 26, 597–616. https://doi.org/10.1016/S0361-3682(01)00025-3
Salama, A. (2005). A note on the impact of environmental performance on financial performance. Structural Change and Economic Dynamics, 16(3 SPEC. ISS.), 413–421. https://doi.org/10.1016/j.strueco.2004.04.005
Saputra, I. P. A., & Mahyuni, L. P. (2018). Pengaruh Struktur Kepemilikan dan Kinerja Lingkungan Terhadap Nilai Perusahaan. Jurnal Manajemen Dan Bisnis, 15(3), 64–81.
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Weston, J. F., & Copeland, T. E. (1983). Financial Theory and Corporate Policy. Addison Wesley Publishing Company.
Yadav, P. L., Han, S. H., & Rho, J. J. (2016). Impact of Environmental Performance on Firm Value for Sustainable Investment: Evidence from Large US Firms. Business Strategy and the Environment, 25(6), 402–420. https://doi.org/10.1002/bse.1883
https://daerah.sindonews.com/berita/1357271/174/limbah-cemari-lingkungan-aktivitas-pabrik-tekstil-dihentikan-warga [diakses pada 25 Juni 2021]
Al-Tuwaijri, S. A., Christensen, T. E., & Hughes, K. E. (2004). The relations among environmental disclosure, environmental performance, and economic performance: A simultaneous equations approach. Accounting, Organizations and Society, 29(5–6), 447–471. https://doi.org/10.1016/S0361-3682(03)00032-1
Anthony, R. ., & Govindarajan, V. (2005). Sistem Pengendalian Manajemen Buku 1. In Buku 1.
Arafat, M. Y., Warokka, A., & Dewi, S. (2012). Does Environmental Performance Really Matter? A Lesson from the Debate of Environmental Disclosure and Firm Performance. Journal of Organizational Management Studies, 2012, 1–15. https://doi.org/10.5171/2012.213910
Ariya, R. (2020, 13 September). Sungai Tercemar Limbah, Pabrik Tektil di Temanggung Diberi Sanksi
https://suaramerdekakedu.id/sungai-tercemar-limbah-pabrik-tekstil-di-temanggung-diberi-sanksi/ [diakses pada 25 Juni 2021]
Awaludin, L. (2019, Desember 20). Lumpur Beracun yang Dikubur di Karawang Milik Pabrik Tekstil Area Bandung.
https://news.detik.com/berita-jawa-barat/d-4830829/lumpur-beracun-yang-dikubur-di-karawang-milik-pabrik-tekstil-area-bandung [diakses 25 Juni 2021]
Brigham, E. F., & Ehrhardt, M. C. (2005). Financial Management: Theory abd Practice (11th ed.). Thomson South-Western Ohio.
Bukit, R. B., Haryanto, B., & Ginting, P. (2018). Environmental performance, profitability, asset utilization, debt monitoring and firm value. IOP Conference Series: Earth and Environmental Science, 122(1). https://doi.org/10.1088/1755-1315/122/1/012137
Carandang, J. C., & Ferrer, R. C. (2020). Effect of environmental accounting on financial performance and firm value of listed mining and oil companies in the Philippines. Asia-Pacific Social Science Review, 20(1), 117–134.
Dasgupta, S., Laplante, B., & Mamingi, N. (2001). Pollution and Capital Markets in Developing Countries. Journal of Environmental Economics and Management, 42(3), 310–335. https://doi.org/10.1006/jeem.2000.1161
de Beer, P., & Friend, F. (2006). Environmental accounting: A management tool for enhancing corporate environmental and economic performance. Ecological Economics, 58(3), 548–560. https://doi.org/10.1016/j.ecolecon.2005.07.026
Deegan, C. (2002). Introduction: The legitimising effect of social and environmental disclosures – a theoretical foundation. Accounting, Auditing & Accountability Journal, 15(3), 282–311. https://doi.org/10.1108/09513570210435852
Effendi, B. (2020). The Impact of Environmental Performance on Firm Value: Evidence from Indonesia. Business and Management Research, 173(KRA 2020), 91–97. https://doi.org/10.1016/j.ecolecon.2012.10.001
Elkington, J. (1999). Triple bottom-line reporting: Looking for balance. Australian CPA.
Freeman, R. E., & David, L. R. (1983). Stockholders and Stakeholders: A New Perspective on Corporate Governance. California Management Review, 25(3), 88–106. https://doi.org/10.2307/41165018
Gabrielle, G., & Toly, A. A. (2019). The Effect Of Greenhouse Gas Emissions Disclosure And Environmental Performance On Firm Value: Indonesia Evidence. Jurnal Ilmiah Akuntansi Dan Bisnis, 14(1), 106–119. https://doi.org/10.24843/jiab.2019.v14.i01.p10
Ghozali, I. (2011). Aplikasi Analisis Multivariate Dengan Program SPSS. Badan Penerbit Universitas Diponegoro.
Gitman, L. J., & Zutter, C. J. (2015). Principles of Managerial Finance 14th Edition. In Prentice Hall. https://doi.org/10.1016/0890-8389(89)90087-5
Gray, R., Kouhy, R., Lavers, S., Gray, R., Kouhy, R., & Lavers, S. (1995). A review of the literature and a longitudinal study of UK disclosure. Accounting, Auditing & Accountability Journal, 8(2), 47–125. https://doi.org/10.1108/09513579510146996%0ADownloaded
Gurnita, A., Kanta, A., & Surasni, N. K. (2021). International Journal of Multicultural and Multireligious Understanding The Effect of Leverage and Profitability on Firm Value with Dividend Policy as Moderation Variable ( Studies in Manufacturing Companies for the 2014-2018 Period ). 245–255.
Harahap, C. D., Juliana, I., & Lindayani, F. F. (2019). The Impact of Environmental Performance and Profitability on Firm Value. Indonesian Management and Accounting Research, 17(1), 53. https://doi.org/10.25105/imar.v17i1.4665
Hasian, G. M., & Suputra, I. (2021). The Effect of Profitability and Environmental Performance on Firm Value in Consumer Goods Sector Listed on Indonesian Stock Exchange 2017-2019. Ajhssr.Com, 4, 60–64. https://www.ajhssr.com/wp-content/uploads/2021/04/I21546064.pdf
Hughes, S. B., Anderson, A., & Golden, S. (2001). Corporate Environmental Disclosures: Are They Useful in Determining Environmental Performance? Journal of Accounting and Public Policy, 20(3), 217–240. https://doi.org/10.1016/S0278-4254(01)00031-X
Hussain, M. D., Halim, M. S. B. A., & Bhuiyan, A. B. (2016). Environmental Accounting and Sustainable Development: an Empirical Review. International Journal of Business and Technopreneurship (IJBT), 6(2), 335–350.
Klassen, R. D., & McLaughlin, C. P. (1996). The Impact of Environmental Mangement on Firm Performance. Management Science, 42(8), 1199–1214.
Muslichah. (2020). The effect of environmental , social disclosure , and financial performance on firm value. Jurnal Akuntansi Dan Auditing Indonesia (Jaai), 24(1), 22–32.
Nur Utomo, M., Rahayu, S., Kaujan, K., & Agus Irwandi, S. (2020). Environmental performance, environmental disclosure, and firm value: empirical study of non-financial companies at Indonesia Stock Exchange. Green Finance, 2(1), 100–113. https://doi.org/10.3934/gf.2020006
O’Donovan, G. (2002). Environmental disclosures in the annual report: Extending the applicability and predictive power of legitimacy theory. Accounting, Auditing & Accountability Journal, 15(3), 344–371. https://doi.org/10.1108/09513570210435870
Putranto, P., & Kurniawan, E. (2018). Effect of Managerial Ownership and Profitability in Firm Value. European Journal of Business and Management, 10(25), 96–104.
Richardson, A. J., & Welker, M. (2001). Social disclosure, financial disclosure and the cost of equity capital. Accounting, Organizations and Society, 26, 597–616. https://doi.org/10.1016/S0361-3682(01)00025-3
Salama, A. (2005). A note on the impact of environmental performance on financial performance. Structural Change and Economic Dynamics, 16(3 SPEC. ISS.), 413–421. https://doi.org/10.1016/j.strueco.2004.04.005
Saputra, I. P. A., & Mahyuni, L. P. (2018). Pengaruh Struktur Kepemilikan dan Kinerja Lingkungan Terhadap Nilai Perusahaan. Jurnal Manajemen Dan Bisnis, 15(3), 64–81.
Sarita, B., & Syaifuddin, D, T. (2009). The Effect of Profitability on Firm Value in Manufacturing Company at Indonesia Stock Exchange. The International Journal Of Engineering And Science, 2319–1813. www.theijes.com
Sudrajat, A. (2011, April 27). Dilema Industri Tekstil.
https://travel.kompas.com/read/2011/04/27/11034054/~Regional~Jawa?page=all#page2
[diakses pada 25 Juni 2021]
Sondakh, R. (2019). The Effect Of Dividend Policy, Liquidity, Profitability And Firm Size On Firm Value In Financial Service Sector Industries Listed In Indonesia Stock Exchange 2015-2018 Period. Journal Accountability, 08(02), 91–101. https://doi.org/https://doi.org/10.32400/ja.24760.8.2.2019.91-101
Verma, K., Milledge, V., & Wiest, D. (2001). Measurement of Corporate Environmental Performance: The Role of Regulatory Enforcement Policies in the Oil and Gas Industry. 8(8), 215–238. /journals.htm?issn=&volume=Advances in Public Interest Accounting&issue=8&articleid=1781358&show=html
Weston, J. F., & Copeland, T. E. (1983). Financial Theory and Corporate Policy. Addison Wesley Publishing Company.
Yadav, P. L., Han, S. H., & Rho, J. J. (2016). Impact of Environmental Performance on Firm Value for Sustainable Investment: Evidence from Large US Firms. Business Strategy and the Environment, 25(6), 402–420. https://doi.org/10.1002/bse.1883
Published
2022-12-31
How to Cite
YUNIAWATI, Rizqy Aiddha.
Analisis Hubungan Kinerja Lingkungan dan Profitabilitas Terhadap Nilai Perusahaan.
JURNAL ONLINE INSAN AKUNTAN, [S.l.], v. 7, n. 2, p. 186-197, dec. 2022.
ISSN 2528-0163.
Available at: <https://ejournal-binainsani.ac.id/index.php/JOIA/article/view/1962>. Date accessed: 20 apr. 2024.
doi: https://doi.org/10.51211/joia.v7i2.1962.
Section
Articles
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