APAKAH AKUNTANSI LINGKUNGAN BERKONTRIBUSI TERHADAP FAKTOR INTERNAL DAN NILAI PERUSAHAAN?

Agus Dwianto, Triyono Triyono, Banu Witono, Fatchan Achyani

Abstract


Abstrak – Apakah Akuntansi Lingkungan Berkontribusi terhadap Faktor Internal dan Nilai Perusahaan?

Tujuan Utama – Penelitian ini bertujuan menginvestigasi peran akuntansi lingkungan terhadap Faktor internal dan nilai perusahaan.

Metode – Penelitian ini menggunakan metode regresi linier berganda. Perusahaan manufaktur yang terdaftar di BEI untuk periode 2019-2022 merupakan sampel penelitian.

Temuan Utama – Struktur modal, pertumbuhan perusahaan, serta keputusan investasi yang optimal dapat mengurangi risiko keuangan, menarik investasi, dan meningkatkan nilai perusahaan. Meskipun demikian, profitabilitas dan deviden tinggi tidak selalu langsung meningkatkan nilai perusahaan. Pada sisi lainnya, pengungkapan lingkungan yang baik menunjukkan komitmen perusahaan terhadap keberlanjutan dan tanggung jawab sosial.

Implikasi Teori dan Kebijakan – Hasil penelitian ini memperkuat teori legitimasi serta mendukung konsep triple bottom line. Pada aspek praktik, penelitian ini merekomendasikan perusahaan untuk mengintegrasikan prinsip keberlanjutan dan tanggung jawab lingkungan

Kebaruan Penelitian - Kebaruan penelitian ini terletak pada penekanan terhadap peran moderasi akuntansi lingkungan dalam pengaruh faktor internal dan nilai perusahaan.

 

Abstract - Does Environmental Accounting Contribute to Internal Factors and Firm Value?

Main Purpose - This study aims to investigate the role of environmental accounting on internal factors and the value of firms.

Method - This study uses multiple linear regression methods. The research sample is manufacturing companies listed on the IDX during 2019-2022.

Main Findings - Capital structure, firm growth, and optimal investment decisions can reduce financial risk, attract investment, and increase firm value. However, high profitability and dividends do not always directly increase the firm value. On the other hand, good environmental disclosure shows the company's commitment to sustainability and social responsibility.

Theory and Practical Implications - The results of this study strengthen legitimacy theory and support the triple bottom line concept. In terms of practice, this study recommends that companies integrate the principles of sustainability and environmental responsibility.

Novelty - This study has novelty lies in the emphasis on the moderating role of environmental accounting in the influence of internal factors and firm value.


Keywords


kinerja; nilai perusahan; pengungkapan lingkungan; teori legitimasi

Full Text:

PDF

References


Adwan, S., Alhaj-Ismail, A., & Girardone, C. (2020). Fair Value Accounting and Value Relevance of Equity Book Value and Net Income for European Financial Firms during the Crisis. Journal of International Accounting, Auditing and Taxation, 39, 100320. https://doi.org/10.1016/j.intaccaudtax.2020.100320

Akhtar, F., & Das, N. (2020). Investor Personality and Investment Performance: From the Perspective of Psychological Traits. Qualitative Research in Financial Markets, 12(3), 333-352. https://doi.org/10.1108/qrfm-11-2018-0116

Artikis, P. G., Diamantopoulou, L., Papanastasopoulos, G. A., & Sorros, J. N. (2022). Asset Growth and Stock Returns in European Equity Markets: Implications of Investment and Accounting Distortions. Journal of Corporate Finance, 73, 102193. https://doi.org/10.1016/j.jcorpfin.2022.102193

Aydoğmuş, M., Gülay, G., & Ergun, K. (2022). Impact of ESG Performance on Firm Value and Profitability. Borsa Istanbul Review, 22, S119–S127. https://doi.org/10.1016/j.bir.2022.11.006

Barbu, E. M., Dumontier, P., Feleagă, N., & Feleagă, L. (2014). Mandatory Environmental Disclosures by Companies Complying with IASs/IFRSs: The Cases of France, Germany, and the UK. The International Journal of Accounting, 49(2), 231–247. https://doi.org/10.1016/j.intacc.2014.04.003

Bebenroth, R., & Ahmed, K. (2023). Influence of Target Industry Growth on Premiums in Cross-Border Acquisitions. Multinational Business Review, 31(2), 242-265. https://doi.org/10.1108/mbr-06-2022-0088

Beck, C., Frost, G., & Jones, S. (2018). CSR Disclosure and Financial Performance Revisited: A Cross-Country Analysis. Australian Journal of Management, 43(4), 517-537. https://doi.org/10.1177/0312896218771438

Callegari, B., & Rai, R. S. (2023). Digitalization and Law: Innovating around the Boundaries. Journal of Professions and Organization, 9(3), 291-302. https://doi.org/10.1093/jpo/joac019

Chakraborty, A., Gao, L. S., Kim, S., & Liu, R. (2023). Does Corporate Social Responsibility Play a Moderating Role in Trading Silence Prior to Bad News Earnings Announcements? Journal of Corporate Accounting & Finance. 34(3), 282–301. https://doi.org/10.1002/jcaf.22625

Chan, C. H., & Lin, M. H. (2017). Imputation Tax System, Dividend Payout, and Investor Behavior: Evidence from the Taiwan Stock Exchange. Asia Pacific Management Review, 22(3), 146–158. https://doi.org/10.1016/j.apmrv.2016.12.002

Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG Performance and Firm Value: The Moderating role of Disclosure. Global Finance Journal, 38, 45–64. https://doi.org/10.1016/j.gfj.2017.03.001

Ferrucci, E., Guida, R., & Meliciani, V. (2021). Financial Constraints and the Growth and Survival of Innovative Start‐ups: An Analysis of Italian Firms. European Financial Management, 27(2), 364-386. https://doi.org/10.1111/eufm.12277

Fosu, S., Danso, A., Ahmad, W., & Coffie, W. (2016). Information Asymmetry, Leverage and Firm Value: Do Crisis and Growth Matter? International Review of Financial Analysis, 46, 140-150. https://doi.org/10.1016/j.irfa.2016.05.002

Gallego‐Álvarez, I., & Pucheta‐Martínez, M. C. (2021). The Moderating Effects of Corporate Social Responsibility Assurance in the Relationship between Corporate Social Responsibility Disclosure and Corporate Performance. Corporate Social Responsibility and Environmental Management, 29(3), 535-548. https://doi.org/10.1002/csr.2218

Garcia, D., Janssen, M. C. W., & Shopova, R. (2023). Dynamic Pricing with Uncertain Capacities. Management Science, 69(9), 5275–5297. https://doi.org/10.1287/mnsc.2022.4613

Giannarakis, G., Zafeiriou, E., & Sariannidis, N. (2017). The Impact of Carbon Performance on Climate Change Disclosure. Business Strategy and the Environment, 26(8), 1078-1094. https://doi.org/10.1002/bse.1962

Grassmann, M. (2021). The Relationship between Corporate Social Responsibility Expenditures and Firm Value: The Moderating Role of Integrated Reporting. Journal of Cleaner Production, 285, 124840. https://doi.org/10.1016/j.jclepro.2020.124840

Helfaya, A., Aboud, A., & Amin, E. (2023). An Examination of Corporate Environmental Goals Disclosure, Sustainability Performance and Firm Value – An Egyptian Evidence. Journal of International Accounting, Auditing and Taxation, 52, 100561. https://doi.org/10.1016/j.intaccaudtax.2023.100561

Huang, F., Chen, M., & Liu, R. (2023). The Nature of Corporate Social Responsibility Disclosure and Investment Efficiency: Evidence from China. Frontiers in Environmental Science, 11, 1028745. https://doi.org/10.3389/fenvs.2023.1028745

Hui, K. W., & Matsunaga, S. R. (2015). Are CEOs and CFOs Rewarded for Disclosure Quality? The Accounting Review, 90(3), 1013-1047. https://doi.org/10.2308/accr-50885

Hurrah, S. A., Dar, A. A., & Gulzar, I. (2023). Corporate Social Responsibility in Indian Banking Sector: A Moderated‐Mediation Approach Linking Corporate Social Responsibility to Purchase Intention. Business Strategy & Development, 7(1), e311. https://doi.org/10.1002/bsd2.311

Issa, A., & Hanaysha, J. R. (2023). Achieving Sustainable Business: The Nexus between External Sustainability Assurance, CSR Strategy and Emission Reduction. Corporate Social Responsibility and Environmental Management, 30(6), 3095–3109. https://doi.org/10.1002/csr.2540

Jansen, J. J., Heavey, C., Mom, T. J., Simsek, Z., & Zahra, S. A. (2023). Scaling-up: Building, Leading and Sustaining Rapid Growth Over Time. Journal of Management Studies, 60(3), 581-604. https://doi.org/10.1111/joms.12910

Khan, P. A., Johl, S. K., & Johl, S. K. (2021). Does Adoption of ISO 56002-2019 and Green Innovation Reporting Enhance the Firm Sustainable Development Goal Performance? An Emerging Paradigm. Business Strategy and the Environment, 30(7), 2922–2936. https://doi.org/10.1002/bse.2779

Kim, J., Yang, I., Yang, T., & Koveos, P. (2021). The Impact of R&D Intensity, Financial Constraints, and Dividend Payout Policy on Firm Value. Finance Research Letters, 40, 101802. https://doi.org/10.1016/j.frl.2020.101802

Kuo, K., Lu, W., & Ganbaatar, O. (2022). Sustainability and Profitability Efficiencies: The Moderating Role of Corporate Social Responsibility. International Transactions in Operational Research, 30(5), 2506-2527. https://doi.org/10.1111/itor.13152

Le, H. N. Q., Nguyen, T. V. H., & Schinckus, C. (2022). The Role of Strategic Interactions in Risk-Taking Behavior: A Study from Asset Growth Perspective. International Review of Financial Analysis, 82, 102127. https://doi.org/10.1016/j.irfa.2022.102127

Lindawati, A. S. L., & Puspita, M. E. (2015). Corporate Social Responsibility: Implikasi Stakeholder dan Legitimacy Gap dalam Peningkatan Kinerja Perusahaan. Jurnal Akuntansi Multiparadigma, 6(1), 157–174. https://doi.org/10.18202/jamal.2015.04.6013

Lu, H., Oh, W., Kleffner, A., & Chang, Y. K. (2021). How Do Investors Value Corporate Social Responsibility? Market Valuation and the Firm Specific Contexts. Journal of Business Research, 125, 14-25. https://doi.org/10.1016/j.jbusres.2020.11.063

Luo, J., Liu, Y., & Peng, C. (2023). Which Do Second-Generation Heirs Prefer in Family Firms: Real Investment or Financial Investment? China Journal of Accounting Studies, 11(1), 55-76. https://doi.org/10.1080/21697213.2023.2148954

Malshe, A., & Agarwal, M. K. (2015). From Finance to Marketing: The Impact of Financial Leverage on Customer Satisfaction. Journal of Marketing, 79(5), 21-38. https://doi.org/10.1509/jm.13.0312

Mohamed, E. A., Ahmed, I. E., Mehdi, R., & Hussain, H. (2021). Impact of Corporate Performance on Stock Price Predictions in the UAE Markets: Neuro-Fuzzy Model. Intelligent Systems in Accounting, Finance and Management, 28(1), 52–71. https://doi.org/10.1002/isaf.1484

Mohammad, W. M. W., & Wasiuzzaman, S. (2021). Environmental, Social and Governance (ESG) Disclosure, Competitive Advantage and Performance of Firms in Malaysia. Cleaner Environmental Systems, 2, 100015. https://doi.org/10.1016/j.cesys.2021.100015

Morales-Raya, M., Martín-Tapia, I., & Ortiz-de-Mandojana, N. (2018). To Be or to Seem: The Role of Environmental Practices in Corporate Environmental Reputation. Organization & Environment, 32(3), 309-330. https://doi.org/10.1177/1086026617753154

Niyas, N., & Kavida, V. (2022). Impact of Financial Brand Values on Firm Profitability and Firm Value of Indian FMCG Companies. IIMB Management Review, 34(4), 346–363. https://doi.org/10.1016/j.iimb.2023.01.001

Patil, S., & Bagodi, V. (2021). A Study of Factors Affecting Investment Decisions in India: The KANO Way. Asia Pacific Management Review, 26(4), 197-214. https://doi.org/10.1016/j.apmrv.2021.02.004

Plumlee, M., Brown, D., Hayes, R. M., & Marshall, R. S. (2015). Voluntary Environmental Disclosure Quality and Firm Value: Further Evidence. Journal of Accounting and Public Policy, 34(4), 336–361. https://doi.org/10.1016/j.jaccpubpol.2015.04.004

Pucheta‐Martínez, M. C., Bel‐Oms, I., & Gallego‐Álvarez, I. (2022). Corporate Social Responsibility Reporting and Capital Structure: Does Board Gender Diversity Mind in Such Association? Corporate Social Responsibility and Environmental Management, 30(4), 1588-1600. https://doi.org/10.1002/csr.2437

Qiu, Y., Shaukat, A., & Tharyan, R. (2016). Environmental and Social Disclosures: Link with Corporate Financial Performance. The British Accounting Review, 48(1), 102–116. https://doi.org/10.1016/j.bar.2014.10.007

Salehi, M., Tarighi, H., & Rezanezhad, M. (2017). The Relationship between Board of Directors’ Structure and Company Ownership with Corporate Social Responsibility Disclosure: Iranian Angle. Humanomics, 33(4), 398–418. https://doi.org/10.1108/H-02-2017-0022

Sardo, F., & Serrasqueiro, Z. (2018). Intellectual Capital, Growth Opportunities, and Financial Performance in European Firms. Journal of Intellectual Capital, 19(4), 747-767. https://doi.org/10.1108/jic-07-2017-0099

Schaltegger, S., Christ, K. L., Wenzig, J., & Burritt, R. L. (2022). Corporate Sustainability Management Accounting and Multi‐Level Links for Sustainability – A Systematic Review. International Journal of Management Reviews, 24(4), 480-500. https://doi.org/10.1111/ijmr.12288

Shi, D., Bu, C., & Xue, H. (2021). Deterrence Effects of Disclosure: The Impact of environmental Information Disclosure on Emission Reduction of Firms. Energy Economics, 104, 105680. https://doi.org/10.1016/j.eneco.2021.105680

Siu, N. Y., Zhang, T. J., & Kwan, H. (2014). Effect of Corporate Social Responsibility, Customer Attribution and Prior Expectation on Post-Recovery Satisfaction. International Journal of Hospitality Management, 43, 87-97. https://doi.org/10.1016/j.ijhm.2014.08.007

Soest, C. V., & Grauvogel, J. (2017). Identity, Procedures and Performance: How Authoritarian Regimes Legitimize Their Rule. Contemporary Politics, 23(3), 287–305. https://doi.org/10.1080/13569775.2017.1304319

Sun, Y., Qiao, X., An, Y., Fang, Q., & Wu, N. (2022). Does Multiple Capitals Disclosure Affect the Capital Market? An Empirical Analysis in an Integrated Reporting Perspective. Frontiers in Psychology, 13, 837209. https://doi.org/10.3389/fpsyg.2022.837209

Valeeva, D., Klinge, T. J., & Aalbers, M. B. (2022). Shareholder Payouts Across Time and Space: An Internationally Comparative and Cross-Sectoral Analysis of Corporate Financialisation. New Political Economy, 28(2), 173–189. https://doi.org/10.1080/13563467.2022.2084522

Vo, X. V., & Ellis, C. (2017). An Empirical Investigation of Capital Structure and Firm Value in Vietnam. Finance Research Letters, 22, 90–94. https://doi.org/10.1016/j.frl.2016.10.014

Wet, J. D. (2006). Determining the Optimal Capital Structure: A Practical Contemporary Approach. Meditari Accountancy Research, 14(2), 1-16. https://doi.org/10.1108/10222529200600009

Wicaksono, A. P., Amelia, R. W., Zulvina, D., & Rachmadani, W. S. (2021). Membangun Citra Positif Perusahaan melalui Pengungkapan Lingkungan. Jurnal Akuntansi Multiparadigma, 12(1), 27-45. https://doi.org/10.21776/ub.jamal.2021.12.1.02

Wijaya, D., & Kuang, T. M. (2023). Do Intellectual Capital and ESG Mitigate Accounting Fraud? Jurnal Akuntansi Multiparadigma, 14(2), 236–245. https://doi.org/10.21776/ub.jamal.2023.14.2.17

Xue, S., Chang, Q., & Xu, J. (2023). The Effect of Voluntary and Mandatory Corporate Social Responsibility Disclosure on Firm Profitability: Evidence from China. Pacific-Basin Finance Journal, 77, 101919. https://doi.org/10.1016/j.pacfin.2022.101919




DOI: http://dx.doi.org/10.21776/ub.jamal.2023.14.3.43

Refbacks

  • There are currently no refbacks.


Copyright (c) 2023 Agus Dwianto, Triyono, Banu Witono, Fatchan Achyani

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.