|
ISSN: 2344 - 102X
ISSN-L: 2344 - 102X
Our journal is currently indexed in the following databases:
|
| |
Article from Volume 9, Number 3, Year 2021| MEDIATION ROLE OF ENVIRONMENTAL DISCLOSURE IN THE RELATIONSHIP OF FIRM PERFORMANCE AND VALUE | 
Download | | Author(s): Zirman Zirman, Vera Oktari, Mayla Khoiriyah | | DOI: 104316/EJAFB.2021.937 | | Abstract: This study was conducted to examine the effect of environmental disclosure in mediating financial performance and environmental performance on firm value. The research plan will be completed on primary and secondary industries listed on the Indonesia Stock Exchange (IDX) using data from the last 5 (five) years. The analysis results show that environmental performance and financial performance have a significant effect on firm value, the environmental performance has a significant effect on environmental disclosure. Meanwhile, environmental exposure and environmental performance have no significant impact on firm value. Environmental performance and financial performance do not mediate environmental exposure through firm value. This statement shows that good economic performance does not encourage companies to make good environmental disclosures because the company's primary focus is financial performance. In addition, environmental disclosure is still voluntary, so there is no obligation for companies to make extensive disclosures regarding their environmental performance. The research results are expected to be an additional reference for academics and researchers regarding the importance of environmental disclosure by companies to improve company performance and value, as well as a further concern for capital market supervisors and regulators regarding company management. | | Keywords: Company Value; Financial Performance; Environmental Performance; Environmental Disclosure | References:
1. Al-Tuwaijri, S. A., Christensen, T. E., & Hughes, K. E. (2005). The Relations Among Environmental Disclosure, Environmental Performance, And Economic Performance: A Simultaneous Equations Approach. SSRN Electronic Journal, January 2003. Https://doi.org/10.2139/ssrn.405643
2. Angelia, D., & Suryaningsih, R. (2015). The Effect Of Environmental Performance And Corporate Social Responsibility Disclosure Towards Financial Performance (Case Study To Manufacture, Infrastructure, And Service Companies That Listed At Indonesia Stock Exchange). Procedia - Social And Behavioral Sciences, 211(September), 348355. Https://doi.org/10.1016/j.sbspro.2015.11.045
3. Anggraeni, D. Y., & Djakman, C. D. (2018). Pengujian Terhadap Kualitas Pengungkapan Csr Di Indonesia. EKUITAS (Jurnal Ekonomi Dan Keuangan), 2(1), 2241. Https://doi.org/10.24034/j25485024.y2018.v2.i1.2457
4. Beaver, W. H. (2002). Perspectives On Recent Capital Market Research. Accounting Review, 77(2), 453474. Https://doi.org/10.2308/accr.2002.77.2.453
5. Bidhari, S. C., Salim, U., Aisjah, S., & Java, E. (2013). Effect Of Corporate Social Responsibility Information Disclosure On Financial Performance And Firm Value In Banking Industry Listed At Indonesia Stock Exchange. 5(18), 3947.
6. Chang, L., Li, W., & Lu, X. (2015). Government Engagement, Environmental Policy, And Environmental Performance: Evidence From The Most Polluting Chinese Listed Firms. Business Strategy And The Environment, 24(1), 119. Https://doi.org/10.1002/bse.1802
7. Cho, C. H., & Patten, D. M. (2007). The Role Of Environmental Disclosures As Tools Of Legitimacy: A Research Note. Accounting, Organizations And Society, 32(78), 639647. Https://doi.org/10.1016/j.aos.2006.09.009
8. Choi, B. B., Lee, D., & Psaros, J. (2013). An Analysis Of Australian Company Carbon Emission Disclosures. Pacific Accounting Review, 25(1), 5879. Https://doi.org/10.1108/01140581311318968
9. Clarkson, P. M., Li, Y., Richardson, G. D., & Vasvari, F. P. (2008). Revisiting The Relation Between Environmental Performance And Environmental Disclosure: An Empirical Analysis. Accounting, Organizations And Society, 33(45), 303327. Https://doi.org/10.1016/j.aos.2007.05.003
10. Deswanto, R. B., & Siregar, S. V. (2018). The Associations Between Environmental Disclosures With Financial Performance, Environmental Performance, And Firm Value. Social Responsibility Journal, 14(1), 180193. Https://doi.org/10.1108/SRJ-01-2017- 0005
11. El Ghoul, S., Guedhami, O., Kwok, C. C. Y., & Mishra, D. R. (2011). Does Corporate Social Responsibility Affect The Cost Of Capital? Journal Of Banking And Finance, 35(9), 23882406. Https://doi.org/10.1016/j.jbankfin.2011.02.007
12. Febrianto, F. (2021). Kebakaran Hutan, Walhi: Pemilik Konsesi Harus Bertanggung Jawab. Retrieved 12 August, 2021 From Https://bisnis.tempo.co/read/1249243/kebakaran-hutan-walhi-pemilik-konsesi-harus-bertanggung-jawab/full&view=ok
13. Guthrie, J., & Parker, L. D. (1989). Corporate Social Reporting: A Rebuttal Of Legitimacy Theory. Accounting And Business Research, 19(76), 343352. Https://doi.org/10.1080/00014788.1989.9728863
14. Hair, J., Black, W., Babin, B., & Anderson, R. (2018). On Multivariate Data Analysis Joseph F . Hair Jr . William C . Black Eight Edition.
15. Hamman, J. R., Loewenstein, G., & Weber, R. A. (2010). Self-interest Through Delegation: An Additional Rationale For The Principalagent Relationship. American Economic Review, 100(4), 18261846. Https://doi.org/10.1257/aer.100.4.1826
16. Hermawan, A., Aisyah, I. S., Gunardi, A., & Putri, W. Y. (2018). Going Green: Determinants Of Carbon Emission Disclosure In Manufacturing Companies In Indonesia. International Journal Of Energy Economics And Policy, 8(1), 5561.
17. Hummel, K., & Schlick, C. (2016). The Relationship Between Sustainability Performance And Sustainability Disclosure Reconciling Voluntary Disclosure Theory And Legitimacy Theory. Journal Of Accounting And Public Policy, 35(5), 455476. Https://doi.org/10.1016/j.jaccpubpol.2016.06.001
18. Iatridis, G. E. (2013). Environmental Disclosure Quality: Evidence On Environmental Performance, Corporate Governance And Value Relevance. Emerging Markets Review, 14(1), 5575. Https://doi.org/10.1016/j.ememar.2012.11.003
19. Indonesia Stock Exchange. (2020). Stock Information. Stock Summary. Https://www.idx.co.id/
20. Kansal, M., Joshi, M., & Batra, G. S. (2014). Determinants Of Corporate Social Responsibility Disclosures: Evidence From India. Advances In Accounting, 30(1), 217229. Https://doi.org/10.1016/j.adiac.2014.03.009
21. Khlif, H., Guidara, A., & Souissi, M. (2015). Corporate Social And Environmental Disclosure And Corporate Performance. Journal Of Accounting In Emerging Economies, 5(1), 5169. Https://doi.org/10.1108/jaee-06-2012-0024
22. Lin, F. L., & Chang, T. (2011). Does Debt Affect Firm Value In Taiwan? A Panel Threshold Regression Analysis. Applied Economics, 43(1), 117128. Https://doi.org/10.1080/00036840802360310
23. Lσpez-Quesada, E., Camacho-Miρano, M. Del M., & O. Idowu, S. (2018). Corporate Governance Practices And Comprehensive Income. Corporate Governance (Bingley), 18(3), 462477. Https://doi.org/10.1108/CG-01-2017-0011
24. Lorraine, N. H. J., Collison, D. J., & Power, D. M. (2004). An Analysis Of The Stock Market Impact Of Environmental Performance Information. Accounting Forum, 28(1), 726. Https://doi.org/10.1016/j.accfor.2004.04.002
25. Muhammad, N., Scrimgeour, F., Reddy, K., & Abidin, S. (2015). The Relationship Between Environmental Performance And Financial Performance In Periods Of Growth And Contraction: Evidence From Australian Publicly Listed Companies. Journal Of Cleaner Production, 102, 324332. Https://doi.org/10.1016/j.jclepro.2015.04.039
26. Novianto, R., & Khairunnisa, A. (2019). Alasan KLHK Tak Umumkan Identitas Perusahaan Pembakar Hutan. Retrieved 12 August, 2021 From Https://kbr.id/nasional/09-2019/alasan_klhk_tak_umumkan_identitas_perusahaan_pembakar_hutan/100574.html
27. 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), 100113. Https://doi.org/10.3934/gf.2020006
28. Qiu, Y., Shaukat, A., Tharyan, R., Court, S., & Drive, R. (2014). Environmental And Social Disclosures?: Link With Corporate Financial Performance Environmental And Social Disclosures?: Link With Corporate Financial Performance. The British Accounting Review, 48(1), 102116.
29. Ratri, R. F., & Dewi, M. (2017). The Effect Of Financial Performance And Environmental Performance On Firm Value With Islamic Social Reporting (ISR) Disclosure As Intervening Variable In Companies Listed At Jakarta Islamic Index (JII). SHS Web Of Conferences, 34, 12003. Https://doi.org/10.1051/shsconf/20173412003
30. Reverte, C. (2012). The Impact Of Better Corporate Social Responsibility Disclosure On The Cost Of Equity Capital. Corporate Social Responsibility And Environmental Management, 19(5), 253272. Https://doi.org/10.1002/csr.273
31. Runtu, T., & Naukoko, P. A. (2014). Hubungan Antara Environmental Performance Tahun Sebelumnya Dengan Economic Performance Tahun Berjalan. Jurnal Akuntansi Dan Auditing, 5(1), 6067.
32. Saka, C., & Oshika, T. (2014). Disclosure Effects, Carbon Emissions And Corporate Value. Sustainability Accounting, Management And Policy Journal, 5(1), 2245. Https://doi.org/10.1108/SAMPJ-09-2012-0030
33. Sarumpaet, S., Nelwan, M. L., & Dewi, D. N. (2017). The Value Relevance Of Environmental Performance: Evidence From Indonesia. Social Responsibility Journal, 13(4), 817827. Https://doi.org/10.1108/SRJ-01-2017-0003
34. Setiawanta, Y., Purwanto, A., & Hakim, M. A. (2019). Financial Performance And Firm Value Lesson From Mining Sub-sector Companies On The Indonesia Stock Exchange. Jurnal Dinamika Akuntansi, 11(1), 7080. Https://doi.org/10.15294/jda.v11i1.17278
35. Undang-undang Nomor 18 Tahun 2004 Tentang Perkebunan. Http://eprints.uanl.mx/5481/1/1020149995.PDF
36. Undang-undang Nomor 32 Tahun 2009 Tentang Panduan Dan Pengelolaan Lingkungan Hidup
37. Undang-undang Nomor 40 Tahun 2007 Tentang Perseroan Terbatas Http://digilib.unila.ac.id/11478/16/16. BAB II.pdf
38. Undang-Undang Republik Indonesia Nomor 41 Tahun 1999 Tentang Kehutanan. In Peraturan Pemerintah Republik Indonesia
39. Veronica S., & Bachtiar, Y. (2010). Corporate Social Reporting: Empirical Evidence From Indonesia Stock Exchange. International Journal Of Islamic And Middle Eastern Finance And Management, 3(3), 241252. Https://doi.org/10.1108/17538391011072435
40. Wahana Lingkungan Hidup Indonesia (2021). Kebakaran Hutan Dan Lahan, Menolak Lupa Terhadap Kejahatan Korporasi. Retrieved 12 August, 2021 From Https://www.walhi.or.id/https://www.walhi.or.id/kebakaran-hutan-dan-lahan-menolak-lupa-terhadapkejahatan-korporasi
41. Wang, Q., Zhang, X., Chen, L., Weng, S., Xia, Y., Ye, Y., Li, K., Liao, Z., Chen, P., Alsamman, K., Meng, C., Stevens, C., Hupp, T. R., & Lin, Y. (2019). Regulation Of The Expression Of Dapk1 By Sumo Pathway. Biomolecules, 9(4), 112. Https://doi.org/10.3390/biom9040151
42. Watchdoc Image. (2019). Sexy Killers. Retrieved September 3, 2021 From Https://www.youtube.com/channel/UCEfBiFTaxLT5Kxem6JS5iw
|
| | Back to journal ... |
|
|
| |
|
|
|
