Determinants of Financial Performance of Companies Listed on the Indonesian Institute For Corporate Governance
DOI:
https://doi.org/10.55927/ijba.v4i4.10259Keywords:
Environmental Management Accounting, Environmental Performance, Financial PerformanceAbstract
The aim of this study was to examine and analyze the impact of Environmental Management Accounting and Environmental Performance on Financial Performance. The study focused on companies that participated in the CGPI program, using secondary data from the period 2018-2023. The sampling method employed was purposive sampling, with a total of 12 companies and 72 data observations. The analysis was conducted using quantitative methods and Eviews panel data regression. The findings indicated that both Environmental Management Accounting and Environmental Performance had a significant positive effect on Financial Performance.
Downloads
References
Adnan, M., Abdulhamid, T., & Sohail, B. (2018). Predicting Firm Performance through Resource Based Framework. European Journal of Business and Management, 10(1), 31–40. http://www.raosoft.com
Agustia, D., Sawarjuwono, T., & Dianawati, W. (2019). The mediating effect of environmental management accounting on green innovation - Firm value relationship. International Journal of Energy Economics and Policy, 9(2), 299–306. https://doi.org/10.32479/ijeep.7438
Al‐Najjar, B., & Anfimiadou, A. (2012). Environmental Policies and Firm Value. Business Strategy and the Environment, 21(1), 49–59. https://doi.org/10.1002/bse.713
Appannan, J. S., Mohd Said, R., Ong, T. S., & Senik, R. (2023). Promoting sustainable development through strategies, environmental management accounting and environmental performance. Business Strategy and the Environment, 32(4), 1914–1930. https://doi.org/10.1002/bse.3227
Asjuwita, M., & Agustin, H. (2020). Pengaruh Kinerja Lingkungan Dan Biaya Lingkungan Terhadap Profitabilitas Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2014-2018. JURNAL EKSPLORASI AKUNTANSI, 2(3), 3327–3345. https://doi.org/10.24036/jea.v2i3.285
Bianchi, M., Valle, I. del, & Tapia, C. (2020). Measuring eco-efficiency in European regions: Evidence from a territorial perspective. Journal of Cleaner Production, 276, 123246. https://doi.org/10.1016/j.jclepro.2020.123246
Broadstock, D. C., Collins, A., Hunt, L. C., & Vergos, K. (2018). Voluntary disclosure, greenhouse gas emissions and business performance: Assessing the first decade of reporting. The British Accounting Review, 50(1), 48–59. https://doi.org/10.1016/j.bar.2017.02.002
Busch, T., & Friede, G. (2018). The Robustness of the Corporate Social and Financial Performance Relation: A Second‐Order Meta‐Analysis. Corporate Social Responsibility and Environmental Management, 25(4), 583–608. https://doi.org/10.1002/csr.1480
Carton, G., & Parigot, J. (2021). Resource-based view and natural Resources: Propositions for Sustainability. XXXème Conférence de l’AIMS, 1–18.
Choi, H., Han, I., & Lee, J. (2020). Value Relevance of Corporate Environmental Performance: A Comprehensive Analysis of Performance Indicators Using Korean Data. Sustainability, 12(17), 7209. https://doi.org/10.3390/su12177209
Czerny, A., & Letmathe, P. (2017). Eco‐efficiency: GHG reduction related environmental and economic performance. The case of the companies participating in the EU Emissions Trading Scheme. Business Strategy and the Environment, 26(6), 791–806. https://doi.org/10.1002/bse.1951
Daud, R., Meutia, I., & Yuniarti, E. (2023). Eco-Efficiency And Financial Performance: An Evidence From Indonesian Listed Company (Using The Emissions Intensity Approach). Jurnal Reviu Akuntansi Dan Keuangan, 13(1). https://doi.org/10.22219/jrak.v13i1.23337
Dita, E. M. A., & Ervina, D. (2021). Pengaruh Green Accounting, Kinerja Lingkungan dan Ukuran Perusahaan Terhadap Financial performance. JFAS: Journal of Finance and Accounting Studies, 3(2), 72–84.
Gangi, F., Daniele, L. M., & Varrone, N. (2020). How do corporate environmental policy and corporate reputation affect risk‐adjusted financial performance? Business Strategy and the Environment, 29(5), 1975–1991. https://doi.org/10.1002/bse.2482
Jansson, C. (2022). Can green producers achieve strong profitability without engaging in high-risk activities? Management Decision, 60(13), 92–104. https://doi.org/10.1108/MD-08-2021-1090
Kementerian Lingkungan Hidup dan Kehutanan. (2024). Peringatan HPSN 2024: Atasi Sampah Plastik Dengan Cara Produktif. PPID Kementerian Lingkungan Hidup Dan Kehutanan. https://ppid.menlhk.go.id/berita/siaran-pers/7610/peringatan-hpsn-2024-atasi-sampah-plastik-dengan-cara-produktif
Li, Y., Li, M., & Sang, P. (2022). A bibliometric review of studies on construction and demolition waste management by using CiteSpace. Energy and Buildings, 258, 111822. https://doi.org/10.1016/j.enbuild.2021.111822
Mungai Muthoni, D., & Muigai Kinyua, G. (2020). Corporate Reputation and Firm Performance: An Empirical Analysis of Motor Vehicle Assemblers in Nairobi City County, Kenya. Journal of Business and Economic Development, 5(2), 73. https://doi.org/10.11648/j.jbed.20200502.13
Ningrum, O. W. S., & Sapari. (2021). Pengaruh Intellectual Capital, Kinerja Keuangan Dan Good Corporate Governance Terhadap Nilai Perusahaan. 1, 10(8), 1–23.
Ningtyas, A. A., & Triyanto, D. N. (2019). Pengaruh Kinerja Lingkungan dan Pengungkapan Lingkungan Terhadap Profitabilitas Perusahaan. JASa (Jurnal Akuntansi, Audit Dan Sistem Informasi Akuntansi, 3(1).
Undang-Undang (UU) Nomor 23 Tahun 1997 Tentang Pengelolaan Lingkungan Hidup, (1997). https://www.bphn.go.id/data/documents/97uu023.pdf
Peraturan Pemerintah (PP) Nomor 101 Tahun 2014 tentang Pengelolaan Limbah Bahan Berbahaya Dan Beracun, (2014). https://peraturan.bpk.go.id/Details/5555/pp-no-101-tahun-2014
Pérez-Calderón, E., Pache-Durán, M., & Milanés-Montero, P. (2021). Inversión ecoeficiente: efectos sobre el desempeño económico y financiero de los grupos empresariales del Dow Jones Sustainability World Index. Revista de Contabilidad, 24(2), 220–230. https://doi.org/10.6018/rcsar.403061
Pratiwi, Y. N., Meutia, I., & Syamsurijal, S. (2020). The Effect of Environmental Management Accounting on Corporate Sustainability. Binus Business Review, 11(1), 43–49. https://doi.org/10.21512/bbr.v11i1.6028
Rahayudi, A. M. P., & Apriwandi, A. (2023). Kinerja Lingkungan, Biaya Lingkungan dan Kinerja Keuangan. Owner, 7(1), 774–786. https://doi.org/10.33395/owner.v7i1.1334
Ranjbari, M., Shams Esfandabadi, Z., Gautam, S., Ferraris, A., & Scagnelli, S. D. (2023). Waste management beyond the COVID-19 pandemic: Bibliometric and text mining analyses. Gondwana Research, 114, 124–137. https://doi.org/10.1016/j.gr.2021.12.015
Sabarani, V. F. (2022). Analisis Pengaruh Struktur Kepemilikan Institusional, Struktur Modal, dan Kinerja Keuangan Terhadap Nilai Perusahaan dengan Kebijakan Dividen Sebagai Variabel Intervening Pada Perusahaan Sub Sektor Property dan Real Estate di Bursa Efek Indonesia. Bisma.
Salsa, S. K., & Tohir pohan, H. (2022). PENGARUH PENGUNGKAPAN EMISI KARBON, KINERJA LINGKUNGAN DAN BIAYA LINGKUNGAN TERHADAP KINERJA KEUANGAN PERUSAHAAN. Jurnal Ekonomi Trisakti, 2(2), 283–292. https://doi.org/10.25105/jet.v2i2.14144
Scarpellini, S., Marín-Vinuesa, L. M., Aranda-Usón, A., & Portillo-Tarragona, P. (2020). Dynamic capabilities and environmental accounting for the circular economy in businesses. Sustainability Accounting, Management and Policy Journal, 11(7), 1129–1158. https://doi.org/10.1108/SAMPJ-04-2019-0150
Schaltegger, S., Bennett, M., Burritt, R. L., & Jasch, C. (2008). Environmental Management Accounting (EMA) as a Support for Cleaner Production. In Eco-Efficiency in Industry and Science (pp. 3–26). https://doi.org/10.1007/978-1-4020-8913-8_1
Sistem Informasi Pengelolaan Sampah Nasional (SIPSN) Kementerian Lingkungan Hidup dan Kehutanan (KLHK). (2023). Timbulan Sampah. SIPSN KLHK. https://sipsn.menlhk.go.id/sipsn/public/data/timbulan
Sudha, S. (2020). Corporate environmental performance–financial performance relationship in India using eco-efficiency metrics. Management of Environmental Quality: An International Journal, 31(6), 1497–1514. https://doi.org/10.1108/MEQ-01-2020-0011
Suh, Y., Seol, H., Bae, H., & Park, Y. (2014). Eco‐efficiency Based on Social Performance and its Relationship with Financial Performance. Journal of Industrial Ecology, 18(6), 909–919. https://doi.org/10.1111/jiec.12167
Susanti, I. D., Hertati, L., & Putri, A. U. (2023a). the Effect of Green Accounting and Environmental Performance on Company Profitability. Cashflow : Current Advanced Research on Sharia Finance and Economic Worldwide, 2(2), 320–331. https://doi.org/10.55047/cashflow.v2i2.552
Susanti, I. D., Hertati, L., & Putri, A. U. (2023b). THE EFFECT OF GREEN ACCOUNTING AND ENVIRONMENTAL PERFORMANCE ON COMPANY PROFITABILITY. CASHFLOW : CURRENT ADVANCED RESEARCH ON SHARIA FINANCE AND ECONOMIC WORLDWIDE, 2(2), 320–331. https://doi.org/10.55047/cashflow.v2i2.552
Tam, L., Thi Mai Anh, N., & Kam Hien, P. (2019). Environmental Management Accounting and Performance Efficiency in the Vietnamese Construction Material Industry—A Managerial Implication for Sustainable Development. Sustainability, 11(19), 5152. https://doi.org/10.3390/su11195152
Tusiyati, T. (2019). ANALISIS PENGARUH KINERJA LINGKUNGAN DAN KINERJA KEUANGAN TERHADAP PENGUNGKAPAN LAPORAN KEBERLANJUTAN PADA PERUSAHAAN NONKEUANGAN YANG TERDAFTAR DI BURSA EFEK INDONESIA. Jurnal Bina Akuntansi, 6(2), 66–85. https://doi.org/10.52859/jba.v6i2.62
Wang, R., & Wu, C. (2020). Politician as venture capitalist: Politically-connected VCs and IPO activity in China. Journal of Corporate Finance, 64, 101632. https://doi.org/10.1016/j.jcorpfin.2020.101632
Widarjono, A. (2018). Ekonometrika Pengantar dan Aplikasinya Disertai Panduan Eviews (UPP STIM YKPN (ed.); 5th ed.).
Wijayanti, M. (2021). Likuiditas, Kinerja Lingkungan, dan Pengungkapan Lingkungan terhadap Profitabilitas (Studi empiris Pada Perusahaan Manufaktur yang Terdaftar di BEI Tahun 2015-2019). Business and Economics Conference in Utilization of Modern Technology, 509–523. www.idx.co.id
World Business Council For Sustainable Development. (2015). Environmental and Sustainability Management Accounting Network, International Sustainability Accounting Symposium Measuring sustainability performance: bridging corporate and academic contributiions. In S. P. Irwin, Rodney, & Schaltegger (Eds.), The Environmental and sustainability Management Accounting Network (EMAN) and the centre for Sustainability Management (CSM) World (pp. 1–124). World Business Council For Sustainable Development (WBSCD). WBSCD.org
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Muhammad Tri Luthfillah, Isni Andriana, Abdul Bashir, Didik Susetyo

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







































