Pengaruh Kinerja Lingkungan, Pengungkapan Informasi Lingkungan, dan Good Corporate Governance pada Harga Saham Perusahaan
Abstract
This study aims to empirically examine the influence of environmental performance, environmental disclosure, and good corporate governance on stock prices of mining company listed in Indonesian Stock Exchange around 2014 to 2018. The research sample was selected using the non-probability sampling method with a purposive sampling technique and obtained as many as seven companies, so that the number of observations with a study period of 5 years was 35 observations. The data analysis was analysed by using the multiple linear regression technique. The result show that environmental performance, environmental disclosure, and good corporate governance positively affected companies’ stock prices in the market.
Keywords: Stock Price; Environmental Performance; Environmental Disclosure; Good Corporate Governance.
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References
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Deák, Z., & Karali, B. (2014). Stock Market Reactions to Environmental News in the Food Industry. Journal of Agricultural and Applied Economics, 46(2), 209–225. https://doi.org/10.1017/s1074070800000742
Drobetz, W., Schillhofer, A., & Zimmermann, H. (2004). Corporate Governance and Expected Stock Returns: Evidence from Germany. European Financial Management, 10(2), 267–293. https://doi.org/10.1111/j.1354-7798.2004.00250.x
Flammer, C. (2013). Corporate Social Responsibility and Stock Prices : The Environmental Awareness of Shareholders. Academy of Management Journal, 56(3), 1–46.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial. Journal of Financial Economics, 3, 305–360. https://doi.org/http://dx.doi.org/10.1016/0304-405X(76)90026-X
Kusuma, I. M. E. W., & Dewi, L. G. K. (2019). Pengaruh Kinerja Lingkungan pada Nilai Perusahaan dengan Good Corporate Governance Sebagai Variabel Pemoderasi. E-Jurnal Akuntansi Universitas Udayana, 26(3), 2183–2209.
Liu, Z. G., Liu, T. T., McConkey, B. G., & Li, X. (2011). Empirical Analysis on Environmental Disclosure and Environmental Performance Level of Listed Steel Companies. Energy Procedia, 5, 2211–2218. https://doi.org/10.1016/j.egypro.2011.03.382
Menteri Lingkungan Hidup dan Kehutanan Republik Indonesia. Keputusan Menteri Lingkungan Hidup dan Kehutanan RI No. SK.613/Menlhk/Setjen/KUM.1/2018 Tentang Hasil Penilaian Peringkat Kinerja Perusahaan dalam Pengelolaan Lingkungan Hidup Tahun 2017-2018. , (2018).
Mohamed, W. S., & Elewa, M. M. (2016). The Impact of Corporate Governance on Stock Price and Trade Volume. International Journal of Accounting and Financial Reporting, 6(2), 27. https://doi.org/10.5296/ijafr.v6i2.9757
Ningsih, F. S., & Atmadja, A. S. (2017). Pengaruh Pengungkapan Good Corporate Governance terhadap Stock Return dengan Kinerja Perusahaan sebagai Variabel Mediasi pada Perusahaan LQ-45. Business Accounting Review, 5(2), 433–444.
Nurdin, E., & Cahyandito, M. F. (2006). Pengungkapan Tema-Tema Sosial Dan Lingkungan Dalam Laporan Tahunan Perusahaan Terhadap Reaksi Investor. Jurnal Ekonomi Universitas Padjajaran, (March).
Osagie, J., Osho, G. S., & Sutton, C. (2005). The Impacts Of Institutional Stock Ownership On Stock Returns And Performance: A Financial Market Perspective. Journal of Business & Economics Research (JBER), 3(3), 65–70. https://doi.org/10.19030/jber.v3i3.2758
Pongkorung, A., Tommy, P., & Tulung, J. E. (2018). Pengaruh Profitabilitas dan Struktur Kepemilikan Terhadap Harga Saham Industri Keuangan Non Bank yang Terdaftar di BEI Tahun 2012-2019. Jurnal EMBA, 6(4), 3048–3057.
Prabandari, K. R., & Suryanawa, K. (2014). Pengaruh Environmental Performance Pada Reaksi Investor Di Perusahaan High Profile Bursa Efek Indonesia. E-Jurnal Akuntansi Universitas Udayana, 2(7), 299–312.
Pribadi, A. K. (2016). Pengaruh Harga Minyak Mentah Dunia, Dow Jones Industrial Average, dan Inflasi Terhadap Harga Saham Perusahaan Di BEI. IOSR Journal of Economics and Finance, 3(1), 1–217. https://doi.org/https://doi.org/10.3929/ethz-b-000238666
Rahmawati, M. I., & Subardjo, A. (2017). Pengaruh Pengungkapan Lingkungan dan Kinerja Lingkungan Terhadap Kinerja Ekonomi Yang Dimoderasi Good Corporate Governance. Jurnal Buletin Studi Ekonomi, 22(2), 200–226.
Reni, F., & Anggraini, R. (2006). Pengungkapan Informasi Sosial dan Faktor-Faktor yang Mempengaruhi Pengungkapan Informasi Sosial dalam Laporan Keuangan Tahunan ( Studi Empiris pada Perusahaan-Perusahaan yang terdaftar Bursa Efek Jakarta ). Simposium Nasional Akuntansi 9 Padang, 23–26.
Samontaray, D. P. (2010). Impact of Corporate Governance on The Stock Prices of The Nifty 50 Broad Index Listed Companies. International Research Journal of Finance and Economics, 41(January 2010), 7–18.
Saputra, A. (2018). Akibat Perusahaan Buang Limbah ke Sungai Masyarakat Jadi Resah.
Saputra, F. (2016). Pengaruh Environmental Performance dan Environmental Disclosure Terhadap Economic Performance. Jurnal Universitas Lampung.
Sarumpaet, S. (2006). The Relationship Between Environmental Performance And Financial Performance of Indonesian Companies. Jurnal Akuntansi Dan Keuangan, 7(2), 89–98. https://doi.org/10.9744/JAK.7.2.PP. 89-98
Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355–374. Retrieved from http://www.jstor.org/stable/1882010
Sulia. (2017). Analisis Faktor-Faktor Yang Mempengaruhi Harga Saham Pada Perusahaan LQ45 Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Wira Ekonomi Mikroskil, 7(2), 129–140. https://doi.org/10.20961/jab.v14i1.149
Suratno, I. B., Darsono, & Mutmainah, S. (2004). Pengaruh Environmental Performance Terhadap Environmental Disclosure dan Economic Performance (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Jakarta Periode 2001-2004). Simposium Nasional Akuntansi IX Padang, 23–26.
Tanjung, I. A. (2013). Pengaruh Good Corporate Governance Terhadap Harga Saham pada Perusahaan yang Mengikuti Pemeringkatan Corporate Governance Perception Index Indonesia.
Teja, I. G. M. A. A., Wahyuni, M. A., & Dewi, G. A. K. R. S. (2018). Pengaruh Environmental Performance, Social
Performance Dan Penerapan Carbon Management Accounting Terhadap Indeks Harga Saham (Studi Empiris Pada Perusahaan Manufaktur Dan Pertambangan Yang Terdaftar Di Bursa Efek Indonesia Periode 2015-2017). Jurnal Ilmiah Mahasiswa Akuntansi Universitas Pendidikan Ganesha, 9(3), 122–133.
Titisari, K. H., & Alviana, K. (2012). Pengaruh Environmental Performance Terhadap Economic Performance. Jurnal Akuntansi Dan Keuangan Indonesia, 9(1), 56–67. https://doi.org/10.2139/ssrn.2820209
Utama, M. S. (2016). Aplikasi Analisis Kuantitatif. Denpasar: CV. Sastra Utama.
Wahyuni, F. (2018). Nilai Perusahaan , Indeks Tata Kelola Perusahaan Dan Firm Value , Corporate Governance Index , and Capital Structure. Jurnal Ilmiah Akuntansi Dan Bisnis, 13(2), 151–160.
Wei, J., & Wang, I. (2016). Environmental Disclosure, Investors’ Investment Decisions and Their Perceptions of the Credibility of Management. 10(4), 17–25.
Wijaya, B. A., & Nuryatno, M. (2019). Pengaruh Environmental Performance Dan Environmental Disclosure Terhadap Economic Performance. Jurnal Informasi, Perpajakan, Akuntansi Dan Keuangan Publik, 9(2), 141. https://doi.org/10.25105/jipak.v9i2.4530
Wulandari, R. D., & Hidayah, E. (2013). Pengaruh Environmental Performance Dan Environmental Disclosure Terhadap Economic Performance. Jurnal Ekonomi Dan Bisnis Islam, VII(2), 233–244. https://doi.org/10.25105/jipak.v9i2.4530
Yasa, G. W., Astika, I. B. P., & Widiariani, N. M. A. (2019). The Influence Of Accounting Conservatism, IOS, And Good Corporate Governance On The Earnings Quality. Jurnal Ilmiah Akuntansi Dan Bisnis, 14(1), 86–94. https://doi.org/10.24843/jiab.2019.v14.i01.p08
Ziegler, A., Schröder, M., & Rennings, K. (2007). The Effect of Environmental and Social Performance on The Stock Performance of European Corporations. Environmental and Resource Economics, 37(4), 661–680. https://doi.org/10.1007/s10640-007-9082-y
Almilia, L. S., & Wijayanto, D. (2007). Pengaruh Environmental Performance dan Environmental Disclosure Terhadap Economic Performance. Proceedings The 1st Accounting Conference, (7-9 November 2007).
Aryani, S., & Cintyawati, C. (2018). Faktor-faktor yang Mempengaruhi Keputusan Investasi Mahasiswa dengan Latar Belakang Pendidikan yang Berbeda : Studi Kasus di Kota Bandung Factors Influence Investment Decision among University Student With Different Education Background : A Case Study in . 05(02).
Basu, S. (1977). Investment Performance of Common Stocks in Relation to Their Price-Earning Ratios: A Test of The Efficient Marker Hypotesis. The Journal of Finance, XXXII(3), 663–682.
Brigham, E. F., & Houston. (2006). Fundamental of Financial Management: Dasar-Dasar Manajemen Keuangan (10th ed.). Jakarta: Salemba Empat.
Busru, S. A., & Shanmugasundaram, G. (2017). Corporate Disclosure Scores and Share Price Reaction: Empirical Study of Indian Listed Firms (Post Satyam Period). SSRN Electronic Journal, 7(3), 6–8. https://doi.org/10.2139/ssrn.2926897
Cohen, L., Manion, L., & Morrison, K. (2011). Research methods in education. New York: Routledge.
Deák, Z., & Karali, B. (2014). Stock Market Reactions to Environmental News in the Food Industry. Journal of Agricultural and Applied Economics, 46(2), 209–225. https://doi.org/10.1017/s1074070800000742
Drobetz, W., Schillhofer, A., & Zimmermann, H. (2004). Corporate Governance and Expected Stock Returns: Evidence from Germany. European Financial Management, 10(2), 267–293. https://doi.org/10.1111/j.1354-7798.2004.00250.x
Flammer, C. (2013). Corporate Social Responsibility and Stock Prices : The Environmental Awareness of Shareholders. Academy of Management Journal, 56(3), 1–46.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial. Journal of Financial Economics, 3, 305–360. https://doi.org/http://dx.doi.org/10.1016/0304-405X(76)90026-X
Kusuma, I. M. E. W., & Dewi, L. G. K. (2019). Pengaruh Kinerja Lingkungan pada Nilai Perusahaan dengan Good Corporate Governance Sebagai Variabel Pemoderasi. E-Jurnal Akuntansi Universitas Udayana, 26(3), 2183–2209.
Liu, Z. G., Liu, T. T., McConkey, B. G., & Li, X. (2011). Empirical Analysis on Environmental Disclosure and Environmental Performance Level of Listed Steel Companies. Energy Procedia, 5, 2211–2218. https://doi.org/10.1016/j.egypro.2011.03.382
Menteri Lingkungan Hidup dan Kehutanan Republik Indonesia. Keputusan Menteri Lingkungan Hidup dan Kehutanan RI No. SK.613/Menlhk/Setjen/KUM.1/2018 Tentang Hasil Penilaian Peringkat Kinerja Perusahaan dalam Pengelolaan Lingkungan Hidup Tahun 2017-2018. , (2018).
Mohamed, W. S., & Elewa, M. M. (2016). The Impact of Corporate Governance on Stock Price and Trade Volume. International Journal of Accounting and Financial Reporting, 6(2), 27. https://doi.org/10.5296/ijafr.v6i2.9757
Ningsih, F. S., & Atmadja, A. S. (2017). Pengaruh Pengungkapan Good Corporate Governance terhadap Stock Return dengan Kinerja Perusahaan sebagai Variabel Mediasi pada Perusahaan LQ-45. Business Accounting Review, 5(2), 433–444.
Nurdin, E., & Cahyandito, M. F. (2006). Pengungkapan Tema-Tema Sosial Dan Lingkungan Dalam Laporan Tahunan Perusahaan Terhadap Reaksi Investor. Jurnal Ekonomi Universitas Padjajaran, (March).
Osagie, J., Osho, G. S., & Sutton, C. (2005). The Impacts Of Institutional Stock Ownership On Stock Returns And Performance: A Financial Market Perspective. Journal of Business & Economics Research (JBER), 3(3), 65–70. https://doi.org/10.19030/jber.v3i3.2758
Pongkorung, A., Tommy, P., & Tulung, J. E. (2018). Pengaruh Profitabilitas dan Struktur Kepemilikan Terhadap Harga Saham Industri Keuangan Non Bank yang Terdaftar di BEI Tahun 2012-2019. Jurnal EMBA, 6(4), 3048–3057.
Prabandari, K. R., & Suryanawa, K. (2014). Pengaruh Environmental Performance Pada Reaksi Investor Di Perusahaan High Profile Bursa Efek Indonesia. E-Jurnal Akuntansi Universitas Udayana, 2(7), 299–312.
Pribadi, A. K. (2016). Pengaruh Harga Minyak Mentah Dunia, Dow Jones Industrial Average, dan Inflasi Terhadap Harga Saham Perusahaan Di BEI. IOSR Journal of Economics and Finance, 3(1), 1–217. https://doi.org/https://doi.org/10.3929/ethz-b-000238666
Rahmawati, M. I., & Subardjo, A. (2017). Pengaruh Pengungkapan Lingkungan dan Kinerja Lingkungan Terhadap Kinerja Ekonomi Yang Dimoderasi Good Corporate Governance. Jurnal Buletin Studi Ekonomi, 22(2), 200–226.
Reni, F., & Anggraini, R. (2006). Pengungkapan Informasi Sosial dan Faktor-Faktor yang Mempengaruhi Pengungkapan Informasi Sosial dalam Laporan Keuangan Tahunan ( Studi Empiris pada Perusahaan-Perusahaan yang terdaftar Bursa Efek Jakarta ). Simposium Nasional Akuntansi 9 Padang, 23–26.
Samontaray, D. P. (2010). Impact of Corporate Governance on The Stock Prices of The Nifty 50 Broad Index Listed Companies. International Research Journal of Finance and Economics, 41(January 2010), 7–18.
Saputra, A. (2018). Akibat Perusahaan Buang Limbah ke Sungai Masyarakat Jadi Resah.
Saputra, F. (2016). Pengaruh Environmental Performance dan Environmental Disclosure Terhadap Economic Performance. Jurnal Universitas Lampung.
Sarumpaet, S. (2006). The Relationship Between Environmental Performance And Financial Performance of Indonesian Companies. Jurnal Akuntansi Dan Keuangan, 7(2), 89–98. https://doi.org/10.9744/JAK.7.2.PP. 89-98
Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355–374. Retrieved from http://www.jstor.org/stable/1882010
Sulia. (2017). Analisis Faktor-Faktor Yang Mempengaruhi Harga Saham Pada Perusahaan LQ45 Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Wira Ekonomi Mikroskil, 7(2), 129–140. https://doi.org/10.20961/jab.v14i1.149
Suratno, I. B., Darsono, & Mutmainah, S. (2004). Pengaruh Environmental Performance Terhadap Environmental Disclosure dan Economic Performance (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Jakarta Periode 2001-2004). Simposium Nasional Akuntansi IX Padang, 23–26.
Tanjung, I. A. (2013). Pengaruh Good Corporate Governance Terhadap Harga Saham pada Perusahaan yang Mengikuti Pemeringkatan Corporate Governance Perception Index Indonesia.
Teja, I. G. M. A. A., Wahyuni, M. A., & Dewi, G. A. K. R. S. (2018). Pengaruh Environmental Performance, Social
Performance Dan Penerapan Carbon Management Accounting Terhadap Indeks Harga Saham (Studi Empiris Pada Perusahaan Manufaktur Dan Pertambangan Yang Terdaftar Di Bursa Efek Indonesia Periode 2015-2017). Jurnal Ilmiah Mahasiswa Akuntansi Universitas Pendidikan Ganesha, 9(3), 122–133.
Titisari, K. H., & Alviana, K. (2012). Pengaruh Environmental Performance Terhadap Economic Performance. Jurnal Akuntansi Dan Keuangan Indonesia, 9(1), 56–67. https://doi.org/10.2139/ssrn.2820209
Utama, M. S. (2016). Aplikasi Analisis Kuantitatif. Denpasar: CV. Sastra Utama.
Wahyuni, F. (2018). Nilai Perusahaan , Indeks Tata Kelola Perusahaan Dan Firm Value , Corporate Governance Index , and Capital Structure. Jurnal Ilmiah Akuntansi Dan Bisnis, 13(2), 151–160.
Wei, J., & Wang, I. (2016). Environmental Disclosure, Investors’ Investment Decisions and Their Perceptions of the Credibility of Management. 10(4), 17–25.
Wijaya, B. A., & Nuryatno, M. (2019). Pengaruh Environmental Performance Dan Environmental Disclosure Terhadap Economic Performance. Jurnal Informasi, Perpajakan, Akuntansi Dan Keuangan Publik, 9(2), 141. https://doi.org/10.25105/jipak.v9i2.4530
Wulandari, R. D., & Hidayah, E. (2013). Pengaruh Environmental Performance Dan Environmental Disclosure Terhadap Economic Performance. Jurnal Ekonomi Dan Bisnis Islam, VII(2), 233–244. https://doi.org/10.25105/jipak.v9i2.4530
Yasa, G. W., Astika, I. B. P., & Widiariani, N. M. A. (2019). The Influence Of Accounting Conservatism, IOS, And Good Corporate Governance On The Earnings Quality. Jurnal Ilmiah Akuntansi Dan Bisnis, 14(1), 86–94. https://doi.org/10.24843/jiab.2019.v14.i01.p08
Ziegler, A., Schröder, M., & Rennings, K. (2007). The Effect of Environmental and Social Performance on The Stock Performance of European Corporations. Environmental and Resource Economics, 37(4), 661–680. https://doi.org/10.1007/s10640-007-9082-y
Published
2020-04-23
How to Cite
GITA INDAH DEWI FORTUNA, Ni Made; PUTRA, I Nyoman Wijana Asmara.
Pengaruh Kinerja Lingkungan, Pengungkapan Informasi Lingkungan, dan Good Corporate Governance pada Harga Saham Perusahaan.
E-Jurnal Akuntansi, [S.l.], v. 30, n. 4, p. 1019 - 1033, apr. 2020.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/56039>. Date accessed: 24 apr. 2024.
doi: https://doi.org/10.24843/EJA.2020.v30.i04.p18.
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