Pengaruh Pengungkapan Lingkungan dan Karbon terhadap Nilai Perusahaan
Abstract
Transparency of corporate environmental information is needed by stakeholders, especially capital market investors, to assess risk. This study aims to examine the effect of environmental disclosure on firm value. Based on testing using a sample of agricultural and mining sector firms listed on the Indonesia Stock Exchange (IDX), the results indicate that environmental information disclosed by the company is partially useful for decision making. It is because the company's participation in disclosing environmental responsibility activities is still low. This requires the regulator to further increase supervision for the sake of better quality of environmental disclosure.
Keywords: Environmental Disclosure; Firm Value; Environmental Cost; Carbon Emission Disclosure.
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References
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Baboukardos, D. (2017). Market valuation of greenhouse gas emissions under a mandatory reporting regime: Evidence from the UK. Accounting Forum, 41(3), 221–233. https://doi.org/10.1016/j.accfor.2017.02.003
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Campbell, D., & Shrives, P. (2001). Mission Statements in Corporate Annual Reports : Signaling What and To. Business and Society Review, 65–87.
Carrión-Flores, C. E., & Innes, R. (2010). Environmental innovation and environmental performance. Journal of Environmental Economics and Management, 59(1), 27–42. https://doi.org/10.1016/j.jeem.2009.05.003
Chi, J. (2005). Understanding the endogeneity between firm value and shareholder rights. Financial Management, 34(4), 65–76. https://doi.org/10.1111/j.1755-053X.2005.tb00118.x
Clarkson, P. M., Fang, X., Li, Y., & Richardson, G. (2013). The relevance of environmental disclosures: Are such disclosures incrementally informative? Journal of Accounting and Public Policy, 32(5), 410–431. https://doi.org/10.1016/j.jaccpubpol.2013.06.008
Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of Management, 37(1), 39–67. https://doi.org/10.1177/0149206310388419
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), 180–193. https://doi.org/10.1108/SRJ-01-2017-0005
Du, S., Yu, K., Bhattacharya, C. B., & Sen, S. (2017). The Business Case for Sustainability Reporting: Evidence from Stock Market Reactions. Journal of Public Policy & Marketing, 36(2), 1–51. https://doi.org/10.1509/jppm.16.112
Dummett, K. (2006). Drivers for corporate environmental responsibility (CER). Environment, Development and Sustainability, 8(3), 375–389. https://doi.org/10.1007/s10668-005-7900-3
Gu, Z. (2007). Across-sample incomparability of R2s and additional evidence on value relevance changes over time. Journal of Business Finance and Accounting, 34(7–8), 1073–1098. https://doi.org/10.1111/j.1468-5957.2007.02044.x
Guenster, N., Bauer, R., Derwall, J., & Koedijk, K. (2010). The Economic Value of Corporate Eco-Efficiency. European Financial Management, 17(4), 679–704. https://doi.org/10.1111/j.1468-036X.2009.00532.x
Hall, B. H. (1999). Innovation and Market Value. In National Bureau of Economic Research. https://doi.org/10.1017/CBO9781107415324.004
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), 55–61.
Jaggi, B., Allini, A., Macchioni, R., & Zampella, A. (2018). Do investors find carbon information useful? Evidence from Italian firms. Review of Quantitative Finance and Accounting, 50(4), 1031–1056. https://doi.org/10.1007/s11156-017-0653-x
Jasch, C. (2003). The use of Environmental Management Accounting (EMA) for identifying environmental costs. Journal of Cleaner Production, 11(6), 667–676. https://doi.org/10.1016/S0959-6526(02)00107-5
Karthik, K. R. ., Baikie, T., Mohan Dass, E. T., Huang, Y. Z., & Guet, C. (2017). Understanding the Southeast Asian haze Understanding the Southeast Asian haze. Environment Research Letters, 12(84018).
Kolk, A., Levy, D., & Pinkse, J. (2008). Corporate responses in an emerging climate regime: The institutionalization and commensuration of carbon disclosure. European Accounting Review, 17(4), 719–745. https://doi.org/10.1080/09638180802489121
Kolsi, M. C., & Attayah, O. F. (2018). Environmental policy disclosures and sustainable development: Determinants, measure and impact on firm value for ADX listed companies. Corporate Social Responsibility and Environmental Management, 25(5), 807–818. https://doi.org/10.1002/csr.1496
Konar, S., & Cohen, M. A. (2001). Does the Market Value Environmental Performance? Harvard Business Review, 83(May), 281–289.
Kumar, S., & Managi, S. (2009). Energy price-induced and exogenous technological change: Assessing the economic and environmental outcomes. Resource and Energy Economics, 31(4), 334–353. https://doi.org/10.1016/j.reseneeco.2009.05.001
Kumar, S., & Shetty, S. (2018). Does environmental performance improve market valuation of the firm: evidence from Indian market. Environmental Economics and Policy Studies, 20(2), 241–260. https://doi.org/10.1007/s10018-017-0192-7
Kusnandar, V. B. (2019). Inilah Deforestasi di Indonesia Periode 1990-2017. Retrieved October 20, 2019, from https://databoks.katadata.co.id/datapublish/2019/08/20/inilah-deforestasi-di-indonesia-periode-1990-2017
Lash, J., & Wellington, F. (2007). Competitive advantage on a warming planet. Harvard Business Review, 85(3), 94–102.
Lewis, B. W., Walls, J. W., & Dowell, G. W. S. (2013). Difference in Degrees: CEO Characteristics and Firm Environmental Disclosure. Strategic Management Journal, (September 2013), 1–43. https://doi.org/10.1002/smj
Matsumura, E.M., Prakash, R., and Vera-Munoz, S. C. (2014). Firm-Value Effects of Carbon Emissions and Carbon Disclosures. The Accounting Review, Vol. 89, No. 2, pp. 695-724. https://doi.org/10.2308/accr-50629
Middleton, A. (2015). Value relevance of firms’ integral environmental performance: Evidence from Russia. Journal of Accounting and Public Policy, 34(2), 204–211. https://doi.org/10.1016/j.jaccpubpol.2014.12.001
Miralles-Quirós, M. M., Miralles-Quirós, J. L., & Gonçalves, L. M. V. (2018). The value relevance of environmental, social, and governance performance: The Brazilian case. Sustainability (Switzerland), 10(3). https://doi.org/10.3390/su10030574
Ohlson, J. A. (1995). Earnings, Book Values, and Dividends in Equity Valuation. Contemporary Accounting Research, 11(2), 661–687. https://doi.org/10.1111/j.1911-3846.1995.tb00461.x
Radhouane, I., Nekhili, M., Nagati, H., & Paché, G. (2018). Customer-related performance and the relevance of environmental reporting. Journal of Cleaner Production, 190, 315–329. https://doi.org/10.1016/j.jclepro.2018.04.149
Roberts, R. W. (1992). Determinants of corporate social responsibility disclosure: An application of stakeholder theory. Accounting, Organizations and Society, 17(6), 595–612. https://doi.org/10.1016/0361-3682(92)90015-K
Saka, C., & Oshika, T. (2014). Disclosure effects, carbon emissions and corporate value. Sustainability Accounting, Management and Policy Journal, 5(1), 22–45. https://doi.org/10.1108/SAMPJ-09-2012-0030
Stampe, J., McCarron, B., & Harrison, A. (2015). Sustainable Finance in Singapore, Indonesia and Malaysia. Retrieved from http://wwf.panda.org
Suharjono. (2019). Indonesia Jadi Penghasil Emisi Gas Rumah Kaca Terbesar di Dunia. Retrieved September 10, 2019, from https://jateng.sindonews.com/read/3946/1/indonesia-jadi-penghasil-emisi-gas-rumah-kaca-terbesar-di-dunia-1555279474
Sun, N., Salama, A., Hussainey, K., & Habbash, M. (2010). Corporate environmental disclosure, corporate governance and earnings management. Managerial Auditing Journal, 25(7), 679–700. https://doi.org/10.1108/02686901011061351
Sutopo, B., Kot, S., Adiati, A. K., & Ardila, L. N. (2018). Sustainability Reporting and value relevance of financial statements. Sustainability (Switzerland), 10(3), 1–14. https://doi.org/10.3390/su10030678
Verrecchia, R. E. (1983). Information quality and discretionary disclosure. Journal of Accounting and Economics, 12(4), 365–380. https://doi.org/10.1016/0165-4101(90)90021-U
Wahba, H. (2008). Does the market value corporate environmental responsibility? An empirical examination. Corporate Social Responsibility and Environmental Management, 15(2), 89–99. https://doi.org/10.1002/csr.153
Wang, Y., Delgado, M. S., Khanna, N., & Bogan, V. L. (2019). Good news for environmental self-regulation? Finding the right link. Journal of Environmental Economics and Management, 94, 217–235. https://doi.org/10.1016/j.jeem.2019.01.009
Xie, X., Jia, Y., Meng, X., & Li, C. (2017). Corporate social responsibility, customer satisfaction, and financial performance: The moderating effect of the institutional environment in two transition economies. Journal of Cleaner Production, 150, 26–39. https://doi.org/10.1016/j.jclepro.2017.02.192
Yin, J., & Wang, S. (2017). The effects of corporate environmental disclosure on environmental innovation from stakeholder perspectives. Applied Economics, 50(8), 905–919. https://doi.org/10.1080/00036846.2017.1346362
Yuliana, R. (2010). Praktik Pengungkapan Corporate Social Responsibility (CSR) di Indonesia (Studi pada Perusahaan yang Terdaftar di BEI). Jurnal Investasi, 6(2), 140–151.
Zhou, H., & Yin, H. (2018). Stock market reactions to environmental disclosures: new evidence from China. Applied Economics Letters, 25(13), 910–913. https://doi.org/10.1080/13504851.2017.1383590
Ali, M. A. Bin. (2017). Penegakan Hukum Persaingan Usaha Di Negara Berkembang (Studi Kasus Putusan Kppu Dalam Perkara Temasek). Jurnal Hukum Jatiswara, 31(1), 113–120.
Allen, M. P., Jamison, E., & Bennett, M. J. (2010). SEC Opens the Door for Climate Change-Related Shareholder Proposals and Disclosure Requirements, with Potential New Liabilities for Public Companies. Retrieved from http://www.bna.com
Alvarez, I. G., Sanchez, I. M. G., & Dominguez, L. R. (2008). Voluntary and Compulsory Information Disclosed Online. Online Information Review, 32(5), 596–622. https://doi.org/10.1108/14684520810913990
Anggraeni, D. Y. (2015). Pengungkapan Emisi GRK, Kinerja Lingkungan, Dan Nilai Perusahaan. Jurnal Akuntansi Dan Keuangan Indonesia, 12(2), 188–209.
Anonim. (2019). Kawasan Hutan Tropis yang Hancur Selama 2018 Hampir Seluas Inggris. Retrieved August 9, 2019, from https://www.voaindonesia.com/a/kawasan-hutan-tropis-yang-hancur-selama-2018-seluas-inggris-/4898743.html
Arora, S., & Cason, T. N. (1995). An Experiment in Voluntary Environmental Regulation: Participation in EPA′s 33/50 Program. Journal of Environmental Economics and Management, Vol. 28, pp. 271–286. https://doi.org/10.1006/jeem.1995.1018
Baboukardos, D. (2017). Market valuation of greenhouse gas emissions under a mandatory reporting regime: Evidence from the UK. Accounting Forum, 41(3), 221–233. https://doi.org/10.1016/j.accfor.2017.02.003
Barnett, M. L., & Salomon, R. M. (2006). Beyond Dichotomy: The Curvilinear Relationship Between Social Responsibility and Financial Performance. Strategic Management Journal, 1122(September), 1–43. https://doi.org/10.1002/smj.557
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. British Accounting Review, 50(1), 48–59. https://doi.org/10.1016/j.bar.2017.02.002
Cai, J., & Zhang, Z. (2010). Leverage change, debt overhang, and stock prices. Journal of Corporate Finance, 17(3), 391–402. https://doi.org/10.1016/j.jcorpfin.2010.12.003
Cai, L., & He, C. (2014). Corporate Environmental Responsibility and Equity Prices. Journal of Business Ethics, 125(4), 617–635. https://doi.org/10.1007/s10551-013-1935-4
Campbell, D., & Shrives, P. (2001). Mission Statements in Corporate Annual Reports : Signaling What and To. Business and Society Review, 65–87.
Carrión-Flores, C. E., & Innes, R. (2010). Environmental innovation and environmental performance. Journal of Environmental Economics and Management, 59(1), 27–42. https://doi.org/10.1016/j.jeem.2009.05.003
Chi, J. (2005). Understanding the endogeneity between firm value and shareholder rights. Financial Management, 34(4), 65–76. https://doi.org/10.1111/j.1755-053X.2005.tb00118.x
Clarkson, P. M., Fang, X., Li, Y., & Richardson, G. (2013). The relevance of environmental disclosures: Are such disclosures incrementally informative? Journal of Accounting and Public Policy, 32(5), 410–431. https://doi.org/10.1016/j.jaccpubpol.2013.06.008
Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of Management, 37(1), 39–67. https://doi.org/10.1177/0149206310388419
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), 180–193. https://doi.org/10.1108/SRJ-01-2017-0005
Du, S., Yu, K., Bhattacharya, C. B., & Sen, S. (2017). The Business Case for Sustainability Reporting: Evidence from Stock Market Reactions. Journal of Public Policy & Marketing, 36(2), 1–51. https://doi.org/10.1509/jppm.16.112
Dummett, K. (2006). Drivers for corporate environmental responsibility (CER). Environment, Development and Sustainability, 8(3), 375–389. https://doi.org/10.1007/s10668-005-7900-3
Gu, Z. (2007). Across-sample incomparability of R2s and additional evidence on value relevance changes over time. Journal of Business Finance and Accounting, 34(7–8), 1073–1098. https://doi.org/10.1111/j.1468-5957.2007.02044.x
Guenster, N., Bauer, R., Derwall, J., & Koedijk, K. (2010). The Economic Value of Corporate Eco-Efficiency. European Financial Management, 17(4), 679–704. https://doi.org/10.1111/j.1468-036X.2009.00532.x
Hall, B. H. (1999). Innovation and Market Value. In National Bureau of Economic Research. https://doi.org/10.1017/CBO9781107415324.004
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), 55–61.
Jaggi, B., Allini, A., Macchioni, R., & Zampella, A. (2018). Do investors find carbon information useful? Evidence from Italian firms. Review of Quantitative Finance and Accounting, 50(4), 1031–1056. https://doi.org/10.1007/s11156-017-0653-x
Jasch, C. (2003). The use of Environmental Management Accounting (EMA) for identifying environmental costs. Journal of Cleaner Production, 11(6), 667–676. https://doi.org/10.1016/S0959-6526(02)00107-5
Karthik, K. R. ., Baikie, T., Mohan Dass, E. T., Huang, Y. Z., & Guet, C. (2017). Understanding the Southeast Asian haze Understanding the Southeast Asian haze. Environment Research Letters, 12(84018).
Kolk, A., Levy, D., & Pinkse, J. (2008). Corporate responses in an emerging climate regime: The institutionalization and commensuration of carbon disclosure. European Accounting Review, 17(4), 719–745. https://doi.org/10.1080/09638180802489121
Kolsi, M. C., & Attayah, O. F. (2018). Environmental policy disclosures and sustainable development: Determinants, measure and impact on firm value for ADX listed companies. Corporate Social Responsibility and Environmental Management, 25(5), 807–818. https://doi.org/10.1002/csr.1496
Konar, S., & Cohen, M. A. (2001). Does the Market Value Environmental Performance? Harvard Business Review, 83(May), 281–289.
Kumar, S., & Managi, S. (2009). Energy price-induced and exogenous technological change: Assessing the economic and environmental outcomes. Resource and Energy Economics, 31(4), 334–353. https://doi.org/10.1016/j.reseneeco.2009.05.001
Kumar, S., & Shetty, S. (2018). Does environmental performance improve market valuation of the firm: evidence from Indian market. Environmental Economics and Policy Studies, 20(2), 241–260. https://doi.org/10.1007/s10018-017-0192-7
Kusnandar, V. B. (2019). Inilah Deforestasi di Indonesia Periode 1990-2017. Retrieved October 20, 2019, from https://databoks.katadata.co.id/datapublish/2019/08/20/inilah-deforestasi-di-indonesia-periode-1990-2017
Lash, J., & Wellington, F. (2007). Competitive advantage on a warming planet. Harvard Business Review, 85(3), 94–102.
Lewis, B. W., Walls, J. W., & Dowell, G. W. S. (2013). Difference in Degrees: CEO Characteristics and Firm Environmental Disclosure. Strategic Management Journal, (September 2013), 1–43. https://doi.org/10.1002/smj
Matsumura, E.M., Prakash, R., and Vera-Munoz, S. C. (2014). Firm-Value Effects of Carbon Emissions and Carbon Disclosures. The Accounting Review, Vol. 89, No. 2, pp. 695-724. https://doi.org/10.2308/accr-50629
Middleton, A. (2015). Value relevance of firms’ integral environmental performance: Evidence from Russia. Journal of Accounting and Public Policy, 34(2), 204–211. https://doi.org/10.1016/j.jaccpubpol.2014.12.001
Miralles-Quirós, M. M., Miralles-Quirós, J. L., & Gonçalves, L. M. V. (2018). The value relevance of environmental, social, and governance performance: The Brazilian case. Sustainability (Switzerland), 10(3). https://doi.org/10.3390/su10030574
Ohlson, J. A. (1995). Earnings, Book Values, and Dividends in Equity Valuation. Contemporary Accounting Research, 11(2), 661–687. https://doi.org/10.1111/j.1911-3846.1995.tb00461.x
Radhouane, I., Nekhili, M., Nagati, H., & Paché, G. (2018). Customer-related performance and the relevance of environmental reporting. Journal of Cleaner Production, 190, 315–329. https://doi.org/10.1016/j.jclepro.2018.04.149
Roberts, R. W. (1992). Determinants of corporate social responsibility disclosure: An application of stakeholder theory. Accounting, Organizations and Society, 17(6), 595–612. https://doi.org/10.1016/0361-3682(92)90015-K
Saka, C., & Oshika, T. (2014). Disclosure effects, carbon emissions and corporate value. Sustainability Accounting, Management and Policy Journal, 5(1), 22–45. https://doi.org/10.1108/SAMPJ-09-2012-0030
Stampe, J., McCarron, B., & Harrison, A. (2015). Sustainable Finance in Singapore, Indonesia and Malaysia. Retrieved from http://wwf.panda.org
Suharjono. (2019). Indonesia Jadi Penghasil Emisi Gas Rumah Kaca Terbesar di Dunia. Retrieved September 10, 2019, from https://jateng.sindonews.com/read/3946/1/indonesia-jadi-penghasil-emisi-gas-rumah-kaca-terbesar-di-dunia-1555279474
Sun, N., Salama, A., Hussainey, K., & Habbash, M. (2010). Corporate environmental disclosure, corporate governance and earnings management. Managerial Auditing Journal, 25(7), 679–700. https://doi.org/10.1108/02686901011061351
Sutopo, B., Kot, S., Adiati, A. K., & Ardila, L. N. (2018). Sustainability Reporting and value relevance of financial statements. Sustainability (Switzerland), 10(3), 1–14. https://doi.org/10.3390/su10030678
Verrecchia, R. E. (1983). Information quality and discretionary disclosure. Journal of Accounting and Economics, 12(4), 365–380. https://doi.org/10.1016/0165-4101(90)90021-U
Wahba, H. (2008). Does the market value corporate environmental responsibility? An empirical examination. Corporate Social Responsibility and Environmental Management, 15(2), 89–99. https://doi.org/10.1002/csr.153
Wang, Y., Delgado, M. S., Khanna, N., & Bogan, V. L. (2019). Good news for environmental self-regulation? Finding the right link. Journal of Environmental Economics and Management, 94, 217–235. https://doi.org/10.1016/j.jeem.2019.01.009
Xie, X., Jia, Y., Meng, X., & Li, C. (2017). Corporate social responsibility, customer satisfaction, and financial performance: The moderating effect of the institutional environment in two transition economies. Journal of Cleaner Production, 150, 26–39. https://doi.org/10.1016/j.jclepro.2017.02.192
Yin, J., & Wang, S. (2017). The effects of corporate environmental disclosure on environmental innovation from stakeholder perspectives. Applied Economics, 50(8), 905–919. https://doi.org/10.1080/00036846.2017.1346362
Yuliana, R. (2010). Praktik Pengungkapan Corporate Social Responsibility (CSR) di Indonesia (Studi pada Perusahaan yang Terdaftar di BEI). Jurnal Investasi, 6(2), 140–151.
Zhou, H., & Yin, H. (2018). Stock market reactions to environmental disclosures: new evidence from China. Applied Economics Letters, 25(13), 910–913. https://doi.org/10.1080/13504851.2017.1383590
Published
2020-04-23
How to Cite
SETYA PERMANA, Aryo Bimo; TJAHJADI, Bambang.
Pengaruh Pengungkapan Lingkungan dan Karbon terhadap Nilai Perusahaan.
E-Jurnal Akuntansi, [S.l.], v. 30, n. 4, p. 932 - 944, apr. 2020.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/57422>. Date accessed: 18 apr. 2024.
doi: https://doi.org/10.24843/EJA.2020.v30.i04.p11.
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