Pengungkapan Sustainability Reporting, Intellectual Capital, dan Nilai Perusahaan
Abstract
The study aims to determine the effect of sustainability reporting and intellectual capital disclosures on the value of mining companies listed on the Indonesia Stock Exchange in 2016-2020. This research used a purposive sampling technique in taking the sample using several relevant criteria. Obtained 35 observations as a research sample. The analysis technique used is multiple linear regression. The results of the study explain that the variable disclosure of sustainability reporting and intellectual capital has a positive and significant effect on firm value.
Keywords: Disclosure of Sustainability Reporting; Intellectual Capital; Firm Value.
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References
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Adhima, S.E., Fauzan, M., Hariadi, S.E. dan Bambang, A., 2013. Pengaruh Pengungkapan Sustainability Report terhadap Profitabilitas Perusahaan Studi Kasus pada Perusahaan Manufaktur yang Terdaftar dalam Bursa Efek Indonesia. Jurnal Ilmiah Mahasiswa FEB.
Al-Najjar, Basil and Aspioni Anfimadou. 2012. Environmental Policies and Firm Value. Business Strategy and the Environment. 2149–59.
Amalia, et. al. 2021. Pengaruh Sustainability Reporting Terhadap Nilai Perusahaan Dengan Kinerja Keuangan Sebagai Variabel Modearting (Studi Kasus pada Perusahaan Sektor Pertambangan yang Terdaftar di BEI tahun 2017 – 2020). Humanities, Management and Science Proceedings. Vol. 1. No. 2.
Barth, M.E., Clinch, G., Chen, L., Venter, E.R. 2017. The Economic Consequences Associated With Integreted Report Quality: Capital Market and Real Effects. Account. Organ. Soc. 62, 43-64.
Brown, N. and Deegan, C. 1998. The Public Disclosure of Environmental Performance Information—A Dual Test of Media Agenda Setting Theory and Legitimacy Theory. Accounting and Business Research, 29, 21-41.
https://doi.org/10.1080/00014788.1998.9729564
Clarkson, P.M., Fang, X., Li, Y., Richardson, G. 2013. The Relevance of Environmental Disclosures: Are Such Disclosures Incrementally Informative? J. Account. Public Policy. 32 (5), 410-431.
Dick, M., Wagner, E., & Pernsteiner, H. (2021). Founder-Controlled Family Firms, Overconfidence, and Corporate Social Responsibility Engagement: Evidence From Survey Data. Family Business Review, 34(1), 71–92. https://doi.org/10.1177/0894486520918724
Firer, S., Williams, S.M. 2003. Intellectual Capital and Traditional Measures of Corporate Performance. J. Intellect. Cap. 4(3), 348-360.
Freeman, R. E. (2001). Darden Graduate School of Business Administration A Stakeholder Approach to Strategic Management. Working Paper, 01.
Frooman, J. 1997. Socially irresponsible and illegal behavior and shareholder wealth: A meta-analysis of event studies. Bus. Soc. 36, 221–249.
Ghozali, Imam. 2018. Aplikasi Analisis Multivariate dengan Program IBMSPSS. Badan Penerbit Universitas Diponegoro: Semarang.
Global Reporting Initiative (GRI). 2016. GRI sustainability reporting 2016 sustainability performance. CRODA GRI Report Achive. https:// www.croda.com/en-gb/sustainability/gri-report/grireport-archive.
Gray, R., Kouhy, R., & Lavers, S. (1995). Corporate social and environmental reporting. Accounting, Auditing & Accountability Journal, 8(2), 47–77. https://doi.org/10.1108/09513579510146996
Guthrie, J., & Petty, R. (2000). Intellectual capital: Australian annual reporting practices. Journal of Intellectual Capital, 1(3), 241–251. https://doi.org/10.1108/14691930010350800
Iqbal, Mohammad and Ni Made Suwitri Parwati. 2013. Effect Of Environmental Accounting Implementation and Environmental Performance and Environmental Information Disclosure as Mediation on Company Value. International Journal of Business and Management Invention. 2(10).
Isvara, I. K. Y. M., Wahyuni, M. A., & Julianto, I. P. (2018). Pengaruh Intellectual Capital Terhadap Nilai Perusahaan Dengan Kinerja Keuangan sebagai Variabel Intervening (Studi Perusahaan Manufaktur Pada Bursa Efek Indonesia Periode 2013-2016). JIMAT (Jurnal Ilmiah Mahasiswa Akuntansi) Undiksha, 8(2).
Kallapur, S., & Kwan, S. Y. S. (2004). The Value Relevance and Reliability of Brand Assets Recognized by U.K. Firms. Accounting Review, 79(1), 151–172. https://doi.org/10.2308/accr.2004.79.1.151
Kolk, A. 2008. Sustainability, accountability and corporate governance: exploring multinationals' reporting practices. Business Strategy and the Environment, Vol. 17 No.1, pp. 1- 15.
Lanis, R., & Richardson, G. (2013). Corporate social responsibility and tax aggressiveness: a test of legitimacy theory. Accounting, Auditing & Accountability Journal, 26(1), 75–100. https://doi.org/10.1108/09513571311285621
Lee, K.W., Yeo, G.H.H. 2016. The Association Between Integrated Reporting and Firm Valuation. Rev. Quant. Finance Account. 47 (4), 1221-1250.
Lev, B., Zambon, S. 2003. Intangibles and Intellectual Capital: An Introduction To A Special Issue. Eur. Account. Rev. 12 (4), 597-603.
Li, Y., Gong, M., Zhang, X.Y., Koh, L. 2018. The Impact Of Environmental, Social and Governance Disclosure On Firm Value: The Role of CEO Power. Br. Account. Rev. 50 (1). 60-75.
Mardiana, I. A., & Wuryani, E. (2019). Pengaruh Kinerja Lingkungan terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Pemoderasi. Jurnal Akuntansi Unesa, 8(1), 1–8. http://jurnalmahasiswa.unesa.ac.id/index.php/jurnal-akuntansi/
Matsumura, E. M., Prakash, R., & Vera-Muñoz, S. C. (2014). Firm-value effects of carbon emissions and carbon disclosures. Accounting Review, 89(2), 695–724. https://doi.org/10.2308/accr-50629
Mcguire, J. B., Sundgren, A., Schneeweis, T., & Mcguire, J. B. (1988). and Firm Financial Performance. 31(4), 854–872.
Melucci, M., & Pretto, L. (2007). PageRank: When order changes. Lecture Notes in Computer Science (Including Subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics), 4425 LNCS(2), 581–588. https://doi.org/10.1007/978-3-540-71496-5_54
Mendes-da-Silva, W., & de Lira Alves, L. A. (2005). The Voluntary Disclosure of Financial Information on the Internet and the Firm Value Effect in Companies across Latin America. SSRN Electronic Journal, 1–25. https://doi.org/10.2139/ssrn.493805
Mohd Ghazali, N. A. (2007). Ownership structure and corporate social responsibility disclosure: some Malaysian evidence. Corporate Governance: The International Journal of Business in Society, 7(3), 251–266. https://doi.org/10.1108/14720700710756535
Orens, R., Aerts, W., & Lybaert, N. (2009). Intellectual capital disclosure, cost of finance and firm value. Management Decision, 47(10), 1536–1554. https://doi.org/10.1108/00251740911004673
Plumlee, Marlene, Darrell Brown, Rachel M. Hayes, and R.Scott Marshall. 2015. Voluntary Environmental Disclosure Quality and Firm Value: Further Evidence. Journal Of Accounting And Public Policy. 34(4). 336–361.
Ratanacharoenchai, C., Rachapradit, P., & Nettayanun, S. (2017). Sustainability reports and its effect on firm value in Thailand. Proceedings of 41st International Business Research Conference 20 - 21 April 2017, Imperial College, London, UK, April, 1–13.
Robiyanto, R., Putra, A. R., & Lako, A. (2021). The effect of corporate governance and intellectual capital toward financial performance and firm value of socially responsible firms. Contaduria y Administracion, 66(1), 1–24. https://doi.org/10.22201/fca.24488410e.2021.2489
Roosiana A.I.S. 2016. Pengaruh Leverage, Profitabilitas, Size, Dan Growth Opportunity Terhadap Nilai Perusahaan, Jurnal Ilmu dan Riset Manajemen. Volume 5, Nomor 10.
Salvi, A., Vitolla, F., Giakoumelou, A., Raimo, N., & Rubino, M. 2020. Intellectual capital disclosure in integrated reports: The effect on firm value. Technological Forecasting & Social Change. https://doi.org/10.1016/j.techfore.2020.120228
Sejati, B. P., & Prastiwi, A. (2015). Pengaruh Pengungkapan Sustainability Report Terhadap Kinerja Dan Nilai Perusahaan. Diponegoro Journal of Accounting, 0(0), 195–206.
Siregar, N. Y., & Safitri, T. A. (2019). Pengaruh Pengungkapan Enterprise Risk Management, Intellectual Capital, Corporate Social Responsibility, Dan Sustainability Report Terhadap Nilai Perusahaan. Jurnal Bisnis Darmajaya, 5(2), 53-79.
Subaida, I., Nurkholis, N., & Mardiati, E. 2018. Effect of Intellectual Capital and Intellectual Capital Disclosure on Firm Value. Jurnal Aplikasi Manajemen,16(1), 125-135.
Sugiyono. 2019. Metode Penelitian Kuantitatif, Kualitatif R&D. Bandung: Alfabeta.
Suka, Eka Andala. 2016. Efektivitas Akuntansi Lingkungan Dalam Meningkatkan Nilai Perusahaan. Universitas Muhammadiyah Yogyakarta. 1–24.
Suwardjono. 2014. Teori Akuntansi Perekayasaan Pelaporan Keuangan, edisi ketiga cetakan kedelapan.Yogyakarta: BPFE Yogyakarta.
Tang, Y., Qian, C., Chen, G., & Shen, R. 2015. How CEO hubris affects corporate social (ir)responsibility. Strategic Management Journal, 36(9), 1338-1357. https://doi.org /10.1002/smj.2286
Undang-Undang Nomor 40 tahun 2007 tentang Perseroan Terbatas
Uyar, A., & Kiliç, M. (2012). Value relevance of voluntary disclosure: Evidence from Turkish firms. Journal of Intellectual Capital, 13(3), 363–376. https://doi.org/10.1108/14691931211248918
Vitolla, F., Raimo, N., Rubino, M. 2020. The Role of Board of Directors in Intellectual Capital Disclosure After The Advent of Integreted Reporting. Corp. Soc. Responsib. Environ. Manag.
Waddock, S.A.; Graves, S.B. 1997. Quality of management and quality of stakeholder relations: Are they synonymous? Bus. Soc., 36, 250–279.
Zambon, S., Marzo, G. 2007. Visualizing Intangibles: Measuring and Reporting in The Knowledge Economy. Ashgate. Farmham.
Adhima, S.E., Fauzan, M., Hariadi, S.E. dan Bambang, A., 2013. Pengaruh Pengungkapan Sustainability Report terhadap Profitabilitas Perusahaan Studi Kasus pada Perusahaan Manufaktur yang Terdaftar dalam Bursa Efek Indonesia. Jurnal Ilmiah Mahasiswa FEB.
Al-Najjar, Basil and Aspioni Anfimadou. 2012. Environmental Policies and Firm Value. Business Strategy and the Environment. 2149–59.
Amalia, et. al. 2021. Pengaruh Sustainability Reporting Terhadap Nilai Perusahaan Dengan Kinerja Keuangan Sebagai Variabel Modearting (Studi Kasus pada Perusahaan Sektor Pertambangan yang Terdaftar di BEI tahun 2017 – 2020). Humanities, Management and Science Proceedings. Vol. 1. No. 2.
Barth, M.E., Clinch, G., Chen, L., Venter, E.R. 2017. The Economic Consequences Associated With Integreted Report Quality: Capital Market and Real Effects. Account. Organ. Soc. 62, 43-64.
Brown, N. and Deegan, C. 1998. The Public Disclosure of Environmental Performance Information—A Dual Test of Media Agenda Setting Theory and Legitimacy Theory. Accounting and Business Research, 29, 21-41.
https://doi.org/10.1080/00014788.1998.9729564
Clarkson, P.M., Fang, X., Li, Y., Richardson, G. 2013. The Relevance of Environmental Disclosures: Are Such Disclosures Incrementally Informative? J. Account. Public Policy. 32 (5), 410-431.
Dick, M., Wagner, E., & Pernsteiner, H. (2021). Founder-Controlled Family Firms, Overconfidence, and Corporate Social Responsibility Engagement: Evidence From Survey Data. Family Business Review, 34(1), 71–92. https://doi.org/10.1177/0894486520918724
Firer, S., Williams, S.M. 2003. Intellectual Capital and Traditional Measures of Corporate Performance. J. Intellect. Cap. 4(3), 348-360.
Freeman, R. E. (2001). Darden Graduate School of Business Administration A Stakeholder Approach to Strategic Management. Working Paper, 01.
Frooman, J. 1997. Socially irresponsible and illegal behavior and shareholder wealth: A meta-analysis of event studies. Bus. Soc. 36, 221–249.
Ghozali, Imam. 2018. Aplikasi Analisis Multivariate dengan Program IBMSPSS. Badan Penerbit Universitas Diponegoro: Semarang.
Global Reporting Initiative (GRI). 2016. GRI sustainability reporting 2016 sustainability performance. CRODA GRI Report Achive. https:// www.croda.com/en-gb/sustainability/gri-report/grireport-archive.
Gray, R., Kouhy, R., & Lavers, S. (1995). Corporate social and environmental reporting. Accounting, Auditing & Accountability Journal, 8(2), 47–77. https://doi.org/10.1108/09513579510146996
Guthrie, J., & Petty, R. (2000). Intellectual capital: Australian annual reporting practices. Journal of Intellectual Capital, 1(3), 241–251. https://doi.org/10.1108/14691930010350800
Iqbal, Mohammad and Ni Made Suwitri Parwati. 2013. Effect Of Environmental Accounting Implementation and Environmental Performance and Environmental Information Disclosure as Mediation on Company Value. International Journal of Business and Management Invention. 2(10).
Isvara, I. K. Y. M., Wahyuni, M. A., & Julianto, I. P. (2018). Pengaruh Intellectual Capital Terhadap Nilai Perusahaan Dengan Kinerja Keuangan sebagai Variabel Intervening (Studi Perusahaan Manufaktur Pada Bursa Efek Indonesia Periode 2013-2016). JIMAT (Jurnal Ilmiah Mahasiswa Akuntansi) Undiksha, 8(2).
Kallapur, S., & Kwan, S. Y. S. (2004). The Value Relevance and Reliability of Brand Assets Recognized by U.K. Firms. Accounting Review, 79(1), 151–172. https://doi.org/10.2308/accr.2004.79.1.151
Kolk, A. 2008. Sustainability, accountability and corporate governance: exploring multinationals' reporting practices. Business Strategy and the Environment, Vol. 17 No.1, pp. 1- 15.
Lanis, R., & Richardson, G. (2013). Corporate social responsibility and tax aggressiveness: a test of legitimacy theory. Accounting, Auditing & Accountability Journal, 26(1), 75–100. https://doi.org/10.1108/09513571311285621
Lee, K.W., Yeo, G.H.H. 2016. The Association Between Integrated Reporting and Firm Valuation. Rev. Quant. Finance Account. 47 (4), 1221-1250.
Lev, B., Zambon, S. 2003. Intangibles and Intellectual Capital: An Introduction To A Special Issue. Eur. Account. Rev. 12 (4), 597-603.
Li, Y., Gong, M., Zhang, X.Y., Koh, L. 2018. The Impact Of Environmental, Social and Governance Disclosure On Firm Value: The Role of CEO Power. Br. Account. Rev. 50 (1). 60-75.
Mardiana, I. A., & Wuryani, E. (2019). Pengaruh Kinerja Lingkungan terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Pemoderasi. Jurnal Akuntansi Unesa, 8(1), 1–8. http://jurnalmahasiswa.unesa.ac.id/index.php/jurnal-akuntansi/
Matsumura, E. M., Prakash, R., & Vera-Muñoz, S. C. (2014). Firm-value effects of carbon emissions and carbon disclosures. Accounting Review, 89(2), 695–724. https://doi.org/10.2308/accr-50629
Mcguire, J. B., Sundgren, A., Schneeweis, T., & Mcguire, J. B. (1988). and Firm Financial Performance. 31(4), 854–872.
Melucci, M., & Pretto, L. (2007). PageRank: When order changes. Lecture Notes in Computer Science (Including Subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics), 4425 LNCS(2), 581–588. https://doi.org/10.1007/978-3-540-71496-5_54
Mendes-da-Silva, W., & de Lira Alves, L. A. (2005). The Voluntary Disclosure of Financial Information on the Internet and the Firm Value Effect in Companies across Latin America. SSRN Electronic Journal, 1–25. https://doi.org/10.2139/ssrn.493805
Mohd Ghazali, N. A. (2007). Ownership structure and corporate social responsibility disclosure: some Malaysian evidence. Corporate Governance: The International Journal of Business in Society, 7(3), 251–266. https://doi.org/10.1108/14720700710756535
Orens, R., Aerts, W., & Lybaert, N. (2009). Intellectual capital disclosure, cost of finance and firm value. Management Decision, 47(10), 1536–1554. https://doi.org/10.1108/00251740911004673
Plumlee, Marlene, Darrell Brown, Rachel M. Hayes, and R.Scott Marshall. 2015. Voluntary Environmental Disclosure Quality and Firm Value: Further Evidence. Journal Of Accounting And Public Policy. 34(4). 336–361.
Ratanacharoenchai, C., Rachapradit, P., & Nettayanun, S. (2017). Sustainability reports and its effect on firm value in Thailand. Proceedings of 41st International Business Research Conference 20 - 21 April 2017, Imperial College, London, UK, April, 1–13.
Robiyanto, R., Putra, A. R., & Lako, A. (2021). The effect of corporate governance and intellectual capital toward financial performance and firm value of socially responsible firms. Contaduria y Administracion, 66(1), 1–24. https://doi.org/10.22201/fca.24488410e.2021.2489
Roosiana A.I.S. 2016. Pengaruh Leverage, Profitabilitas, Size, Dan Growth Opportunity Terhadap Nilai Perusahaan, Jurnal Ilmu dan Riset Manajemen. Volume 5, Nomor 10.
Salvi, A., Vitolla, F., Giakoumelou, A., Raimo, N., & Rubino, M. 2020. Intellectual capital disclosure in integrated reports: The effect on firm value. Technological Forecasting & Social Change. https://doi.org/10.1016/j.techfore.2020.120228
Sejati, B. P., & Prastiwi, A. (2015). Pengaruh Pengungkapan Sustainability Report Terhadap Kinerja Dan Nilai Perusahaan. Diponegoro Journal of Accounting, 0(0), 195–206.
Siregar, N. Y., & Safitri, T. A. (2019). Pengaruh Pengungkapan Enterprise Risk Management, Intellectual Capital, Corporate Social Responsibility, Dan Sustainability Report Terhadap Nilai Perusahaan. Jurnal Bisnis Darmajaya, 5(2), 53-79.
Subaida, I., Nurkholis, N., & Mardiati, E. 2018. Effect of Intellectual Capital and Intellectual Capital Disclosure on Firm Value. Jurnal Aplikasi Manajemen,16(1), 125-135.
Sugiyono. 2019. Metode Penelitian Kuantitatif, Kualitatif R&D. Bandung: Alfabeta.
Suka, Eka Andala. 2016. Efektivitas Akuntansi Lingkungan Dalam Meningkatkan Nilai Perusahaan. Universitas Muhammadiyah Yogyakarta. 1–24.
Suwardjono. 2014. Teori Akuntansi Perekayasaan Pelaporan Keuangan, edisi ketiga cetakan kedelapan.Yogyakarta: BPFE Yogyakarta.
Tang, Y., Qian, C., Chen, G., & Shen, R. 2015. How CEO hubris affects corporate social (ir)responsibility. Strategic Management Journal, 36(9), 1338-1357. https://doi.org /10.1002/smj.2286
Undang-Undang Nomor 40 tahun 2007 tentang Perseroan Terbatas
Uyar, A., & Kiliç, M. (2012). Value relevance of voluntary disclosure: Evidence from Turkish firms. Journal of Intellectual Capital, 13(3), 363–376. https://doi.org/10.1108/14691931211248918
Vitolla, F., Raimo, N., Rubino, M. 2020. The Role of Board of Directors in Intellectual Capital Disclosure After The Advent of Integreted Reporting. Corp. Soc. Responsib. Environ. Manag.
Waddock, S.A.; Graves, S.B. 1997. Quality of management and quality of stakeholder relations: Are they synonymous? Bus. Soc., 36, 250–279.
Zambon, S., Marzo, G. 2007. Visualizing Intangibles: Measuring and Reporting in The Knowledge Economy. Ashgate. Farmham.
Published
2022-12-26
How to Cite
DEWI, Putu Purnama; DEWI, Kadek Ayu Kreistya.
Pengungkapan Sustainability Reporting, Intellectual Capital, dan Nilai Perusahaan.
E-Jurnal Akuntansi, [S.l.], v. 32, n. 12, p. 3761-3776, dec. 2022.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/91258>. Date accessed: 29 apr. 2024.
doi: https://doi.org/10.24843/EJA.2022.v32.i12.p20.
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