Kinerja Lingkungan, Tekanan Stakeholder dan Kinerja Keuangan Perusahaan Manufaktur
Abstract
The purpose of this study was to examine the effect of environmental performance and stakeholder pressure on the company's financial performance. The research was conducted on manufacturing companies listed on the IDX in 2019-2021. The research sample was determined by purposive sampling technique and obtained as many as 75 companies with 225 observational data. Data collection was carried out using non-participant observation methods. Using panel data regression analysis technique using the analysis tool eviews 10. The results showed that environmental performance has a significant positive effect on company financial performance, Environmental Sensitive Industry (ESI) has a negative effect on company financial performance. Meanwhile, Customer Proximity Industry (CPI), Investor Oriented Industry (IOI) and Employee-Oriented Industry (EOI) have no effect on the company's financial performance.
Downloads
Download data is not yet available.
References
Al-Tuwaijri, S. A., Christensen, T. E., & Hughes, K. E. (2004). The relations among environmental disclosure, environmental performance, and economic performance: A simultaneous equations approach. Accounting, Organizations and Society, 29(5–6), 447–471. https://doi.org/10.1016/S0361-3682(03)00032-1
Alfaiz, D. R., & Aryati, T. (2019). Pengaruh Tekanan Stakeholder Dan Kinerja Keuangan Terhadap Kualitas Sustainability Report Dengan Komite Audit Sebagai Variabel Moderasi. Jurnal Akuntansi Dan Keuangan Methodist, 2(2), 112–130.
Alrazi, B., De Villiers, C., & Van Staden, C. J. (2015). A comprehensive literature review on, and the construction of a framework for, environmental legitimacy, accountability and proactivity. Journal of Cleaner Production, 102, 44–57. https://doi.org/10.1016/j.jclepro.2015.05.022
Anggraini, S. P., & Handayani, S. (2021). Pengaruh Tekanan Stakeholders, Sertifikasi ISO 14001, Profitabilitas dan Leverage Terhadap Pengungkapan Emisi Karbon. Jurnal Ilmu Komputer, Ekonomi Dan Manajemen (JIKEM), 1(1), 153–168.
Aniktia, R., & Khafid, M. (2015). Pengaruh Mekanisme Good Corporate Governance dan Kinerja Keuangan Terhadap Pengungkapan Sustainability Report. Accounting Analysisi Journal, 4(3), 1–10.
Arsoy, A. P., Arabaci, O., & Ciftcioglu, A. (2012). Corporate Social Responsibility And Financial Performance Relationship: The Case Of Turkey. The Journal of Accounting and Finance, 132(3), 59–61.
Delmas, M. (2007). The Adoption of ISO 14001 Within the Supply Chain When Are Customer Pressures Effective? Institute for Social, Behavioral, and Economic Research. http://repositories.cdlib.org/isber/publications/10
Evita, M., & Syafruddin, S. (2019). Pengaruh Biaya Lingkungan, Kinerja Lingkungan, Dan Iso 14001 Terhadap Kinerja Keuangan Perusahaan Pertambangan Studi Kasus Pada Bursa Efek Indonesia Tahun 2014-2017. Measurement : Jurnal Akuntansi, 13(1), 27. https://doi.org/10.33373/mja.v13i1.1829
Fernandez-Feijoo, B., Romero, S., & Ruiz, S. (2014). Effect of Stakeholders’ Pressure on Transparency of Sustainability Reports within the GRI Framework. Journal of Business Ethics, 122(1), 53–63. https://doi.org/10.1007/s10551-013-1748-5
Freeman, R. . (2004). The stakeholder approach revisited. Zeitschrift Fur Wirtschafts - Und Unternehmensethik, 5(3), 228–241.
Fujii, H., Iwata, K., Kaneko, S., & Managi, S. (2013). Corporate Environmental and Economic Performance of Japanese Manufacturing Firms: Empirical Study for Sustainable Development. Business Strategy and the Environment, 22(3), 187–201. https://doi.org/10.1002/bse.1747
Hamudiana, A., & Achmad, T. (2017). Pengaruh tekanan stakeholder terhadap transparansi laporan keberlanjutan. Diponegoro Journal of Accounting, 6(4), 1–11.
Iqbal, M., Hidayat, R. R., & Sulasmiyati, S. (2015). Penilaian Kinerja Keuangan Perusahaan Dengan Analisis Rasio Keuangan dan Metode Economic Value Added (EVA) (Studi Pada PT Jasa Marga (Persero) Tbk, dan Anak Perusahaan Yang Terdaftar Di Bursa Efek Indonesia Periode 2011-2014). Jurnal Administrasi Bisnis Universitas Brawijaya, 25(1), 1–6.
Iriyanto, F. N., & Nugroho, P. I. (2014). Pengaruh Kinerja Lingkungan terhadap Praktik Pengungkapan Sustainability Report dan Kinerja Ekonomi. Paper Knowledge . Toward a Media History of Documents, 3(1), 46–57.
Iwata, H., & Okada, K. (2011). How does environmental performance affect financial performance? Evidence from Japanese manufacturing firms. Ecological Economics, 70(9), 1691–1700. https://doi.org/10.1016/j.ecolecon.2011.05.010
Kieso, D., Weygandt, J., & Warfield, P. (2013). Intermediate Accounting (15th editi). WILEY.
Kristiani, L. A., & Werastuti, D. N. S. (2020). Pengaruh Kinerja Lingkungan Dan Kinerja Sosial Terhadap Kinerja Keuangan Dengan Good Corporate Governance Sebagai Variabel Pemoderasi. JIMAT (Jurnal Ilmiah, 2, 487–498. https://ejournal.undiksha.ac.id/index.php/S1ak/article/view/26619
Li, D., Zheng, M., Cao, C., Chen, X., Ren, S., & Huang, M. (2017). The impact of legitimacy pressure and corporate profitability on green innovation: Evidence from China top 100. Journal of Cleaner Production, 141, 41–49. https://doi.org/10.1016/j.jclepro.2016.08.123
Meiyana, A., & Aisyah, M. N. (2019). Pengaruh Kinerja Lingkungan, Biaya Lingkungan, Dan Ukuran Perusahaan Terhadap Kinerja Keuangan Dengan Corporate Social Responsibility Sebagai Variabel Intervening. Nominal: Barometer Riset Akuntansi Dan Manajemen, 8(1), 1–18. https://doi.org/10.21831/nominal.v8i1.24495
Merawati, L. K. (2015). Peran Mekanisme Good Corporate Governance Dalam Hubungan Kinerja Lingkungan dengan Kinerja Keuangan. Jurnal Manajemen & Akuntansi STIE Triatma Mulya, 21(2), 157–168.
Moneva, J. M., & Ortas, E. (2008). Are stock markets influenced by sustainability matter ? Evidence from European companies Eduardo Ortas. International Journal Sustainable Economy, 1(1), 1–16.
Natalia, R. (2014). Pengaruh Sustainability Reporting Terhadap Kinerja Keuangan Perusahaan Publik Dari Sisi Profitability Ratio. Business Accounting Review, 2(1), 111–120.
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), 14–26.
Ortas, E., Álvarez, I., & Garayar, A. (2015). The environmental, social, governance, and financial performance effects on companies that adopt the United Nations Global Compact. Sustainability (Switzerland), 7(2), 1932–1956. https://doi.org/10.3390/su7021932
Pérez-Calderón, E., Milanés-Montero, P., & Ortega-Rossell, F. J. (2011). Environmental Performance and Firm Value: Evidence from Dow Jones Sustainability Index Europe. Environmental Engineering and Management Journal, 10(12), 1801–1808.
Rosyid, A. (2015). Pengaruh Kinerja Sosial Dan Kinerja Lingkungan Terhadap Kinerja Keuangan. Jurnal Penelitian, 12(1), 72. https://doi.org/10.28918/jupe.v12i1.644
Rudyanto, A., & Siregar, S. V. (2018). The Effect of Stakeholder Pressure and Corporate Governance on the Quality of Sustainability Report. International Journal of Ethics and Systems. https://doi.org/https://doi.org/10.1108/IJOES-05-2017-0071
Rueda-Manzanares, A., Aragón-Correa, J. A., & Sharma, S. (2008). The influence of stakeholders on the environmental strategy of service firms: The moderating effects of complexity, uncertainty and munificence. British Journal of Management, 19(2), 185–203. https://doi.org/10.1111/j.1467-8551.2007.00538.x
Rusmaningsih, R., & Setiadi, I. (2021). Pengaruh Kinerja Lingkungan Terhadap Corporate Financial Performance Dengan Corporate Social Responsibility Disclosure Sebagai Variabel Intervening. Kompartemen : Jurnal Ilmiah Akuntansi, 19(1), 25. https://doi.org/10.30595/kompartemen.v19i1.11219
Russo, A., & Pogutz, S. (2009). Eco-Efficiency vs Eco-Effectiviness Exploring thr Link Between GHG Emissions and Firm Perfomance. Working Paper No. 1, SPACE Research Center.
Sari, C. W., Sudana, I. P., Ratnadi, N. M. D., & Rasmini, N. K. (2022). Stakeholder pressure and environmental performance of manufacturing companies on the Indonesian stock exchange. Linguistics and Culture Review, 6(June), 893–903. https://doi.org/10.21744/lingcure.v6ns1.2187
Sarkis, J., Gonzalez-Torre, P., & Adenso-Diaz, B. (2010). Stakeholder pressure and the adoption of environmental practices: The mediating effect of training. Journal of Operations Management, 28(2), 163–176. https://doi.org/10.1016/j.jom.2009.10.001
Septavianty, D. A. (2022). Pengaruh Karakteristik Perusahaan, Tekanan Stakeholder terhadap Kualitas Sustainability Report melalui Kinerja Keuangan. Jurnal Ilmu Dan Riset Akuntansi, 11(9).
Septiana, R. A., & Nur, E. (2012). Pengaruh Implementasi Corporate Social Responsibility Terhadap Profitabilitas Perusahaan (Studi Pada Perusahaan Manufaktur yang Listing di BEI 2007- 2009). Pekbis Jurnal, 4(2), 71–84.
Sriningsih, S., & Wahyuningrum, I. F. S. (2022). Pengaruh Comprehensive Stakeholder Pressure dan Good Corporate Governance terhadap Kualitas Sustainability Report. Owner, 6(1), 813–827. https://doi.org/10.33395/owner.v6i1.680
Suchman, M. C. (1995). Managing Legitimacy: Strategic and Institutional Approaches. Academy of Management Review, 20(3), 570–610. https://doi.org/doi:10.5465/amr.1995.9508080331
Tarigan, J., & Semuel, H. (2015). Pengungkapan Sustainability Report dan Kinerja Keuangan. Jurnal Akuntansi Dan Keuangan, 16(2), 88–101. https://doi.org/10.9744/jak.16.2.88-101
Wang, Q., Shi, R., Zhang, F., Wang, X., & Gao, Y. (2022). How organizational psychological ownership affects corporate green operations - Based on a social exchange theory perspective. Frontiers in Psychology, 13. https://doi.org/10.3389/fpsyg.2022.985017
Weng, H. H. R., Chen, J. S., & Chen, P. C. (2015). Effects of green innovation on environmental and corporate performance: A stakeholder perspective. Sustainability (Switzerland), 7(5), 4997–5026. https://doi.org/10.3390/su7054997
Wicaksono, S. L. (2012). Faktor-Faktor Yang Berpengaruh Terhadap Kinerja Lingkungan (Studi Pada Perusahaan PROPER Yang Terdaftar di Bursa Efek Indonesia). 1–65.
Widhiastuti, N. L. P., Suputra, I. G. D., & Budiasih, I. G. A. N. (2017). Pengaruh Kinerja Lingkungan pada Kinerja Keuangan Dengan Corporate Social Responsibility Sebagai Variabel Intervening. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana 6.2, 6(2), 819–846.
Yanti, Y. (2017). Pengaruh Corporate Social Responsibility Dan Environmental Performance Terhadap Kinerja Keuangan Bumn Dan Non Bumn Yang Terdaftar Di Bursa Efek Indonesia 2009-2012. Jurnal Akuntansi, 19(2), 242. https://doi.org/10.24912/ja.v19i2.97
Zainab, A., & Burhany, D. I. (2020). Biaya Lingkungan , Kinerja Lingkungan , dan Kinerja Keuangan pada Perusahaan Manufaktur. Industrial Research Workshop and National Seminar, 11(1), 992–998.
Alfaiz, D. R., & Aryati, T. (2019). Pengaruh Tekanan Stakeholder Dan Kinerja Keuangan Terhadap Kualitas Sustainability Report Dengan Komite Audit Sebagai Variabel Moderasi. Jurnal Akuntansi Dan Keuangan Methodist, 2(2), 112–130.
Alrazi, B., De Villiers, C., & Van Staden, C. J. (2015). A comprehensive literature review on, and the construction of a framework for, environmental legitimacy, accountability and proactivity. Journal of Cleaner Production, 102, 44–57. https://doi.org/10.1016/j.jclepro.2015.05.022
Anggraini, S. P., & Handayani, S. (2021). Pengaruh Tekanan Stakeholders, Sertifikasi ISO 14001, Profitabilitas dan Leverage Terhadap Pengungkapan Emisi Karbon. Jurnal Ilmu Komputer, Ekonomi Dan Manajemen (JIKEM), 1(1), 153–168.
Aniktia, R., & Khafid, M. (2015). Pengaruh Mekanisme Good Corporate Governance dan Kinerja Keuangan Terhadap Pengungkapan Sustainability Report. Accounting Analysisi Journal, 4(3), 1–10.
Arsoy, A. P., Arabaci, O., & Ciftcioglu, A. (2012). Corporate Social Responsibility And Financial Performance Relationship: The Case Of Turkey. The Journal of Accounting and Finance, 132(3), 59–61.
Delmas, M. (2007). The Adoption of ISO 14001 Within the Supply Chain When Are Customer Pressures Effective? Institute for Social, Behavioral, and Economic Research. http://repositories.cdlib.org/isber/publications/10
Evita, M., & Syafruddin, S. (2019). Pengaruh Biaya Lingkungan, Kinerja Lingkungan, Dan Iso 14001 Terhadap Kinerja Keuangan Perusahaan Pertambangan Studi Kasus Pada Bursa Efek Indonesia Tahun 2014-2017. Measurement : Jurnal Akuntansi, 13(1), 27. https://doi.org/10.33373/mja.v13i1.1829
Fernandez-Feijoo, B., Romero, S., & Ruiz, S. (2014). Effect of Stakeholders’ Pressure on Transparency of Sustainability Reports within the GRI Framework. Journal of Business Ethics, 122(1), 53–63. https://doi.org/10.1007/s10551-013-1748-5
Freeman, R. . (2004). The stakeholder approach revisited. Zeitschrift Fur Wirtschafts - Und Unternehmensethik, 5(3), 228–241.
Fujii, H., Iwata, K., Kaneko, S., & Managi, S. (2013). Corporate Environmental and Economic Performance of Japanese Manufacturing Firms: Empirical Study for Sustainable Development. Business Strategy and the Environment, 22(3), 187–201. https://doi.org/10.1002/bse.1747
Hamudiana, A., & Achmad, T. (2017). Pengaruh tekanan stakeholder terhadap transparansi laporan keberlanjutan. Diponegoro Journal of Accounting, 6(4), 1–11.
Iqbal, M., Hidayat, R. R., & Sulasmiyati, S. (2015). Penilaian Kinerja Keuangan Perusahaan Dengan Analisis Rasio Keuangan dan Metode Economic Value Added (EVA) (Studi Pada PT Jasa Marga (Persero) Tbk, dan Anak Perusahaan Yang Terdaftar Di Bursa Efek Indonesia Periode 2011-2014). Jurnal Administrasi Bisnis Universitas Brawijaya, 25(1), 1–6.
Iriyanto, F. N., & Nugroho, P. I. (2014). Pengaruh Kinerja Lingkungan terhadap Praktik Pengungkapan Sustainability Report dan Kinerja Ekonomi. Paper Knowledge . Toward a Media History of Documents, 3(1), 46–57.
Iwata, H., & Okada, K. (2011). How does environmental performance affect financial performance? Evidence from Japanese manufacturing firms. Ecological Economics, 70(9), 1691–1700. https://doi.org/10.1016/j.ecolecon.2011.05.010
Kieso, D., Weygandt, J., & Warfield, P. (2013). Intermediate Accounting (15th editi). WILEY.
Kristiani, L. A., & Werastuti, D. N. S. (2020). Pengaruh Kinerja Lingkungan Dan Kinerja Sosial Terhadap Kinerja Keuangan Dengan Good Corporate Governance Sebagai Variabel Pemoderasi. JIMAT (Jurnal Ilmiah, 2, 487–498. https://ejournal.undiksha.ac.id/index.php/S1ak/article/view/26619
Li, D., Zheng, M., Cao, C., Chen, X., Ren, S., & Huang, M. (2017). The impact of legitimacy pressure and corporate profitability on green innovation: Evidence from China top 100. Journal of Cleaner Production, 141, 41–49. https://doi.org/10.1016/j.jclepro.2016.08.123
Meiyana, A., & Aisyah, M. N. (2019). Pengaruh Kinerja Lingkungan, Biaya Lingkungan, Dan Ukuran Perusahaan Terhadap Kinerja Keuangan Dengan Corporate Social Responsibility Sebagai Variabel Intervening. Nominal: Barometer Riset Akuntansi Dan Manajemen, 8(1), 1–18. https://doi.org/10.21831/nominal.v8i1.24495
Merawati, L. K. (2015). Peran Mekanisme Good Corporate Governance Dalam Hubungan Kinerja Lingkungan dengan Kinerja Keuangan. Jurnal Manajemen & Akuntansi STIE Triatma Mulya, 21(2), 157–168.
Moneva, J. M., & Ortas, E. (2008). Are stock markets influenced by sustainability matter ? Evidence from European companies Eduardo Ortas. International Journal Sustainable Economy, 1(1), 1–16.
Natalia, R. (2014). Pengaruh Sustainability Reporting Terhadap Kinerja Keuangan Perusahaan Publik Dari Sisi Profitability Ratio. Business Accounting Review, 2(1), 111–120.
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), 14–26.
Ortas, E., Álvarez, I., & Garayar, A. (2015). The environmental, social, governance, and financial performance effects on companies that adopt the United Nations Global Compact. Sustainability (Switzerland), 7(2), 1932–1956. https://doi.org/10.3390/su7021932
Pérez-Calderón, E., Milanés-Montero, P., & Ortega-Rossell, F. J. (2011). Environmental Performance and Firm Value: Evidence from Dow Jones Sustainability Index Europe. Environmental Engineering and Management Journal, 10(12), 1801–1808.
Rosyid, A. (2015). Pengaruh Kinerja Sosial Dan Kinerja Lingkungan Terhadap Kinerja Keuangan. Jurnal Penelitian, 12(1), 72. https://doi.org/10.28918/jupe.v12i1.644
Rudyanto, A., & Siregar, S. V. (2018). The Effect of Stakeholder Pressure and Corporate Governance on the Quality of Sustainability Report. International Journal of Ethics and Systems. https://doi.org/https://doi.org/10.1108/IJOES-05-2017-0071
Rueda-Manzanares, A., Aragón-Correa, J. A., & Sharma, S. (2008). The influence of stakeholders on the environmental strategy of service firms: The moderating effects of complexity, uncertainty and munificence. British Journal of Management, 19(2), 185–203. https://doi.org/10.1111/j.1467-8551.2007.00538.x
Rusmaningsih, R., & Setiadi, I. (2021). Pengaruh Kinerja Lingkungan Terhadap Corporate Financial Performance Dengan Corporate Social Responsibility Disclosure Sebagai Variabel Intervening. Kompartemen : Jurnal Ilmiah Akuntansi, 19(1), 25. https://doi.org/10.30595/kompartemen.v19i1.11219
Russo, A., & Pogutz, S. (2009). Eco-Efficiency vs Eco-Effectiviness Exploring thr Link Between GHG Emissions and Firm Perfomance. Working Paper No. 1, SPACE Research Center.
Sari, C. W., Sudana, I. P., Ratnadi, N. M. D., & Rasmini, N. K. (2022). Stakeholder pressure and environmental performance of manufacturing companies on the Indonesian stock exchange. Linguistics and Culture Review, 6(June), 893–903. https://doi.org/10.21744/lingcure.v6ns1.2187
Sarkis, J., Gonzalez-Torre, P., & Adenso-Diaz, B. (2010). Stakeholder pressure and the adoption of environmental practices: The mediating effect of training. Journal of Operations Management, 28(2), 163–176. https://doi.org/10.1016/j.jom.2009.10.001
Septavianty, D. A. (2022). Pengaruh Karakteristik Perusahaan, Tekanan Stakeholder terhadap Kualitas Sustainability Report melalui Kinerja Keuangan. Jurnal Ilmu Dan Riset Akuntansi, 11(9).
Septiana, R. A., & Nur, E. (2012). Pengaruh Implementasi Corporate Social Responsibility Terhadap Profitabilitas Perusahaan (Studi Pada Perusahaan Manufaktur yang Listing di BEI 2007- 2009). Pekbis Jurnal, 4(2), 71–84.
Sriningsih, S., & Wahyuningrum, I. F. S. (2022). Pengaruh Comprehensive Stakeholder Pressure dan Good Corporate Governance terhadap Kualitas Sustainability Report. Owner, 6(1), 813–827. https://doi.org/10.33395/owner.v6i1.680
Suchman, M. C. (1995). Managing Legitimacy: Strategic and Institutional Approaches. Academy of Management Review, 20(3), 570–610. https://doi.org/doi:10.5465/amr.1995.9508080331
Tarigan, J., & Semuel, H. (2015). Pengungkapan Sustainability Report dan Kinerja Keuangan. Jurnal Akuntansi Dan Keuangan, 16(2), 88–101. https://doi.org/10.9744/jak.16.2.88-101
Wang, Q., Shi, R., Zhang, F., Wang, X., & Gao, Y. (2022). How organizational psychological ownership affects corporate green operations - Based on a social exchange theory perspective. Frontiers in Psychology, 13. https://doi.org/10.3389/fpsyg.2022.985017
Weng, H. H. R., Chen, J. S., & Chen, P. C. (2015). Effects of green innovation on environmental and corporate performance: A stakeholder perspective. Sustainability (Switzerland), 7(5), 4997–5026. https://doi.org/10.3390/su7054997
Wicaksono, S. L. (2012). Faktor-Faktor Yang Berpengaruh Terhadap Kinerja Lingkungan (Studi Pada Perusahaan PROPER Yang Terdaftar di Bursa Efek Indonesia). 1–65.
Widhiastuti, N. L. P., Suputra, I. G. D., & Budiasih, I. G. A. N. (2017). Pengaruh Kinerja Lingkungan pada Kinerja Keuangan Dengan Corporate Social Responsibility Sebagai Variabel Intervening. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana 6.2, 6(2), 819–846.
Yanti, Y. (2017). Pengaruh Corporate Social Responsibility Dan Environmental Performance Terhadap Kinerja Keuangan Bumn Dan Non Bumn Yang Terdaftar Di Bursa Efek Indonesia 2009-2012. Jurnal Akuntansi, 19(2), 242. https://doi.org/10.24912/ja.v19i2.97
Zainab, A., & Burhany, D. I. (2020). Biaya Lingkungan , Kinerja Lingkungan , dan Kinerja Keuangan pada Perusahaan Manufaktur. Industrial Research Workshop and National Seminar, 11(1), 992–998.
Published
2024-05-26
How to Cite
WIDIANTI, Ni Luh Putu Tika; ARIYANTO, Dodik; ANDREANA, Made Oka Candra.
Kinerja Lingkungan, Tekanan Stakeholder dan Kinerja Keuangan Perusahaan Manufaktur.
E-Jurnal Akuntansi, [S.l.], v. 34, n. 5, may 2024.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/99071>. Date accessed: 30 june 2024.
doi: https://doi.org/10.24843/EJA.2024.v34.i05.p15.
Issue
Section
Artikel
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
