Mekanisme Pengungkapan Emisi Karbon dan Reaksi Investor
Abstract
This research aims to investigate the role of carbon emission disclosure as a mechanism to improve investors' reaction to abnormal stock returns mediated by cost of equity. The samples used in this study were non-financial companies listed on the Indonesia Stock Exchange from 2013 to 2017. There were 122 companies with 610 observations. The samples were selected using the purposive sampling method. By using the path analysis method, the results show that carbon emission disclosure has a negative relationship with the cost of equity, carbon emission disclosure has a positive relationship with abnormal stock return, while the cost of equity has a negative and significant relationship with abnormal stock return. Additionally, the results obtained using the Sobel test show that the cost of equity plays a role in mediating the relationship between carbon emission disclosure and abnormal stock returns.
Keywords: carbon emission disclosure; cost of equity; abnormal stock returns
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References
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Zsolnai, L. (2006). Extended Stakeholder Theory. Society and Business Review Vol. 1 No. 1, 37-44.
Alvarez, I. G., Segura, L., dan Ferrero, J. M. (2015). Carbon Emission Reduction: The Impact on the Financial and Operational Performance of International Companies. Journal of Cleaner Production Volume 103, 149–159.
Botosan, C. (1997). Disclosure Level and the Cost of Equity Capital. Accounting Review 72, 323-349.
Choi, B. B., Lee, D., dan Psaros, J. (2013). An analysis of Australian Company Carbon Emission Disclosures. Pacific Accounting Review Vol. 25 No. 1, 58-79.
Combs, J. G. dan Skill, M. S. (2003). Managerialist and Human Capital Explanations for Key Executive Pay Premiums: A Contingency Perspective. Academy of Management Journal, 46(1), 63-73.
Cordeiro, J. J. dam Tewari, M. (2015). Firm Characteristics, Industry Context, and Investor Reactions to Environmental CSR: A Stakeholder Theory Approach. Journal of Business Ethics Volume 130, Issue 4, 833–849.
Cotter, J., Najah, M., dan Wang, S. (2011). Standardized reporting of climate change information in Australia. Sustainability Accounting, Management and Policy Journal, Vol. 2 Iss 2, 294 - 321.
Dhaliwal, D. S., Li, O. Z., Tsang, A., dan Yang, Y. G. (2011). Voluntary Non-financial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting. The Accounting Review, 86(1), 59–100.
Donaldson, T. dan Preston, L. E. (1995). The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications. The Academy of Management Review Vol. 20 No. 1, 65-91.
Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach. Boston, MA: Pitman.
Freeman, R. E. dan Reed, D. L. (1983). Stockholders and Stakeholders: A New Perspective on Corporate Governance. California Management Review, Vol. 25 No. 3, 88-106.
Ghozali, I. (2012). Aplikasi Analisis Multivariate dengan program IBM SPSS 20 Edisi 6. Semarang: Badan Penerbit Universitas Diponegoro.
Gray, R. (2010). Is Accounting for Sustainability Actually Accounting for Sustainability and How Would We Know? An Exploration of Narratives of Organisations and the Planet. Accounting, Organizations and Society Volume 35, Issue 1, 47-62.
Gray, R., Kouhy, R., dan Lavers, S. (1995). Corporate social and environmental reporting: a review of the literature and a longitudinal study of UK disclosure. Accounting, Auditing & Accountability Journal, Vol. 8 Iss: 2, 47 – 77.
Gupta, K. (2018). Environmental Sustainability and Implied Cost of Equity: International Evidence. Journal of Business Ethics Volume 147, Issue 2, 343–365.
Harrison, J. S. dan Wicks, A. C. (2013). Stakeholder Theory, Value, and Firm Performance. Business Ethics Quarterly 23:1, 97-124.
Kelvin, C., Daromes, F. E., dan Ng, Suwandi (2017). Pengungkapan Emisi Karbon sebagai Mekanisme Peningkatan Kinerja untuk Menciptakan Nilai Perusahaan. Dinamika Akuntansi Keuangan Vol. 6 No. 1, 1-18. https://www.unisbank.ac.id/ojs/index.php/fe9/article/view/5948
Lambert, R., C. Leuz dan Verechia, R. (2007). Accounting Information, Disclosure, and the Cost of Capital. Journal of Accounting Research, 45(2), 385-420.
Larocque, S. A. dan Lyle, M. R. (2017). Implied Cost of Equity Capital Estimates as Predictors of Accounting Returns and Stock Returns. Journal of Financial Reporting Spring 2017, Vol. 2, No. 1, 69-93.
Li, B. dan Wu, K. (2017). The Price of Environmental Sustainability: Empirical Evidence from Stock Market Performance in China. Sustainability 9 (8), 1452.
Li, Y., Ng, D. T. dan Swaminathan, B. (2013). Predicting Market Returns Using Aggregate Implied Cost of Capital. Journal of Financial Economics 110 (2), 419-436.
Liao, L., Luo, L., dan Tang, Q. (2015). Gender Diversity, Board Independence, Environmental Committee and Greenhouse Gas Disclosure. The British Accounting Review, 47(4), 409–424.
Liesen, A., Figge, F., dan Hoepner, A. (2017). Climate Change and Asset Prices: Are Corporate Carbon Disclosure and Performance Priced Appropriately? Journal of Business Finance & Accounting Volume 44, Issue 1-2, 35-62.
Lovelock, J. E. (1979). Gaia. A New Look at Life on Earth. Oxford: Oxford University Press.
Luo, X., Wang, H., Raithel, S. dan Zheng, Q. (2015). Strategic Management Journal Volume 36 Issue 1, 123-136.
Matsumura, E. M., Prakash, R., dan Vera-Munoz, S. C. (2014). Firm-Value Effects of Carbon Emissions and Carbon Disclosure. The Accounting Review Vol. 89 (2), 695-724.
Meng, X. H., Zeng, S. X., Shi, J. J., Qi, G. Y. dan Zhang, Z. B. (2014). The Relationship Between Corporate Environmental Performance and Environmental Disclosure: An Empirical Study in China. Journal of Environmental Management 145, 357–367.
Michaels, A dan Gruning, M. (2017). Relationship of Corporate Social Responsibility Disclosure on Information Asymmetry and the Cost of Capital. Journal of Management Control Volume 28, Issue 3, 251–274.
Ng, Suwandi dan Daromes, F. E. (2016). Peran Kemampuan Manajerial Sebagai Mekanisme Peningkatan Kualitas Laba dan Nilai Perusahaan (The Role of Managerial Ability as a Mechanism to Improve Earnings Quality and Firm Value). Jurnal Akuntansi dan Keuangan Indonesia Vol. 13 No. 2, 174 – 193. DOI: http://dx.doi.org/10.21002/jaki.2016.10
Odriozola, M. D. dan Diez, E. B. (2017). Is Corporate Reputation Associated with Quality of CSR Reporting? Evidence from Spain. Corporate Social Responsibility and Environmental Management Volume 24 Issue 2, 121-132.
Ohlson, J. A. (1995). Earnings, Book Values, and Dividend in Equity Valuation. Contemporary Accounting Research Vol. 11 No. 2, 661-687.
Park, J., Lee, H., dan Kim, C. (2014). Corporate Social Responsibilities, Consumer Trust and Corporate Reputation: South Korean Consumers Perspectives. Journal of Business Research, 67, 295-302.
Ramírez, C. Z., González, J. M. dan Marcos, A. S. (2016). Carbon Reporting : Analysis of the Spanish Market Response. Spanish Journal of Finance and Accounting, 45(2), 231–265.
Saka, C. dan Oshika, T. (2014). Disclosure Effects, Carbon Emissions and Corporate Value. Sustainability Accounting, Management and Policy Journal Vol. 5, 22 - 45.
Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, Vol. 87, No. 3, 355-374.
Tempo.co. (2013). 25 Perusahaan Ini Masuk Kategori Pro Lingkungan. Diakses tanggal 01 April 2018, https://m.tempo.co/read/news/2013/08/01/095501662/25-perusahaan-ini-masuk-kategori-pro-lingkungan
Tribunnews.com. (2017). Lima Tahun Terakhir, Indeks SRI-KEHATI Tumbuh 52,27 Persen. Diakses tanggal 01 April 2018, http://www.tribunnews.com/bisnis/2017/11/08/produk-reksadana-terbaru-rhb-asset-management-usung-konsep-investasi-berkelanjutan
Zsolnai, L. (2006). Extended Stakeholder Theory. Society and Business Review Vol. 1 No. 1, 37-44.
Published
2019-05-24
How to Cite
KELVIN, Chen; PASOLORAN, Oktavianus; RANDA, Fransiskus.
Mekanisme Pengungkapan Emisi Karbon dan Reaksi Investor.
Jurnal Ilmiah Akuntansi dan Bisnis, [S.l.], v. 14, n. 2, p. 155-168, may 2019.
ISSN 2303-1018.
Available at: <https://ojs.unud.ac.id/index.php/jiab/article/view/47278>. Date accessed: 21 nov. 2024.
doi: https://doi.org/10.24843/JIAB.2019.v14.i02.p02.
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