A Relationship Assessment Between Environmental Practices, Corporate Value, and CSR in Sustainability Context

Tri Astuti; Maria Magdalena; Yuana Rizky Mandagie; Tedhi Irawan

doi:10.21831/economia.v20i3.71341

A Relationship Assessment Between Environmental Practices, Corporate Value, and CSR in Sustainability Context

Tri Astuti, Fakultas Ekonomi dan Bisnis Universitas Pancasila, Indonesia
Maria Magdalena, Faculty of Economic and Business, Universitas Pancasila, Indonesia, Indonesia
Yuana Rizky Mandagie, Faculty of Economic and Business, Universitas Pancasila, Indonesia, Indonesia
Tedhi Irawan, Faculty of Business and Accounting, Universiti Malaya, Malaysia, Malaysia

10.21831/economia.v20i3.71341

Abstract

Abstract

This study examines the influence of environmental performance disclosure within corporate social responsibility on company value. It assesses the impact of green intellectual capital (human, structural, and relational), green innovation (product and process), carbon emission disclosure, and eco-efficiency on Price Book Value (PBV). The sample includes 11 companies from the Sri Kehati Index 2018-2022, which apply Sustainable Responsible Investment (SRI) and ESG principles. Using multiple regression analysis, the findings reveal that green intellectual capital disclosure does not significantly affect company value. However, green innovation positively impacts PBV, suggesting its importance in enhancing corporate valuation. In contrast, carbon emission disclosure and eco-efficiency are found to negatively influence PBV. These results highlight the critical role of green innovation in driving company value while suggesting that certain environmental disclosures may lower valuations. The study provides valuable insights into how environmental practices affect corporate value within the framework of corporate social responsibility and sustainability.

Keywords:Green Intellectual Capital, Green Innovation, Carbon Emissions Disclosure, Eco-Efficiency, Company Value

Keywords

green intellectual capital, green innovation, carbon emissions disclosure, eco-efficiency, company value

Full Text:

PDF

References

Adjani & Parinduri, A. Z. (2022). Pengaruh Stuktur Modal, Profitabilitas, Ukuran Perusahaan, Dan Struktur Kepemilikan Terhadap Nilai Perusahaanyang Terdaftar Di Bursa Efek Indonesia. 20(1), 105–123.

Agustia, D., Sawarjuwono, T., & Dianawati, W. (2019). International Journal of Energy Economics and Policy The Mediating Effect of Environmental Management Accounting on Green Innovation-Firm Value Relationship. International Journal of Energy Economics and Policy |, 9(2), 299–306. http:www.econjournals.comDOI:https://doi.org/10.32479/ijeep.7438

Alhaj, W. F. W. Y. and I. A. (2012). Communicated by Mahdi Salehi. Received September 11, 2012; Revised October 27, 2012. Trends and Development in Management Studies, 1(1), 43–65.

Ali, W., Wen, J., Hussain, H., Khan, N.A., Younas, M., & Jamil, I. (2021). Does green intellectual capital matter for green innovation adoption? Evidence from the manufacturing SMEs of Pakistan. Journal of Intellectual Capital.

Arsyad, T. I. (2021). Sustainability Report dan Green Intellectual Capital terhadap Nilai Perusahaan Melalui Kinerja Keuangan (Studi pada Perusahaan Perkebunan Tahun 2105-2019). http://repositori.uin-alauddin.ac.id/id/eprint/20933%0Ahttp://repositori.uin-alauddin.ac.id/20933/1/Pengungkapan Sustainability Report dan Green.pdf

Astuti, T., Widyastuti, T., & Ahmar, N. (2022). Green Accounting and Green Intellectual Capital Practices: Study of The Influence of Indirect Financial Firm on Firm Value. Asian Journal of Accounting and Finance, 4(3), 101–112. https://doi.org/10.55057/ajafin.2022.4.3.8

Ayuningrum, I. A., Paningrum, D., & Kusumastuti, A. D. (2021). Pengaruh Debt to Assets Ratio, Firm Size, Return on Assets dan Sales Growth Terhadap Price to Book Value (Studi Pada Perusahaan Makanan dan Minuman Yang Terdaftar di Bursa Efek Indonesia Tahun 2013-2017). Ekonomi Bisnis Dan Kewirausahaan, X(1), 17–28.

Bae Choi, B., Lee, D., & Psaros, J. (2013). An analysis of Australian company carbon emission disclosures. Pacific Accounting Review, 25(1), 58–79. https://doi.org/10.1108/01140581311318968

Cahyaningtyas, S. R., Isnaini, Z., & Ramadhani, R. S. (2022). Green Corporate Social Responsibility: Green Innovation Dan Nilai Perusahaan. Jurnal Aplikasi Akuntansi, 6(2), 87–108. https://doi.org/10.29303/jaa.v6i2.137

Chen, K., Daromes;, F. E., & Suwandi, N. (2017). Pengungkapan Kinerja Lingkungan Sebagai Mekanisme Peningkatan Kinerja untuk Menciptakan Nilai Perusahaan. Owner, 6(4), 1–18. https://doi.org/10.33395/owner.v6i4.1086

Chen, P. C., & Hung, S. W. (2014). Collaborative green innovation in emerging countries: A social capital perspective. International Journal of Operations and Production Management, 34(3), 347–363. https://doi.org/10.1108/IJOPM-06-2012-0222

Chen, Y. (2008). The Positive Effect of Green Intellectual Capital on Competitive Advantages of Firms. 271–286. https://doi.org/10.1007/s10551-006-9349-1

Damas, D., Maghviroh, R. EL, & Meidiyah, M. (2021). Pengaruh Eco-Efficiency, Green Inovation Dan Carbon Emission Disclosure Terhadap Nilai Perusahaan Dengan Kinerja Lingkungan Sebagai Moderasi. Jurnal Magister Akuntansi Trisakti, 8(2), 85–108. https://doi.org/10.25105/jmat.v8i2.9742

David H. Luthy. (1998). Intellectual capital and its measurement. Proceedings of the International Conference on Industrial Engineering and Operations Management, 205–209.

Dewi, R., & Rahmianingsih, A. (2020). Meningkatkan Nilai Perusahaan Melalui Green Innovation Dan Eco-Effisiensi. Ekspansi: Jurnal Ekonomi, Keuangan, Perbankan Dan Akuntansi, 12(2), 225–243. https://doi.org/10.35313/ekspansi.v12i2.2241

Dewi, V. I. (2014). Terhadap Pengumuman Indeks Sri-Kehati. Iii.

Djollong, A. F. (2014). Tehnik Pelaksanaan Penelitian Kuantitatif (Technique of Quantitative Research). Istiqra’ : Jurnal Pendidikan Dan Pemikiran Islam, 2(1), 86–100. https://jurnal.umpar.ac.id/index.php/istiqra/article/view/224

Fitriyani. (2012). Keterkaitan Kinerja Lingkungan , Pengungkapan Corporate Social Responsibility CSR dan Kinerja Finansial. Diponegoro Journal of Accounting, 1–28. http://eprints.undip.ac.id/35522/1/Jurnal.fitriyani.akt .regii.c2c607063.pdf

Herninta, T. (2019). Aktor-faktor yang mempengaruhi nilai perusahaan manufaktur di bursa efek indonesia. 22(3), 325–336.

Huang, C., & Kung, F. (2011). Environmental consciousness and intellectual capital management. 49(9), 1405–1425. https://doi.org/ 10.1108/00251741111173916

Josephine, K., Ciptadi, B. A., & Aloysius, J. (2020). Green Intellectual Capital. 3(2), 117–128.

Khalil, M.A., Khalil, R., & Khalil, M.K. (2022). Environmental, social and governance (ESG) - augmented investments in innovation and firms' value: a fixed-effects panel regression of Asian economies. China Finance Review International

Komarudin, M., & Affandi, N. (2019). Inovbiz. Firm Value, Capital Structure, Profitability, Firm Characteristic and Disposable Income as Moderator: An Empirical Investigation of Retail Firms in Indonesia, 7, 79–85.

Kurnia, P., Darlis, E., & Putra, A. A. (2020). Carbon Emission Disclosure, Good Corporate Governance, Financial Performance, and Firm Value. Journal of Asian Finance, Economics and Business, 7(12), 223–231. https://doi.org/10.13106/JAFEB.2020.VOL7.NO12.223

Lee, S. Y., Park, Y. S., & Klassen, R. D. (2015). Market responses to firms’ voluntary climate change information disclosure and carbon communication. Corporate Social Responsibility and Environmental Management, 22(1), 1–12. https://doi.org/10.1002/csr.1321

Li, Y., & Zhao, Z. (2018). The dynamic impact of intellectual capital on firm value: evidence from China. Applied Economics Letters, 25(1), 19–23. https://doi.org/10.1080/13504851.2017.1290769

Liu, Y., & Hou, W. (2023). ESG, Green Innovation and Corporate Value: A Conditional Process Analysis Moderated by External Pressure. Advances in Economics and Management Research.

Meutia, I., Ramadhani, M., & Adam, M. (2019). Does Eco-Efficiency Improve Financial Performance of Manufacturing Companies in Indonesia? Jurnal Dinamika Akuntansi Dan Bisnis, 6(2), 137–150. https://doi.org/10.24815/jdab.v6i2.13785

Michael, & C. Jensen and William H. Meckling. (1976). Racial diversity and its asymmetry within and across hierarchical levels: The effects on financial performance. Human Relations, 72(10), 1671–1696. https://doi.org/10.1177/0018726718812602

Muhammad, G. I., & Aryani, Y. A. (2021). The Impact of Carbon Disclosure on Firm Value with Foreign Ownership as A Moderating Variable. Jurnal Dinamika Akuntansi Dan Bisnis, 8(1), 1–14. https://doi.org/10.24815/jdab.v8i1.17011

Nisa, A. K. (2022). Pengaruh Carbon Emission Disclosure Terhadap Nilai Perusahaan Dengan Kinerja Lingkungan Sebagai Variabel Moderasi Pada Perusahaan Non – Financial Yang Terdaftar Di Bursa Efek Indonesia.

Octavus, C., & Adiputra, I. G. (2020). Pengaruh Struktur Modal dan Ukuran Perusahaan terhadap Nilai Perusahaan Asuransi di Indonesia.

Pratami, R. D., Aryati, T., Akuntansi, P. S., Disclosure, C. E., Ownership, M., Perusahaan, N., & Perusahaan, U. (2023). ANALISIS INTELLECTUAL CAPITAL , CARBON EMISSION DISCLOSURE. Trisakti, Jurnal Ekonomi, 3(1), 1309–1318.

Pratika, I., & Primasari, N. H. (2020). Jurnal Akuntansi dan Keuangan FEB Universitas Budi Luhur. Jurnal Akuntansi Dan Keuangan, 9(2), 109–120.

Putri Fabiola, V., & Khusnah, H. (2022). Pengaruh Green Innovation Dan Kinerja Keuangan Pada Competitive Advantage Dan Nilai Perusahaan Tahun 2015-2020. Media Mahardhika, 20(2), 295–303. https://doi.org/10.29062/mahardika.v20i2.346

Rachmawati, D., & Pinem, D. B. (2015). Pengaruh Profitabilitas, Leverage Dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Equity, 18(1), 1–18. https://doi.org/10.34209/equ.v18i1.456

Rahmanita, S. A. (2020). AKUNTANSI : Jurnal Akuntansi Integratif PENGARUH CARBON EMISSION DISCLOSURE TERHADAP NILAI. Jurnal Akuntansi Integratif, 6(1), 53–70.

Rahmianingsih, A., & Malau, M. (2021). International Journal of Social Service and Research Carbon Emission Disclosure and Firm Value : Does Eco- Efficiency Moderate This Relationship ?

Rakasiwi, F. W., Pranaditya, A., & Andini, R. (2017). PENGARUH EPS, UKURAN PERUSAHAAN, PROFITABILITAS, LEVERAGE, SALES GROWTH DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN PADA INDUSTRI MAKANAN DAN MINUMAN YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2010 – 2015. 1–15.

Ramadhan, P., Rani, P., & Wahyuni, E. S. (2023). Disclosure of Carbon Emissions , Covid-19 , Green Innovations , Financial Performance , and Firm Value. 25(1), 1–16.

Ramdhonah, Z., Solikin, I., & Sari, M. (2019). Pengaruh Struktur Modal , Ukuran Perusahaan , Pertumbuhan Perusahaan , Dan Profitabilitas Terhadap Nilai Perusahaan ( Studi Empiris Pada Perusahaan Sektor Pertambangan Yang Terdaftar Di Bursa Efek Indonesia Tahun 2011-2017 ). 7(1), 67–82. https://doi.org/10.17509/jrak.v7i1.15117

Rizki, T., & Hartanti, D. (2021). Environmental Responsibility, Green Innovation, Firm Value: Asean-5. Journal of International Conference Proceedings, 4(3), 464–476. https://doi.org/10.32535/jicp.v4i3.1349

Sondakh, P., Saerang, I., & Samadi, R. (2019). PENGARUH STRUKTUR MODAL (ROA, ROE DAN DER) TERHADAP NILAI PERUSAHAAN (PBV) PADA PERUSAHAAN SEKTOR PROPERTI YANG TERDAFTAR DI BEI (Periode 2013-2016). 7(3), 3079–3088.

Sugiyono. (2017). Metode Penelitian Bisnis Pendekatan Kuantitatif, Kualitatif, Kombinasi dan R&D (S. Y. Suryandari (ed.); 3rd ed.). https://library.nusaputra.ac.id:443/images/docs/mpk.jpg.jpg

Suryani, M. R., & Dianawati, W. (2018). The Effect of Environmental Management Activities on Financial Performance. Korea Association of Business Education, 33(5), 547–573. https://doi.org/10.23839/kabe.2018.33.5.547

Tonay, C., & Murwaningsari, E. (2022). Pengaruh Green Innovation dan Green Intellectual Capital terhadap Nilai Perusahaan dengan Ukuran Perusahaan sebagai Moderasi. Jurnal Bisnis Dan Akuntansi, 24(2), 283–294. https://doi.org/10.34208/jba.v24i2.1484

Valencia, G., & Sri, D. (2022). Pengaruh Eco-efficiency Terhadap Nilai Perusahaan Dengan Dewan Komisaris Independen Sebagai Variabel Moderasi Pada Perusahaan Manufaktur Yang Terdaftar. Jurnal Informasi Akuntansi (JIA), 1.

Wang, C. H. (2019). How organizational green culture influences green performance and competitive advantage: The mediating role of green innovation. Journal of Manufacturing Technology Management, 30(4), 666–683. https://doi.org/10.1108/JMTM-09-2018-0314

Widyantari, N. L. P., & Yadnya, I. P. (2017). Pengaruh Struktur Modal, Profitabilitas Dan Ukuran Perusahaan Terhadap Nilai Perusahaan Pada Perusahaan Food and Baverage Di Bursa Efek Indonesia. Pengaruh Struktur Modal, Profitabilitas Dan Ukuran Perusahaan Terhadap Nilai Perusahaan Pada Perusahaan Food and Baverage Di Bursa Efek Indonesi, 6(12), 6383–6409.

Xie, X., Huo, J., & Zou, H. (2019). Green process innovation, green product innovation, and corporate financial performance: A content analysis method. Journal of Business Research, 101(January), 697–706. https://doi.org/10.1016/j.jbusres.2019.01.010

Yulia Nur Atriksa, Y. N. A., & Murwaningsari, E. (2022). Faktor-Faktor Yang Mempengaruhi Green Competitive Advantage. Jurnal Riset Akuntansi Aksioma, 21(2), 118–130. https://doi.org/10.29303/aksioma.v21i2.177

Yuliandhari, W. S., Saraswati, R. S., & Safari, Z. M. R. (2023). Pengaruh Carbon Emission Disclosure, Eco-Efficiency dan Green Innovation Terhadap Nilai Perusahaan. Owner : Riset Dan Jurnal Akuntansi, 7(2), 1526–1539. http://owner.polgan.ac.id/index.php/owner/article/view/1301

DOI: https://doi.org/10.21831/economia.v20i3.71341