Sulaiman Akbar, Vince Ratnawati, Julita

Pengaruh Sustainability Performance, Environmental Performance, Dan Environmental Management Accounting Terhadap Firm Value

Introduction

Pengaruh sustainability performance, environmental performance, dan environmental management accounting terhadap firm value. Riset ini menganalisis dampak sustainability & environmental performance serta environmental management accounting pada firm value perusahaan BEI peserta PROPER 2021-2022. Temukan hasilnya.

Abstract

Penelitian ini bertujuan menganalisis pengaruh sustainability performance, environmental performance, dan environmental management accounting terhadap firm value. Populasi pada penelitian ini meliputi semua perusahaan terdaftar di Bursa Efek Indonesia (BEI) yang mengikuti PROPER KLHK periode 2021-2022. Penyeleksian sampel digunakan dengan purposive sampling, dengan dihasilkan total 48 perusahaan sebagai sampel. Metode yang digunakan adalah analisis regresi linier berganda dengan memanfaatkan software SPSS Versi 26. Hasil penelitian ini membuktikan sustainability peformance dan environmental performance memiliki pengaruh positif terhadap firm value. Sedangkan variabel environmental management accounting tidak memiliki pengaruh terhadap firm value. Hasil penelitian ini berimplikasi semakin tinggi pengungkapan sustainability report oleh perusahaan dapat menjadi sinyal positif bagi para investor untuk menanamkan sahamnya sehingga akan meningkatkan harga saham perusahaan, dengan begitu akan berdampak pada meningkatnya nilai perusahaan. Karena dengan banyaknya pengungkapan sustainability report dapat menjadi sinyal bahwa perusahaan memiliki prospek yang baik bagi para investor. Kemudian Semakin baik sertifikasi PROPER yang didapatkan oleh perusahaan, perusahaan tersebut akan mendapatkan legitimasi dari masyarakat sehingga investor tertarik untuk berinvestasi. Semakin banyak investor yang berinvestasi akan meningkatkan harga saham, dengan begitu akan berdampak pada meningkatnya nilai perusahaan

Review

This study critically examines the influence of sustainability performance, environmental performance, and environmental management accounting on firm value within the unique context of Indonesian listed companies. Focusing on companies participating in the PROPER KLHK program during 2021-2022, the research utilizes multiple linear regression to analyze data from a purposive sample of 48 firms. The primary contribution of this work is to provide empirical insights from an emerging market regarding the valuation implications of various sustainability and environmental initiatives, distinguishing between external performance achievements and internal accounting practices. The research objective is clear and highly relevant in today's landscape, where sustainable practices are increasingly scrutinized by investors. The selection of PROPER participants provides a robust sample of companies actively engaged in environmental management, making the findings particularly salient for understanding the impact of verifiable environmental efforts. The results indicating a positive effect of both sustainability performance and environmental performance on firm value align with signaling and legitimacy theories, suggesting that transparent reporting and recognized environmental excellence indeed enhance investor confidence and market valuation. The implications drawn are insightful, positing that comprehensive sustainability disclosures and strong PROPER certifications act as positive signals, attracting investors and subsequently boosting stock prices and overall firm value. While the abstract offers a concise and promising overview, a full paper would benefit from greater detail on the operationalization and measurement of key variables, particularly for "sustainability performance" and "environmental management accounting." A more explicit discussion on the specific indicators used for each would enhance replicability and the robustness of the findings. Furthermore, a deeper theoretical discussion beyond the implied signaling and legitimacy would strengthen the study's academic foundation. Future research could productively delve into the reasons behind the non-significant impact of environmental management accounting, perhaps by exploring specific contextual factors in Indonesia or investigating mediating variables that might link EMA to firm value, thus adding further nuance to this interesting finding.

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