The Effect of Sustainability Report, Green Accounting, and Leverage on Corporate Values in Energy Sector Companies

Muhammad Farhan Maulana; Januar Eko Prasetio

doi:10.32535/ijabim.v10i1.3813

The Effect of Sustainability Report, Green Accounting, and Leverage on Corporate Values in Energy Sector Companies

Muhammad Farhan Maulana, Januar Eko Prasetio

Abstract

Energy businesses' economic operations undoubtedly have a direct influence on society, the environment, and the local community. Providing stakeholders with access to corporate information may benefit the business in a number of ways, including financially. This study aims to evaluate the impact of leverage, green accounting, and sustainability reports on corporate value. The corporate value, the study's dependent variable, uses the price-to-book value (PBV) ratio to calculate. In contrast, the independent variables that are employed, including the sustainability report, are quantified using CSRIj, green accounting using a PROPER, and leverage, which are measured using the debt-equity ratio (DER). The corporate website and Indonesia Stock Exchange (IDX) provided the data utilized in the study. Population studies consisted of energy businesses that were listed between 2020 and 2023 on the IDX. Using purposive sampling, this study sample was selected; therefore, 74 corporate data samples satisfied the criterion. The study's findings suggest that green accounting and sustainability reports have little impact on corporate worth. However, the value of the corporation is impacted by leverage. Therefore, investors pay more attention to financial aspects than non-financial aspects such as environmental and social disclosure. The combination of independent variables in this study shows that the effect on the dependent variable is still weak or limited, so further researchers need to use more varied combinations.

Keywords

Corporate Values; Energy Sector Companies; Green Accounting; Leverage; Sustainability Report

Full Text:

PDF

References

Abas, H., Kawatu, F. S., & Kewo, C. L. (2020). Analysis of profit growth of manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2013-2017 period. International Journal of Applied Business and International Management, 72-78. https://doi.org/10.32535/ijabim.v0i0.878

Aksan, I., & Gantyowati, E. (2020). Disclosure on sustainability reports, foreign board, foreign ownership, Indonesia sustainability reporting awards, and firm value. Journal of Accounting and Strategic Finance, 3(1), 33-51.https://doi.org/10.33005/jasf.v3i1.69

Annisa, I., Ulupui, I. G. K. A., & Utaminingtyas, T. H. (2023). Pengaruh pengungkapan laporan keberlanjutan, profitabilitas, dan leverage terhadap nilai perusahaan. Jurnal Revenue: Jurnal Ilmiah Akuntansi, 4(1), 327-341. https://doi.org/10.46306/rev.v4i1.268

Brigham, E. F., & Houston, J. F. (2016). Dasar-Dasar Manajemen Keuangan (14th ed.). Salemba Empat.

Cheng, S., Lin, K. Z., & Wong, W. (2016). Corporate social responsibility reporting and firm performance: Evidence from China. Journal of Management and Governance, 20(3), 503–523. https://doi.org/10.1007/s10997-015-9309-1

Cohen, N., & Robbins, P. (2011). Green Business: An A-to-Z Guide. SAGE Publications, Inc.

Darmadji, T., & Fakhruddin, H. M. (2012). Pasar Modal di Indonesia (3rd ed.). Salemba Empat.

Dewi, L. A., & Praptoyo, S. (2022). Pengaruh ukuran perusahaan, profitabilitas, dan leverage terhadap nilai perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 11(2).

Dewi, L. S., & Abundanti, N. (2019). Pengaruh profitabilitas, likuiditas, kepemilikan institusional dan kepemilikan manajerial terhadap nilai perusahaan. E-Jurnal Manajemen Universitas Udayana, 8(10), 6099. https://doi.org/10.24843/ejmunud.2019.v08.i10.p12

Elkington, J., & Rowlands, I. H. (1999). Cannibals with forks: The triple bottom line of 21st century business. Alternatives Journal, 25(4), 42.

Fahmi, I. (2017). Manajemen Sumber Daya Manusia (Teori dan Aplikasi) (2nd ed.). Alfabeta.

Financial Services Authority (OJK). (2021). Surat Edaran Otoritas Jasa Keuangan Republik Indonesia Nomor 16 /SEOJK.04/2021 Tentang Bentuk dan Isi Laporan Tahunan Emiten atau Perusahaan Publik. Otoritas Jasa Keuangan. https://www.ojk.go.id/id/regulasi/Documents/Pages/Bentuk-dan-Isi-Laporan-Tahunan--Emiten-atau-Perusahaan-Publik/SEOJK%20-%2016%20-%202021.pdf

Ghozali, I. (2018). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 25 (9th ed.). Badan Penerbit Univesitas Diponegoro.

Gumanti, T. A. (2009). Teori Sinyal Dalam Manajemen Keuangan. Manajemen Usahawan Indonesia.

Hardiyansah, M., Agustini, A. T., & Purnamawati, I. (2021). The effect of carbon emission disclosure on firm value: Environmental performance and industrial type. Journal of Asian Finance, Economics and Business, 8(1), 123–133. https://doi.org/10.13106/jafeb.2021.vol8.no1.123

Harmono, H. (2014). Manajemen Keuangan: Berbasis Balanced Scorecard (1st ed.). Bumi Aksara.

Hategan, C. D., Sirghi, N., Curea-Pitorac, R. I., & Hategan, V. P. (2018). Doing well or doing good: The relationship between corporate social responsibility and profit in Romanian companies. Sustainability (Switzerland), 10(4). https://doi.org/10.3390/su10041041

Ikhsan, A. (2008). Akuntansi Lingkungan dan Pengungkapannya (1st ed.). Graha Ilmu.

Imanullah, W. R., & Syaichu, M. (2023). Analisis faktor-faktor yang memengaruhi nilai perusahaan pada perusahaan sektor energi yang terdaftar di BEI periode 2015-2019. Diponegoro Journal of Management, 12(6).

Kamil, A., & Herusetya, A. (2012). Pengaruh karakteristik perusahaan terhadap luas pengungkapan kegiatan corporate social responsibility. Media Riset Akuntansi, 2(1).

Kasmir, K. (2019). Analisis Laporan Keuangan (1st ed.). PT Raja Grafindo Persada.

Khotimah, S. N., Mustikowati, R. I., & Sari, A. R. (2020). Pengaruh ukuran perusahaan dan leverage terhadap nilai perusahaan dengan profitabilitas sebagai variabel moderasi. Jurnal Riset Mahasiswa Akuntansi, 8(2). https://doi.org/10.21067/jrma.v8i2.5232

Kumala, N., & Priantilianingtiasari, R. (2024). Pegaruh green accounting, CSR dan kinerja keuangan terhadap nilai perusahaan pertambangan yang terdaftar di BEI Tahun 2016-2022. El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam, 5(2), 776-795. https://doi.org/1047467/elmal.v5i2.675

Lestari, A. D., & Khomsiyah, K. (2023). Pengaruh kinerja lingkungan, penerapan green accounting, dan pengungkapan sustainability report terhadap nilai perusahaan. Jurnal Ekonomi Bisnis, Manajemen Dan Akuntansi, 3(3), 514-526. https://doi.org/10.47709/jebma.v3i3.2799

Lumapow, L. S. (2019). The effect of investment and non-monotonic of managerial ownership on corporate value. International Journal of Applied Business and International Management, 4(1), 71-82. https://doi.org/10.32535/ijabim.v4i1.384

Magablih, A. M. (2017). The impact of green accounting for reducing the environmental cost in production companies. Journal of Modern Accounting and Auditing, 13(6), 249-265. https://doi.org/10.17265/1548-6583/2017.06.002

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.

Pradana, R., & Astika, I. B. P. (2019). Pengaruh ukuran perusahaan, penerapan good corporate governance, dan pengungkapan corporate social responsibility pada nilai perusahaan. E-Jurnal Akuntansi, 28(3), 1920. https://doi.org/10.24843/eja.2019.v28.i03.p18

Pradnyawati, S. O., Keprameni, P., & Darmaputri, A. A. I. L. (2023). How does governance, individual internal factors and supervisory functions affect the quality of savings and loans cooperative financial reports? International Journal of Applied Business and International Management, 8(3), 397–406. https://doi.org/10.32535/ijabim.v8i3.2689

Pramesti, A. A., & Idayati, F. (2019). Pengaruh ukuran perusahaan, profitabilitas, dan leverage terhadap pengungkapan corporate social responsibility. Jurnal Ilmu dan Riset Akuntansi, 8(4).

Pratiwi, N. D., Oktaviani, N., & Pandin, M. Y. R. (2024). Pengaruh green accounting, ukuran perusahaan dan leverage terhadap nilai perusahaan: Studi kasus pada perusahaan manufaktur (sub sektor semen) yang terdaftar di Bursa Efek Indonesia tahun 2018-2022. Brilian Dinamis Akuntansi Audit, 6(3).

Rebecca, R. A. (2024). Penerapan Green accounting, Pengaruh Kinerja Lingkungan, dan Pengungkapan Sustainability report terhadap Nilai Perusahaan (Studi Empiris pada Perusahaan Sektor Industri Dasar dan Kimia Yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2020–2022) (Undergraduate thesis, Universitas Widyatama). Repository Universitas Widyatama. https://repository.widyatama.ac.id/handle/123456789/108568

Rejeki, H. T., & Haryono, S. (2021). Pengaruh leverage dan ukuran perusahaan terhadap nilai perusahaan di Indonesia. Invoice: Jurnal Ilmu Akuntansi, 3(1), 1-9. https://doi.org/10.26618/inv.v3i1.4969

Sapulette, S. G., & Limba, F. B. (2021). Pengaruh penerapan green accounting dan kinerja lingkungan terhadap nilai perusahaan manufaktur yang terdaftar di BEI tahun 2018-2020. Kupna Akuntansi: Kumpulan Artikel Akuntansi, 2(1), 31-43. https://doi.org/10.30598/kupna.v2.i1.p31-43

Selvia, S. M., & Sulfitri, V. (2023). Pengaruh green accounting, corporate social responsibility dan financial distress terhadap nilai perusahaan pada perusahaan manufaktur sektor consumer goods yang terdaftar di BEI 2019-2021. Jurnal Ekonomi Trisakti, 3(2), 3035-3048. https://doi.org/10.25105/jet.v3i2.17999

Sulistyono, S. (2015). Kegiatan usaha industri migas hubungannya dengan dampak dan tanggung jawab kelestarian lingkungan hidup. Swara Patra: Majalah Ilmiah PPSDM Migas, 5(2).

Susesti, D. A., & Wahyuningtyas, E. T. (2022). Pengaruh profitabilitas, leverage, dan ukuran perusahaan terhadap nilai perusahaan (studi empiris pada perusahaan LQ45 Pada Bursa Efek Indonesia periode 2018-2020. Accounting and Management Journal, 6(1), 36-49.

Suwardika, I. N. A., & Mustanda, I. K. (2017). Pengaruh leverage, ukuran perusahaan, pertumbuhan perusahaan, dan profitabilitas terhadap nilai perusahaan pada perusahaan property. E-Jurnal Manajemen Universitas Udayana.

Wibowo, W. (2022). Manajemen Sumber Daya Manusia. Rajawali Pers.

Widiastuti, H., Utami, E. R., & Handoko, R. (2018). Pengaruh ukuran perusahaan, tipe industri, growth, dan media exposure terhadap pengungkapan tanggung jawab sosial perusahaan (studi empiris pada perusahaan yang terdaftar di bursa efek Indonesia tahun 2014-2015). Riset Akuntansi Dan Keuangan Indonesia, 3(2), 107-117. https://doi.org/10.23917/reaksi.v3i2.6745

Yani, V., & Wijaya, T. (2024, April). Pengaruh green accounting terhadap nilai perusahaan sektor energi yang terdaftar di Bursa Efek Indonesia (BEI) tahun 2018-2022. In MDP Student Conference (Vol. 3, No. 2, pp. 489-496). https://doi.org/10.35957/mdp-sc.v3i2.7366

DOI: https://doi.org/10.32535/ijabim.v10i1.3813