Analyzing the Impact of Environmental Performance and Profit Growth on Firm Value in Indonesia’s Oil, Gas, and Coal Sector

Khalifah Shela Sardila; Januar Eko Prasetio

doi:10.32535/ijabim.v10i2.3996

Analyzing the Impact of Environmental Performance and Profit Growth on Firm Value in Indonesia’s Oil, Gas, and Coal Sector

Khalifah Shela Sardila, Januar Eko Prasetio

Abstract

Corporate value is an important indicator in assessing a company’s performance and competitiveness in the market. In the context of the oil, gas, and coal sectors—industries particularly vulnerable to environmental concerns—attention to sustainability is becoming increasingly critical. This study aims to analyze the effect of environmental performance and profit growth on the firm value of companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2023 period. A quantitative method with a correlational design was used, drawing on secondary data from annual and sustainability reports. A purposive sampling technique yielded 31 companies that met specific criteria, including consistent listing on the IDX, complete reporting, and PROPER scores from the Ministry of Environment and Forestry. Environmental performance was measured using PROPER scores, profit growth by the net profit growth ratio, and firm value using Tobin’s Q. Data were analyzed using multiple linear regression, preceded by classical assumption tests for normality, multicollinearity, heteroscedasticity, and autocorrelation. The results show that environmental performance has a significant negative effect on firm value (? = -0.996; p < 0.001), while profit growth is not statistically significant (? = 0.033; p = 0.058)

Keywords

Environmental Performance, Profit Growth, Firm Value.

Full Text:

PDF

References

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

Aini, N., & Faisal, N. T. (2021). The effect of environmental performance on firm value using financial performance as mediator variable. International Journal of Entrepreneurship and Business Development, 4(3), 390-395. https://doi.org/10.29138/IJEBD.V4I3.1391

Ani, D. A. (2021). The effect of environmental performance on the value of the company with financial performance as an intervening variable. Jurnal Ilmiah Bisnis, Manajemen Dan Akuntansi, 1(1), 16-29. https://doi.org/10.35473/jibaku.v1i1.953

Apriandi, D., & Lastanti, H. S. (2023). Apakah kinerja lingkungan dan kinerja keuangan dapat mempengaruhi nilai perusahaan?. Jurnal Ekonomi Trisakti, 3(1), 1219-1228. https://doi.org/10.25105/jet.v3i1.16058

Apriono, M., Fadah, I., Wardayanti, S. M., Niken, R., Aprillianto, B., Wahyuni, N. I., & Awwaliyah, I. (2023). The effect of financial performance and environmental sensitivity on ESG disclosure: Empirical study in agroindustrial sector. International Journal of Applied Business and International Management, 8(3), 361-375. https://doi.org/10.32535/ijabim.v8i3.2531

Astuti, R. P., Isharijadi, I., & Amah, N. (2017, October). Pengaruh kinerja lingkungan dan kinerja perusahaan terhadap pengungkapan corporate social responsibility (studi kasus pada persahaan manufaktur sektor barang dan industri tahun 2014-2016). In FIPA: Forum Ilmiah Pendidikan Akuntansi (Vol. 5, No. 1).

Aulia, R. H., & Noorlaily, S. (2018). Analysis of profitability, marketing activities and E-Commerce implementation on firm value: evidence from Indonesian consumer goods listed companies in 2014-2016. Russian Journal of Agricultural and Socio-Economic Sciences, 78(6), 66-74. https://doi.org/10.18551/rjoas.2018-06.07

Burhany, D. I., & Nurniah, N. (2013). Akuntansi manajemen lingkungan, alat bantu untuk meningkatkan kinerja lingkungan dalam pembangunan berkelanjutan. EKUITAS (Jurnal Ekonomi dan Keuangan), 17(3), 279-298. https://doi.org/10.24034/j25485024.y2013.v17.i3.262

Butt, M. N., Baig, A. S., & Seyyed, F. J. (2023). Tobin’s Q approximation as a metric of firm performance: An empirical evaluation. Journal of Strategic Marketing, 31(3), 532-548. https://doi.org/10.1080/0965254X.2021.1947875

Dwicahyanti, R., & Priono, H. (2021). Pengaruh penerapan akuntansi lingkungan dan ukuran perusahaan terhadap profitabilitas serta pengungkapan informasi lingkungan sebagai variabel intervening. Jurnal Syntax Transformation, 2(06), 868-874. https://doi.org/10.46799/jst.v2i6.295

Fiana, R. L., Santosa, R. E. W. A., & Khatik, N. (2022). Faktor yang mempengaruhi nilai perusahaan menurut teori signalling (studi pada perusahaan manufaktur sektor industri barang konsumsi yang terdaftar di Bursa EfekiIndonesia (BEI) tahun 2017–2020). Jurnal Akuntansi Dan Bisnis, 8(2), 182-196. https://doi.org/10.47686/jab.v8i2.536

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

Goh, T. S., Henry, H., Erika, E., & Albert, A. (2022). Sales growth and firm size impact on firm value with ROA as a moderating variable. MIX: Jurnal Ilmiah Manajemen, 12(1), 99-116. https://dx.doi.org/10.22441/jurnal_mix.2022.v12i1.008

Handayani, N. T. (2012). Pengaruh financial ratio terhadap pertumbuhan laba dengan pengungkapan corporate social responsibility sebagai variabel pemoderasi. Management Analysis Journal, 1(2). https://doi.org/10.15294/MAJ.V1I2.508

Hargiansyah, R. F. (2015). Pengaruh ukuran perusahaan, leverage dan profitabilitas terhadap nilai perusahaan (studi empiris pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia). Artikel Ilmiah Mahasiswa, 1(1), 6-10.

Hariati, I., & Rihatiningtyas, Y. W. (2015). Pengaruh tata kelola perusahaan dan kinerja lingkungan terhadap nilai perusahaan. Simposium Nasional Akuntansi, 18, 1-16.

Herlianti, W., & Rianindita, N. (2024). Literatur review: Pengaruh free cash flow, kebijakan hutang, profitabilitas, pertumbuhan perusahaan, risiko perusahaan terhadap kebijakan dividen. Jurnal Akuntansi, Keuangan, Perpajakan dan Tata Kelola Perusahaan, 1(4), 521-535. https://doi.org/10.59407/jakpt.v1i4.770

Hirdinis, M. (2019). Capital structure and firm size on firm value moderated by profitability. International Journal of Ecomonics and Business Administration, 7(1), 174–191.

Jihadi, M., Vilantika, E., Hashemi, S. M., Arifin, Z., Bachtiar, Y., & Sholichah, F. (2021). The effect of liquidity, leverage, and profitability on firm value: Empirical evidence from Indonesia. The Journal of Asian Finance, Economics and Business, 8(3), 423-431. https://doi.org/10.13106/jafeb.2021.vol8.no3.0423

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

Machfoedz, M. (2007). Pengantar Bisnis Modern (1st ed.). ANDI.

Martins, M. M., & Lopes, I. T. (2016). Intellectual capital and profitability: A firm value approach in the European companies. Verslas: Teorija ir Praktika, (3), 234-242.

Ningsih, W. F., & Rachmawati, R. (2017). Implementasi Green Accounting dalam meningkatkan kinerja perusahaan. JABE (Journal of Applied Business and Economic), 4(2), 149-158. http://dx.doi.org/10.30998/jabe.v4i2.2142

Nurhidayat, E., Junaid, A., & Kamase, J. (2020). Penerapan akuntansi lingkungan berdasarkan Triple Bottom Line pada RSUD HM Djafar Harun Kabupaten Kolaka Utara. Jurnal Ilmu Akuntansi, 2(2), 38-80. https://doi.org/10.26618/inv.v2i2.4111

Pahlevi, R., Thamrin, S., Ahmad, I., & Nugroho, F. B. (2024). Masa depan pemanfaatan batubara sebagai sumber energi di Indonesia. Jurnal Energi Baru Dan Terbarukan, 5(2), 50-60. https://doi.org/10.14710/jebt.2024.22973

Puspitasari, L. P. N., & Wiagustini, L. P. (2019). The effect of capital structure and firm growth on firm value with profitability as mediation. International Journal of Economics, Commerce and Management, 7(12), 69-84.

Situngkir, J., Mukti, A. H., & Christiningrum, M. F. (2023). The effect of sales growth and profitability on company value with debt policy as moderating variables. Basic and Applied Accounting Research Journal, 3(1), 12-19. http://dx.doi.org/10.11594/baarj.03.01.03

Sulistiawati, E., & Dirgantari, N. (2016). Analisis pengaruh penerapan green accounting terhadap profitabilitas pada perusahaan pertambangan yang terdaftar di Bursa Efek Indonesia. Jurnal Reviu Akuntansi Dan Keuangan, 6(1). https://doi.org/10.22219/jrak.v6i1.5082

The Audit Board of Indonesia (BPK RI). (2007). Undang-undang (UU) Nomor 40 Tahun 2007 tentang Perseroan Terbatas. Database Peraturan BPK. https://peraturan.bpk.go.id/Details/39965

Tjahjono, S., & Eko, M. (2013). Pengaruh kinerja lingkungan terhadap nilai perusahaan dan kinerja keuangan. Jurnal Ekonomi Universitas Esa Unggul, 4(1), 17905.

Wardani, D. D., & Sa’adah, L. (2020). Pengaruh kinerja lingkungan terhadap nilai Perusahaan dengan kinerja keuangan sebagai variable intervening. AKTIVA Jurnal Akuntansi dan Investasi, 5(1), 15-28. http://dx.doi.org/10.53712/aktiva.v5i1.823

DOI: https://doi.org/10.32535/ijabim.v10i2.3996