The Effect of Eco-efficiency on Firm Value with Financial Performance as a Moderating Variable

Authors

  • Arbi Arsi Ave Noor Universitas Muhammadiyah Purwokerto
  • Annisa Ilma Hartikasari Universitas Muhammadiyah Purwokerto
  • Iwan Fakhruddin Universitas Muhammadiyah Purwokerto
  • Rina Mudjiyanti Universitas Muhammadiyah Purwokerto

DOI:

https://doi.org/10.56070/ibmaj.v1i4.21

Keywords:

Eco-efficiency, Financial Peformance, Firm Value

Abstract

Eco-efficiency is one of the ways companies can help realize the world agenda, namely the Sustainability Development Goals. This study aims to examine the impact of implementing eco-efficiency on firm value moderated by financial performance as measured by ROA and ROE. The sample taken consisted of panel data from 140 energy companies from 2017-2021. The data obtained was then analyzed using panel data regression. This study proves that eco-efficiency has a positive effect on firm value. Companies that implement eco-efficiency have a higher company value than companies that have not implemented the concept of eco-efficiency. financial performance ROA (return on assets) has a negative effect on firm value which indicates the performance of company management in using company assets is not managed effectively and efficiently. While the financial performance of ROE (return on equity) has no effect on firm value because there are companies that use profits for retained earnings and are not distributed to shareholders. Meanwhile, the results of testing financial performance variables using ROA (return on assets) and ROE (return on equity) proxies as moderators in this study cannot strengthen or weaken the relationship between eco-efficiency and firm value.

Downloads

Download data is not yet available.

References

Adrianingtyas, D. A. (2019). Pengaruh Kinerja Keuangan dan Keputusan Investasi Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Intervening. JEKPEND: Jurnal Ekonomi Dan Pendidikan, 2(2), 23-30. https://doi.org/10.26858/jekpend.v2i2.9369

Agustina, C., & Ardiansari, A. (2015). Pengaruh Faktor Ekonomi Makro dan Kinerja Keuangan Terhadap Nilai Perusahaan. Management Analysis Journal, 4(1), 10–21.

Al-Najjar, B., & Anfimiadou, A. (2012). (2012). Environmental policies and firm value. Business Strategy and the Environment, 21(1), 49–59. https://doi.org/10.1002/bse.713

Anggriani, A., & Amin, M. N. (2022). Pengaruh Good Corporate Governance, Kinerja Keuangan Dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Jurnal Ekonomi Trisakti, 2(2), 883–892. https://doi.org/10.25105/jet.v2i2.14739

Aviyanti, S. C., & Isbanah, Y. (2019). Pengaruh Eco-Efficiency, Corporate Social Responsibility, Ownership Concentration , dan Cash Holding terhadap Nilai Perusahaan Sektor Consumer Goods di BEI Periode 2011-2016. Jurnal Ilmu Manajemen, 7(1), 77–84.

Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of Management, 37(1), 39–67. https://doi.org/10.1177/0149206310388419

Dahar, R., Sri, N., Yanti, P., Rahmi, F., Ekonomi, F., Bisnis, D., & Andalas, D. (2019). Pengaruh Struktur Modal, Ukuran Perusahaan dan Return on Equity Terhadap Nilai Perusahaan Property and Real Estate yang Terdaftar di Bursa Efek Indonesia. Jurnal Ekonomi & Bisnis Dharma Andalas, 21(1), 121–132.

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

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

Fadul. (2019). Pengaruh Eco-Efficiency, Corporate Social Responsibility, Ownership Concentration Dan Profitabilitas Terhadap Nilai Perusahaan. 74–111.

Fahmie, A. (2018). Pengaruh Profitabilitas, Leverage, Struktur Kepemilikan, Pertumbuhan Penjualan dan Komisaris Independen terhadap Manajemen Laba. Jurnal Ilmiah Akuntansi Kesatuan, 6(2), 119–131. https://jurnal.ibik.ac.id/index.php/jiakes/article/view/139

Freeman. (n.d.). A Stakeholder Theory of the Modern Corporation by Remember --.

Halik, A. C. (2018). Pengaruh ROA dan NPM terhadap Nilai Perusahaan. Scientific Journal of Relfection: Economic, Accounting, Management and Business, 1(1), 1–10.

Harr, D. J., Godfrey, J. T., & Frank, R. H. (1992). Accounting for Volunteer Services in a Charitable Organization reesebrothers.

Hazudin, S. F., Mohamad, S. A., Azer, I., Daud, R., & Paino, H. (2015). ISO 14001 and Financial Performance: Is the Accreditation Financially Worth It for Malaysian Firms. Procedia Economics and Finance, 31(15), 56–61. https://doi.org/10.1016/s2212-5671(15)01131-4

Https://djpb.kemenkeu.go.id/kanwil/kalsel/id/data-publikasi/berita-terbaru/2975-ulasan-tentang-g20-indonesia,-apa-itu-g20-sejarah-dan-anggotanya.html

Https://investor.id/market-and-corporate/274095/ptba-anggarkan-rp-60-triliun-untuk-transformasijadi-perusahaan-energi-ramah-lingkungan

Https://www.bi.go.id/id/g20/default.aspx

Huppes, G., & Ishikawa, M. (2005). Eco‐efficiency and Its xsTerminology. Journal of Industrial Ecology, 9(4), 43–46. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2259398

Jensen, M. C. (2002). Value Maximization, Stakeholder Theory, and The Corporate objective Function Michael C. Jenseti. Business Ethics Quarterly, 12(2), 235–256.

Kementerian, Lingkungan Hidup (2003). Kebijakan Nasional Produksi Bersih. Jakarta: Negara Lingkungan Hidup.

Kolamban, D. V, Murni, S., & Baramuli, D. N. (2020). Analisis Pengaruh Leverage, Profitabilitas Dan Ukuran Perusahaan Terhadap Nilai Perusahaan Pada Industri Perbankan Yang Terdaftar Di Bei. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 8(3), 174–183.

Kurniasari, M. P., & Wahyuati, A. (2017). Pengaruh Profitabilitas Rasio Aktivitas Dan Leverage Terhadap Nilai Perusahaan Manufaktur Di Bei. Jurnal Ilmu Dan Riset Manajemen, 6(8), 1–19. http://jurnalmahasiswa.stiesia.ac.id/index.php/jirm/article/

Lukiman, N. K., & Hapsari, Y. D. (2018). Analisis Pengaruh Struktur Modal Dan Profitabilitas Terhadap Nilai Perusahaan Consumer Goods Yang Terdaftar Di BEI Periode 2014-2017. Journal of Chemical Information and Modeling, 53(9), 1689–1699.

Manurung, L. N. (2017). Pengaruh Kebijakan Hutang, Struktur Kepemilikan, dan Profitabilitas Terhadap Kebijakan Dividen (Studi Kasus Pada Perusahaan Manufaktur Sektor Barang Konsumsi yang Terdaftar di Bursa Efek Indonesia Tahun 2011-2015). Jurnal Ilmu Dan Riset Akuntansi, 8–11.

Mudjijah, S., Khalid, Z., & Astuti, D. A. S. (2019). Pengaruh Kinerja Keuangan Dan Struktur Modal Terhadap Nilai Perusahaan Yang Dimoderasi Variabel Ukuran Perusahaan. Jurnal Akuntansi Dan Keuangan, 8(1), 41–56.

Osazuwa, N. P., & Che-ahmad, A. (2016). The moderating effect of profitability and leverage on the relationship between eco-efficiency and firm value in publicly traded Malaysian firms. Social Responsibility Journal, 12(2), 295-306.

Panggau, N. D., & Septiani, A. (2017). Pengaruh Eco-efficiency terhadap Nilai Perusahaan dengan Leverage dan Profitabilitas sebagai Variabel Moderasi. Pengaruh Eco-Efficiency Terhadap Nilai Perusahaan Dengan Leverage Dan Profitabilitas Sebagai Variabel Moderasi, 6(4), 421–428.

Paulraj, A., & de Jong, P. (2011). The effect of ISO 14001 certification announcements on stock performance. International Journal of Operations and Production Management, 31(7), 765–788. https://doi.org/10.1108/01443571111144841

Prasetyo, H., Julianto, W., & Laela Ermaya, H. N. (2020). Penerapan Good Corporate Governance dan Kinerja Keuangan terhadap Nilai Perusahaan. Jurnal Syntax Transformation, 1(10), 709–721. https://doi.org/10.46799/jst.v1i10.164

Ranald. (2002). The business case for Sustainable Development: Making a difference towards the Earth Summit 2002 and beyond. Corporate Environmental Strategy, 9(3), 226–235. https://doi.org/10.1016/S1066-7938(02)00071-4

Riny, R. (2018). Analisis Faktor-Faktor yang Mempengaruhi Nilai Perusahaan pada Perusahaan Consumer Goods yang Terdaftar di Bursa Efek Indonesia. Jurnal Wira Ekonomi Mikroskil, 8(2), 139–150. https://doi.org/10.55601/jwem.v8i2.568

Rodoni, A., Salim, M. A., Amalia, E., & Rakhmadi, R. S. (2017). Comparing Efficiency and Productivity in Islamic Banking : Case Study Indonesia, Malaysia and Pakistan. Al-Iqtishad: Journal of Islamic Economics, 9(2), 227–242. https://doi.org/10.15408/aiq.v9i2.5153

Rusdianti, I. S., Irmadariyani, R., & Kustono, A. S. (2022). E-Finance : Mitigation of Fraud Tendency in Indonesia. International Journal of Entrepreneurship and Business Development, 5(3), 754-582. https://doi.org/10.29138/ijebd.v5i3.1857

Rutin, R., Triyonowati, T., & Djawoto, D. (2019). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Moderating. Jurnal Riset Akuntansi & Perpajakan (JRAP), 6(01), 126–143. https://doi.org/10.35838/jrap.v6i01.400

Salempang, L. E., Sondakh, J. J., & Pusung, R. J. (2016). Pengaruh Return on Asset, Debt To Equity Dan Pertumbuhan Penjualan Terhadap Nilai Perusahaan Pada Sektor Real Estate Dan Property Yang Terdaftar Di Bei Tahun 2013-2014. Jurnal Berkala Ilmiah Efisiensi, 16(3), 813–824.

Septianingrum, R. (2022). the Influence of Eco-Efficiency on Firm Value With Funding Structure As a Moderating Variable. Jurnal Akuntansi Dan Ekonomi, 7(1), 82–94. https://doi.org/10.29407/jae.v7i1.16165

Sinkin, C., Wright, C. J., & Burnett, R. D. (2008). Eco-efficiency and firm value. Journal of Accounting and Public Policy, 27(2), 167–176. https://doi.org/10.1016/j.jaccpubpol.2008.01.003

Sulistyan, R. B., Carito, D. W., Cahyaningati, R., Taufik, M., Kasno, K., & Samsuranto, S. (2022). Identification of Human Resources in the Application of SME Technology. Wiga : Jurnal Penelitian Ilmu Ekonomi, 12(1), 70–76. https://doi.org/10.30741/wiga.v12i1.799

Tio, A., & Putra Prima, A. (2022). Analisis Pengaruh Profitabilitas, Likuiditas Dan Solvabilitas Terhadap Nilai Perusahaan Yang Terdaftar Di Bursa Efek Indonesia. Owner, 6(1), 443–453. https://doi.org/10.33395/owner.v6i1.605

Triagustina, L., Sukarmanto, E., & Helliana. (2015). Pengaruh Return On Asset (ROA) Dan Return On Equity (ROE) Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Subsektor Makanan Dan Minuman Yang Terdaftar Di Bursa Efek Indonesia Periode 2010-2012. Prosiding Akuntansi, 28–34. http://karyailmiah.unisba.ac.id/index.php/akuntansi/article/view/1549

Yahya, K., & Fietroh, M. N. (2019). Pengaruh Return On Asset (ROA) Return On Equity (ROE) Terhadap Nilai. Jurnal Ilmu Dan Riset Manajemen, 4(2), 1–23. http://doi.org/10.33395/remik.v4i2

Yatminiwati, M., Sulistyan, R. B., Hidayat, Z., & Muttaqien, F. (2022). Human Resources Development in Increasing Sales Turnover of Synthetic Rattan Products. Jurnal Ilmu Manajemen Advantage, 6(1), 21–30. https://doi.org/10.30741/adv.v6i1.826

Downloads

Published

2022-12-21

How to Cite

Noor, A. A. A., Hartikasari, A. I., Fakhruddin, I., & Mudjiyanti, R. (2022). The Effect of Eco-efficiency on Firm Value with Financial Performance as a Moderating Variable. Innovation Business Management and Accounting Journal, 1(4), 117–128. https://doi.org/10.56070/ibmaj.v1i4.21