NILAI PERUSAHAAN DAN PENGARUH MODERASI KEBIJAKAN DIVIDEN: PENGUNGKAPAN DARI EMISI KARBON, MANAJEMEN RISIKO DAN TATA KELOLA

Authors

  • Reynold Ari Renaldo Ticoalu Universitas Tarumanagara
  • Sukrisno Agoes Universitas Tarumanagara

DOI:

https://doi.org/10.29303/jaa.v7i2.213

Abstract

Penelitian ini menyelidiki pengaruh dari pengungkapan informasi emisi karbon, manajemen risiko dan tata kelola terhadap nilai perusahaan dan sekaligus menambahkan variabel moderasi kebijakan dividen. Penelitian ini terdiri dari 165 observasi data dengan menggunakan metode purposive sampling yang diambil dari perusahaan manufaktur yang telah terdaftar di Bursa Efek Indonesia sejak tahun 2017 – 2021. Penelitian ini menggunakan analisis regresi data panel melalui model Fixed-effect. Pengujian menyatakan pengungkapan emisi karbon tidak memberikan pengaruh terhadap nilai perusahaan, pengungkapan manajemen risiko mempengaruhi secara negatif dan pengungkapan tata kelola berpengaruh positif terhadap nilai perusahaan. Selain itu, pengujian menyatakan kebijakan dividen belum mampu dalam memperkuat pengungkapan dari informasi emisi karbon, memperlemah pengungkapan dari penerapan manajemen risiko serta memperkuat pengungkapan tata kelola terhadap value perusahaan. Penelitian ini mengisyaratkan agar manajemen perusahaan perlu memperhatikan kualitas informasi yang diungkapkan.

References

Anggreni, N. K. A. A., Suprasto, H. B., Ariyanto, D., & Suaryana, I. G. N. A. (2021). Pengungkapan Enterprise Risk Management dan Nilai Perusahaan: Peran Moderasi Umur dan Ukuran Perusahaan. E-Jurnal Akuntansi, 31(11), 2867. https://doi.org/10.24843/eja.2021.v31.i11.p15

Bae, S. M., Masud, M. A. K., & Kim, J. D. (2018). A cross-country investigation of corporate governance and corporate sustainability disclosure: A signaling theory perspective. Sustainability (Switzerland), 10(8). https://doi.org/10.3390/su10082611

Ben Fatma, H., & Chouaibi, J. (2021). Corporate governance and firm value: a study on European financial institutions. International Journal of Productivity and Performance Management. https://doi.org/10.1108/IJPPM-05-2021-0306

Bon, S. F., & Hartoko, S. (2022). The Effect of Dividend Policy, Investment Decision, Leverage, Profitability, and Firm Size on Firm Value. European Journal of Business and Management Research, 7(3), 7–13. https://doi.org/10.24018/ejbmr.2022.7.3.1405

Chairani, C., & Siregar, S. V. (2021). The effect of enterprise risk management on financial performance and firm value: the role of environmental, social and governance performance. Meditari Accountancy Research, 29(3), 647–670. https://doi.org/10.1108/MEDAR-09-2019-0549

Endri, E., & Fathony, M. (2020). Determinants of firm’s value: Evidence from financial industry. Management Science Letters, 10(1), 111–120. https://doi.org/10.5267/j.msl.2019.8.011

Faisal, M., & Challen, A. E. (2021). Enterprise Risk Management and Firm Value: The Role of Board Monitoring. Asia Pacific Fraud Journal, 6(1), 182. https://doi.org/10.21532/apfjournal.v6i1.204

Farooq, M., Noor, A., & Ali, S. (2022). Corporate governance and firm performance: empirical evidence from Pakistan. Corporate Governance (Bingley), 22(1), 42–66. https://doi.org/10.1108/CG-07-2020-0286

Firmansyah, A., & Estutik, R. S. (2020). Environmental responsibility performance, corporate social responsibility disclosure, tax aggressiveness: Does corporate governance have a role? Journal of Governance and Regulation, 9(4), 8–24. https://doi.org/10.22495/jgrv9i4art1

Firmansyah, A., Jadi, P. H., Febrian, W., & Fasita, E. (2021). Respon Pasar Atas Pengungkapan Emisi Karbon Di Indonesia : Bagaimana Peran Tata Kelola Perusahaan? Jurnal Magister Akuntansi Trisakti, 8(2), 151–170. https://doi.org/10.25105/jmat.v8i2.9789

Florio, C., & Leoni, G. (2017). Enterprise risk management and firm performance: The Italian case. British Accounting Review, 49(1), 56–74. https://doi.org/10.1016/j.bar.2016.08.003

Hardiyansah, M., & Agustini, A. T. (2020). Analysis of carbon emissions disclosure and firm value: Type of industry as a moderating model. International Journal of Scientific and Technology Research, 9(2), 1125–1132.

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

Hariyanur, R., Septiyanti, R., & Idris, A. Z. (2022). The effect of investment and financing decision, dividend policy and cost of capital on Indonesian firm value. Asian Journal Of Economics And Business Management, 1(2), 73–81. https://doi.org/10.23960/jbm.v17i1.189

Harun, M. S., Hussainey, K., Mohd Kharuddin, K. A., & Farooque, O. al. (2020). CSR Disclosure, Corporate Governance and Firm Value: a study on GCC Islamic Banks. International Journal of Accounting and Information Management, 28(4), 607–638. https://doi.org/10.1108/IJAIM-08-2019-0103

Hertina, D., Puteri Astama, L., & Puteri, L. (2020). Company Value Impact Funding Decisions, Investment Decisions And Dividend Policy-Palarch’s. Journal Of Archaeology Of Egypt/Egyptology, 17(4), 3569–3576.

Horvey, S. S., & Ankamah, J. (2020). Enterprise risk management and firm performance: Empirical evidence from Ghana equity market. Cogent Economics and Finance, 8(1), 1–23. https://doi.org/10.1080/23322039.2020.1840102

Iqbal, M., AR, M. D., & Darmawan, A. (2018). The Effect of Share Ownership Structure to The Dividend Policy and Corporate Value of The Manufacturing Company Listed in Indonesia Stock Exchange. Wacana Journal of Social and …, 21(3),111–121.

Iswajuni, I., Manasikana, A., & Soetedjo, S. (2018). The effect of enterprise risk management (ERM) on firm value in manufacturing companies listed on Indonesian Stock Exchange year 2010-2013. Asian Journal of Accounting Research, 3(2), 224–235. https://doi.org/10.1108/AJAR-06-2018-0006

Juhandi, N., Fahlevi, M., Abdi, M. N., & Noviantoro, R. (2019). Liquidity, Firm Size and Dividend Policy to the Value of the Firm (Study in Manufacturing Sector Companies Listed on Indonesia Stock Exchange). Advances in Economics, Business and Management Research, 100(Icoi), 313–317. https://doi.org/10.2991/icoi-19.2019.53

Kamaliah. (2020). Disclosure of corporate social responsibility (CSR) and its implications on company value as a result of the impact of corporate governance and profitability. International Journal of Law and Management, 62(4), 339–354. https://doi.org/10.1108/IJLMA-08-2017-0197

Kartika, I. (2021). Corporate Governance, Corporate Social Responsibility and Firm Value: Evidence from Indonesia. International Journal of Business Economics (IJBE), 3(1), 64–80. https://doi.org/10.30596/ijbe.v3i1.7912

Kurnia, P., Emrinaldi Nur, D. P., & Putra, A. A. (2021). Carbon emission disclosure and firm value: A study of manufacturing firms in Indonesia and Australia. International Journal of Energy Economics and Policy, 11(2), 83–87. https://doi.org/10.32479/ijeep.10730

Kusumawati, V. C., Robiyanto, R., & Harijono, H. (2021). Profitability and Dividend Policy Affects Firm Value in The Infrastructure, Utility and Transportation Sector. International Journal of Social Science and Business, 5(1), 8–15. https://doi.org/10.23887/ijssb.v5i1.29822

Lee, J., Kim, S., & Kim, E. (2021). Voluntary disclosure of carbon emissions and sustainable existence of firms: With a focus on human resources of internal control system. Sustainability (Switzerland), 13(17). https://doi.org/10.3390/su13179955

Lumapow, L. S., & Tumiwa, R. A. F. (2017). The Effect of Dividend Policy, Firm Size, and Productivity to the Firm Value. Research Journal of Finance and Accounting, 8(22), 20–24.

Mahardikari (2021). Pengaruh Profitability, Liquidity, Leverage, Dividend Policy, Firm Size, Dan Firm Growth Terhadap Nilai Perusahaan. Jurnal Ilmu Manajemen Volume 9 Nomor 2.

Mujino, A. W. (2021). the Effect of Dividend Policy, Debt Policy, Profitability, Asset Structure, and Company Size on the Value of Manufacturing Companies Listed on the Indonesia Stock Exchange 2013-2019. Business and Accounting Research (IJEBAR) Peer Reviewed-International Journal, 5(2), 48–62. https://jurnal.stie-aas.ac.id/index.php/IJEBAR

Mumtazah, F., & Purwanto, A. (2020). Analisis Pengaruh Kinerja Keuangan Dan Pengungkapan Lingkungan Terhadap Nilai Perusahaan. Diponegoro Journal of Accounting, 9(2), 2337–2806. http://ejournal-s1.undip.ac.id/index.php/accounting

Nadia, M. A., Rokhmawati, A., & Halim, E. H. (2020). The Effect of Corporate Social Responsibility and Good Corporate Governance on Firm Value with Financial Performance as the Mediation Variable. IJEBA: International Journal of Economic, Business and Applications, 5(1), 83–97. https://doi.org/10.1088/1751-8113/44/8/085201

Primanandari, C., Ayu, G., & Budiasih, N. (2021). The Effect Of Carbon Emission Disclosure Andcorporate Social Responsibility Disclosure On Firm Value (Study on Mining Companies Listed on the Indonesia Stock Exchange 2016-2019). American Journal of Humanities and Social Sciences Research, 5, 423–431. www.ajhssr.com

Sari, R., & Witjaksono, A. (2021). The Effect of Enterprise Risk Management, Firm Size, Profitability, and Leverage on Firm Value. EAJ (Economic and Accounting Journal), 4(1), 71.

Setiany, E., & Dedi. (2021). Enterprise Risk Management , Managerial Ownership and Institutional Ownership on Firm Value. International Journal of Innovative Science and Research Technology, 6(9), 531–537.

Simamora, R. N. H., Safrida, & Elviani, S. (2022). Carbon emission disclosure in Indonesia: Viewed from the aspect of board of directors, managerial ownership, and audit committee. Journal of Contemporary Accounting, 4(1), 1–9. https://doi.org/10.20885/jca.vol4.iss1.art1

Sitorus, T., & Sitorus, T. V. T. (2017). Good corporate governance and firm value: the role of corporate social responsibility. Corporate Ownership and Control, 14(4), 328–336. https://doi.org/10.22495/cocv14i4c1art14

Sri Murinda, C. (2021). Firm Value: Does Corporate Governance and Research & Development Investment Matter? Jurnal Reviu Akuntansi Dan Keuangan, 11(2), 266–284. https://doi.org/10.22219/jrak.v11i2.16786

Sudiani, N. K. A., & Wiksuana, I. G. B. (2018). Capital Structure, Investment Opportunity Set, Dividend Policy And Profitability As A Firm Value Determinants. Russian Journal of Agricultural and Socio-Economic Sciences, 81(9), 259–267. https://doi.org/10.18551/rjoas.2018-09.30

Sukmawardini, D., & Ardiansari, A. (2018). The Influence Of Institutional Ownership. Profitability, Liquidity, Dividend Policy, Debt Policy On Firm Value. In Management Analysis Journal (Vol. 7, Issue 2). http://maj.unnes.ac.id

Sugosha, M. J. (2020). The role of profitability in mediating company ownership structure and size of firm value in the pharmaceutical industry on the Indonesia stock exchange. International Research Journal of Management, IT and Social Sciences, 7(1), 104–115. https://doi.org/10.21744/irjmis.v7n1.827

Ticoalu, R., Januardi, J., Firmansyah, A., & Trisnawati, E. (2021). Nilai Perusahaan, Manajemen Risiko, Tata Kelola Perusahaan: Peran Moderasi Ukuran Perusahaan. Studi Akuntansi Dan Keuangan Indonesia, 4(2), 89–103. https://doi.org/10.21632/saki.4.2.89-103

Triansyah, M. B., Adam, M., & Wahyudi, T. (2020). Carbon emission disclosure in manufacturing companies in Indonesia. Облік і Фінанси, 3(89), 148–154. https://doi.org/10.5958/0976-5506.2019.02647.0

Wahjudi, E. (2020). Factors affecting dividend policy in manufacturing companies in Indonesia Stock Exchange. Journal of Management Development, 39(1), 4–17. https://doi.org/10.1108/JMD-07-2018-0211

Wahyuni, E. D., & Oktavia, I. (2020). Disclosure Of Enterprise Risk Management (ERM), Company Value, And Profitability As Moderating Factors. Jurnal Reviu Akuntansi Dan Keuangan, 10(2), 208. https://doi.org/10.22219/jrak.v10i2.12934

Widiatmoko, J., Badjuri, A., Irsad, M., & Adhipratama, A. A. (2021). Ownership Structure on Dividend Policy and Its Impact on Firm Value. Proceedings of the 3rd International Conference on Banking, Accounting, Management and Economics (ICOBAME 2020), 169(Icobame 2020), 0–3. https://doi.org/10.2991/aebmr.k.210311.081

Downloads

Published

2023-02-07

How to Cite

Ticoalu, R. A. R., & Agoes, S. (2023). NILAI PERUSAHAAN DAN PENGARUH MODERASI KEBIJAKAN DIVIDEN: PENGUNGKAPAN DARI EMISI KARBON, MANAJEMEN RISIKO DAN TATA KELOLA. Jurnal Aplikasi Akuntansi, 7(2), 370–393. https://doi.org/10.29303/jaa.v7i2.213