PERAN PENGUNGKAPAN LINGKUNGAN DALAM MENINGKATKAN HARGA SAHAM
DOI:
https://doi.org/10.29303/jaa.v7i2.218Keywords:
Environmental Disclosure, Stock Price, stakeholder theory, signaling theoryAbstract
Penelitian bertujuan menguji secara empiris peran pengungkapan lingkungan dalam meningkatkan harga saham. Populasi penelitian adalah semua perusahaan non perbankan dan Lembaga keuangan yang go public di Bursa Efek Indonesia periode 2010 – 2020. Berdasarkan kriteria diperoleh sampel sebanyak 403 observasi. Pengujian hipotesis menggunakan analisis regresi berganda. Hasil penelitian menunjukkan bahwa pengungkapan lingkungan meningkatkan harga saham. Hasil ini membuktikan stakeholder theory dan signaling theory. Tanggungjawab perusahaan kepada stakeholder yang dibuktikan dengan pengungkapan lingkungan merupakan bentuk moral dan etika perusahaan kepada masyarakat maupun stakeholder. Informasi pengungkapan lingkungan sebagai cara untuk mengurangi asimetri informasi antara perusahaan dengan stakeholder. Informasi lingkungan sebagai sinyal positif bagi pasar yang dibuktikan dengan peningkatan harga saham.
References
Andrikopoulos, A., & Kriklani, N. (2013). Environmental Disclosure and Financial Characteristics of the Firm: The Case of Denmark. Corporate Social Responsibility and Environmental Management, 20(1), 55–64. https://doi.org/10.1002/csr.1281
Angela, P., & Handoyo, S. (2021). The Determinants of Environmental Disclosure Quality: Empirical Evidence from Indonesia. Journal of Accounting Auditing and Business, 4(1), 41. https://doi.org/10.24198/jaab.v4i1.31489
Arayssi, M., Dah, M., & Jizi, M. (2016). Women on boards, sustainability reporting and firm performance. Sustainability Accounting, Management and Policy Journal, 7(3), 376–401. https://doi.org/10.1108/SAMPJ-07-2015-0055
Brower, J., & Mahajan, V. (2013). Driven to Be Good: A Stakeholder Theory Perspective on the Drivers of Corporate Social Performance. Journal of Business Ethics, 117(2), 313–331. https://doi.org/10.1007/s10551-012-1523-z
Chen, J. C., & Roberts, R. W. (2010). Toward a More Coherent Understanding of the Organization-Society Relationship: A Theoretical Consideration for Social and Environmental Accounting Research. Journal of Business Ethics, 97(4), 651–665. https://doi.org/10.1007/s10551-010-0531-0
Cordeiro, J. J., & Tewari, M. (2015). Firm Characteristics, Industry Context, and Investor Reactions to Environmental CSR: A Stakeholder Theory Approach. Journal of Business Ethics, 130(4), 833–849. https://doi.org/10.1007/s10551-014-2115-x
Cormier, D., Lapointe-Antunes, P., & Magnan, M. (2015). Does corporate governance enhance the appreciation of mandatory environmental disclosure by financial markets? In Journal of Management and Governance (Vol. 19, Issue 4, pp. 897–925). https://doi.org/10.1007/s10997-014-9299-4
De Klerk, M., & De Villiers, C. (2012). The value relevance of corporate responsibility reporting: South African evidence. Meditari Accountancy Research, 20(1), 21–38. https://doi.org/10.1108/10222521211234200
De Klerk, M., de Villiers, C., & van Staden, C. (2015). The influence of corporate social responsibility disclosure on share prices: Evidence from the United Kingdom. Pacific Accounting Review, 27(2), 208–228. https://doi.org/10.1108/PAR-05-2013-0047
Déjean, F., & Martinez, I. (2009). Environmental Disclosure and the Cost of Equity: The French Case. Accounting in Europe, 6(1), 57–80. https://doi.org/10.1080/17449480902896403
Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management Science, 60(11), 2835–2857. https://doi.org/10.1287/mnsc.2014.1984
Elijido-ten, E. (2009). Can stakeholder theory add to our understanding of Malaysian environmental reporting attitudes? Malaysian Accounting Review, 8(2), 85–110.
Ender, M., & Brinckmann, F. (2019). Impact of CSR-Relevant News on Stock Prices of Companies Listed in the Austrian Traded Index ( ATX ). International Journal of Financial Studies, 7(36).
Flammer, C. (2013). Corporate social responsibility and shareholder reaction: The environmental awareness of investors. Academy of Management Journal, 56(3), 758–781. https://doi.org/10.5465/amj.2011.0744
Freeman, R. E., & Mcvea, J. (1984). A Stakeholder Approach to Strategic Management. The Blackwell Handbook of Strategic Management. https://doi.org/10.1111/b.9780631218616.2006.00007.x
Frias-Aceituno, J. V., Rodriguez-Ariza, L., & Garcia-Sanchez, I. M. (2013). The role of the board in the dissemination of integrated corporate social reporting. Corporate Social Responsibility and Environmental Management, 20(4), 219–233. https://doi.org/10.1002/csr.1294
Giacomini, D., Zola, P., Paredi, D., & Mazzoleni, M. (2020). Environmental disclosure and stakeholder engagement via social media: State of the art and potential in public utilities. Corporate Social Responsibility and Environmental Management, 27(4), 1552–1564. https://doi.org/10.1002/csr.1904
Hahn, R., & Kühnen, M. (2013). Determinants of sustainability reporting: A review of results, trends, theory, and opportunities in an expanding field of research. Journal of Cleaner Production, 59, 5–21. https://doi.org/10.1016/j.jclepro.2013.07.005
Hamad, S., Draz, M. U., & Lai, F. W. (2020). The Impact of Corporate Governance and Sustainability Reporting on Integrated Reporting: A Conceptual Framework. SAGE Open, 10, 1–15. https://doi.org/10.1177/2158244020927431
Hamrouni, A., Bouattour, M., Ben Farhat Toumi, N., & Boussaada, R. (2022). Corporate social responsibility disclosure and information asymmetry: does boardroom attributes matter? Journal of Applied Accounting Research, 23(5), 897–920. https://doi.org/10.1108/JAAR-03-2021-0056
Haniffa, R. M., & Cooke, T. E. (2005). The impact of culture and governance on corporate social reporting. Journal of Accounting and Public Policy, 24, 391–430. https://doi.org/10.1016/j.jaccpubpol.2005.06.001
Hassel, L., Nilsson, H., & Nyquist, S. (2005). The value relevance of environmental performance. European Accounting Review, 14(1), 41–61. https://doi.org/10.1080/0963818042000279722
Husnaini, W., & Basuki, B. (2020). ASEAN Corporate Governance Scorecard: Sustainability Reporting and Firm Value. The Journal of Asian Finance, Economics and Business, 7(11), 315–326. https://doi.org/10.13106/jafeb.2020.vol7.no11.315
Husnaini, W., & Khusnah, H. (2020). Can Corporate Social Responsibility (CSR) Enhance Firm Performance. International Conference On Business and Management of Technology, 1–5.
Jarboui, A., & Moalla, M. (2022). Does media exposure and media legitimacy moderate the relationship between environmental audit committee and environmental disclosure quality? Journal of Financial Reporting and Accounting. https://doi.org/10.1108/JFRA-11-2021-0403
Ji, D., Liu, Y., Zhang, L., An, J., & Sun, W. (2020). Green social responsibility and company financing cost-based on empirical studies of listed companies in China. Sustainability (Switzerland), 12(15). https://doi.org/10.3390/SU12156238
Kansal, M., Joshi, M., & Batra, G. S. (2014). Determinants of corporate social responsibility disclosures: Evidence from India. Advances in Accounting, 30, 217–229. https://doi.org/10.1016/j.adiac.2014.03.009
Khan, M., & Iqbal, M. (2022). Environmental disclosure and idiosyncratic risk; exploring the role of governance. Social Responsibility Journal, November. https://doi.org/10.1108/SRJ-08-2022-0352
Kuo, L., & Yu, H. C. (2017). Corporate political activity and environmental sustainability disclosure: The case of Chinese companies. Baltic Journal of Management, 12(3), 348–367. https://doi.org/10.1108/BJM-07-2016-0149
Kuzey, C., & Uyar, A. (2017). Determinants of sustainability reporting and its impact on firm value: evidence from the emerging market of Turkey. Journal of Cleaner Production, 143, 27–39.
Lys, T., Naughton, J. P., & Wang, C. (2015). Signaling through corporate accountability reporting. Journal of Accounting and Economics, 60, 56–72. https://doi.org/10.1016/j.jacceco.2015.03.001
Marin, L., Martín, P. J., & Rubio, A. (2017). Doing Good and Different! The Mediation Effect of Innovation and Investment on the Influence of CSR on Competitiveness. Corporate Social Responsibility and Environmental Management, 24(2), 159–171. https://doi.org/10.1002/csr.1412
Matsumura, E. M., Prakash, R., & Vera-Muñoz, S. C. (2014). Firm-value effects of carbon emissions and carbon disclosures. Accounting Review, 89(2), 695–724. https://doi.org/10.2308/accr-50629
Nguyen, J. H. (2018). Carbon risk and firm performance: Evidence from a quasi-natural experiment. Australian Journal of Management, 43(1), 65–90. https://doi.org/10.1177/0312896217709328
Nikzad, R., & Sedigh, G. (2017). Greenhouse gas emissions and green technologies in Canada. Environmental Development, 24, 99–108. https://doi.org/10.1016/j.envdev.2017.01.001
Papa, M., Carrassi, M., Muserra, A. L., & Wieczorek-Kosmala, M. (2022). The impact of the EU nonfinancial information directive on environmental disclosure: evidence from Italian environmentally sensitive industries. Meditari Accountancy Research, 30(7), 87–120. https://doi.org/10.1108/MEDAR-03-2021-1247
Philips, R. ., Wicks, A., & Freeman, R. . (2003). What Stakeholder Theory Is Not. Business Ethics Quarterly, 13(4), 479–502. https://doi.org/10.2307/3857968
Raimo, N., de Nuccio, E., & Vitolla, F. (2022). Corporate governance and environmental disclosure through integrated reporting. Measuring Business Excellence, 26(4), 451–470. https://doi.org/10.1108/MBE-05-2021-0066
Shakil, M. H. (2021). Environmental, social and governance performance and financial risk: Moderating role of ESG controversies and board gender diversity. Resources Policy, 72(May 2020), 102144. https://doi.org/10.1016/j.resourpol.2021.102144
Smith, M., Yahya, K., & Marzuki Amiruddin, A. (2007). Environmental disclosure and performance reporting in Malaysia. Asian Review of Accounting, 15(2), 185–199. https://doi.org/10.1108/13217340710823387
Stuart, A. C., Fuller, S. H., Heron, N. M., & Riley, T. J. (2023). Defining CSR disclosure quality: a review and synthesis of the accounting literature. Journal of Accounting Literature, 45(1), 1–47. https://doi.org/10.1108/jal-06-2022-0067
Sutantoputra, A. W., Lindorff, M., & Prior Johnson, E. (2012). The relationship between environmental performance and environmental disclosure. Australasian Journal of Environmental Management, 19(1), 51–65. https://doi.org/10.1080/14486563.2011.646752
Suttipun, M., & Yordudom, T. (2022). Impact of environmental, social and governance disclosures on market reaction: an evidence of Top50 companies listed from Thailand. Journal of Financial Reporting and Accounting, 20(3–4), 753–767. https://doi.org/10.1108/JFRA-12-2020-0377
Torre, M. La, Mango, F., Cafaro, A., & Leo, S. (2020). Does the ESG index affect stock return? Evidence from the Eurostoxx50. Sustainability (Switzerland), 12(16), 1–12. https://doi.org/10.3390/SU12166387
Uyar, A., Karaman, A. S., & Kilic, M. (2020). Is corporate social responsibility reporting a tool of signaling or greenwashing? Evidence from the worldwide logistics sector. Journal of Cleaner Production, 253, 119997. https://doi.org/10.1016/j.jclepro.2020.119997
Wichianrak, J., Wong, K., Khan, T., Siriwardhane, P., & Dellaportas, S. (2022). Soft law, institutional signalling – Thai corporate environmental disclosures. Social Responsibility Journal, 18(2), 205–220. https://doi.org/10.1108/SRJ-08-2019-0282
Xing, X., Wang, J., & Tou, L. (2019). The relationship between green organization identity and corporate environmental performance: The mediating role of sustainability exploration and exploitation innovation. International Journal of Environmental Research and Public Health, 16(6). https://doi.org/10.3390/ijerph16060921
Zhang, F., & Zhu, L. (2019). Enhancing corporate sustainable development: Stakeholder pressures, organizational learning, and green innovation. Business Strategy and the Environment, 28(6), 1012–1026. https://doi.org/10.1002/bse.2298
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2023 Wahidatul Husnaini, Susi Retna Cahyaningtyas, Siti Atikah
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
