Main Article Content
Abstract
This study aims to examine the relationships between environmental performance, financial leverage, as well as institutional ownership and firm value. In this study, firm value is measured with Tobin's Q ratio. The sample used in this study was 20 manufacturing firms listed at the Indonesia Stock Exchange with the observation period between 2016-2019; so, the total observations made were 80. Multiple regression analysis using SPSS application was carried out to scrutinize the data. The results of this study indicate that all independent variables tested, namely environmental performance, financial leverage, and institutional ownership, have positive influences on firm value. These results provide a good signal for the investors to continuously invest in manufacturing firms. In addition, good environmental performance has an impact on firms’ positive image.
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References
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- Anindito, T., & Ardiyanto, M. D. (2012). Pengaruh kinerja lingkungan terhadap corporate social responsibility (CSR) disclosure dan kinerja finansial perusahaan kimia dan pertambangan yang terdaftar di Bursa Efek Indonesia. Diponegoro Journal of Accounting, 2(1), 1–12.
- Bjuggren, P. O., Nordström, L., & Palmberg, J. (2018). Are female leaders more efficient in family firms than in non-family firms? Corporate Governance: The International Journal of Business in Society, 18(2), 185–205. https://doi.org/10.1108/CG-01-2017-0017
- Buchanan, B., Xuying, C., & Chen, C. (2018). Corporate social responsibility, firm value, and influential institutional ownership. Journal of Corporate Finance, 52, 73–95.
- Claessens, S., Djankov, S., & Lang, L. H. P. (2000). The separation of ownership and control in East Asian Corporations. Journal of Financial Economics, 58(1–2), 81–112. https://doi.org/10.1016/s0304-405x(00)00067-2
- Detthamrong, U., Chancharat, N., & Vithessonthi, C. (2017). Corporate governance, capital structure and firm performance: Evidence from Thailand. Research in International Business and Finance, 42(July), 689–709. https://doi.org/10.1016/j.ribaf.2017.07.011
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- Jensen, C., & Meckling, H. (1976). Theory of the Firm : Managerial behavior, agency costs and ownership structure. 3, 305–360.
- Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 72(2), 323–329. https://doi.org/10.1177/0265407598156003
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- King, M. R., & Santor, E. (2008). Family values: Ownership structure, performance and capital structure of Canadian firms. Journal of Banking and Finance, 32(11), 2423–2432. https://doi.org/10.1016/j.jbankfin.2008.02.002
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- Marpaung, A. P., Koto, M., Shareza Hafiz, M., & Hamdani, R. (2022). Female Directors and Firm Performance: Evidence of Family Firm in Indonesia. Asian Journal of Economics, Business and Accounting, 22(1), 19–30. https://doi.org/10.9734/ajeba/2022/v22i130538
- McConnell, J. J., & Servaes, H. (1995). Equity ownership and the two faces of debt. Journal of Financial Economics, 39(1), 131–157. https://doi.org/10.1016/0304-405X(95)00824-X
- Nahda, K., & Harjito, D. A. (2011). Pengaruh corporate social responsibility terhadap nilai perusahaan dengan corporate governance sebagai variabel moderasi. Jurnal Siasat Bisnis Vol, 15(1), 1–12.
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- Nurminda, A., Isynurwardhana, D., & Nurbaiti, A. (2017). Pengaruh kinerja lingkungan, leverage dan ukuran perusahaan terhadap nilai perusahaan (studi pada perusahaan manufaktur sub sektor baranpg dan konsumsi yang terdaftar di Bursa Efek Indonesia periode tahun 2012 – 2015). E-Proceeding of Managemen, 4(1), 542–549.
- Pasaribu, M. Y., Topowijono, & Sulasmiyati, S. (2016). Pengaruh struktur modal, kepemilikan institusional dan kinerja lingkungan terhadap nilai perusahaan pada perusahaan sektor industri dasar dan kimia yang terdaftar di BEI tahun 2011-2014. Jurnal Administrasi Bisnis, 35(1).
- Ramli, N. A., Latan, H., & Solovida, G. T. (2018). Determinants of capital structure and firm financial performance—A PLS-SEM approach: Evidence from Malaysia and Indonesia. Quarterly Review of Economics and Finance, 71, 148–160. https://doi.org/10.1016/j.qref.2018.07.001
- Sartono, A. (2017). Manajemen Keuangan Teori dan Aplikasi (4th ed.). Yogyakarta: BPFE.
- Sukrini, D. (2012). Kepemilikan Manajerial, Kepemilikan Institusioanl, Kebijakan Deviden dan Kebijakan Hutang Analisis Terhadap Nilai Perusahaan. Accounting Analysis Journal, 1(2), 1–12.
- Suraida, I. (2005). Pengaruh Etika, Kompetensi, Pengalaman Audit dan Risiko Audit terhadap Skeptisisme Profesional Auditor dan Ketepatan Pemberian Opini Akuntan Publik. Sosiohumaniora, 7(3), 186–202. https://doi.org/10.1038/s41562-017-0193-3
- Wang, Z., & Sarkis, J. (2017). Corporate social responsibility governance, outcomes, and financial performance. Journal of Cleaner Production, 162, 1607–1616. https://doi.org/10.1016/j.jclepro.2017.06.142
- Yendrawati, R., & Witono, W. (2011). Pengaruh sifat machiavellian, locus of control dan independensi terhadap perilaku etis auditor (studi empiris pada kantor akuntan publik di Yogyakarta). Jurnal Aplikasi Bisnis, 10(9), 10(9), 1233–1256.
References
Akisik, O., & Gal, G. (2017). The impact of corporate social responsibility and internal controls on stakeholders’ view of the firm and financial performance. Sustainability Accounting, Management and Policy Journal, 8(3), 246–280. https://doi.org/10.1108/SAMPJ-06-2015-0044
Anindito, T., & Ardiyanto, M. D. (2012). Pengaruh kinerja lingkungan terhadap corporate social responsibility (CSR) disclosure dan kinerja finansial perusahaan kimia dan pertambangan yang terdaftar di Bursa Efek Indonesia. Diponegoro Journal of Accounting, 2(1), 1–12.
Bjuggren, P. O., Nordström, L., & Palmberg, J. (2018). Are female leaders more efficient in family firms than in non-family firms? Corporate Governance: The International Journal of Business in Society, 18(2), 185–205. https://doi.org/10.1108/CG-01-2017-0017
Buchanan, B., Xuying, C., & Chen, C. (2018). Corporate social responsibility, firm value, and influential institutional ownership. Journal of Corporate Finance, 52, 73–95.
Claessens, S., Djankov, S., & Lang, L. H. P. (2000). The separation of ownership and control in East Asian Corporations. Journal of Financial Economics, 58(1–2), 81–112. https://doi.org/10.1016/s0304-405x(00)00067-2
Detthamrong, U., Chancharat, N., & Vithessonthi, C. (2017). Corporate governance, capital structure and firm performance: Evidence from Thailand. Research in International Business and Finance, 42(July), 689–709. https://doi.org/10.1016/j.ribaf.2017.07.011
Hamdani, R., Najamuddin, Y., Haryanto, P. D., & Kholid, M. N. (2020). A comparative study on CSR disclosure between Indonesian Islamic banks and conventional banks : the application of GRI and ISR indexes. Jurnal Akuntansi dan Auditing Indonesia, 24(2), 148–158. https://doi.org/10.20885/jaai.vol24.iss2.art8
Haniffa, R., & Hudaib, M. (2006). Corporate governance structure and performance of Malaysian listed firms. Journal of Business Finance and Accounting, 33(7–8), 1034–1062. https://doi.org/10.1111/j.1468-5957.2006.00594.x
Jensen, C., & Meckling, H. (1976). Theory of the Firm : Managerial behavior, agency costs and ownership structure. 3, 305–360.
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 72(2), 323–329. https://doi.org/10.1177/0265407598156003
Joh, S. W. (2003). Corporate governance and firm profitability: Evidence from Korea before the economic crisis. Journal of Financial Economics, 68(2), 287–322. https://doi.org/10.1016/S0304-405X(03)00068-0
King, M. R., & Santor, E. (2008). Family values: Ownership structure, performance and capital structure of Canadian firms. Journal of Banking and Finance, 32(11), 2423–2432. https://doi.org/10.1016/j.jbankfin.2008.02.002
Mardiana, I. A., & Wuryani, E. (2019). Pengaruh kinerja lingkungan terhadap nilai perusahaan dengan profitabilitas sebagai variabel pemoderasi. AKUNESA: Jurnal Akuntansi Unesa, 8(1).
Marpaung, A. P., Harjito, D. A., Hamdani, R., & Ghazali, A. W. (2022). Boards of directors’ feminism, audit committee, and corporate social responsibility. Jurnal Ekonomi Dan Bisnis, 25(1), 16–30. https://doi.org/10.24914/jeb.v25i1.4207
Marpaung, A. P., Koto, M., Shareza Hafiz, M., & Hamdani, R. (2022). Female Directors and Firm Performance: Evidence of Family Firm in Indonesia. Asian Journal of Economics, Business and Accounting, 22(1), 19–30. https://doi.org/10.9734/ajeba/2022/v22i130538
McConnell, J. J., & Servaes, H. (1995). Equity ownership and the two faces of debt. Journal of Financial Economics, 39(1), 131–157. https://doi.org/10.1016/0304-405X(95)00824-X
Nahda, K., & Harjito, D. A. (2011). Pengaruh corporate social responsibility terhadap nilai perusahaan dengan corporate governance sebagai variabel moderasi. Jurnal Siasat Bisnis Vol, 15(1), 1–12.
Nekhili, M., Nagati, H., Chtioui, T., & Rebolledo, C. (2017). Corporate social responsibility disclosure and market value : Family versus nonfamily fi rms. Journal of Business Research, 77(July 2016), 41–52.
Nurminda, A., Isynurwardhana, D., & Nurbaiti, A. (2017). Pengaruh kinerja lingkungan, leverage dan ukuran perusahaan terhadap nilai perusahaan (studi pada perusahaan manufaktur sub sektor baranpg dan konsumsi yang terdaftar di Bursa Efek Indonesia periode tahun 2012 – 2015). E-Proceeding of Managemen, 4(1), 542–549.
Pasaribu, M. Y., Topowijono, & Sulasmiyati, S. (2016). Pengaruh struktur modal, kepemilikan institusional dan kinerja lingkungan terhadap nilai perusahaan pada perusahaan sektor industri dasar dan kimia yang terdaftar di BEI tahun 2011-2014. Jurnal Administrasi Bisnis, 35(1).
Ramli, N. A., Latan, H., & Solovida, G. T. (2018). Determinants of capital structure and firm financial performance—A PLS-SEM approach: Evidence from Malaysia and Indonesia. Quarterly Review of Economics and Finance, 71, 148–160. https://doi.org/10.1016/j.qref.2018.07.001
Sartono, A. (2017). Manajemen Keuangan Teori dan Aplikasi (4th ed.). Yogyakarta: BPFE.
Sukrini, D. (2012). Kepemilikan Manajerial, Kepemilikan Institusioanl, Kebijakan Deviden dan Kebijakan Hutang Analisis Terhadap Nilai Perusahaan. Accounting Analysis Journal, 1(2), 1–12.
Suraida, I. (2005). Pengaruh Etika, Kompetensi, Pengalaman Audit dan Risiko Audit terhadap Skeptisisme Profesional Auditor dan Ketepatan Pemberian Opini Akuntan Publik. Sosiohumaniora, 7(3), 186–202. https://doi.org/10.1038/s41562-017-0193-3
Wang, Z., & Sarkis, J. (2017). Corporate social responsibility governance, outcomes, and financial performance. Journal of Cleaner Production, 162, 1607–1616. https://doi.org/10.1016/j.jclepro.2017.06.142
Yendrawati, R., & Witono, W. (2011). Pengaruh sifat machiavellian, locus of control dan independensi terhadap perilaku etis auditor (studi empiris pada kantor akuntan publik di Yogyakarta). Jurnal Aplikasi Bisnis, 10(9), 10(9), 1233–1256.