Main Article Content
Abstract
Purpose – This study aims to provide a comprehensive analysis of the impact of the investment opportunity set (IOS), profitability, Islamic corporate social responsibility (ICSR), and environmental performance (EP) on the value of environmentally sensitive companies. The research explores both short-term and long-term impacts of these variables on corporate value.
Methodology – This study utilized Vector Error Correction Model (VECM) approach to analyze annual data from 2016 to 2022, focusing on environmentally sensitive companies in the Indonesian Sharia stock index.
Findings – The VECM method yielded several key findings, including no significant impact of IOS on company value in either short or long term. However, variables such as ICSR, environmental performance, and profitability exhibited a significant influence on company value over the same timeframe.
Implications – This study suggests that, to enhance credibility, companies should prioritize financial stability, credibility in financial reporting, social responsibility, and environmental regulations. They should identify the best investment opportunities and collaborate with the government to achieve environmental sustainability.
Originality – Our study seeks to delve into the relationship between several variables, including IOS, profitability, ICSR, environmental performance, and the overall value of environmentally sensitive companies. This topic has not been explored in-depth by previous research, and our study aims to shed light on both short- and long-term effects of these factors on corporate value.
Keywords
Article Details
Copyright (c) 2025 Dini Rahmayanti, Ziinatul Arifah, Putri Jamilah
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- Deegan, C., & Gordon, B. (1996). A study of the environmental disclosure practices of Australian corporations. Accounting and Business Research, 26(3), 187–199. https://doi.org/10.1080/00014788.1996.9729510
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- Sengers, J. J. (2019). Impact of environmental performance on firm value : Evidence from large US Firms European Union Firms. http://arno.uvt.nl/show.cgi?fid=150411
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References
Al Ani, M. K., & Chavali, K. (2023). The relationship between investment intensity and profitability measures from the perspective of foreign investors. Humanities and Social Sciences Communications, 10, 76. https://doi.org/10.1057/s41599-023-01571-8
Ayu, D. P., & Suarjaya, A. A. G. (2017). Pengaruh profitabilitas terhadap nilai perusahaan dengan corporate social responsibility sebagai variabel mediasi pada perusahaan pertambangan. E-Jurnal Manajemen Unud, 6(2), 1112–1138. https://ojs.unud.ac.id/index.php/Manajemen/article/view/27825
Basuki, A. T. (2018). Aplikasi model VAR dan VECM dalam ekonomi. Fakultas Ekonomi Universitas Muhammadiyah Yogyakarta, 1, 1–41. https://ekonometrikblog.wordpress.com/wp-content/uploads/2015/10/model-var-dan-vecm.pdf
Bhattacharjee, A., Dana, J., & Baron, J. (2017). Anti-profit beliefs: How people neglect the societal benefits of profit. Journal of Personality and Social Psychology, 113(5), 671–696. https://doi.org/10.1037/pspa0000093
Branco, M. C., & Rodrigues, L. (2008). Factors influencing social responsibility disclosure by portuguese companies. Journal of Business Ethi, 685–701. https://doi.org/10.1007/s10551-007-9658-z
Cho, C. H., & Patten, D. M. (2007). The role of environmental disclosures as tools of legitimacy : A research note. Accounting, Organizations and Society, 32, 639–647. https://doi.org/10.1016/j.aos.2006.09.009
Deegan, C., & Gordon, B. (1996). A study of the environmental disclosure practices of Australian corporations. Accounting and Business Research, 26(3), 187–199. https://doi.org/10.1080/00014788.1996.9729510
Deviani, R., & Kusuma, H. (2019). Apa determinan tingkat pengungkapan Islamic Social Reporting bank umum syariah Indonesia? Jurnal Ekonomi & Keuangan Islam, 5(1), 34–41. https://doi.org/10.20885/jeki.vol5.iss1.art5
Dzikir, A. N., Syahnur, & Tenriwaru. (2020). Pengaruh corporate social responsibility terhadap nilai perusahaan dengan profitabilitas sebagai variabel moderasi (Studi empiris pada sektor pertambangan yang terdaftar di bursa efek Indonesia periode 2016-2018). Atma Jaya Accounting Research, 3(2), 219–235. https://doi.org/10.35129/ajar.v3i02.134
Engle, R. F., & Granger, C. W. J. (1987). Co-integration and error correction: representation, estimation, and testing. Econometrica: Journal of the Econometric Society, 251–276. https://doi.org/10.2307/1913236
Erfani, M., & Nena, Y. (2022). Pengaruh intellectual capital (IC), good corporate governance (GCG), dan Islamic corporate social responsibility (ICSR) terhadap nilai perusahaan dengan profitabilitas sebagai variabel intervening. Jurnal Ekonomi dan Bisnis, 1(2), 23–37. https://doi.org/10.59086/jeb.v1i2.27
Ethika, Azwari, M., & Muslim, R. Y. (2020). Analisis pengaruh pengungkapan akuntansi lingkungan dan kinerja lingkungan terhadap nilai perusahaan (Studi empiris pada perusahaan indeks LQ-45 yang terdaftar di BEI). Jurnal Kajian Akuntansi dan Auditing, 14(2), 122–133. https://doi.org/10.37301/jkaa.v14i2.15
Febrianty, N. N. A., & Mertha, I. M. (2021). Effect of profitability, investment opportunity set and good corporate governance on company value. American Journal of Humanities and Social Sciences Research (AJHSSR), 5(2), 238–246. https://www.ajhssr.com/wp-content/uploads/2021/02/ZA2152238246.pdf
Frederica, D. (2019). The impact of investment opportunity set and cost of equity toward firm value moderated by information technology governance. International Journal of Contemporary Accounting, 1(1), 1–12. https://doi.org/10.25105/ijca.v1i1.5181
Fu, F., Huang, S., & Wang, R. (2015). Why do us firms invest less over time? China International Conference in Finance 2015, 1–54. https://ink.library.smu.edu.sg/lkcsb_research/4246/
Hutabarat, M. (2017). Pemodelan hubungan antara IHSG, nilai tukar dolar Amerika Serikat terhadap rupiah (Kurs) dan inflasi dengan vector error correction model (VECM), (Vol. 4, Issue 1). [Master's thesis, Universitas Pendidikan Indonesia]. Universitas Pendidikan Indonesia Repository. http://repository.upi.edu/id/eprint/28854
Indrajaya, D. (2021). Analysis of cointegration and VECM of FDI, labor force, government expenditure and GDP in Indonesia (2005-2019). International Journal of Economics Development Research (IJEDR), 2(1), 65–77. https://doi.org/10.37385/ijedr.v2i1.265
Otoritas Jasa Keuangan. (2023). Daftar efek syariah (DES) per Januari 2023 perkembangan saham Syariah. (pp.1–2). https://www.ojk.go.id/id/kanal/syariah/data-dan-statistik/saham-syariah/Documents/Pages/Statistik-Saham-Syariah---Januari-2023/1. Statistik Saham Januari 2023.pdf
Kim, S., Terlaak, A., & Potoski, M. (2021). Corporate sustainability and financial performance: Collective reputation as moderator of the relationship between environmental performance and firm market value. Business Strategy and the Environment, 30(4), 1689–1701. https://doi.org/10.1002/bse.2702
Kolibu, N. N., Saerang, I. S., & Maramis, J. B. (2020). Analisis investment opportunity set, corporate governance, risiko bisnis, dan profitabilitas terhadap nilai perusahaan consumer goods dengan high leverage di bursa efek Indonesia. Jurnal Ekonomi dan Pengembangan, 8(1), 202–211. https://doi.org/10.35794/emba.v8i1.27503
Liang, C. J., & Yao, M. L. (2005). The value-relevance of financial and nonfinancial information-evidence from Taiwan’s information electronics industry. Review of Quantitative Finance and Accounting, 24(2), 135–157. https://doi.org/10.1007/s11156-005-6334-1
Ma’rifah, Q. (2022). Pengaruh Islamic corporate social responsibility (ICSR) dan struktur modal terhadap nilai perusahaan dengan profitabilitas sebagai variabel intervening pada bank umum syariah periode 2016-2020. [IAIN Salatiga]. http://e-repository.perpus.uinsalatiga.ac.id/14409/
Mardiana, I. A., & Wuryani, E. (2019). Pengaruh kinerja lingkungan terhadap nilai perusahaan dengan profitabilitas sebagai variabel pemoderasi. Jurnal Akuntansi Unesa, 8(1), 1–8. http://jurnalmahasiswa.unesa.ac.id/index.php/jurnal-akuntansi/
Meidawati, N., Riantika, R. L., & Amalia, R. F. (2020). Determinant factor influencing financial performance LQ45 corporation. Jurnal Ekonomi & Keuangan Islam, 6(1), 42–54. https://doi.org/10.20885/jeki.vol6.iss1.art5
Myers, S. C. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5(2), 147–175. https://doi.org/10.1016/0304-405X(77)90015-0
Nikmah, U., & Amanah, L. (2019). Pengaruh investment opportunity set, profitabilitas, dan sustainability reporting terhadap nilai perusahaan. Jurnal Ilmu dan Riset Akuntansi, 8(6). https://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/view/2084/2089
Nurlela, R., & Islahudin. (2008). Pengaruh corporate social responsibility terhadap nilai perusahaan dengan prosentase kepemilikan manajemen sebagai variabel moderating (studi empiris pada perusahaan yang terdaftar di bursa efek jakarta). Simposium Nasional Akuntansi, 49(1), 69–73. https://www.academia.edu/3450720/Pengaruh_Corporate_Social_Responsibility_terhadap_Nilai_Perusahaan_dengan_Prosentase_Kepemilikan_Manajemen_sebagai_Variabel_Moderating
Pertiwi, I. F. P. (2022). Tekanan isomorfisme dalam adopsi integrated reporting perusahaan publik di Indonesia [Undergraduate thesis, Universitas Islam Indonesia]. Universitas Islam Indonesia Repository. https://dspace.uii.ac.id/handle/123456789/39405
Rahmantari, N. L. L. (2021). Pengaruh corporate social responsibility terhadap nilai perusahaan dengan ukuran perusahaan dan profitabilitas sebagai variabel moderasi pada perusahaan farmasi yang terdaftar di bursa efek Indonesia. Jurnal Ganec Swara, 15(1), 813–823. http://journal.unmasmataram.ac.id/index.php/GARA/article/view/179/167
Ramadhana, M. L., & Januarti, I. (2022). Pengaruh kinerja lingkungan dan kinerja keuangan terhadap nilai perusahaan. Diponegoro Journal of Accounting, 11(1), 1–14. http://ejournal-s1.undip.ac.id/index.php/accounting
Rizaldy, M. R., & Rahayu, S. (2021). Mapping the global Islamic equity market vis-à-vis the Covid-19 turbulence. Jurnal Ekonomi & Keuangan Islam, 7(2), 175–188. https://doi.org/10.20885/jeki.vol7.iss2.art6
Rohim, M., Prabu, S., & Satriawi, W. (2019). The effect of ownership structure on firm value with profitability as a moderating variable. International Summit on Science Technology Humanity (ISETH 2019), 413–427. https://proceedings.ums.ac.id/index.php/iseth/article/download/1414/1381
Rusmana, O., & Purnaman, S. M. N. (2020). Pengaruh pengungkapan emisi karbon dan kinerja lingkungan terhadap nilai perusahaan. Jurnal Ekonomi, Bisnis dan Akuntansi (JEBA), 22(1), 42–52. http://www.jp.feb.unsoed.ac.id/index.php/jeba/article/viewFile/1563/1577
Sari, I. A. G. D. M., & Sedana, I. B. P. (2020). Profitability and liquidity on firm value and capital structure as intervening variable. International Research Journal of Management, IT & Social Sciences, 7(1), 116–127. https://doi.org/10.21744/irjmis.v7n1.828Profitabi
Sari, R., & Febrianti, R. A. (2021). Moderasi profitabilitas atas pengaruh corporate social responsibility terhadap nilai perusahaan. Jurnal Ilmiah Ekonomi Global Masa Kini, 12(02), 131–135. https://ejournal.uigm.ac.id/index.php/EGMK/article/download/1290/1450
Sella, N. P., Zuliansyah, A., & Nurmalia, G. (2021). Integrasi indeks harga saham syariah Indonesia pada pasar modal Syariah di India, Japan, Malaysia, China menggunakan metode vector error correction model (VECM). Al - Mashrof: Islamic Banking and Finance, 2(1), 36–55. http://ejournal.radenintan.ac.id/index.php/almashrof/article/view/8798/4336
Sengers, J. J. (2019). Impact of environmental performance on firm value : Evidence from large US Firms European Union Firms. http://arno.uvt.nl/show.cgi?fid=150411
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