Pengungkapan Emisi Karbon dan Nilai Perusahaan (Studi Kasus pada Perusahaan di Kawasan Asia Tenggara)
DOI:
https://doi.org/10.12695/jmt.2019.18.2.1Keywords:
Disclosure, Carbon Emission, GHG emissions, voluntary disclosures, firm value.Abstract
Abstrak. Penelitian ini bertujuan untuk menguji pengaruh pengungkapan emisi karbon terhadap nilai perusahaan di negara kawasan Asia Tenggara. Penelitian ini menggunakan metoda analisis regresi data panel. Sampel penelitian ialah perusahaan yang terdaftar di bursa pada negara-negara di kawasan Asia Tenggara dan terdaftar pada Carbon Disclosure Project selama periode 2013-2015. Hasil penelitian menunjukkan bahwa pengungkapan emisi karbon berpengaruh terhadap nilai perusahaan. Hasil ini konsisten dengan teori stakeholder, legitimasi, dan sinyal. Hasil tersebut mengindikasikan bahwa informasi mengenai emisi karbon memiliki kemampuan untuk meningkatkan nilai perusahaan. Perusahaan diharapkan dapat meningkatkan inisiasi dalam mengungkapkan informasi emisi karbon dan juga sebagai bentuk usaha dalam meminimalisir ancaman pemanasan global dan menyeimbangkan pencapaian kinerja keuangan mereka.
Kata kunci: Pengungkapan, emisi karbon, emisi gas rumah kaca, pengungkapan sukarela, nilai perusahaan.
Abstract. This study aims to investigate the effect of carbon emission disclosure on firm value. Regression analysis with panel data is used to analyze this study. The sample consists of listed companies around Southeast Asia and listed in Carbon Disclosure Project for 2013-2015. In line with stakeholder, legitimacy and signaling theory, the result finds that carbon emission disclosure has a positive effect on firm value. It suggests that the information about carbon emission has the power to enhance firm's value. Therefore, the firms should take a more proactive disclosure to conquer global warming challenges and balance the need to achieve financial performances and prevent carbon pollution with their resources.
Keywords: Disclosure, carbon emission, GHG emissions, voluntary disclosures, firm value
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References
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keuangan tahunan (studi empiris pada perusahaan-perusahaan yang
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Krishnan, G. V. (2003). Audit quality and the pricing of discretionary accruals.
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Luo, L., Q. Tang, & Y. Lan. (2013). Comparison of propensity for carbon disclosure between developing and developed countries: a resource constraint perspective. Accounting Research Journal. 26 (1), 6-34.
Malik, Adam. (2015). Upaya Norwegia dalam menghadapi perubahanan iklim global (climate change) di Brazil. eJournal Ilmu Hubungan Internasional. 3(3), 603-616.
Matsumura, E. M., R. Prakash, & S. C. Vera-Munoz. (2014) Firm-value effects of carbon emissions and carbon disclosures. The Accounting Review. 89 (2), 695-724.
Nachrowi, U. (2006). Pendekatan populer dan praktis ekonometrika untuk analisis ekonomi dan keuangan. FE Universitas Indonesia, Jakarta.
Najah, M. S. M. (2012). Carbon risk management, carbon disclosure and stock market effects: an international perspective. [Thesis]. University of Southern Queensland.
Olivier, J. G.J., K. M. Schure., & J. A. H. W. Peters. (2014). Trends in global co2 emission 2014 report. PBL Netherlands Environmental Assessment Agency and European Commission, Joint Research Centre (EC-JRC), Netherlands.
Olivier, Jos G.J., K. M. Schure., & J. A. H. W. Peters. (2016). Trends in Global CO2 Emission 2016 Report. PBL Netherlands Environmental Assessment Agency and European Commission, Joint Research Centre (EC-JRC), Netherlands.
Orlitzky, Marc, Frank L. Schmidt, & Sara L. Rynes. (2003). Corporate social and financial performance: a meta-analysis. Organization Studies. 24 (3), 403 – 441.
Plumlee, Marlene, Darrel Brown, Rachel M. Hayes, & Scott Marshall. (2010). Voluntary Environmental Disclosure Quality and Firm Value: Further Evidence. Journal of Accounting and Public Policy. Vol. 34 (4), P 336 - 361.
Pradini, H.S. (2013). The analysis of information content towards greenhouse gas emissions disclosure in Indonesia companies. [Thesis]. FEB Universitas Diponegoro, Semarang.
Roberts, R. W. (1992). Determinants of corporate social responsibility disclosure: an application of stakeholder theory. Accounting, Organizations And Society. 17 (6), 595-612.
Saka, C., & Oshika, T.(2014). Disclosure effects, carbon emissions and corporate value. Management and policy Journal, 5 (1).
Suharli, M. (2006). Studi empiris terhadap faktor yang mempengaruhi nilai perusahaan pada perusahaan go public di Indonesia. Jurnal Manjemen Akuntansi. 6(1), 23-24.
Sugiyono. (2011). Metode penelitian kuantitatif, kualitatif dan r&d. Alfabeta Bandung.
Tang, A. (2015). Floods, storms and heat projected to cost se asia $34 billion per year. Thomson Reuters Foundation, Africa. Diakses dari <http://af.reuters.com/article/idAFKBN0LR19F20150223?sp=true>.
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World Meteorogical Organization. (2016). 'The state of greenhouse gases in the atmosphere based on global observations through 2015'. WMO GHG Bulletin No. 12.
Wolk, H.I., Dodd, J.L.,& Rozycki, J. (2000). Accounting theory: a conceptual institusional approach. Fifth Edition, South - Western College Publishing.
Al-Matari, E. M., Al-Swidi, A.K., & Fadzil, F.H.B. (2014). The measurements of firm performance's dimensions. Asian Journal of Finance & Accounting. 6 (1).
Al-Tuwaijri, S. A., T. E. Christensen, & K. E. Hughes II. (2004). The Relations among environmental disclosure, environmental performance, and
economic performance: a simultaneous equations approach. Accounting, Organizations and Society. 29 (5-6), 447-471.
Anggraeni, D.Y. (2015). Pengungkapan emisi gas rumah kaca, kinerja lingkungan, dan nilai perusahaan. Jurnal Akuntansi dan Keuangan Indonesia. 12(1), 1 – 18.
Anggraini, Fr. R.R. (2006). Pengungkapan informasi sosial dan faktor-faktor yang mempengaruhi pengungkapan informasi sosial dalam laporan
keuangan tahunan (studi empiris pada perusahaan-perusahaan yang
terdaftar di bursa efek Jakarta). Paper presented at the Simposium Nasional
Akuntansi IX, Padang.
Arifin, Z. (2005). Teori keuangan dan pasar modal. Edisi Pertama, Penerbit Ekonisia, Yogyakarta.
Asian Development Bank. (2009). The economics of climate change in Southeast Asia: A Regional Review. Asian Development Bank, Manila.
Badan Perencanaan Pembangunan Nasional. (2011). Peraturan Presiden Nomor 61 Tahun 2011 Tentang Rencana Aksi Nasional Penurunan Emisi Gas Rumah Kaca.
Cahya, B.T. (2016). Carbon emission disclosure: ditinjau dari media exposure, kinerja lingkungan dan karakteristik perusahaan go public berbasis syariah di Indonesia. NIZHAM. 05(02) Juli-Desember .
Carbon Disclosure Project. (2013). Global 500 Change Report 2013. CDP Worldwide, United Kingdom.
Carbon Disclosure Project. (2016). Global Forest Report 2016. CDP Worldwide, United Kingdom.
Choi, B. B., D. Lee, & J. Psaros. (2013). An analysis of australian company carbon emission disclosure. Pacifc Accounting Review. 25 (1), 58-79.
Clarkson, Peter M., Yue Li, Gordon B. Richardson, & Florin P. Vasvari. (2011). Does it really pay to be green? determinants and consequences of proactive environmental strategies. Journal of Accounting Public Policy. 30 (2), 122-144.
Dahlan, A. (2003). Disclosure dan corporate governance: suatu tunjauan teoritis. TEMA. IV( 1), Maret, 48- 62.
Darrough, Masako N. (1993). Disclosure policy and competition: cournot vs. bertrand. The Accounting Review. 68(3) (July), 534-561.
Dawkins, C., & Fraas, J.W. (2011). Coming Clean: The Impact of Environmental Performance and Visibility on Corporate Climate Change Disclosure', Journal of Business Ethics, 100 (2), 303 – 322.
Deegan, C., Rankin. M., & Tobin, J. (2002). An examination of the corporate social and environmental disclosure bhp from 1983-1997. A test of legitimacy theory. Accounting, Auditing and Accountability. 15 (3), 312-343.
Deegan, C. (2004). Financial accounting theory. McGraw-Hill Book Company: Sydney.
Epstein, M.J. & M. Friedman. (1994). Social disclosure and the individual investor. Accounting, Auditing, and Accountability Journal. 7(4), 94-109.
Freeman, R. E., Harrison, J.S., Wicks, A.C., Bidhan, L. P. & de Colle., S. (2010). Stakeholder theory: the state of the art. Cambridge University Press, New York.
Ghozali, I., & Chariri, A. (2007). Teori akuntansi. Badan Penerbit Universitas Diponegoro, Semarang.
Gujarati, D. N. (2003). Basics econometrics. 4th Mc Graw Hill: New York.
Hanifah, U. (2017). Analisis karakteristik perusahaan terhadap carbon emission disclosure dan pengaruh carbon emission disclosure terhadap nilai perusahaan. [Tesis]. Universitas Muhammadiyah Surakarta.
Hermuningsih, S. (2012). Pengaruh profitabilitas, size terhadap nilai perusahaan dengan sruktur modal sebagai variabel intervening. Jurnal Siasat Bisnis. 16(2).
Hill, C.W. L., & Jones, T.M. (1992). Stakeholder-agency theory. Journal of Management Studies. 29 (2 March), 131–154.
Hsu, A. W., & T. Wang. (2013). Does the market value corporate response to climate change?. Omega. 41(2), 195-206.
Huijnen, V., M. J. Wooster, J. W. Kaiser, D.L.A. Gaveau, J. Flemming. M. Parrington, … & M. Van Weele. (2016). Fire carbon emissions over maritime southeast asia in 2015 largest since 1997. Scientific Reports.
Hui, F., & Bowrey, G. (2008). Corporate social responsibility reporting in HongKong: case study of three note-issuing banks (2003-2006). British Accounting Association Conference, Blackpool, England.
Joint Research Centre of European Union. Trends in Global CO2 Emissions 2016. Report.<edgar.jrc.ec.europa.eu/news_docs/CO2_1970-2015_dataset_of_CO2_report_2016.xls>
Indonesia. Kementerian Keuangan Republik Indonesia dan Badan Pengawas Pasar Modal dan Lembaga Keuangan. (2012). Keputusan Ketua Badan Pengawas Pasar Modal dan Lembaga Keuangan Nomor: Kep-431/Bl/2012 Tentang Penyampaian Laporan Tahunan Emiten Atau Perusahaan Publik.
Khumairoh, N. K., & Mulyati, H.(2016). Pengaruh leverage, profitabilitas, dan ukuran perusahaan terhadap nilai perusahaan. Syariah Paper Accounting FEB UMS, Surakarta.
Klassen, R. D., & C. P. McLaughlin. (1996). The impact of environmental management on firm performance. Management Science. 42 (8), 1199-1214.
Krishnan, G. V. (2003). Audit quality and the pricing of discretionary accruals.
Auditing: A Journal of Practice and Theory. 22 (1), 109-126.
Lee, Su-Yeol, Park, Y., & Klassen, R.D. (2015). Market responses to firms' voluntary climate change information disclosure and carbon communication. Corporate Social Responsibility and Environmental Management. 22, 1–12.
Li, Y., I. Eddie & J. Liu. (2013). The impact of carbon emissions on asset values and operating cash flows: evidence from australian listed companies. Journal of Modern Accounting and Auditing. 9 (1), 94-111.
Luo, L., Q. Tang, & Y. Lan. (2013). Comparison of propensity for carbon disclosure between developing and developed countries: a resource constraint perspective. Accounting Research Journal. 26 (1), 6-34.
Malik, Adam. (2015). Upaya Norwegia dalam menghadapi perubahanan iklim global (climate change) di Brazil. eJournal Ilmu Hubungan Internasional. 3(3), 603-616.
Matsumura, E. M., R. Prakash, & S. C. Vera-Munoz. (2014) Firm-value effects of carbon emissions and carbon disclosures. The Accounting Review. 89 (2), 695-724.
Nachrowi, U. (2006). Pendekatan populer dan praktis ekonometrika untuk analisis ekonomi dan keuangan. FE Universitas Indonesia, Jakarta.
Najah, M. S. M. (2012). Carbon risk management, carbon disclosure and stock market effects: an international perspective. [Thesis]. University of Southern Queensland.
Olivier, J. G.J., K. M. Schure., & J. A. H. W. Peters. (2014). Trends in global co2 emission 2014 report. PBL Netherlands Environmental Assessment Agency and European Commission, Joint Research Centre (EC-JRC), Netherlands.
Olivier, Jos G.J., K. M. Schure., & J. A. H. W. Peters. (2016). Trends in Global CO2 Emission 2016 Report. PBL Netherlands Environmental Assessment Agency and European Commission, Joint Research Centre (EC-JRC), Netherlands.
Orlitzky, Marc, Frank L. Schmidt, & Sara L. Rynes. (2003). Corporate social and financial performance: a meta-analysis. Organization Studies. 24 (3), 403 – 441.
Plumlee, Marlene, Darrel Brown, Rachel M. Hayes, & Scott Marshall. (2010). Voluntary Environmental Disclosure Quality and Firm Value: Further Evidence. Journal of Accounting and Public Policy. Vol. 34 (4), P 336 - 361.
Pradini, H.S. (2013). The analysis of information content towards greenhouse gas emissions disclosure in Indonesia companies. [Thesis]. FEB Universitas Diponegoro, Semarang.
Roberts, R. W. (1992). Determinants of corporate social responsibility disclosure: an application of stakeholder theory. Accounting, Organizations And Society. 17 (6), 595-612.
Saka, C., & Oshika, T.(2014). Disclosure effects, carbon emissions and corporate value. Management and policy Journal, 5 (1).
Suharli, M. (2006). Studi empiris terhadap faktor yang mempengaruhi nilai perusahaan pada perusahaan go public di Indonesia. Jurnal Manjemen Akuntansi. 6(1), 23-24.
Sugiyono. (2011). Metode penelitian kuantitatif, kualitatif dan r&d. Alfabeta Bandung.
Tang, A. (2015). Floods, storms and heat projected to cost se asia $34 billion per year. Thomson Reuters Foundation, Africa. Diakses dari <http://af.reuters.com/article/idAFKBN0LR19F20150223?sp=true>.
United Nations Framework Convention on Climate Change, 2015, Paris agreement – status of ratification, UNFCCC.
Worldbank. Worldbank Atlas Method, Per 20 April 2017 [Web site]. (2016). Diakses dari http://econ.worldbank.org/WBSITE/EXTERNAL/DATASTATISTICS/0,,contentMDK:20452009~menuPK:2236139~pagePK:64133150~piPK:64133175~theSitePK:239419,00.html.
World Meteorogical Organization. (2016). 'The state of greenhouse gases in the atmosphere based on global observations through 2015'. WMO GHG Bulletin No. 12.
Wolk, H.I., Dodd, J.L.,& Rozycki, J. (2000). Accounting theory: a conceptual institusional approach. Fifth Edition, South - Western College Publishing.
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Submitted
2018-08-31
Accepted
2019-04-12
Published
2019-08-20
How to Cite
Zuhrufiyah, D., & Anggraeni, D. Y. (2019). Pengungkapan Emisi Karbon dan Nilai Perusahaan (Studi Kasus pada Perusahaan di Kawasan Asia Tenggara). Jurnal Manajemen Teknologi, 18(2), 80–105. https://doi.org/10.12695/jmt.2019.18.2.1
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