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THE ROLE OF GREEN BANKING, GREEN MANAGEMENT AND GREEN BUSINESS TOWARDS PROFITABILITY IN SHARIA COMMERCIAL
BANKS 2015-2018
Luqmanul Hakiem Ajuna1, Novi Indriyani Sitepu2, Muhammad Ardi3, Muhammad Amri4, Dian Adi Perdana5
luq.h.ajuna@gmail.com1, novi1980sitepu@gmail.com2
muhammadardi@iaingorontalo.ac.id3, amrimarniujung@gmail.com4, dianadiperdana@gmail.com5
IAIN Sultan Amai Gorontalo1,3,5, Syiah Kuala University Banda Aceh2, IAIN Sunan Ternate4
ABSTRACT
This study aims to determine the effect of application implementation of Green Management, Green Business and Green Bankingon profitability. The research method uses a descriptive quantitative approach. The object of this research is the Shari'ah Commercial Banks in Indonesia. The research data comes from the financial reports and sustainability reports of the Shari'ah Commercial Banks in Indonesia in 2014-2018.
The data processing tool used to test the research sample data was SPSS 25 as a tool for analyzing data. The results showed that the applicationimplementation of Green Management, Green Business and Green Banking has a significant positive effect on profitability. The limitation of this study is that it only discusses how much influence it has application implementation of Green Management, Green Business and Green Banking against profitability, apart from that amount sample and population studied only Shari'ah Commercial Bank in Indonesia so that it opens up opportunities for new researchers with the same theme with a larger number of samples of research objects.
The implication of this research is hoped that it can add to the repertoire of knowledge related to application implementation of Green Management, Green Business and Green Banking on profitability.
Keywords: Green Management, Green Business, Green, Profitability, and Sustainable Reporting
2 1. PRELIMINARY
Today every organization is required to behave ethically in an effort to meet pressure from external parties such as the environment and society. One form of ethical behavior carried out by an organization is not only to focus on achieving profit but also to pay attention to aspects of the environment (planet) and society (people) in order to be able to maintain sustainability in the long term. Several studies have examined the positive impact of green banking implementation, as a concept of environmentally friendly banking which refers to banking practices that encourage environmentally responsible financing practices and environmentally friendly internal processes. Loan &
Banking as an entity that has high visibility tends to reveal issues of public interest and involvement to increase a positive social image in society and attract consumers (Branco and Rodriques, 2006) so that the green banking concept is feasible to be adopted. Therefore, through the initiation of green banking, the bank will introduce the concept of paperless and information technology-based banking services to existing and prospective customers and on the other hand seeks to promote the role of the bank to become corporate citizens responsible for achieving sustainable development (Fernando and Fernando, 2017 ).
Studies that discuss green banking have been carried out in several studies with various perspectives. Pariag-Maraye study, et. al. (2017) on green banking focusing on the customer perspective of banks in Mauritius found that most bank customers gave positive perceptions of the efficiency of “green projects”
implemented by banks in the form of green banking products and funding. From the perspective of middle-level-bankers, the study of Mehedi, et.al. (2017) on commercial banks in Bangladesh found that organizational pressure and organizational policies and regulations on bank institutions were the dominant factors influencing the adoption of green banking. Other study findings by Bryson, et. al. (2016) revealed that the intention that encourages customers to use green
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banking services is environmental integrity, attitudes towards green banking, environmental concern, and collectivism. (Lilik Handajani, et al: 2019)
Environmental changes have a big impact on people's behavior. Increasing public awareness, including understanding the importance of preserving nature, providing opportunities for companies to carry out their various obligations. One of the company's obligations is to carry out social responsibility to the environment, which is one form of ethics in conducting its business. One form of efficiency that has become a global issue today is eco-efficiency, which is an effort to link the performance of a company with the environment. This means that in this era of free trade there is a demand that the performance of a company needs to be made in its management. that is, it is necessary to carry out a management that intervenes in environmental issues as part of the company's / trading activities. Such management is then known as Green management (Suyatno, 1995: 32).
For Indonesia whose development politics emphasizes high economic growth, the particular role of companies as components of economic actors has a strategic role for this effort, because these companies will become the spearhead for the country's economy in entering free trade, especially in dealing with industrial products. products of other state companies that will freely enter the Indonesian market. Therefore, environmental issues have become an integral part of trade itself in the sense that companies do have the ability to participate in preventing environmental damage. where through its management the company can package environmental problems in such a way that apart from being a tool of moral responsibility in preventing environmental damage, it is also a tool for business opportunities. Therefore, like it or not, companies in Indonesia must prepare themselves to adopt green management in their every activity. (Baiquni, 2002: 73)
Green business is one part of the green economy that synergizes economic, social and environmental values (Mutamimah, 2011). Through the implementation of green business, a synergy and continuity will be obtained between a). Economic
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objectives, namely: sustainability of profit and company growth, b). Social goals, namely: welfare and prosperity of society, c). Environmental objectives, namely:
environmental preservation in the long term. This phenomenon is consistent with the statement of Skinner and Ivancevich (1992) that in general the objectives of establishing a company are grouped into four, namely: profit, corporate survival, growth, and social responsibility. This green business phenomenon has attracted various parties, both consumers and investors. This means that consumers will prefer products and services that are healthy, of high quality, safe in the long run and does not pollute the environment. ( Sri Handoko; 2012)
Given the importance of green business, the government through the Ministry of Environment launched the Program for Assessing Company Performance Ratings in environmental management (PROPER), which is a development of Proper Prokasih. The purpose of implementing the PROPER instrument is to encourage the improvement of company performance in environmental management by disseminating information on the performance of company compliance in environmental management in order to achieve environmental quality improvement.
Improved compliance performance can occur through incentive and disincentive effects as well as reputation arising from the announcement of PROPER performance ratings to the public. This environmental performance is an indicator that the company has implemented Green Business. Sri Handoko; 2012)
II. THEORITICAL REVIEW 2.1. Legitimacy Theory
The legitimacy theory states that companies have contracts with the community (Fatoni et al, 2016). In this theory of legitimacy, the company tries to adjust the situation to the prevailing regulations in the community so that it can be accepted in the external environment because in legitimacy theory it states that an organization can only survive if the surrounding community feels that the organization is operating based on a value system that is commensurate with the value system owned by it. community (Sari, 2013). Organizational legitimacy can
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be seen as something that society gives to companies and something that companies want or seek from society.
The existence of this legitimacy theory will provide a basis that the company must comply with the prevailing regulations in the community relating to business activities carried out by the company so that it can run smoothly without any conflict in the community or in the environment in which it operates. Therefore, companies need to develop a Corporate Social Responsibility program, with the existence of Corporate Social Responsibility it is hoped that it will make a positive contribution to the community so that the community around the operating place can accept the company's existence well and do not question the company's existence.
2.2. Stakeholder Theory
Stakeholder theory says that a company is not an entity that only operates for its own interests but must provide benefits for its stakeholders. The definition of stakeholder that was put forward (Rhenald Kasali in Purnasiswa, 2011) is any group of people both inside and outside the company who have a role in determining the success of the company.
Thus, the existence of a company is strongly influenced by the support provided by stakeholders to the company so that the existence of a company is strongly influenced by the support provided by stakeholders to the company (Fatoni et al, 2016). Basically, the responsibility of the company is not limited to maximizing profit for the benefit of shareholders but is broader, namely creating welfare for the interests of stakeholders, namely that all parties have a relationship with the company.
The existence of this stakeholder theory is a company that is expected to provide benefits to stakeholders. These benefits can be provided by implementing Corporate Social Responsibility, with this program the company is expected to be able to improve the welfare of employees, customers and local communities. So
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that there will be a good relationship between the company and the environment around where it operates.
2.3. Green Banking
Green banknamely a bank that cares and behaves environmentally friendly both in its management decisions and business operations as well as in its credit policy to corporate debtors and customers in general (Lako, 2015). Green Banking is inseparable from the term green business, according to Glen Croston (in Radyati, 2014) green business is a profitable business concept because it can provide adequate benefits and economies of scale so that it is very beneficial for business continuity as a whole. Andreas Lako (2015) also explained that Green Banking is a business concept that refers to environmentally friendly business practices.
Meanwhile, according to Panjaitan (2015) reveals that in some literature,
As explained by Bouma et al (in Panjaitan, 2015) Sustainable can be defined as a decision by banks to provide products and services only to customers who take into consideration the environmental and social impacts of their activities or sustainable banking is the bank's decision to provide products and services. banking services only to customers who consider the environmental and social impacts of their activities (free translation). As conveyed by the Forum for the Future (in Panjaitan, 2015) there is also the term sustainable finance which also describes practices similar to sustainable banking. Sustainable finance is defined as the provision of financial capital and risk management products to projects and businesses that promote, or do not harm, economic prosperity, environmental protection, and social justice. Where in this delivery, it means that sustainable finance is the provision of capital and risk management products to projects and businesses that promote, or are not detrimental, economic prosperity, environmental protection and social justice (free translation) (Panjaitan, 2015).
2.4. Green Business
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Nowadays, business people are very enthusiastic about launching various
"green" themed products, such as cars, buildings, beauty products, food, to paper and stationery. Unlike in the past where business people assumed that being a green business was believed to impose costs / expenses, thereby reducing the company's competitiveness (Dennis D. Hirsch, 2010: 3). President Barack Obama in his interview said (as quoted by Dennis H. Hirsch, 2010: 4) "green business could lead to a cleaner, leaner, more competitive future for America industry". In short, nowadays, business people are starting to change. mind and can see that by giving investment and attention to the environment, it has the potential to increase business competitiveness and understand that green business is a business of the future. So, what exactly is Green Business? Eric Koester (2010: 7) states that "words like sustainable, triple bottom line, green, clean, environmental, eco-friendly, compostable, recyclable, renewable, natural, organic, and dozens more can all be applied to the concept of green. ".
Eric Koester (2010: 7) also states that the lack of uniformity in the definitions of 'green', 'green business' and 'sustainability' and various other terms presents challenges for entrepreneurs engaged in 'green'. Through the journal "Comparative Advantage & Green Business", Ernst & Young (2008: 11) argues that "green business is a relatively new thing, and a term that is not well defined so that it can be interpreted in different ways by different people or organizations. different. What one organization considers 'green' may not be the same by other organizations ”.
Even so, the basic essence of a green business is its focus on sustainability, in terms of the environment and resources (Ernst & Young's Comparative Advantage &
Green Business Report, 2012: 12) According to Eric Koester (2010: 8), in his book entitled Green Entrepreneur Handbook, it is written that "In general, green business is just like any other business in that they must create sufficient profits to continue to operate. The difference lies in what else green business concern themselves with - weighing the value of sustainability and human capital, for instance ”.
8 2.5. Green Management
One approach model for evaluating a company's commitment to environmental responsibility is the Shades of Green Model. Companies that use this approach can be seen as committed to various levels of depth of activity. Here is Freeman's approach to green shades, which divides it into four levels (Rahayu Triastity; 2011)
Hierarchy of Green Nuance approach: 1) Legal approach: company is doing just what is necessary to comply with legal requirements 2) Market Approach:
Company provides environmentally friendly products because customers want such products, not because of strong management commitment to the environment, 3) Stakeholder approach: The company seeks to respond to environmental issues raised by stakeholders, 4) Activist approach: There are probably many companies that do partially, but many have implemented it in almost all of their activities. Of course, management commitment is needed, so that it can be a "guide" or a guide in making decisions and formulating managerial policies. Incorporating the concept of shades of green in an ethical philosophy, getting into the company culture is not easy, it takes time and effort. There are five important aspects that are often considered in green management, as practiced by the electronics company, Samsung. Green Management consists of five major segments that helping to preserve the global environment: The greening of management, the greening of products, the greening of processes, the greening of workplaces, the greening of communities (Samsung, 2008).
2.6. Profitability
Profitability is the company's ability to generate profits and measure the level of efficiency in using its assets (Chen, 2004). In addition to being an indicator of the company's ability to meet its obligations for funders, it is an element in the creation of company value that shows the company's prospects in the future.
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Brigham and Houston (2011) state that the definition of profitability is the final result of a number of policies and decisions made by the company. Munawir (2010) argues that profitability is the company's ability to obtain profits related to total assets, sales, and own capital.
Profitability is a tool used to analyze management performance, the level of profitability will describe the company's profit position. Investors in the capital market really pay attention to the company's ability to generate and increase profits, this is an attraction for investors in buying and selling shares, therefore management must be able to meet the targets that have been set. According to Kasmir (2008:
196), " Profitability ratio is a ratio to assess the company's ability to seek profit ”.
This ratio also provides a measure of the level of management effectiveness of a company. This is indicated by the profit generated from sales and investment income. Basically, the use of this ratio indicates the efficiency level of a company.
Based on some of the above definitions, the authors summarize that profitability is the company's ability to utilize its assets and to achieve its goals or activity levels in a certain period. The measurement of profitability can use several indicators such as operating profit, net profit, the rate of return on investment and the rate of return on owner's equity.
III. RESEARCH METHODOLOGY
In this study, the author uses quantitative research where the process of extracting information is manifested in the form of numbers as a tool to find information about what is known. Quantitative research emphasizes objective phenomena and maximization of objectivity. The design of this research is carried out using numbers, statistical processing, structure and controlled experiments
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(Moleong, 2011: 2). Quantitative research includes every type of research based on the calculation of percentages, averages, and other calculations. In other words, this research uses numerical or quantity calculations (Moleong, 2011: 1).
Based on the time, this research is cross sectional, namely research conducted in a certain time period and to collect related data in order to find answers to research questions (Sekaran & Bougie, 2010: 178).
The population used in this study is a syari'ah commercial bank company listed on the Indonesia Stock Exchange (BEI) in 2014 - 2018. According to Sugiyono (2016: 80) defines the population as follows: "Population is a generalization area consisting of objects or subjects which has certain qualities and characteristics determined by the researcher to study and then draw conclusions. "
(Sugiyono, 2016).
The purpose of this method is that the sample selected is in accordance with the objectives of the research problem, thus minimizing errors in the data selection process. In addition, due to considerations regarding the completeness of the data and the availability of the data to be collected.
IV. RESULTS AND DISCUSSION
Descriptive statistics are used to see the distribution of data used as a sample.
Descriptive statistics describe the distribution of data consisting of the minimum value, maximum value, average value, and standard deviation value for the data used in this study.
The measurement of profitability in this study influenced by green accounting, green banking and corporate social responsibility. ADescriptive statistical analysis as in table 4.1 shows that the minimum and maximum values of each variable. The minimum value is the lowest value for each variable. The maximum value is the highest value for each variable in this study. The mean value is the average value of each
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variable under study. Standard deviation is the distribution of data used in research which reflects that the data is homogeneous or heterogeneous which is fluctuating in nature.
Table 4.1.
Descriptive statistics Descriptive Statistics
N Minimum Maximum Mean Std. Deviation
Green Management 36 .00 1.00 .4078 .47967
Green Business 36 .00 1.00 .4092 .47873
Green Banking 36 .00 1.00 .1842 .37040
Profitability 36 .00 1.00 .2270 .27689
Valid N (listwise) 36
Source: SPSS output 25, 2020
Based on table 4.1 above, it can be seen that the Profitability variable has the lowest value of 0.00 and the highest value of 1.00 with an average value of 0.2270 and a standard deviation of 0.27689. The Green Management variable (X1) has the lowest value of 0.00 and the highest value of 1.00 with an average value of 0.4078 and a standard deviation of 0.47967. The Green Business variable (X2) has the lowest value of 0.00 and the highest value of 1.00 with an average value of 0.4092and the standard deviation is 0.47873, and the Green Banking variable (X3) has the lowest value of 0.00 and the highest value of 1.00 with an average value of 0.1842 and a standard deviation of 0.37040. Furthermore, to find out how much normality the referred data quality can be seen in table 4.2 below:
Table 4.2.
Normality Test
One-Sample Kolmogorov-Smirnov Test
Green Management
Green Business
Green
Banking Profitability
N 36 36 36 36
Normal Parametersa, b Mean .4078 .4092 .1842 .2270
Std. Deviation .47967 .47873 .37040 .27689
Most Extreme Differences Absolute .364 .365 .475 .290
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Positive .364 .365 .475 .290
Negative -280 -280 -310 -206
Statistical Test .364 .365 .475 .290
Asymp. Sig. (2-tailed) .200c .200c .200c .200c
a. Test distribution is Normal.
b. Calculated from data.
c. Lilliefors Significance Correction.
Source: SPSS output 25, 2020
Normality test is used to test the normality level of the dependent variable and the independent variable. A good regression model is a regression model that has normal or near normal data distribution.The data requirements are normal if the probability is above 0.05.
Based on the table above, the Asymp.Sig (2tailed) value is 0.200 or greater than 0.05, so it can be concluded that the data tested is normally distributed. The complete results of the multicoloniearity test can be seen in table 4.3 below:
Table 4.3
Multicoloniearity Test Coefficientsa
Model
Unstandardized Coefficients
Standardized Coefficients
t Sig.
Collinearity Statistics
B Std. Error Beta Tolerance VIF
1 (Constant) .257 .068 3,786 .001
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Green Management .147 2,520 .255 .058 .954 .020 6,355
Green Business .133 2,525 .230 .053 .958 .020 6,442
Green Banking .134 .130 .179 1,025 .313 .996 1,004
a. Dependent Variable: Profitability
Source: SPSS output 25, 2020
From the results of the SPSS test shown in table 4.4, it is known that the tolerance value for the Green Management variable (X1) is 0.20, the Green Business variable (X2) is 0.20 and the Green Banking variable (X3) is 0.996 which is greater than 0.10. The variance inflation factor (VIF) value of the Green Management variable (X1) is 6,335, the Green Business variable (X2) is 6,442, and the Green Banking variable (X3) is 1,004 less than 10. So, it can be concluded that there is no muticollinearity in the regression model. .
Table 4.4 Proof of Hypotheses
Coefficientsa
Model
Unstandardized Coefficients
Standardized Coefficients
t Sig.
B Std. Error Beta
1 (Constant) .257 .068 3,786 .001
Green Management .147 2,520 .255 .058 .954
Green Business .133 2,525 .230 .053 .958
Green Banking .134 .130 .179 1,025 .313
a. Dependent Variable: Profitability
Source: SPSS output 25, 2020
In this study, the dependent variable is profitability (Y), while the independent variable is green management (X1), green business (X2) and green banking (X3). So that the regression equation formed is as follows:
Y = a + b1X1 + b2X2 + b3X3 + e Information :
Y = Profitability
14 a = intercept (constant)
b1 = independent variable regression coefficient 1 b2 = independent variable regression coefficient 2 b3 = independent variable regression coefficient 3 X1 = green management
X2 = green business X3 = green banking e = Error term.
The complete regression equation can be seen as follows:
Y = 0.257 + 0.147 + 0.133 + 0.134 + e
From the linear regression equation above, the constant value is 0.257. That is, if the variable profitability is influenced by the green management variable, green business and green banking or the independent variable is zero (0), then the average profitability is 0.257.
The regression coefficient for the green management independent variable (X1) is positive, indicating a unidirectional relationship between green management (X1) and profitability (Y). The regression coefficient for the X1 variable is 0.147 which means that each additional green management (X1) of one unit will cause an increase in profitability (Y) of 0.147.
The regression coefficient for the green business independent variable (X2) is positive, indicating a unidirectional relationship between green business (X2) and profitability (Y). The variable regression coefficient (X2) of 0.133 means that each one unit increase in green business (X2) will cause an increase in profitability (Y) of 0.133.
The regression coefficient for the green banking independent variable (X3) is positive, indicating a unidirectional relationship between green banking (X3) and profitability (Y). The variable regression coefficient (X3) of 0.134 means that each
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additional unit of green banking (X3) will cause an increase in profitability (Y) of 0.134.
Table 4.4 Autocorrelation Test
Model Summary b
Model R R Square
Adjusted R Square
Std. Error of the
Estimate Durbin-Watson
1 .181a .033 .058 .28483 1,014
a. Predictors: (Constant), Green Banking, Green Management, Green Business b. Dependent Variable: Profitability
Source: SPSS output 25, 2020
Based on the tests that have been done, the Durbin Waston test was obtained for 1.014. Then the value is compared with the predetermined test criteria. Based on the test criteria and the Durbin Waston test value, it is known that 1.014 is between -2 and +2, so it can be concluded that the regression model in this study does not have autocorrelation.
Based on the results of statistical tests and the significance that the variables of Green Management, Green Business and Green Banking have a positive and significant impact on financial performance, the results of this study have similarities with previous studies such as those conducted by Nurul Rahmi et al (2013) that The results of stimulation and Partial hypothesis testing used showed that the four independent variables which are independent CAR, BOPO, NPF, and Corporate Social Responsibility Disclosure affect on ROA, other studies that have similarities are research conducted by Robby Heryanto et al. (2017) The results show that corporate social responsibility (Corporate Social Responsibility Disclosure) has a positive and significant effect on profitability by using the net profit margin proxy (NPM), while using return on assets (ROA), Gusti Ayu Made Ervina Rosiana et al (2013) The results of the analysis show that Corporate Social Responsibility has a positive and significant effect on firm value and profitability is able to strengthen the effect of disclosure of Corporate Social Responsibility on firm value.
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Furthermore, in the research of I Gusti Ayu Agung Omika Dewi et al (2017), The result of the hypothesis testing showed that the implementation of Green Banking was able to strengthen the relationship between Corporate Social Responsibility and Going Concern on Banking Companies in Indonesia Stock Exchange. The expected contribution could be obtained from the results of the research was to assist the management in the banking sector in implementing Green Banking related to Corporate Social Responsibility and Going Concern on banking companies, as well as consideration for stakeholders in the banking sector in decision making . Furthermore, research conducted by Fatullah Ikbal (2020) The results of the simultaneous test (T test) state that the significance value is> 0.05 (0.063> 0.05). and the coefficient value is 0, 418 The value of t count is positive means that it has a positive effect. Based on the results of the test of the coefficient of determination (R2), the value was 0.071 or 7.1%. This shows that 7.1% of Green Banking is influenced by independent variables.
Meanwhile, the other 92.9% were explained by other variables which were not the focus of the research. And from an Islamic perspective, all Green Banking indicators are appropriate based on an Islamic perspective as well as reinforcing arguments about protecting nature and preventing natural damage.
Furthermore, Tria Ratnasari's research (2017) shows that the daily operations of Green Banking, capital adequacy and the level of bank liquidity have a significant and positive effect on bank profitability. Green Banking policy and bank efficiency are proven to have a significant and negative effect on bank profitability, while non- performing loans are not proven to have an effect on bank profitability.
The difference between the results of this study and the previous research only lies in the object of research, and the research variables that affect profitability as well as the number of samples and population that are used as research objects.
I. CONCLUSION
Based on the problems, hypothesis testing and discussion, it can be concluded that the implementation of Green Management, Green Business and Green Banking has a significant positive effect on profitability Islamic commercial banks in Indonesia
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2014-2018. This research is expected to have an impact on two parts, namely the contribution of theory, contribution of practice and contribution of policy. This research is expected to contribute scientifically to environmental accounting, especially regarding profitability which is influenced byimplementation of Green Management, Green Business and Green Banking. The results of this study are expected to be used as a reference for company owners, investors and policy makers that can be used in managing the company
This research has been carried out optimally by researchers but researchers realize that there are still many limitations, namely, among others, the variables that affect profitability only consist of variables. Green Management, Green Business and Green Banking. The target sample also only focuses on Islamic commercial banks in Indonesia and the observation period is also only 5 years. For the following research, it is expected that the researcher will include more variables and a larger number of samples and a long period of observation. There are limitations to research using secondary data, namely sometimes financial reports published to the public do not show the real situation. This research cannot represent all banking companies listed on the Indonesia Stock Exchange. Based on the results of the discussion and conclusions above, the researcher can provide the following suggestions: banking is expected to be able to review program implementationGreen Management, Green Business and Green Banking. Management must be honest and careful in managing program implementationGreen Management, Green Business and Green Banking. because it will have a positive impact if the program runs according to standards.
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