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Firm characteristics, audit committee, and environmental performance:
Insights from Indonesian companies
(Article), ,
Faculty of Economics and Business, Diponegoro University, Indonesia
Abstract
This study aims to investigate the effect of firm size (FS), profile of industry (PI), independent committee audit, and audit committee meetings (ACMs) on environmental performance (EP). The sample consisted of companies listed on the Indonesia Stock Exchanges and receiving PROPER award issued by the Ministry of Environment, Republic of Indonesia in the year - . The data were then analyzed using the ordinal logit regression. The findings indicated that PI, independent committee audit, and ACMs positively affected EP. Meanwhile, FS did not determine EP. The findings imply that companies which want to create EP should consider their profiles of industry and audit committee characteristics (independence and frequency of meetings). © , Econjournals. All rights reserved.
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Environmental performance Firm characteristics Indonesia
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Ministry of Environment MOE
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This study aims to investigate the effect of firm size (FS), profile of industry (PI), independent committee audit, and audit committee meetings (ACMs) on environmental performance (EP). The sample consisted of companies listed on the Indonesia Stock Exchanges and receiving PROPER award issued by the Ministry of Environment, Republic of Indonesia in the year - . The data were then analyzed using the ordinal logit regression. The findings indicated that PI, independent committee audit, and ACMs positively affected EP. Meanwhile, FS did not determine EP. The findings imply that companies which want to create EP should consider their profiles of industry and audit committee characteristics (independence and frequency of meetings).
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Open Access International Journal of Energy Economics and Policy
Volume 7, Issue 6, 2017, Pages 19-26
Chariri, A. Januarti, I. Yuyetta, E.N.A.
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Environmental Disclosure | Sustainability Reporting | Global Reporting Initiative
ISSN: 21464553 Document Type: Article
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EDITORIAL TEAM
EDITORS
Ilhan Ozturk, Editor-in-Chief, Cag University, Mersin, Turkey Ali ACARAVCI, Co-Editor, Mustafa Kemal University, Hatay, Turkey
SECTION EDITORS
Serkan Yılmaz KANDIR, Co-Editor, Çukurova University, Adana, Turkey Muhittin KAPLAN, Istanbul University, Istanbul, Turkey
Alper ASLAN, Nevsehir Hacı Bektas Veli University, Nevsehir, Turkey Seyfettin ARTAN, Karadeniz Technical University, Trabzon, Turkey Gazi Salah UDDIN, Linkoping University, Sweden
Constantinos ALEXIOU, Cranfield University, Bedfordshire, United Kingdom Abdulnasser Hatemi-J, UAE University, United Arab Emirates
Hooi Hooi Lean, Universiti Sains Malaysia, Penang, Malaysia
Muhammad Shahbaz, School of Management and Economics, Beijing Institute of Technology, China Cem SAATCIOGLU, Istanbul University, Istanbul, Turkey
Faik BILGILI, Erciyes University, Kayseri, Turkey Abu N.M. WAHID, Tennessee State University, United States Chor Foon TANG, Universiti Sains Malaysia, Penang, Malaysia Yunke YU, Louisiana State University, Louisiana, United States Yu Hsing, Southeastern Louisiana University, United States Yue-Jun ZHANG, Business School of Hunan University, China Aviral Kumar Tiwari, ICFAI University Tripura, India Nicholas Apergis, University of Derby, United Kingdom Mohamed El Hedi Arouri, EDHEC Business School, France Ali AHMED, Linköping University, Linköping, Sweden Usama Al-mulali, Multimedia University, Melaka, Malaysia
Mohammad SALAHUDDIN, Trent University (Canada) & University of Southern Queensland, Australia Abdul JALIL, Quaid-i-Azam University, Pakistan
Diana Mihaela Pociovalisteanu, “Constantin Brancusi” University of Targu-Jiu, Romania Vincenzo Bianco, University of Genoa, Italy
Mita Bhattacharya, Monash University, Australia
Seyed Ehsan Hosseini, Arkansas Tech University, United States Burcu Ozcan, Firat University, Elazig, Turkey
Rabindra Nepal, University of Wollongong, Australia
Mohammad H. Ahmadi, Shahrood University of Technology, Iran, Islamic Republic of Roula Inglesi-Lotz, University of Pretoria, South Africa
Songül Kakilli ACARAVCI, Mustafa Kemal University, Hatay, Turkey Victor M.F. Moutinho, Universidade de Aveiro, Portugal
Samuel Asumadu Sarkodie, Nord University, Business School, Norway Abdul Rauf, Nanjing University of Information Science and Technology, China Ardi Gunardi, Universitas Pasundan, Indonesia
ISSN: 2146-4553
I N T E R N A T I O N A L J O U R N A L O F E N E R G Y E C O N O M I C S A N D
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7/1/2020 Vol 7, No 6 (2017)
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VOL 7, NO 6 (2017)
TABLE OF CONTENTS
ARTICLES
The Spanish used Oils Market: A Vector Error Correction Model Asunción Arner Güerre
PDF 1-10 Equity Beta for Regulated Energy Businesses in Australia: A Revisit
Thach Ngoc Pham, Duc Hong Vo
PDF 11-18 Firm Characteristics, Audit Committee, and Environmental Performance: Insights
from Indonesian Companies
Anis Chariri, Indira Januarti, Etna Nur Afri Yuyetta
PDF 19-26
Oil Revenue, Public Spending, Gross Domestic Product and Employment in Saudi Arabia
Tarek Tawfik Yousef Alkhateeb, Zafar Ahmad Sultan, Haider Mahmood
PDF 27-31
The Relationship between Energy Consumption and Economic Growth: Evidence from Azerbaijan
Shahriyar Mukhtarov, Jeyhun I. Mikayilov, Vüqar İsmayılov
PDF 32-38
Financial Development, Economic Growth and Renewable Energy Consumption in Russia: A Vector Error Correction Approach
Dmitry Burakov, Max Freidin
PDF 39-47
An Optimization Model of the European Natural Gas System Alexios Skarakis, Athanasios Dagoumas
PDF 48-60 Examining Energy Futures Market Efficiency Under Multiple Regime Shifts
Onder Buberkoku
PDF 61-71 Performance Evaluation of Pakistan's Oil & Gas Regulatory Authority
Anwar Zeb, Azad Haider, Jawad Hussain, Mudassir Zaman Khan, Farzana Shaheen, Muhammad Israr
72-77PDF
Japanese Households’ Energy Saving Behaviors Toward Social Risks by Conjoint Analysis
Shin Kinoshita
PDF 78-84
How Powerful is Your Customers’ Reaction to Carbon Performance? Linking Carbon and Firm Financial Performance
Andewi Rokhmawati, Ardi Gunardi, Matteo Rossi
PDF 85-95
The Relationship between Economic Growth, Renewable Energy, and CO2 Emissions:
Evidence from Panel Data Approach Majid Mahmoodi
96-102PDF
Effects of Government Investment in Energy Sector on Growth, Employment and Private Investment in Iran
Abbas Assari Arani, Raziyeh Mohammadi Saber, Lotfali Agheli
PDF 103-111
Incorporating Risk in Analysis of Tax Policies for Solar Power Investments Thomas R. Harris
PDF 112-118
Renewable Energy Consumption-Economic Growth Nexus in Italy PDF
I N T E R N A T I O N A L J O U R N A L O F E N E R G Y E C O N O M I C S A N D
P O L I C Y
7/1/2020 Vol 7, No 6 (2017)
https://www.econjournals.com/index.php/ijeep/issue/view/110 2/2
Cosimo Magazzino 119-127
Hydrocarbon Market in Countries with Developing Economy: Development Scenario Michael Evgenievich Kosov, Ravil Gabdullaevich Akhmadeev, Vladimir Mikhailovich Smirnov, Sergey Yuryevich Popkov, Inna Nikolaevna Rycova
PDF 128-135
Factor Decomposition of Responsiveness of the Domestic Price to Crude Oil Price Cheng-Yih Hong, Chung-Huang Huang, Jian-Fa Li
136-140PDF
Analysis of Causality Between Economic Growth, Energy Consumption and Carbon Dioxide Emissions in 4 ASEAN Countries
Nunung Nuryartono, Muhamad Amin Rifai
PDF 141-152
Survey of Energy Finance on the Corporate World Saud Althaqeb
PDF 153-158 Study Short Term and Long Term Impact of Effective Real Exchange Rate on Oil
Price Growth in Iran
Hamid Davari, Alireza Kamalian
PDF 159-163
New Energy System in the Republic of Kazakhstan: Exploring the Possibility of Creating and Mechanisms of Implementing
Zhanat Babazhanova, Bakytgul Khambar, Assem Yessenbekova, Nalima Sartanova, Fatima Jandossova
PDF 164-170
The Long Run Effects of Oil Prices on Economic Growth: The Case of Saudi Arabia Musa Foudeh
171-192PDF
The Role of Energy Supply in Economic Growth: Evidence from the Oil Importing Countries
Ghazi A. Samawi, Metri F. Mdanat, Talah S. Arabiyat
PDF 193-200
ISSN: 2146-4553
International Journal of Energy Economics and Policy
ISSN: 2146-4553
available at http: www.econjournals.com
International Journal of Energy Economics and Policy, 2017, 7(6), 1-10.
The Spanish used Oils Market: A Vector Error Correction Model
Asunción Arner Güerre*
Departamento Estructura e Historia Económica y Economía Pública, Universidad de Zaragoza, Spain. *Email: aarner@unizar.es
ABSTRACT
The Spanish Used Oils Management Act (Royal Decree 679 of June 2, 2006), which mandated extended producer responsibility in the management of waste oils, set the recovery rate of used oils at 95% in 2006 and the refining rates of used oils at 55% and 65% in 2007 and 2008, respectively. This study examines the dynamic responses of the amount of used oils intended for re-refining and the price of base lubricant oils to the environmental objectives as fixed by the royal decree by estimating a vector error correction model. The results suggest that the quantity variable increases, but the effect is the opposite from the third period and beyond. The price variable increases, but the effect decreases at 2 years and beyond. In addition, the variable quantity causes the variation in the price variable.
Keywords: Industrial Oil, Used Oil, Vector Error Correction, Impulse-response Functions JEL Classifications: L71, Q47, Q48
1. INTRODUCTION
Used oils include mineral and synthetic lubricants as well as industrial oils that have become unfit for their initially planned use and are essentially hazardous waste
1. Used oils can be reused through the process of re-refining, a recycling operation in which base oils can be produced by refining waste oils or by burning them to recover energy
2. According to the Environmental Protection Agency (EPA), two liters of re-refined oil yields three liters of used oil, whereas 100 liters of oil is required to obtain the same amount of base oils (EPA, 1989). Moreover, it is estimated that every ton of re-refined oil prevents three tons of CO
2emissions from being released into the atmosphere
3. Furthermore, a liter of used oils manufactured as fuel provides 10.84 kW/hour of power (EPA, 1989). In Spain, the authorization to burn used oils in 1989, the financial incentives for their collection, and stricter regulations
1 The inadequate management of waste oils can cause significant negative effects, e.g., one liter of used oil can pollute up to one million liters of water; the uncontrolled burning of five liters of used oil can cause air pollution for as long as three years; and a spill of one liter of engine oil in a body of water can pollute an area as wide as 4,000 m2 (Torras, 1999).
2 The re-refining process involves the removal of pollutants, oxidation products, and additives from such oils (Angulo et al., 1996; Llobet, 1995;
Gómez-Miñana, 1993; Ramsden, 1995).
3 SIGAUS (2017a).
regarding the management of waste oils facilitated a sharp increase in the collection rate of used oils. However, these policies implied the prevalence of combustion, to the detriment of re-refining. In the early 2000s, the regulations regarding the burning of used oils were revised and made more stringent. As a result, the collection rate of used oils reached 100% by increasing used oils reused by re-refining.
The Spanish Used Oils Management Act (Royal Decree 679 of June 2, 2006), which mandates extended producer responsibility (EPR) in the management of waste oils, set the recovery and valorization rates of used oils to 95% and 100% for used oils affected by royal decree on July 1, 2006. Moreover, royal decree set the refining rates at 55%
and 65% those of regenerable used oils, respectively, beginning in
2007 and 2008. EPR supposes that manufacturers of lubricating
oils must ensure the proper management of the waste oils generated
by the use of oils and of bearing the full cost of the operations
necessary for them. Manufacturers can fulfill the obligations, within
the framework of EPR, individually or collectively as an integrated
management system (IMS). The IMS must finance all the costs
resulting from the correct management of the quantity of used oils
equal to that of used oil generated after the use of the oils put on
the market by their associates. In turn, manufacturers must develop
a business prevention plan (BPP), identifying measures to extend
the useful life of lubricants, facilitate the recovery of waste oils and
incorporate re-refined base oils into their composition.
International Journal of Energy Economics and Policy | Vol 7 • Issue 6 • 2017 11
International Journal of Energy Economics and Policy
ISSN: 2146-4553
available at http: www.econjournals.com
International Journal of Energy Economics and Policy, 2017, 7(6), 11-18.
Equity Beta for Regulated Energy Businesses in Australia: A Revisit
Thach Ngoc Pham
1*, Duc Hong Vo
21
Ho Chi Minh City Open University, Vietnam,
2Ho Chi Minh City Open University, Vietnam. *Email: thach.pn@ou.edu.vn
ABSTRACT
This paper aims to estimate the equity beta - a key input of the capital asset pricing model, for the energy businesses in Australia in the 11-year period from 2005 to 2015. Various methods are used in this paper including quantile regression (QR). Listed companies in the energy industry are considered at individual and portfolio levels. Findings from this paper are both consistent and contrast with prior related studies: (i) Energy sector in Australia face a relatively low risk level compared to the market; (ii) ordinary least squares results are higher than least absolute deviations; and (iii) QR vary across different percentiles.
Keywords: Equity Beta, Quantile Regression, Australia JEL Classifications: G11; G18
1. INTRODUCTION
Energy plays a crucial role in Australia’s economy since it made up for about 5% of the value added of all industries. Besides, Australia energy export accounted for around 5% of the world in total. Prior studies which used ordinary least squares (OLS) and least absolute deviations (LAD) indicated that the equity beta - a key input to calculate the expect rate of return based on the capital asset pricing model (CAPM), of energy businesses in Australia is below 0.8 (Henry, 2008; Henry and Street, 2014; Vo et al., 2014). However, estimating expected rate of return have become a controversy issue in recent years and attracted attention from both researchers and practitioners. The common phenomenon of existing outlying observations in the sample tends to make the estimated coefficients, and thus the equity beta, biased. Thus, there have been some efforts (Vo and Pham, 2017; Chang et al., 2011; Allen et al., 2009) to employ the quantile regression (QR) in estimating equity beta.
As such, this paper re-examines the equity beta estimation for the energy businesses in Australia for the period 2005-2015 and contributes to the literature in two dimensions. First, this paper provides an updated evidence related to equity beta for Australian regulators in order to determine a “fair” rate of return for the
energy businesses. Second, this paper applies the QR to minimize the effects of outlier observations in estimating equity beta in the context of Australian energy businesses.
The results suggest that estimates of equity beta appear to vary substantially across different quantiles using QR at both individual stock and portfolio level. Overall, the estimated results from all methods (OLS, LAD, and QR) indicated that the equity beta of energy businesses in Australia should lie in the 0.6-0.8 range.
The paper is structured as follows. Following the introduction, a literature review on models estimating equity beta is conducted in Section 2. Section 3 presents our data and methodology for estimating equity beta. Empirical findings are presented in Section 4. Section 5 concludes the paper with policy implications.
2. LITERATURE REVIEW
Sharpe (1964) and Lintner (1965) introduced the CAPM in which describes the relationship between the expected return and risk.
In this model, the expected return of a security (an asset) is given by the following equation:
E(r
i)=r
f+β
i[E(r
m−r
f)] (1)
International Journal of Energy Economics and Policy
ISSN: 2146-4553
available at http: www.econjournals.com
International Journal of Energy Economics and Policy, 2017, 7(6), 27-31.
Oil Revenue, Public Spending, Gross Domestic Product and Employment in Saudi Arabia
Tarek Tawfik Yousef Alkhateeb
1, Zafar Ahmad Sultan
2*, Haider Mahmood
31
Department of Marketing, College of Business Administration, Prince Sattam bin Abdulaziz University, Alkharj, Saudi Arabia &
Department of Agricultural Economics, Kafr Elsheikh University, Egypt,
2Department of Economics; L.S. College, Muzaffarpur;
B.R.A. Bihar University, Muzaffarpur; Bihar, India,
3Department of Finance, College of Business Administration, Prince Sattam Bin Abdulaziz University, Alkharj, Saudi Arabia. *Email: zsultan.sultan@gmail.com
ABSTRACT
Saudi Arabia has largest oil production and exports in the world. Oil’s revenues form the backbone of the economy and it is also a main source of government revenue which determines the major economic activities in the country. This paper has investigated the relationship between oil revenue and employment level by augmenting two more variables like gross domestic product (GDP) and public spending for a period 1991-2016. We find that there is a cointegration among oil revenue, GDP, public spending and level of employment in Saudi Arabia. The vector error correction model results show that oil revenue and public spending are causing the level of employment in Saudi Arabia. This study observes that declining oil price and its consequent impact on oil revenue may pose a challenge to the economy unless it diversifies its economic base and reduces its dependence on oil sector. Therefore, we recommend the government to reduce oil dependency to improve employment level.
Keywords: Oil Revenue, Employment, Causality JEL Classifications: C22, E24, H50
1. INTRODUCTION
The oil revenue plays an important role in Saudi economy.
Revenue from oil constitutes key factor for favorable balance of payments (BOP), the government income and economic prosperity of the country. This prosperity began with oil price boom in 1973 and continued until 1980. During this period, the production of oil also rose. As a result, the revenue from this sector increased from about 30 billion Saudi Arabian Riyal (SAR) in 1972 to more than 380 billion SAR in 1981. After that, the revenue from this sector dipped to about 50 billion SAR in 1988 owing to decline in both price and production of oil. The revenue again rose to 140 billion riyal in 1990 mainly because of more production and also remained at that level throughout the decade.
The trend in oil revenue has also affected the country’s gross domestic product (GDP) as the revenue from oil constitutes a large proportion of GDP. Oil revenue has also been used in financing government spending that stimulated the investment and growth in the economy. Resultantly, GDP has been growing at 15.2 % during
1970-74 and at 8.7% during 1974-1980. During 1980-1984, GDP growth rate became negative ( − 4.1% per annum) and recorded at modest growth of around 3% during 1985-1994. During the last decade of the 20
thcentury, the GDP almost remained stagnant.
In this scenario, the recent shocks in oil price are also expected to adversely affect the oil based economy like Saudi Arabia by affecting government revenue, foreign exchange reserves, and its financial viability to meet growing needs of the economy.
Table 1 reveals the importance of oil in Saudi Arab’s economy during 1991-2016. We find that the price of oil remained on downward trend during 1991-1999. During this period, the share of oil revenue in government revenue also dropped from 77.8%
to 70.8 %. However, with the rise in price of oil in 2003 and
thereafter, the proceeds of the government from oil increased and
its share in government revenue increased from 78.8% in 2003
to about 92% in 2012. Again, with a recent dip in the price, its
share goes down to 64.2% in 2016. But, it still constitutes a very
high proportion and excess dependence on a single source. This
sector has contributed 35.1% in country’s GDP in 1991which
International Journal of Energy Economics and Policy | Vol 7 • Issue 6 • 2017 39
International Journal of Energy Economics and Policy
ISSN: 2146-4553
available at http: www.econjournals.com
International Journal of Energy Economics and Policy, 2017, 7(6), 39-47.
Financial Development, Economic Growth and Renewable Energy Consumption in Russia: A Vector Error Correction Approach
Dmitry Burakov
1*, Max Freidin
21
Department of Financial Markets & Banks, Financial University under the Government of the Russian Federation, Moscow, Russia.
2
Department of Marketing, Belarusian State Agricultural Academy, Mogilev Region, Gorki, Belarus. *Email: dbur89@yandex.ru
ABSTRACT
This article aims to explore the causal relationship between financial development, economic growth and renewable energy consumption on the example of Russia. Using data from 1990 to 2014, we build the vector error correction model to determine the nature of short-term and long-term relationships between the variables. To determine causality and its direction, we use the Granger causality test VEC in domain. The results of the VEC model show that the system of variables corrects its previous period disequilibrium at a speed 22,98% in one year. Based on the results of the Wald test, we find no statistically significant causality running from renewable energy consumption to either economic growth or financial development.
The results of Granger causality test show that there is bi-directional causality between economic growth and financial development in Russia, while renewable energy consumption does not Granger cause economic growth or financial development. Although economic growth does Granger cause changes in renewable energy consumption.
Keywords: Renewable Energy, Economic Growth, Financial Development, Vector Error Correction Model JEL Classifications: D53, O40, Q42, Q43
