Green Accounting and Green Intellectual Capital Practices: Study of The Influence of Indirect Financial Firm on Firm Value
Tri Astuti1*, Tri Widyastuti2, Nurmala Ahmar1
1 Pancasila University, Indonesia
2 Bhayangkara Jakarta Raya University, Indonesia
*Corresponding Author: [email protected] Accepted: 15 October 2022 | Published: 1 November 2022
DOI:https://doi.org/10.55057/ajafin.2022.4.3.8
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Abstract: This study aims to develop and analyze the effect of green intellectual capital, green accounting and financial performance on firm value (price book value/PBV proxy), develop and analyze the effect of green intellectual capital and green accounting on firm value (price book value/PBVproxy) mediated by the financial performance of the Indonesian Biodiversity Sustainable and Responsible Investment (SRI) Index (KEHATI) for the 2015-2020 period.
Novelty in this study developed by the concept of green intellectual capital and green accounting to reduce greenhouse emisions and pollution to increase firm value. The sample used is 75 samples from 14 stocks with purposes sampling method. Data collection is obtained through an annual report published on the IDX’s official website, that is www.idx.co.id and a sustainability report. The results showed that green intellectual capital (green human capital/GHC and green relational capital/GRC) had no significant effect on firm value (PBV proxy), green intellectual capital (GHC, and GRC) had a significant positive effect on financial performance (ROA proxy), financial performance (ROA proxy) has a negative affect on firm value (PBV proxy) and financial performance (ROA) is able to mediate green intellectual capital on firm value (PBV proxy).
Keywords: Green Intellectual Capital, Green Accounting, Financial Performance, Corporate Value, Sustainable Development
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1. Introduction
Global warming and climate change in the world that are happening today arise from the world's population consuming fossil fuels, releasing energy, using non-renewable natural resources, and certain hazardous materials, causing resource depletion, energy crisis, carbon dioxide gas (CO2). ), thus causing greenhouse gases, global warming and climate change resulting in a decrease in environmental quality, in the form of increasing temperatures on earth, rising sea levels which can reduce a country's economy and sustainable development of living things, so the government urges the current generation to invest in sustainable green economic growth programs. which prioritizes economic (profit), social (people) and environmental (planet) aspects where the company contributes to protect, preserve, improve, improve environmental quality, manage natural resources in an environmentally friendly manner, increase capital to convert waste production into profit-worthy products that minimize environmental impact, so that future generations use resources of the same or even better quality, so that the company's obligation to disclose green intellectual capital and green accounting, to create corporate value
In the digital era, there is a change in the economic model based on information technology and creativity in dealing with environmental issues, companies must be able to disclose and manage intellectual property, knowledge, wisdom, experience, and innovation in environmental protection at the organizational level that can meet international environmental regulations and be able to disclose management , environmental protection and awareness to increase return on assets and firm value to gain competitive advantage. (Yousef Obeidat et al. 2017.
The relationship between green intellectual capital and firm value is that a company that is able to reveal its employees who have knowledge, experience, wisdom, technological progress, green production processes, green innovation, green building infrastructure and commitment to care for the environment will win investors' trust thereby increasing the company's value for the purpose of company business continuity. Empirical findings are (Benevene et al. 2021) that GHC, GSC, GRC have an effect on corporate competitive advantage, (Josephine, Ciptadi, and Aloysius 2020) stated that green human capital and green relational capital have an effect on business sustainability, (Malik et al. 2020) ) said GHC, GSC, GRC had an effect on sustainable in organization, (Yahya, Arshad, and Kamaluddin 2015) said green innovation capital had an effect on competitive advantage but green organization capital had no effect on competitive advantage, (Sugiyanto and Febrianti 2021) said GIC had no effect on firm value (share return proxy), (Pan et al. 2021) said green intellectual capital has a negative effect on competitive advantage. (Bombiak 2021) researched that GIC had no effect on sustainable development, (Sidik et al. 2019) said that GIC had an effect on competitive advantage.
The relationship between green intellectual capital and financial performance is a company that has employees who are able to increase knowledge, high technology, provide good service, provide quality and loyalty of environmentally friendly products to consumers giving a positive image that products circulating in the community are safe, in the long term. can improve the company's financial performance. Empirical findings are (Eldar Khanlarov, Serhiy Lyeonov 2020), stating that green human capital, green structural capital have an effect on company performance (ROA, ROE, ROS, ROI), but green relational capital has a negative effect on company performance (ROA, ROE, ROS, ROI), (Thiagarajan, UtpalBaul, and Sekkizhar 2017) said green human capital has a positive effect on sustainability performance (proxy operations, environment, community, governance), green structural capital has a positive effect on operations, environment, community, governance but green relational capital influence on society, (Sugiyanto and Febrianti 2021) said that GIC had a significant effect on ROA (future stock return), (Chandra and Augustine 2019) said that the GIC Index had a significant positive effect on financial performance (ROA proxy, ROE).
The relationship between green intellectual capital and firm value mediated by financial performance means that companies that have employees who are capable and proficient in their knowledge and technology are processing environmentally friendly natural resources by paying attention to their impact on the environment by presenting them in a sustainability report, can improve financial performance. and corporate values, to ensure the sustainability of future generations. Empirical findings are (Sugiyanto and Febrianti 2021) that green intellectual capital has no effect on firm value (stock return) through ROA (future stock return).
There is a relationship between green accounting and firm value. Companies that are able to disclose/report widely information and knowledge on preserving, protecting the environment and paying attention to the impact of the company's production activities will develop company relationships with stakeholders and demonstrate their commitment to complying with sustainability reporting practices that have a positive impact on improving the image. company
thereby increasing firm value. His empirical research (Al-Dhaimesh, 2020), green accounting (GRI 2016 indicators) says that energy, materials, emissions, water have a significant effect on firm value (EVA), (Azwari et al., 2019) says green accounting (cost proxy prevention, environmental detection costs, internal environmental failure costs, and external environmental failure costs) have a significant effect on firm value (TobinsQ), (Xu et al., 2021) stated that green accounting (corporate environment responsibility proxy) has an effect on firm value (EVA). ), (Brooks & Oikonomou, 2017) stated that green accounting (ESQ Index proxy) had a significant effect on firm value (stock market performance), (Gerged et al., 2021) stated that corporate environmental disclosure had a significant effect on firm value (TobinsQ). , (Maama
& Appiah, 2019) stated that companies must integrate environmental sustainability information in their accounting systems to increase their legitimacy to access resources for survival. In contrast to (Egbunike & Okoro, 2018) saying that environmental disclosure (disclosure index proxy) has no effect on firm value (TobinsQ).
There is a relationship between green accounting and financial performance, namely that companies in managing the products/services produced also have environmental care and preservation that can increase public and stakeholder confidence in the quality of these products/services, which has an impact on improving the company's financial performance. His empirical findings (Xu et al., 2021) say that green accounting (a proxy for corporate environmental responsibility (CER) has a significant positive effect on ROE, (Trevlopoulos et al., 2021) says that green accounting (GRI) has a significant positive effect on the financial performance index. (ROA, ROE, ROI, (Zhang & Ma, 2021) say that green accounting (wide and depth of environmental management) has a significant positive effect on company performance. In contrast, researchers (Li et al., 2017) state that green accounting disclosures have no effect on financial performance (ROA), (Egbunike & Okoro, 2018) stated that green accounting (a proxy for public expenditure for protection) had no significant effect on financial performance (ROA).(Kurniasari & Bernawati, 2020) said that corporate social responsibility did not affect firm value (TobinsQ ), profitability (ROA) affects firm value (TobinsQ).
There is a relationship between green accounting and firm value through return on assets.
Companies that disclose environmental accounting information in annual reports to shareholders, investors and the public, will provide a positive signal for investors to invest their funds in the company, where funds received from investors will be managed. by the company to improve the company's performance which will have a positive impact on the value of the company. Its empirical findings (Xu et al. 2021) that green accounting (corporate environment responsible (CER) proxy is significant to firm value (EVA proxy) through ROE, (Setiawanta et al., 2019) say that profitability has a significant positive effect on firm value, but green accounting (greenhouse gas emissions) have a negative impact on firm value, and they have been shown to mediate the effect of financial performance on firm value.
The novelty of this study is to develop the concept of green intellectual capital and green accounting to reduce greenhouse emissions and pollution to improve financial performance so as to increase firm value.
This study uses the Indonesia Biodiversity Sustainable and Responsible Investment (SRI) indexed companies (KEHATI) for the 2015-2020 research period, namely companies listed on the Indonesia Stock Exchange that manage environmentally friendly resources and green technology to improve financial performance.
Problem Identification:
a. The company uses natural resources continuously, facing the risk of environmental damage, with the existence of green intellectual capital and green accounting, it is expected to minimize the risk of environmental damage that will occur in the future.
b. In Indonesia, the sustainable development goals regarding climate change have not yet achieved maximum results (just under 20%), which are still the lowest compared to the 16 other sustainable development goals, due to the company's awareness of revealing the environment is still low compared to countries in Asia.
c. There are still contradictions and gaps in empirical results (research gaps) presented from research on green intellectual capital, green accounting, financial performance on firm value.
Purpose of the study:
1) Develop and analyze a model of the influence of green intellectual capital on firm value (PBV proxy)
2) Develop and analyze a model of the influence of green intellectual capital on financial performance (ROA proxy)
3) Develop and analyze a model of the influence of green accounting on financial performance (ROA proxy)
4) Develop and analyze the influence model of green accounting on firm value (PBV proxy) 5) Develop and analyze a model of the influence of financial performance (ROA proxy) on
firm value (PBV proxy)
6) Develop and analyze the influence model of green intellectual capital on firm value (PBV proxy) through financial performance (ROA proxy)
7) Develop and analyze the influence of green accounting on firm value (PBV proxy) through financial performance (ROA proxy)
2. Literature Review
Firm Value
Companies that are able to disclose green accounting (concern and environmental sustainability), and geen intellectual capital (manage and improve human resources who have knowledge, green innovation, expertise, experience, high technology and research, organizational capabilities, production processes, commitment and cooperation , the company's interactive relationship with partners on environmental management) makes investors interested in investing in the company so that it can increase firm value.
The theories that underlie firm value:
1) Agency Theory (Agency Theory)
Stakeholders have the same rights as shareholders to obtain information on green intellectual property, improve technology and renewable research to prevent pollution, control emissions and pollutants in order to increase company profits and prosperity in order to create corporate value.
2) Signalling Theory (Signalling Theory)
Disclosure of green intellectual property information in the form of expertise and technology possessed in environmental management gives a signal that the company has good prospects in the future so that investors are interested in investing in the company, the market will react in the form of increasing stock prices.
3) Legitimacy Theory (Legitimacy Theory)
Companies must pay attention to the rights of investors and the public to ensure that the company's activities can be accepted by outsiders (legitimacy) by publishing a sustainability
report as a social responsibility and maintaining the image and reputation of the company in the eyes of stakeholders which has an impact on increasing the value of the company.
4) Stakeholder Theory (Stakeholder Theory)
(Maama & Appiah, 2019), stated that the reporting of green accounting and green intellectual property has the aim of meeting the expectations of stakeholders as parties that influence and are influenced directly or indirectly on the activities and policies taken and carried out by the company.
5) Resource Based Theory (RBV),
Companies that have green resources must always be improved in order to create company efficiency and effectiveness to maintain a competitive advantage that can increase company value.
Green Intellectual Capital
GIC is an intangible asset of the company, including knowledge, skills, policies, abilities, attitudes, experience, creativity and commitment of employees and innovation in the field of environmental protection. Innovative GIC enables the company to differentiate itself from its competitors so that it becomes the foundation for the company to build a sustainable competitive advantage (Thiagarajan et al. 2017). Green intellectual capital classification consists of:
1) Green Human Capital (GHC), as a presentation of employee knowledge, expertise, green technology, green innovation, skills, abilities, experience, attitudes or behavior, wisdom, creativity and employee commitment to environmental protection.
2) Green Structural Capital (GSC) as a stock of capabilities, organizational commitment, knowledge management system, reward system, information technology system, database, managerial institutions, operating processes, managerial philosophy, organizational culture, corporate image, patents, copyrights, and trademarks, about environmental protection or leading green innovations in companies that can help companies gain competitive advantages (Chen, 2008).
3) Green Relationship Capital (GRC), as the company's interactive relationship with customers, suppliers, network members and partners, investors, offers green products and services, sets upstream and downstream product environmental standards, promotes corporate image, enhances customer satisfaction and loyalty, enhances customer trust. stakeholders and promote competitive advantage
Green Accounting
Green accounting is corporate disclosure in the form of accounting for resource expenditures based on the general practice of resource managers and resource owners to facilitate transactions and public benefits, to create wealth for future use. (Ma & Ma, 2019).
Theoretical Framework
H3
Figure 1: Theoretical Framework
Methodology
The research uses quantitative research. The secondary and population data sources are companies with the KEHATI Sustainable and Responsible Investment (SRI) stock index with a purpose judgment sampling technique for determining the sample.
Variable Operationalisation
Table 1: Variable Operationalisation
Variable Indicator Scale
Dependent Variabel:
1. Firm Value (PBV)=Y1 PBV=Market Price per Share Book Value per Share
Ratio
Indpendent Variabel:
1. Green intellectual capital (GIC) 2. Green accounting (GA)
Green intellectual capital index (GICI)= n/k
Environmental Accounting Index = Indicators number obtained Indicators number described (82)
Nominal
Nominal
Intervening Variable
1. Return on assets ROA = Net Income (EAT)/ Total Assets Ratio Control Variable
1. Size firm (Size)
2. Debt equity ratio (DER) 3. Debt to asset ratio (DAR) 4. Sales Growth (SG)
Size = Ln Total Asset
DER= Total Debt/ Total Equity DAR= Total Debt/ Total Asset SalesGrowth=(Salest-Sales-t-1)/Sales-t-1
Ratio Ratio Ratio Ratio
Source: Processed by the researcher
Result of the study
1) Measuring Model Design (Outer Model Test)
The criteria for assessing the outer model is the standardized loading factor limit > 0.5 or <
-0.5 that all indicators proposed in the research model can be used Green
Intellectual
Capital ROA
Green Accountin
g
Size
SG DAR DER Firm
Value (PBV)
H2 H1
H5, H6, H7
H4
Figure 2: Structural Model after Outer test (Outer Model)
2) Goodness of Fit Test
Table 2: R Square
R Square R Square Adjusted
PBV 0,206 0,123
ROA 0,054 0,027
Based on the results of regression testing model 2, firm value (price book value) has an R- Square value of 0.206, indicating that the weak model means that green intellectual capital, green accounting and return on assets are only able to have an effect on the price book value of 21% while 69 % again influenced by other factors besides GIC, GA and ROA.
Based on the results of regression testing model 2, return on assets has an R-Square value of 0.054 this indicates that the model is weak, meaning that green intellectual capital and green accounting are only able to have an effect on return on assets of 5.4% while the remaining 94.6% influenced by factors other than GIC, GA
3) Hypothesis output test model fit indices
Table 3: Model Fit Indices
Direct Effect Indirect Effect Path Coefficients; P-Value (Kriteria P<0.05)
PBV ROA PBV
GIC 0,048;0,453 0,224; 0,001 -0,062;0,036*
GA 0,01;0,917 0,025; 0,894 -0,007;0,909
ROA -0,278; 0,002 SG 0,068;0,671 Size -0,486;0,002 DAR 0,375;0,004 DER -0,202;0,388
Source: SmartPLS Data processing
Discussions:
1) H1: Develop and analyze a model of the influence of green intellectual capital on firm value (PBV proxy)
The findings of this study are based on calculations using bootstrap or resampling, the magnitude of the GIC coefficient (green human capital and green relational capital) on firm value (PBV proxy) is 0.048, with a P-Value value of 0.453> 0.05 so H1 is rejected, meaning that it has no effect. GIC directly significant to firm value (PBV proxy).
Research results indexed by Sri Kehati companies have revealed information on employees who have high skills, knowledge, technology that can manage natural resources (green human capital) and employees who provide good service, provide quality and loyalty to environmentally friendly products to consumers (green human capital). relational capital), has given a good image, provided a comfortable environment around the company, was able to win the competition in market competition, provided increased customer satisfaction, but in the short term it has not been able to increase the value of the company, which in the long term provides social and economic benefits (profitability). . From the social side, it gains social legitimacy and is considered environmentally friendly, from the economic side, investors are interested in disclosing greenhouse gas emissions, using renewable energy to encourage innovation and opportunities to increase share price growth.
The results of the study support Bombiak (2021), Yahya et al. (2015) and Sugianto and Febrianti (2021) stating that GIC has no effect on firm value.
2) H2: Develop and analyze a model of the influence of green intellectual capital on financial performance (ROA proxy)
The findings of this study, based on calculations using bootstrap or resampling, the magnitude of the GIC coefficient on financial performance (ROA proxy) is 0.224, with a P-Value value of 0.001 < 0.05 so H2 is accepted, meaning that there is a direct significant positive effect of GIC on ROA.
The results of this research that Sri Kehati indexed companies have revealed information on employees who have high skills, knowledge, technology that can manage natural resources (green human capital), provide good service, provide quality and loyalty to environmentally friendly products (green relational capital). where the cost of investing in intangible fixed assets and high green technology which is expensive, that increase in company profits, creating a sustainable competitive advantage.
The research results support (Eldar Khanlarov, Serhiy Lyeonov, 2020), (Thiagarajan et al.
2017), (Sugianyanto and Febrianti. (2021), Shandra M and Augustine Y (2019) stating that GIC has a positive effect on financial performance.
3) H3: Develop and analyze a model of the influence of green accounting on financial performance (ROA proxy)
The findings of this study are based on calculations using bootstrap or resampling, the magnitude of the coefficient of GA(X1) on ROA) is 0.025 with a P-Value of 0.894> 0.05 so that H3 is rejected, that is, there is no direct significant effect of GA (index of governance structure and management system). (G1), environmental performance indicator index (G3), vision and strategy claims index (G5)) on ROA.
The results of the green accounting research indicate that the green accounting disclosures made by Sri Kehati indexed companies are to produce products/services produced that do not harm consumers, but investors are still less concerned about the environment so that they have not touched people's lives so that it does not affect financial performance. However, in the long term, it will increase public and stakeholder confidence and improve financial performance.
The results of the study support (Li et al., 2017), (Egbunike & Okoro, 2018) that green accounting disclosure has no effect on ROE.
4) H4: Develop and analyze the influence model of green accounting on firm value (PBV proxy)
The findings of this study, based on calculations using bootstrap or resampling, the magnitude of the coefficient of GA(X2) on firm value (PBV proxy) is 0.01 with a P-Value value of 0.917
> 0.05 so that H4 is rejected, that is, there is no direct significant effect of GA ( governance structure and management system index (GA1), environmental performance indicator index (GA3), vision and strategy claims index (GA5)) to firm value (PBV proxy).
This study identified that the Sri Kehati indexed company revealed that GA could not increase firm value (PBV) or the effect was very small. The presence or absence of GA disclosures made by the company has become part of the report on social and environmental responsibility activities in the sustainability report so that it does not affect the value of the company.
The results of the study support Egbunike and Okoro, (2018), Effendi, (2021) that environmental accounting has no effect on firm value (TobinsQ and stock price).
5) H5: Develop dan analyze a model of the influence of financial performance (ROA proxy) on firm value (PBV proxy)
The findings of this study, based on calculations using bootstrap or resampling, the magnitude of the ROA coefficient on firm value (EV proxy) is -0.278 with a P-Value value of 0.002 < 0.05 so that H5 is accepted, which is a direct significant effect of ROA on firm value (PBV proxy).
This study identifies that the sample is able to prove that financial performance gives a positive signal to investors so as to increase firm value (PBV proxy).
The results of the study support (Li et al., 2017) that profitability has an effect on firm value.
6) H6: Develop and analyze the influence model of green intellectual capital on firm value (PBV proxy) through financial performance (ROA proxy)
The findings of this study, based on calculations using bootstrap or resampling, the magnitude of the GIC coefficient on firm value (PBV proxy) through ROA is -0.062 with a P-Value value of 0.036 < 0.05 so that H6 is accepted, i.e. there is a significant effect of GIC (GHC, GRC )
This study identifies that the Sri Kehati index company has a GIC that can increase Firm value (PBV) through increasing ROA.
This study supports Fristiani N. at al. (2020), that green intellectual capital has a significant positive effect on firm value through financial performance.
7) H7: Develop and analyze the influence of green accounting on firm value (PBV proxy) through financial performance (ROA proxy)
The findings of this study are based on calculations using bootstrap or resampling, the magnitude of the GIC coefficient (GHC and GRC) on the firm value (PBV proxy) is -0.007 with a P-Value value of 0.909 > 0.05 so that H7 is rejected, that is, there is no significant effect of GIC (GHC). , GRC) to firm value (PBV proxy) through ROA.
This study identifies that the Sri Kehati indexed company is not able to prove that GA can increase firm value (PBV proxy) through increasing ROA.
The results of the study support the research of Sugiyanto & Febrianti (2021), that GIC has no effect on firm value through ROA.
Conclusions
1) Green intellectual capital (green human capital and green relational capital) has no significant effect on firm value (price book value proxy), that Sri Kehati indexed companies that disclose green intellectual capital (green human capital and green relational capital) that have issued funds who are big on innovation, technology and high research to produce green packaging products, environmentally friendly production processes and information systems, but in the short term have not been able to have a significant impact on firm value (PBV).
2) Green intellectual capital (GHC, and GRC) has a positive effect on financial performance (ROA proxy) that the Sri Kehati Index Company has green intellectual assets that are able to express knowledge, high technology that can manage natural resources, provide good service, provide quality and loyalty of environmentally friendly products to consumers so as to increase company profits, and create sustainable advantages.
3) Green accounting (governance structure and management system index (GA1), environmental performance indicator index (GA3), vision and strategy claims index (GA5)) has no effect on firm value (PBV proxy) that the sample company is indexed by Sri Kehati which is associated with revealed that the environment has not been followed by an increase in ROA in the short term, but an increase in ROA will be felt in the long term.
4) Green accounting has no positive effect on financial performance (ROA proxy). that the Sri Kehati index company in terms of GA disclosure has become part of the report on social and environmental responsibility activities, it is not felt to increase firm value in the short term, but will be felt in the long term.
5) Financial performance (ROA proxy) has an effect on firm value (PBV proxy), that the Sri Kehati Index company sample in this study is able to prove the influence of financial performance can increase firm value (PBV proxy)
6) Financial performance (ROA proxy) can mediate green intellectual capital (GHC and GRC) mediation that the Sri Kehati Index company sample can prove green intellectual can increase firm value (PBV proxy) through increasing ROA
7) Green accounting for firm value (PBV) cannot be mediated by ROA, that the Sri Kehati Index company sample in disclosing GA cannot increase firm value (PBV) through ROA.
Suggestions
1) For companies, must disclose sustainability reporting every year as mandatory; applying environmentally friendly concepts for business strategies in the fields of green production, green marketing, green human resources; apply the green office concept which includes the organization's vision and mission, organizational policies, strategies, organizational work programs, operational procedures, monitoring systems and efficiency which includes minimizing the use of paper and stationery, use of tissue, availability of rainwater infiltration, utilization of solar panels; implementing the recycling industry by doing the 4 R (replace, reduce, reuse, recycle); issue green bonds to mobilize funds from the public;
availability of reliable tools to assess the company's impact on the environment and use environmental quality standards
2) Investors are expected to pay attention to the disclosure of green accounting and green intellectual capital by companies in making investment decisions to support government programs in the SDGs, namely preventing the increase of greenhouse gas emissions and climate change
3) For Policy Makers, for companies that make programs to disclose green accounting and green intellectual capital, the tax burden that must be paid by the company will decrease, always carry out socialization to the community through the Ministry of Environment and the Minister of Energy and Mineral Resources, to reduce greenhouse gas emissions
4) For academics, in the academic environment apply the environmental management system from ISO 14000 through the concept of ECO-Office or Green Office; include green accounting and green intellectual capital lecture materials in financial accounting courses, financial accounting seminars or accounting theory as a university curriculum so that the academic world participates in environmental care; actively conducting national seminars, workshops, call papers with the theme of green accounting and green intellectual capital;
expects IAI, IAPI, and other accounting professions to form a Green Accounting Standards Board (DSAH) to formulate a Green Accounting Conceptual Framework and prepare Green Accounting Standards, if this is not immediately realized, accountants will prevent corporations from behaving green
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