Green Accounting, Financial Performance toward Firm Value
Tri Astuti1*, Rafrini Amyulianthy1, Rika Kaniati1
1 Faculty of Economics and Business, Universitas Pancasila, Jakarta, Indonesia
*Corresponding Author: [email protected] Accepted: 15 March 2022 | Published: 31 March 2022
DOI:https://doi.org/10.55057/ajafin.2022.4.1.1
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Abstract: This study aims to determine the significance of the effect of green accounting, financial performance on firm value (price book value proxy) on the Indonesian Biodiversity Sustainable and Responsible Investment (SRI) Index Company (KEHATI) for the 2015-2020 period. The number of samples in this study was 79 samples with the purpose of sampling method. Data collection is carried out through financial reports published on the official IDX website, at www.idx.co.id and sustainability reporting. The data analysis model used is multiple linear regression with the least squares equation. The results of this study indicate that Green Accounting has no effect on Firm Value, ROA has a significant negative effect on Firm Value.
The determination test of these variables on PBV in this study was 15.6% while the remaining 84.4% was influenced by other variables that are not to be examined in this company.
Keywords: Stakeholder Theory, Legitimacy Theory, Green Accounting, Green Human Resources, Financial Performance, Social Responsibility, Corporate Values, Sustainable Development
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1. Introduction
The number of human activities due to the industrial revolution can damage the environment cause environmental problems and ecological issues as those that cause pollution and increase greenhouse gas emissions, cause climate change and global warming that must receive the attention of the government and the community so that green accounting is needed which is considered the best solution in overcoming environmental damage issues that enhance its performance to create corporate value. Investors are expected not only to be concerned with profits but also to be involved in government programs to reduce greenhouse gas emissions with the Sustainable Development Goals (SDGs) program as stated in the 2020-2024 Medium- Term Development Plan, reducing greenhouse gas emissions by 41% in 2030 and stated in the National Determinant Contribution (NDC) RI (2016:7)
Some of the legal foundations of green accounting are in the Law of the Republic of Indonesia No. 40 of 2007 Article 74 concerning Limited Liability Companies regarding Social and Environmental Responsibilities that companies that carry out their business activities in the field of and/or related to natural resources are obliged to carry out. In the Law of the Republic of Indonesia No. 32 of 2009 concerning Environmental Protection and Management (PPLH), which is a systematic and integrated effort made to preserve the environment and prevent pollution and/or damage to life that applies to all companies in Indonesia, it must be included in the report. annual. Bank Indonesia Regulation No. 7/2/PBI/2005 concerning Determination of Asset Quality Ratings for Commercial Banks that in this regulation environmental aspects
are one of the requirements in granting credit and every company that wants to obtain bank credit must be able to show concern for environmental management. In the Sustainable Development Goals (SDGs) or Sustainable Development Goals (TPB) contained in the National Medium-Term Development Plan (RPMGN) for 2020-2024, the implementation of environmental, social and governance aspects in all economic activities aimed at providing equitable development access and protecting the environment so that sustainable development is expected to improve the quality of life from one generation to the next.
Many factors that affect firm value include green accounting and financial performance, size, debt to equity, debt to asset ratio. Green accounting is a form of corporate social responsibility because the impact of environmental damage is caused by the company's operations through disclosure of environmental management in sustainability reports both qualitatively and quantitatively in the form of financial and non-financial information that has an impact on company performance and company sustainability, which aims to reduce costs, increase company profits. With public concern about environmental protection awareness, people not only pay attention to accounting information, but start to pay attention to whether companies make appropriate contributions to environmental protection over time (Ma & Ma, 2019).
There is a relationship between Green Accounting and Firm Value. Companies that are able to express and care about environmental management can increase production efficiency and improve company image, thus making a positive impact on company value. Empirical findings on the effect of Green Accounting with Firm Value using different proxies by researchers (Ethika et al., 2019) state that Green Accounting (Proxy for prevention costs, environmental detection costs, internal environmental failure costs and environmental external failure costs) has a significant effect on Firm Value. (Tobin's Q), (Al-Dhaimesh, 2020) stated that Green Accounting Indicators (GRI, 2016: Energy, Materials, Emissions, Water) had a significant effect on Firm Value (EVA proxy), (Aboud & Diab, 2018) stated that ESG Index has a significant effect on Firm Value (Tobin's Q), (Gerged et al., 2021) says that Corporate Environmental Disclosure has a significant positive effect on Firm Value (Tobins'Q), (Effendi, 2021) says that environmental accounting (proxied by GRI 4, with non-product output, other aspects and environmental complaint mechanisms and compliance aspects) have a significant positive effect, while environmental accounting (proxied by G RI 4, material input, supplier assessment, transportation aspects) have an insignificant negative effect on Firm Value (Stock Price), (Maama & Appiah, 2019) stating that environmental accounting disclosures have a positive effect on Firm Value (Business Sustainability).
Financial Performance is the company's ability to manage its assets that generate net profit from sales and company investments and as a rate of return to shareholders and investors, will affect the value of the company. Investors will choose a company that has a large ROA which indicates that the company can prosper its investors in the form of dividends. There is a relationship between Financial Performance and Firm Value. A company that is able to produce good financial performance gives a positive signal to potential investors so as to increase the value of the company. Companies that have a high ROA will increase the value of the company so that investors are interested and interested in buying shares. The empirical finding of the effect of financial performance on firm value (Xu et al., 2021) says that ROE has a significant positive effect on Firm Value (EVA), (Rivandi & Septiano, 2021) states that ROA has a significant effect on Firm Value (Tobin's Q). In contrast to (Sugiyanto & Febrianti, 2021) who say that ROA (Future Stock Return) has no effect on Firm Value (Stock Return).
The novelty of this research is that investors in buying shares should not only pay attention to profits but also have to pay attention to companies that express care about green accounting for their efforts to help the government reduce greenhouse gas emissions by 41% in 2030.
Problem Identification: The low awareness of Indonesia companies in disclosing environmental accounting information, the difficulty of communicating the results of waste management activities, the difficulty of disclosing the costs associated with environmental activities due to the absence of general standards and specific guidelines for disclosing environmental accounting.
Purpose of the study: To determine the significance effect of green accounting, financial performance toward the firm value (proksi price book value) on the index Company Sustainable and Responsible Investment (SRI) Indonesia’s biodiversity (KEHATI) on period 2015-2020.
2. Literature Review
Firm Value (Firm Value)
According to (Ethika et al., 2019), Firm Value is the market value of outstanding debt securities and company equity. High company value is the desire of company owners which shows the prosperity of shareholders. Firm value is the capital owner's perception of the company's success which is often associated with stock prices.
The theories that underline the value of the company are as follow:
Agency Theory (Agency Theory)
(Tauringana & Chithambo, 2015) said that management is not only responsible to shareholders, but also to other stakeholders such as creditors, government, analysts, society, nature and the environment. Therefore, stakeholders have the same rights as shareholders in obtaining information about the company in managing the company's environment, maintaining environmental conditions, preventing pollution, controlling emissions and pollutants to increase company profits and prosperity in order to create corporate value. Disclosure (publication) is considered by the company to be more transparent in providing information to the public, which can minimize agency problems. Problems arise between the principal and the agent where the principal wants the payment of costs as efficiently as possible so that the company gains profit while the manager must make payments to carry out CSR and environmental activities.
Asymmetric Information Theory (Asymmetric Information Theory)
Asymmetric information (asimetris informasi) is management as an agent has more information, and is ahead of the principal (shareholders) regarding the company's internal information and future prospects and problems in it. Agent as the party responsible for conveying information on the management of the company's resources and disclosing the environment in the annual report, that the company has been managed properly in order to meet the expectations and desires of investors and owners which can trigger an increase in the company's share price. Recording wider disclosures will further reduce information asymmetry between the company and its stakeholders including the public because the smaller the level of information asymmetry creates the trust of stakeholders in the company, the acceptance of company products, customer loyalty, and increasing investment, so that trust will increase ROA. and company value and competitive advantage.
Signalling Theory (Signalling Theory)
Signalling Theory according to (Akhmadi & Prasetyo, 2018) explains how the signals of success or failure from managers in managing the company are informed to shareholders. A disclosure made by a company containing information can cause a market reaction in the form of an increase or decrease in stock prices. If the disclosure contains positive information, the disclosure can give a positive signal. If the disclosure contains negative information, then the disclosure will give a negative signal.
Management to support all business processes in facing competitive advantage by disclosing environmental accounting and environmental management in the hope of giving signals (guidance) to investors, owners or shareholders and other business actors. The publication of the annual financial report signals an increase in profitability as well as the development of the company's stock price. An increasing stock price will increase the value of the company so that signal theory can be used to explain the relationship between financial statement information (green accounting) and company value.
Legitimacy Theory (Legitimacy Theory)
The theory of legitimacy is a social contract between companies and the community, that companies operate by paying attention to the rights of investors and paying attention to the rights of the public who uphold community norms and ensure that their activities can be accepted by outsiders (legitimacy). Company legitimacy is the impact of companies that focus more on the stakeholder perspective. The company must prioritize partiality to the community, the company's operations must be in accordance with the expectations of the community. In the eyes of stakeholders, it is increasing corporate social responsibility (social responsibility) to maintain the image and reputation of the company in the eyes of stakeholders.
Stakeholder Theory (Stakeholder Theory)
(Yoon & Chung, 2018) argues that stakeholders in a company are a group related to the company that is influenced by or can influence the company's operations and decision-making processes in the company. Stakeholder theory explains that the company cannot be separated from the surrounding environment which is one of the interests of stakeholders. Stakeholder Teory explains that companies are not only responsible to owners, but also stakeholders have the right to obtain information submitted by management to report company activities to stakeholders. Disclosure of information on corporate responsibility to the environment needs to be paid attention to by companies (Ethika et al., 2019).
The proxy used to measure the value of the company uses Price to Book Value (PBV), the ratio of stock prices to the company's book value. PBV is often used to find undervalued stocks, by comparing the PBV of shares from the average PBV of similar industries.
PBV = Market Price per Share (Stock price) Book Value per Share (Book value per share)
Green Accounting
Environmental Accounting is accounting in which there is the identification, measurement, and allocation of environmental costs, where these environmental costs are integrated in business decision making and subsequently communicated to stakeholders (Aniela, 2019). Green Accounting is an accounting process that integrates the recognition, measurement, recording, summarization, and reporting of financial, social and environmental information in an integrated manner in accounting reporting that is useful for users in
economic and non-economic assessment and decision making. Accounting reports not only present financial information but also social and environmental information in an integrated manner. Green Accounting is an accounting application where companies enter the costs used for environmental preservation or environmental welfare around the company called environmental costs. People are now aware of the importance of implementing Green Accounting so that the industry becomes an attraction for consumers.
The underlying theories of Green Accounting are:
Voluntary/Discretionary Disclosure Theory
Voluntary/Discretionary Disclosure Theory explains that companies that disclose more good news about the company for the purpose of providing benefits for the company itself. The information disclosed can be in the form of strategies, policies, activities and performance itself, expenditures related to the environment. With voluntary/discretionary disclosure theory predicts a positive influence of environmental performance on the disclosure of environmental information. (Li et al., 2011).
Signaling Theory (Signaling Theory)
The information on environmental performance and environmental disclosure as information to shareholders or investors that the company has good environmental performance and is responsible for the company's environment and all impacts of company activities. This is a good news signal given by management to the public that the company creates sustainable development that can increase the reputation and value of the company through increasing stock returns (Hechavarría, Rodney; López, 2013).
Stakeholder Theory
Stakeholders have an interest in influencing management in the process of utilizing the full potential of the organization. Only with good and maximum management of all of this potential will the organization be able to create value added to encourage financial performance which is the orientation of stakeholders in intervening management.
Legitimacy Theory
There is a social contract between a company and the communities in which it operates, in a way that explains a large number of societal expectations about how the organization should conduct its operations. This requires companies to be responsive to the environment in which they operate.
Green Accounting (Global Reporting Initiative (GRI) based disclosure index) which has 6 parameters. If the company discloses it is rated with 1, otherwise it is assessed with 0. Green accounting disclosures can be formulated as follows:
Green Accounting Disclosure = The total score pobtained The Maximum total score (82)
Financial Performance
Return on Assets (ROA) is an indicator of a company's performance for the survival of a company that creates corporate value. ROA is also the company's ability to earn after-tax profits by using all of its assets. Companies that have a competitive advantage must be able to manage tangible assets and intangible assets in order to generate increased after-tax profits. A positive ROA indicates that the total assets used for the company's operations are able to provide profits
for the company. On the other hand, a negative ROA indicates that the total assets used do not provide a profit/loss for the company.
3. Methodology
The research used descriptive, quantitative, causal comparative or causal research, using secondary data, obtained from financial reports and sustainability reporting listed on the Indonesia Stock Exchange for the 2015-2020 period which is accessed on the website on the Indonesia Stock Exchange (www.idx.co.id). id) with the SRI KEHATI stock index. The number of samples in this study was 79 samples using the purpose judgment sampling method. The data analysis model used is multiple linear regression with the least squares equation.
The population in this study are companies with the KEHATI Sustainable and Responsible Investment (SRI) stock index. The sampling technique is purpose judgment sampling as follows:
a. Companies that are included in the LQ-45 list that obtained Proper ratings during 2015- 2020 without interruption.
b. Companies that publish social responsibility reports (annual report and sustainability reports) for the 2015-2020 period.
c. Have complete data related to the variables used in the research.
d. Companies that use Rupiahs in their financial statements Theoretical Framework
To make it easier in understanding the influence of Green Accounting, Financial Performance on Firm Value, the theoretical framework is as follows:
Hypothesis Development
The Effect of Green Accounting toward Firm Value
Companies that are able to express and care about environmental management and green innovation actively can not only minimize production waste and increase productivity but also set relatively high prices for green products, enhance corporate image, improve production efficiency, develop new environmental markets and make a positive impact. to company value.
This is in line with researchers (Al-Dhaimesh, 2020), (Effendi, 2021), (Ethika et al., 2019), (Gerged et al., 2021), (Aboud & Diab, 2018), (Brooks & Oikonomou, 2017), (Hsiu-Yu et al., 2018), states that environmental disclosure has a positive effect on firm value. Based on this, the following hypothesis can be drawn as follows:
H1: Green Accounting has positive effect toward Firm Value
The Effect of Financial Performance toward Firm Value
A good company's financial performance shows the company's success in generating profits which will provide a positive signal or influence for investors to buy shares so that investors' expectations of the company will tend to increase when investing their funds in the company which will increase the value of the company. This is in accordance with research from (Xu et al., 2021), (Fristiani et al., 2020), (Indriyani, 2017), (Rivandi & Septiano, 2021) that Financial Performance has a positive influence on firm value. So that the hypothesis can be drawn as follows:
H2: Financial Performance has positive effect toward Firm Value 4. Result
The process of determining sample is based on the criteria that have been set as follows;
Table 1: The Process of determining Sample
Keterangan Total
Companies with SRI KEHATI index listed on the Indonesia Stock Exchange in May and November every year 2015-2020
25
Number that are left from the company since 2015-2020 (10) Companies that are not use Rupiahs in their company statements (1) Companies with a consistent SRI KEHATI index selected as the 2015-2020
research sample
14
Number of years observation 2015-2020 6
Number of sample during the period 2015-2020 84
Non-reporting company Sustanability Reporting (5)
Number of sample of the company during period 2015-2020 79
Source : www.sahamOk.com, personal processed
These are the following of SRI KEHATI Index Companies object’s research: (1) Astra International Tbk, (2) Bank Central Asia Tbk, (3) Bank Negara Indonesia (Persero) Tbk, (4) Bank Rakyat Indonesia (Persero) Tbk, (5 ) Bank Mandiri (Persero) Tbk, (6) Indofood Sukses Makmur Tbk, (7) Jasa Marga (Persero) Tbk, (8) Kalbe Farma Tbk, (9) Semen Indonesia (Persero) Tbk, (10) Telekomunikasi Indonesia (Persero) ) Tbk, (11) United Tractors Tbk, (12) Unilever Indonesia Tbk, (13) Wijaya Karya (Persero) Tbk, (14) Pembangunan Jaya Ancol Tbk.
Classic Assumption Test Normality Test
Table 2: Normality Test (One-Sample Kolmogorov-Smirnov)
Regression Model Price Book Value Unstandardized Residual
Number of Sample 79
Mean 0,000
Standard Deviation 0,886
Kolmogorov-Smirnov Z 0,903
Asymp. Sig. (2-tailed) 0,389
Source: Processed Data
The result of the Kolmogorov-Smirnov Z test is 0.903 with a significance value of 0.389 >
Asymp. Sig. (2-tailed) 0.05 indicates that each model is greater than 0.05. So that all regression models do not experience normality problems.
Autocorrelation Test
Table 4: Autocorrelation Test (Durbin-Watson Test)
Regression Model Price Book Value
Durbin_Watson 1,750
Du 1,7423
4-du 2,2577
Source: Processed Data
The results of the autocorrelation test showed du < dw < 4-du (1.7423 < 1.750 < 2.2577) that the regression model in this study was free from autocorrelation problems.
Multicollinearity Test
Table 4: Multicollinearity Test (Nilai Variance Inflation Factor (VIF))
Regression Model
Price Book Value VIF
GA 1.278
ROA 1.333
SIZE 1.664
DER DAR
1.146 1.551
Source: Processed Data
The results of the multicollinearity test that VIF <10 is a regression model free from multicollinearity symptoms, that there is no correlation between independent variables in the research model.
Double Regression Analysis
The equation of the panel data regression model obtained is as follows:
FV =363,079 -2.805GA -9.061ROA-11.419SIZE-.511DER+ 60.077 + e Hypothesis Test Result & Discussion
Appropriateness Test (F Test)
The F test obtained a significance level of 0.003 < 0.005. It can be said that the model used in this study is appropriate.
Coefficient of Determination Test (R2)
The results of the R2 test mean that it has an effect on GA, ROA on Firm Value of 15.6% while the remaining 84.4% is influenced by other variables not examined in this study.
5. Discussion
T test
Table 5: Regression Analysis Result of Firm Value (PBV) as dependent)
Coefisient(B) t Statistics Significance
GA -2.805 -.150 .881
ROA -9.061 -2.528 .014
SIZE -11.419 -3.800 .000
DER -.511 -1.925 .058
DAR 60.077 3.363 .001
N 60
F (Sig) 3.894 (0,003)
Adj R2 .156
Sources: Processed Data
The Effect of Green Accounting Toward Firm Value
GA with a significant value of 0.881 > 0.05 and B = -2.805 indicates a negative GA has no significant effect on Firm Value, this indicates that the sample failed to prove the relationship between GA and Firm Value or the effect was very small. Whether or not GA disclosures are made by the company has become part of the report on social and environmental responsibility activities in the sustainability report, so it does not affect the value of the company and does not provide confidence for investors in assessing a company.
This study is not in line with researchers (Al-Dhaimesh, 2020), (Effendi, 2021), (Ethika et al., 2019), (Gerged et al., 2021), (Aboud & Diab, 2018), (Brooks & Oikonomou, 2017), (Hsiu-Yu et al., 2018), that environmental disclosure has a positive effect on firm value. This study supports (Sapulette & Limba, 2021), (Yudistira & Adiputra, 2019), that Green Accounting has no effect on Firm Value.
The Effect of Return on Assets toward Firm Value
ROA has a significant value of 0.014 < 0.05 and B = -9.061. The results of the regression analysis show that ROA has a significant negative towards Firm Value, which means that it describes the lower the Firm Value or the stronger the ROA, the weaker of Firm Value. It means that a high ROA, is not necessary a low operating expense of the issuer, but a high one, means that it will reduce EPS so that investors in buying shares will be low. This low interest from issuers was responded negatively by potential investors so that it could lower stock prices.
These results support research (Yudistira & Adiputra, 2019), (Umar et al., 2020), (Risqi &
Suyanto, 2022) that ROA has a significant negative effect on Firm Value.
The Effect of Size toward Firm Value
Size has a significant value of 0.000 < 0.05 and B = -11,419, this indicates that Size has a significant negative impact on Firm Value. It means that the higher the Size, the smaller the Firm Value or the stronger the Size, the weaker the Firm Value. A size that is too large causes a lack of efficiency in monitoring operational activities and management strategies, thereby reducing the value of the company. Investors assume that companies that have large total assets tend to set retained earnings to be greater than dividends distributed to shareholders, thereby reducing Firm Value, meaning that the freedom of management to use existing assets is proportional to the concerns made by the owners of their assets so that it will reduce the value
of the company that can be used. reduce the interest of the company's investors in the future.
These results support research (Sahara et al., 2022), (Rivandi & Petra, 2022), (Suhardjo et al., 2021) that Size has a significant negative effect on Firm Value.
The Effect of Debt to Equity Ratio Toward Firm Value
DER has a significant value of 0.058 > 0.05 and B = -0.511 that the negative Debt to Equity Ratio has no significant effect on Firm Value. This indicates that the object data presented by the sample failed to prove the relationship between the DER variable and Firm Value or the effect was very small. This supports research from (Larasato & Suhono, 2022), stating that the Debt to Equity Ratio has no effect on Firm Value.
The Effect of Debt to Asset Ratio Toward Firm Value
DAR has a significant value of 0.001 < 0.05 and B = 60,077, meaning that DAR has a significant positive effect on Firm Value, meaning that it is in the same direction. If the DAR increases, the Firm Value increases, the higher the DAR, the higher the Firm Value, the lower the DAR the weaker the Firm Value, which means that changes in the DAR value can change the Firm Value value. Consistent with the basic theory of capital structure which states that the higher the leverage will increase the profits for shareholders and Firm Value. If the profits obtained are low, the use of DAR can reduce shareholder profits so that the firm value will decrease.
Companies that use debt a lot in financing the use of their assets have better performance to increase firm value.
6. Conclusion
Based on t test result, Green Accounting with a significant level of 0.881 > 0.05 and B = -2.805 partially negative GA disclosure, no significant effect on Firm Value. Based on the results of the t test, ROA with a significant level of 0.014 <0.05 and B = -9.061 so that partially ROA has a significant negative effect on Firm Value.
It is expected that investors in addition to paying attention to company profits also pay attention to green accounting disclosures in making investment decisions to support government programs in the SDGs.
To reduce the tax burden for companies that disclose Green Accounting. In addition, he actively disseminates to the public through the Ministry of Environment and the Minister of Energy and Mineral Resources to reduce greenhouse gas emissions by 41% in 2030 as stated in the National Determinant Contribution (NDC) RI (2016:7).
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