Manufacturing companies and financial performance :what is the role of intellectual capital, environmental performance and environmental cost?
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Feb 28, 2023
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Abstract
This study aims to determine the effect of Intellectual Capital, environmental performance and environmental cost on financial performance in the manufacturing sector. Green accounting is measured by environmental cost and environmental performance which are independent variables in this study. While the company's performance is measured by financial performance as a proxy for ROA. This research was conducted on manufacturing companies that are PROPER participants and listed on the Indonesia Stock Exchange (IDX) for the period 2017 – 2019. This study uses multiple regression analysis with SPSS version 23 program. The sample in this study used purposive sampling method to obtain 36 samples of sector companies. manufacture. The results of this study indicate that Intellectual Capital has an effect on financial performance. Meanwhile, environmental performance and environmental cost have no effect on financial performance. Simultaneously Intellectual Capital, environmental performance and environmental cost affect financial performance.
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How to Cite
Soemantri, A. I., Gamal, A., & Sekar, K. (2023). Manufacturing companies and financial performance :what is the role of intellectual capital, environmental performance and environmental cost?. Enrichment : Journal of Management, 12(6), 5191-5201. https://doi.org/10.35335/enrichment.v12i6.1150
References
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Ermaya, H. N., & Mashuri, A. A. (2020). The Influence of Environmental Performance, Environmental Cost and ISO 14001 on Financial Performance in Non-Financial Companies Listed on the Indonesia Stock Exchange. Neraca : Jurnal Akuntansi Terapan, 74-83.
Halim, Y. R., & Wijaya, H. (2020). Pengaruh Modal Intelektual Terhadap Kinerja Perusahaan dengan Manajemen Risiko Perusahaan Sebagai Moderasi. Jurnal Politeknik Caltex Riau, Vol. 13 No. 2. 78-87.
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Manurung, D. T., & Rachmat, R. A. (2019). ISO 14001 Implementation Impact And Financial Performance On Corporate Social Responsibility Disclosure. Jurnal Manajemen, 207-222.
Marfai, M. A. (2019). Pengantar etika lingkungan dan Kearifan lokal. UGM PRESS.
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Meiyana, A., & Aisyah, M. N. (2019). Pengaruh Kinerja Lingkungan, Biaya Lingkungan, dan Ukuran Perusahaan terhadap Kinerja Keuangan dengan Corporate Social Responsibility sebagai Variabel Intervening. Nominal: Barometer Riset Akuntansi dan Manajemen, 8(1), 1-18.
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Sa’diyah, C. N., & Suharsono, R. S. (2017). Analisis Profitabilitas dan Pertumbuhan Saham Perusahaan Sebelum dan Sesudah Memperoleh Sertifikasi ISO 14001 (Studi pada Perusahaan yang Bersertifikasi ISO 14001 dan listing di JII Periode 2011 -2015). Jurnal Penelitian Ilmu Ekonomi
Sagara, Y., & Chairunissa, C. (2018). The Effect of the Intellectual Capital Measurement, the Corporate Social Responsibility Disclosure and the Firm’s Capital Structure on the Financial Performance. International Conference on Islamic Finance, Economics and Business, 167-182.
Setyaningsih, R. D., & Asyik, N. F. (2016). Pengaruh kinerja lingkungan terhadap kinerja keuangan dengan corporate social responsibility sebagai pemoderasi. Jurnal Ilmu Dan Riset Akuntansi (JIRA), 5(4).
Sulistiani, W., & Fidiana. (2018). Pengaruh CSR, Intellectual Capital dan Kinerja Lingkungan terhadap Kinerja Keuangan Perusahaan. Jurnal Ilmu dan Riset Akuntansi.
Sulistiawati, Eka & Dirgantari, Novita. (2017). Analisis Pengaruh Penerapan Green Accounting terhadap Profitabilitas Pada Perusahaan Pertambangan Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Reviu Akuntansi dan Keuangan.
Septiadi, Ni Luh Emmy Indah. (2016). Pengaruh Kinerja Lingkungan, Biaya Lingkungan, dan Luas Pengungkapan Corporate Social Responsibility terhadap Kinerja Keuangan Perusahaan. Jurnal Akuntansi Profesi 6. 1: 21- 31
Sparta & Dita Ayu. (2017). Dampak Environmental Performance dan Environmental Disclosure terhadap Profitabilitas Perusahan. Jurnal Keuangan dan Perbankan, 13(1), 35-54.
Tarigan, J., Stephanie Listijabudhi, S., & Elsye Hatane, A. (2019). The Impacts Of Intellectual Capital On Financial Performance: An Evidence From Indonesian Manufacturing Industry. Indonesian Journal of Business and Entrepreneurship, 5(1), 66–76
Tzouvanas, Panagiotis, et al., (2019). Environmental and financial performance in the European manufacturing sector: an analysis of extreme tail dependency. The British Accounting Review: 100863.
Tiarasandy, A., Yuliandari, W. S., & Triyanto, D. N. (2018). Pengaruh Kinerja Lingkungan dan Pengungkapan Corporate Social Responsibility Terhadap Kinerja Finansial. e-Proceeding of Management, Vol.5 No.1, 678-688.
Tahu, G. P. (2019). Pengaruh Kinerja Lingkungan dan Pengungkapan Lingkungan terhadap Kinerja Keuangan (Studi Pada Perusahaan Manufaktur yang terdaftar di BEI). Jurnal Akuntansi.
Wijayani, D. R. (2017). Pengaruh Intellectual Capital Terhadap Kinerja Keuangan Perusahaan Publik di Indonesia. Jurnal Riset Akuntansi dan Bisnis Airlangga, Vol. 2 No. 1, 97-116.
Windu, M., & Murwaningsari, E. (2019). Intellectual Capital, Competitive Advantage, Financial Performance And Company Value Among Banking Industries In Indonesia. Advances in Social Sciences Research Journal. Vol 6 No 4. Pp 78-89
Amani, A., Nurleli, & Lestari, R. (2020). Pengaruh Kinerja Lingkungan dan Biaya Lingkungan terhadap Kinerja Keuangan. Jurnal Akuntansi
Bahri, S., & Cahyani, F. A. (2016). Pengaruh kinerja lingkungan terhadap corporate financial performance dengan corporate social responsibility disclosure sebagai variabel I Ntervening (Studi empiris pada perusahaan manufaktur yang terdaftar di BEI). Jurnal Ekonika: Jurnal Ekonomi Universitas Kadiri, 1(2).
Buana & Nuzula (2017) dan Ningsih dan Nuzula (2019) yang menyatakan bahwa environmental cost tidak berpengaruh terhadap financial performance.
Derila, C. P., Evana, E., & Dewi, F. G. (2020). Effect of Environmental Performance and Environmental Costs on Financial Performance with CSR Disclosure as Intervening Variables. International Journal for Innovation Education and Research, 37-43.
Ermaya, H. N., & Mashuri, A. A. (2020). The Influence of Environmental Performance, Environmental Cost and ISO 14001 on Financial Performance in Non-Financial Companies Listed on the Indonesia Stock Exchange. Neraca : Jurnal Akuntansi Terapan, 74-83.
Halim, Y. R., & Wijaya, H. (2020). Pengaruh Modal Intelektual Terhadap Kinerja Perusahaan dengan Manajemen Risiko Perusahaan Sebagai Moderasi. Jurnal Politeknik Caltex Riau, Vol. 13 No. 2. 78-87.
Hermawan, S., Hanun, N.R., Nirwana, N.Q.S., Candrawati, C.I.. (2021). Intellectual Capital, Market Value, and Financial Performance: Indonesia and Malaysia’s Banking Companies. Journal of Accounting and Strategic Finance Vol.4 No.2 November, pp. 135-151.
Khairiyani, Mubyarto, N., Mutia, A., Zahara, A. E., & Habibah, G. A. (2019). Kinerja Lingkungan Terhadap Kinerja Keuangan Serta Implikasinya Terhadap Nilai Perusahaan. Iltizam Journal Of Shariah Economic Research, Vol. 3, No. 1.
Lucato, et al., (2017). The environmental performance of SMEs in the Brazilian textile industry and the relationship with their financial performance. Journal of Environmental Management, 203, 550-556
Manurung, D. T., & Rachmat, R. A. (2019). ISO 14001 Implementation Impact And Financial Performance On Corporate Social Responsibility Disclosure. Jurnal Manajemen, 207-222.
Marfai, M. A. (2019). Pengantar etika lingkungan dan Kearifan lokal. UGM PRESS.
Masoomzadeh, A., Wan, W. N., & Zakaria. (2020). Maslin Masrom., and T. K Intellectual Capital as Key Asset in Iranian Automotive Industry. Journal of Environmental Treatment Techniques, 8(1), 429–439.
Meiyana, A., & Aisyah, M. N. (2019). Pengaruh Kinerja Lingkungan, Biaya Lingkungan, dan Ukuran Perusahaan terhadap Kinerja Keuangan dengan Corporate Social Responsibility sebagai Variabel Intervening. Nominal: Barometer Riset Akuntansi dan Manajemen, 8(1), 1-18.
Nababan, Lastri Meito & Hasyir, Dede Abdul. (2019). Pengaruh Environmental Cost dan Environmental Performance terhadap Financial Performance (Studi Kasus pada Perusahaan Sektor Pertambangan Peserta PROPER Periode 2012 – 2016). E-Jurnal Ekonomi dan Bisnis Universitas Udayana: 259-286.
Nwaimo, S. C. (2020). Effect of Environmental Cost on Performances of Quoted Firms in Sub-Saharan Africa, 2007-2016. European Journal of Accounting, Auditing and Finance Research, Vol.8, No. 7, pp.97-120.
Ningsih, W. F., & Rachmawati, R. (2017). Implementasi Green Accounting dalam Meningkatkan Kinerja Perusahaan. JABE (Journal of Applied Business and Economic), 4(2), 149-158.
Okafor, T. G. (2018). Environmental Costs Accounting and Reporting on Firm Financial Performance: A Survey of Quoted Nigerian Oil Companies. International Journal of Finance and Accounting
Onyinyichi, A. B., Kingsley, O. O., & Francis, A. (2017). The Effect of Environmental Cost on Financial Performance of Nigerian Brewery. European Journal of Business and Management, Vol.9, No.17.
Octavio, D. Q., & Soesetio, Y. (2019). Intellectual capital and bank profitability: Evidence from conventional and Islamic bank in Indonesia. Jurnal Keuangan Dan Perbankan, 23(2):191–205, 2019. Retrieved from http://jurnal.unmer.ac.id/index.php/jkdp
Ozkan, N., & Cakan, S. (2017). Intellectual Capital and Financial Performance : A Study of The Turkish Banking Sector. Borsa Istanbul Review, 17(3), 190–198. Ozkan, N., & Cakan, S. (2017). Intellectual Capital and Financial Performance : A Study of The Turkish Banking Sector. Borsa Istanbul Review, 17(3), 190–198
Putra, Y. P. (2017). Pengaruh Kinerja Lingkungan Terhadap Kinerja Keuangan Dengan Pengungkapan Corporate Social Responsibility (CSR) Sebagai Variabel Intervening. Jurnal Akuntansi, Vol. 2 No. 2, 227-236.
Sa’diyah, C. N., & Suharsono, R. S. (2017). Analisis Profitabilitas dan Pertumbuhan Saham Perusahaan Sebelum dan Sesudah Memperoleh Sertifikasi ISO 14001 (Studi pada Perusahaan yang Bersertifikasi ISO 14001 dan listing di JII Periode 2011 -2015). Jurnal Penelitian Ilmu Ekonomi
Sagara, Y., & Chairunissa, C. (2018). The Effect of the Intellectual Capital Measurement, the Corporate Social Responsibility Disclosure and the Firm’s Capital Structure on the Financial Performance. International Conference on Islamic Finance, Economics and Business, 167-182.
Setyaningsih, R. D., & Asyik, N. F. (2016). Pengaruh kinerja lingkungan terhadap kinerja keuangan dengan corporate social responsibility sebagai pemoderasi. Jurnal Ilmu Dan Riset Akuntansi (JIRA), 5(4).
Sulistiani, W., & Fidiana. (2018). Pengaruh CSR, Intellectual Capital dan Kinerja Lingkungan terhadap Kinerja Keuangan Perusahaan. Jurnal Ilmu dan Riset Akuntansi.
Sulistiawati, Eka & Dirgantari, Novita. (2017). Analisis Pengaruh Penerapan Green Accounting terhadap Profitabilitas Pada Perusahaan Pertambangan Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Reviu Akuntansi dan Keuangan.
Septiadi, Ni Luh Emmy Indah. (2016). Pengaruh Kinerja Lingkungan, Biaya Lingkungan, dan Luas Pengungkapan Corporate Social Responsibility terhadap Kinerja Keuangan Perusahaan. Jurnal Akuntansi Profesi 6. 1: 21- 31
Sparta & Dita Ayu. (2017). Dampak Environmental Performance dan Environmental Disclosure terhadap Profitabilitas Perusahan. Jurnal Keuangan dan Perbankan, 13(1), 35-54.
Tarigan, J., Stephanie Listijabudhi, S., & Elsye Hatane, A. (2019). The Impacts Of Intellectual Capital On Financial Performance: An Evidence From Indonesian Manufacturing Industry. Indonesian Journal of Business and Entrepreneurship, 5(1), 66–76
Tzouvanas, Panagiotis, et al., (2019). Environmental and financial performance in the European manufacturing sector: an analysis of extreme tail dependency. The British Accounting Review: 100863.
Tiarasandy, A., Yuliandari, W. S., & Triyanto, D. N. (2018). Pengaruh Kinerja Lingkungan dan Pengungkapan Corporate Social Responsibility Terhadap Kinerja Finansial. e-Proceeding of Management, Vol.5 No.1, 678-688.
Tahu, G. P. (2019). Pengaruh Kinerja Lingkungan dan Pengungkapan Lingkungan terhadap Kinerja Keuangan (Studi Pada Perusahaan Manufaktur yang terdaftar di BEI). Jurnal Akuntansi.
Wijayani, D. R. (2017). Pengaruh Intellectual Capital Terhadap Kinerja Keuangan Perusahaan Publik di Indonesia. Jurnal Riset Akuntansi dan Bisnis Airlangga, Vol. 2 No. 1, 97-116.
Windu, M., & Murwaningsari, E. (2019). Intellectual Capital, Competitive Advantage, Financial Performance And Company Value Among Banking Industries In Indonesia. Advances in Social Sciences Research Journal. Vol 6 No 4. Pp 78-89