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All Journal Riset, Ekonomi, Akuntansi dan Perpajakan (REKAN) Jurnal Penelitian dan Pengabdian Masyarakat Stability: Journal of Management and Business
Crescentiano Agung Wicaksono
Universitas Tidar
Humanities Economics, Econometrics & Finance Environmental Science Social Sciences Other

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THE INFLUENCE OF ENVIRONMENTAL PERFORMANCE, ENVIRONMENTAL INFORMATION DISCLOSURE, ENVIRONMENTAL COSTS ON COMPANY VALUE (CASE STUDY OF A MINING COMPANY) Crescentiano Agung Wicaksono; Rahandhika Ivan Adyaksana; Rifai Ahmad Harkas
STABILITY : Journal of Management and Business Vol. 8 No. 2 (2025): Vol 8 No 2 (2025)
Publisher : Universitas PGRI Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26877/vvcbtf76

Abstract

This research is driven by the increasing focus on corporate sustainability practices, especially within the mining sector, which significantly impacts firm value The purpose of the study is to examine the effect of environmental performance, environmental information disclosure, and environmental costs on firm value. The study employs a quantitative approach using secondary data obtained from the annual and sustainability report of mining companies listed on the Indonesia Stock Exchange during the 2019-2023 period. The sample was selected using a purposive sampling method with a total of 74 observation. The result show that environmental performance has on significant effect on firm value, while environmental information disclosure has a significant positive effect and environmental costs have a significant negative effect on firm value. These findings indicate that transparent environmental disclosure can enhance investor confidence, where as environmental costs are still perceived as a financial burden. This study contributes theoretically by strengthening signaling theory and provides practical implications for companies to balance sustainability strategies with cost sufficiency.
Eksplorasi Peran Keuangan Hijau dalam Mendukung Ketercapaian Dekarbonisasi Axel Giovanni; Galuh Witantri; Silvi Nur Rohma; Fabio Bolanda Sandy; Crescentiano Agung Wicaksono; Nurul Janah; Atikah Nur Fadlilah
Jurnal Penelitian dan Pengabdian Masyarakat Vol. 4 No. 3 (2026): August 2026
Publisher : Yayasan Pondok Pesantren Sunan Bonang Tuban

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61231/b6b34z75

Abstract

This study aims to systematically synthesize the role and effectiveness of green finance in supporting decarbonization and to identify the instruments, success factors, and supporting policies for its implementation. This study adopts a quantitative approach using the Systematic Literature Review (SLR) analysis tool to obtain a comprehensive overview of the role of green finance in supporting decarbonization efforts to mitigate climate change anomalies caused by excessive carbon and greenhouse gas emissions. The research findings indicate that green finance, through instruments such as green credit, green investment, green bonds, green loans, and green equity investment, plays a significant role in reducing carbon emissions and driving the transition toward a low-carbon economy. Key factors influencing the success of green finance implementation include the level of development and characteristics of green finance, policies and regulations, green innovation and technology, as well as digital economy and FinTech. Additionally, this study highlights the importance of stakeholder roles and cross-sector collaboration in ensuring the successful implementation of green finance policies.
Analisis Reaksi Investor Pasar Modal Indonesia terhadap Pengumuman PP No. 40Tahun 2025 Crescentiano Agung Wicaksono; Rahandhika Ivan Adyaksana; Khalilul Rahman; Fatah Mario Andaru
Riset, Ekonomi, Akuntansi dan Perpajakan (Rekan) Vol. 7 No. 1 (2026): Riset, Ekonomi, Akuntansi dan Perpajakan (Rekan): In-Press
Publisher : Universitas Bumigora

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30812/rekan.v7i1.6176

Abstract

Transisi menuju ekonomi rendah karbon dan pencapaian target net zero emission 2060 menjadi urgensi global yang mendorong Pemerintah Indonesia menerbitkan PP No. 40 Tahun 2025 sebagai kerangka baru Kebijakan Energi Nasional. Meskipun regulasi ini memuat insentif strategis dan mekanisme pajak karbon, implementasinya dihadapkan pada tantangan ketidakpastian hukum yang berpotensi memengaruhi ekspektasi investor di pasar modal. Penelitian ini bertujuan untuk mengevaluasi reaksi pasar modal Indonesia terhadap pengumuman kebijakan tersebut dengan menganalisis perbedaan abnormal return (AR) dan trading volume activity (TVA) pada perusahaan sektor energi yang terdaftar di Bursa Efek Indonesia. Dengan menggunakan pendekatan event study pada jendela pengamatan 11 hari, populasi 77 emiten dan sampel penelitian ditentukan melalui teknik purposive sampling, yaitu 70 emiten yang memenuhi kriteria aktivitas perdagangan. Data dianalisis menggunakan uji non-parametrik Wilcoxon Signed Rank Test setelah hasil uji normalitas One-Sample Kolmogorov-Smirnov menunjukkan distribusi data yang tidak normal. Hasil penelitian mengungkapkan bahwa terdapat perbedaan signifikan pada abnormal return antara periode sebelum dan sesudah pengumuman peristiwa, namun tidak ditemukan perbedaan signifikan pada trading volume activity. Temuan ini membuktikan bahwa PP No. 40 Tahun 2025 mengandung informasi material yang direspons investor sebagai sinyal positif untuk penyesuaian harga saham, meskipun belum cukup kuat untuk memicu gelombang transaksi yang masih bersifat terbatas dan spekulatif. Implikasi penelitian ini menunjukkan bahwa kebijakan energi nasional terbaru lebih berperan sebagai instrumen koreksi nilai dibandingkan sebagai penggerak likuiditas, sehingga menuntut regulator untuk segera memberikan kepastian aturan pelaksana demi menjaga stabilitas investasi jangka panjang di sektor energi hijau.
Co-Authors Atikah Nur Fadlilah Axel Giovanni Fatah Mario Andaru Galuh Witantri Khalilul Rahman Nurul Janah Rahandhika Ivan Adyaksana Rifai Ahmad Harkas Sandy, Fabio Bolanda Silvi Nur Rohma