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Lisa Alviani
Ministry of Finance, Republic of Indonesia
Economics, Econometrics & Finance

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DOES ECO-EFFICENCY REDUCE THE COST OF EQUITY CAPITAL? EMPIRICAL EVIDENCE FROM INDONESIA Lisa Alviani; Mahfud Sholihin
Journal of Indonesian Economy and Business (JIEB) Vol 30, No 2 (2015): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (176.261 KB) | DOI: 10.22146/jieb.9966

Abstract

The objective of this study is to examine the effect of eco-efficiency on the cost of equity capital. The study hypothesizes that the implementation of eco-efficiency reduces the cost of equity capital. Using manufacturing companies listed on the Indonesian Stock Exchange for the period 2010-2012 as data, and controlling for beta, company size, Book to Market ratio, and leverage; the study finds that the implementation of eco-efficiency may reduce the cost of equity capital. The findings suggest that companies should implement ecoefficency.Keywords: cost of equity capital; eco-efficiency; ISO 14001; environmental accounting
Co-Authors Mahfud Sholihin