Arifin, Zidan Dwinanda
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Financial Constraints vs Green Practices: Impact on Firm Value Energy in Indonesia Saputra, Dian; Arifin, Zidan Dwinanda
Agregat: Jurnal Ekonomi dan Bisnis Vol. 7 No. 2 (2023)
Publisher : Universitas Muhammadiyah Prof. DR HAMKA.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22236/agregat_vol7.i2/16369

Abstract

The impact of eco-efficiency, asset turnover, green accounting, and financial limitations on business value in the energy industry on the Indonesia Stock Exchange is examined in this study for the years 2020–2022. SmartPLS 3 was used to analyze financial statement data from 52 energy sector companies using Structural Equation Modeling-Partial Least Square (SEM-PLS). The findings indicate that while financial limitations have no discernible impact on corporate value, green accounting, asset turnover, and eco-efficiency do. The results of this study have significant implications for understanding the variables affecting business performance and value in the energy industry, as well as the significance of asset turnover, eco-efficiency measures, and green accounting in raising firm value. This research is expected to contribute to practitioners, regulators, and stakeholders in Indonesia's energy sector in the future to understand the influence of these factors.
APAKAH PRAKTIK LINGKUNGAN MEMPENGARUHI NILAI PERUSAHAAN? BUKTI DARI CONSUMER SECTOR DI INDONESIA Wahyuningsih, Eny; Saputra, Dian; Arifin, Zidan Dwinanda
Bilancia : Jurnal Ilmiah Akuntansi Vol 9 No 2 (2025): Bilancia : Jurnal Ilmiah Akuntansi
Publisher : Institut Bisnis dan Teknologi Pelita Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35145/bilancia.v9i2.4995

Abstract

This study aims to analyze the effect of environmental, organizational culture (EOC), green accounting, earnings quality, and asset turnover on firm value in the primary consumer goods sector in Indonesia. This study uses a quantitative approach with the SEM-PLS method using Smart-PLS. Data was taken from 83 companies on the Indonesia Stock Exchange during 2021-2022. The results showed that EOC has a significant negative effect on firm value, while green accounting and earnings quality have no significant effect. On the other hand, asset turnover shows a significant positive effect on firm value. This study is limited to the primary consumer goods sector with a small sample, so it cannot be generalized to other industries. It is recommended to include other variables, such as innovation and risk management, in further research. These findings can help practitioners and regulators understand the importance of asset turnover in increasing firm value, as well as suggest companies review the implementation of EOC that is not following their business strategy. This study provides new insights into the under-discussed role of EOC and green accounting in the primary consumer goods sector, particularly in the context of Indonesian companies. Penelitian ini bertujuan untuk menganalisis pengaruh lingkungan, budaya organisasi (EOC), akuntansi hijau, kualitas laba, dan perputaran aset terhadap nilai perusahaan pada sektor barang konsumsi primer di Indonesia. Penelitian ini menggunakan pendekatan kuantitatif dengan metode SEM-PLS menggunakan Smart-PLS. Data diambil dari 83 perusahaan di Bursa Efek Indonesia selama tahun 2021-2022. Hasil penelitian menunjukkan bahwa EOC berpengaruh negatif signifikan terhadap nilai perusahaan, sedangkan green accounting dan kualitas laba tidak berpengaruh signifikan. Di sisi lain, perputaran aset menunjukkan pengaruh positif signifikan terhadap nilai perusahaan. Penelitian ini terbatas pada sektor barang konsumsi primer dengan sampel yang kecil, sehingga tidak dapat digeneralisasi untuk industri lain. Disarankan untuk memasukkan variabel lain, seperti inovasi dan manajemen risiko, dalam penelitian selanjutnya. Temuan ini dapat membantu praktisi dan regulator untuk memahami pentingnya perputaran aset dalam meningkatkan nilai perusahaan, serta menyarankan perusahaan untuk meninjau kembali implementasi EOC yang tidak sesuai dengan strategi bisnis mereka. Penelitian ini memberikan wawasan baru tentang peran EOC dan akuntansi hijau yang masih jarang dibahas di sektor barang konsumsi primer, khususnya dalam konteks perusahaan Indonesia.
DOES ENVIRONMENTAL CULTURE AND INTELLECTUAL CAPITAL ENHANCE FIRM VALUE AMID POLITICAL INFLUENCE? Burhanuddin, Burhanuddin; Alfurkaniati, Alfurkaniati; Saputra, Dian; Arifin, Zidan Dwinanda; Pangestu, Galih Agestri
JRAK Vol 17 No 1 (2025): April Edition
Publisher : Faculty of Economics and Business, Universitas Pasundan, Bandung, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23969/jrak.v17i2.21807

Abstract

Corporate sustainability has been a key concern for investors and stakeholders, particularly in the Consumer Non-Cyclical (CNC) sector. Previous studies suggested that Environmental Organizational Culture (EOC) and Intellectual Capital (IC) could enhance firm value, but their impact remained debated. This study examined the effect of EOC and IC on firm value, with Political Connections (PC) as a moderating variable. Using panel data regression analysis on financial and sustainability reports from 2021–2022, the findings revealed that EOC and IC had a significant negative relationship with firm value. Additionally, PC moderated the relationship between EOC and firm value but did not significantly affect the IC-firm value relationship. These results suggested that investments in sustainability and intellectual capital might burden firms in the short term, whereas political connections favored tangible operational investments. This study provided insights for stakeholders in balancing sustainability strategies, intellectual capital, and firm value.