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Beyond Disclosure: Does Sustainability Control Maturity Drive Eco-Efficiency in State-Owned Enterprises? Andi Iswoyo; Rodhiyah Rodhiyah; Endah Supeni Purwaningsih; Pramandyah Fitah Kusuma; Salsabila Azka Az-Zahra
The Indonesian Accounting Review Vol. 16 No. 2 (2026): Volume 16 No 2 2026
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/tiar.v16i2.5686

This study examines whether Sustainability Management Control System Maturity (SMCSM) is associated with eco-efficiency in Indonesian non-financial state-owned enterprises. Using annual reports and sustainability reports from 33 enterprises over the 2015–2024 period, this study develops a report-based SMCSM index covering sustainability target setting, KPI measurement, monitoring and evaluation, managerial accountability and governance, corrective action and learning, and integration with operational and risk control. The full dataset contains 320 firm-year observations, whereas the main energy model uses 90 observations from 12 firms due to uneven availability of environmental data. Eco-efficiency is measured using revenue-based environmental efficiency indicators, with energy eco-efficiency as the main dependent variable and emission and water eco-efficiency as robustness measures. The empirical analysis employs panel regression with firm fixed effects and clustered standard errors. The results do not support a significant association between SMCSM and energy eco-efficiency, and similar patterns appear in lagged models, sensitivity tests, and robustness models using emission and water eco-efficiency. However, changes in the scope of environmental reporting are consistently associated with energy eco-efficiency, indicating that the reporting boundary and measurement coverage affect the comparability of report-based environmental performance. This study contributes to sustainability management accounting by introducing a documentary SMCSM index and highlighting the importance of the reporting scope for interpreting eco-efficiency data. Practically, the findings suggest that managers and regulators should not treat disclosed sustainability control maturity as direct evidence of environmental efficiency improvement unless reporting boundaries and operational embedding are clearly established.

ANALISIS PENGARUH LIKUIDITAS, PROFITABILITAS, LEVERAGE DAN KEBIJAKAN DEVIDEN TERHADAP HARGA SAHAM PADA PERUSAHAAN INFRASTRUKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2022-2023 Putri Arini Septya Agustin; Endah Supeni Purwaningsih; Aminatuzzuhro Aminatuzzuhro
Income Vol 6 No 2 (2025): INCOME : Jurnal Akuntansi dan Keuangan
Publisher : Fakultas Ekonomi dan Bisnis Universitas Wijaya Putra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38156/akuntansi.v6i2.627

This research aims to analyze the influence of Liquidity, Profitability, Leverage, and Dividend Policy on Stock Prices in infrastructure companies listed on the Indonesia Stock Exchange during the period of 2022-2023. This type of research uses statistics with a quantitative approach. Data collection techniques use documentation methods, namely collecting data from the financial statements of companies published through the official IDX website. The sample size in this study consists of 17 infrastructure companies listed on the IDX for the years 2022-2023. Purposive sampling is used as a sampling determination technique with specific criteria, and multiple regression analysis is employed. Data analysis is conducted using the SPSS software version 26. The results of the study show that partially, Liquidity and Dividend Policy have a significant effect on Stock Prices. In contrast, Profitability and Leverage do not have a significant effect. Simultaneously, the four independent variables significantly affect Stock Prices. This finding provides insights for investors and company management in making strategic decisions.

ANALYSIS OF THE IMPACT OF LIQUIDITY, PROFITABILITY, LEVERAGE, AND DIVIDEND POLICY ON STOCK PRICES IN INFRASTRUCTURE COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE IN 2022-2023 Putri Arini Septya Agustin; Endah Supeni Purwaningsih; Aminatuzzuhro Aminatuzzuhro
Income Vol 6 No 2 (2025): INCOME : Jurnal Akuntansi dan Keuangan
Publisher : Fakultas Ekonomi dan Bisnis Universitas Wijaya Putra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38156/akuntansi.v6i2.627

This research aims to analyze the influence of Liquidity, Profitability, Leverage, and Dividend Policy on Stock Prices in infrastructure companies listed on the Indonesia Stock Exchange during the period of 2022-2023. This type of research uses statistics with a quantitative approach. Data collection techniques use documentation methods, namely collecting data from the financial statements of companies published through the official IDX website. The sample size in this study consists of 17 infrastructure companies listed on the IDX for the years 2022-2023. Purposive sampling is used as a sampling determination technique with specific criteria, and multiple regression analysis is employed. Data analysis is conducted using the SPSS software version 26. The results of the study show that partially, Liquidity and Dividend Policy have a significant effect on Stock Prices. In contrast, Profitability and Leverage do not have a significant effect. Simultaneously, the four independent variables significantly affect Stock Prices. This finding provides insights for investors and company management in making strategic decisions.

Beyond Disclosure: Does Sustainability Control Maturity Drive Eco-Efficiency in State-Owned Enterprises? Andi Iswoyo; Rodhiyah Rodhiyah; Endah Supeni Purwaningsih; Pramandyah Fitah Kusuma; Salsabila Azka Az-Zahra
The Indonesian Accounting Review Vol. 16 No. 2 (2026): Volume 16 No 2 2026
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/tiar.v16i2.5686

This study examines whether Sustainability Management Control System Maturity (SMCSM) is associated with eco-efficiency in Indonesian non-financial state-owned enterprises. Using annual reports and sustainability reports from 33 enterprises over the 2015–2024 period, this study develops a report-based SMCSM index covering sustainability target setting, KPI measurement, monitoring and evaluation, managerial accountability and governance, corrective action and learning, and integration with operational and risk control. The full dataset contains 320 firm-year observations, whereas the main energy model uses 90 observations from 12 firms due to uneven availability of environmental data. Eco-efficiency is measured using revenue-based environmental efficiency indicators, with energy eco-efficiency as the main dependent variable and emission and water eco-efficiency as robustness measures. The empirical analysis employs panel regression with firm fixed effects and clustered standard errors. The results do not support a significant association between SMCSM and energy eco-efficiency, and similar patterns appear in lagged models, sensitivity tests, and robustness models using emission and water eco-efficiency. However, changes in the scope of environmental reporting are consistently associated with energy eco-efficiency, indicating that the reporting boundary and measurement coverage affect the comparability of report-based environmental performance. This study contributes to sustainability management accounting by introducing a documentary SMCSM index and highlighting the importance of the reporting scope for interpreting eco-efficiency data. Practically, the findings suggest that managers and regulators should not treat disclosed sustainability control maturity as direct evidence of environmental efficiency improvement unless reporting boundaries and operational embedding are clearly established.

GREEN ACCOUNTING AND ENVIRONMENTAL PERFORMANCE : HOW MUCH DOES IT AFFECT COMPANY VALUE? A STUDY OF THE ENERGY AND RAW MATERIALS SECTOR ON THE IDX 2021–2023 Endah Supeni Purwaningsih; Pramandyah Fitah Kusuma; Rodhiyah Rodhiyah
Income Vol 7 No 2 (2026): INCOME : Jurnal Akuntansi dan Keuangan
Publisher : Fakultas Ekonomi dan Bisnis Universitas Wijaya Putra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38156/akuntansi.v7i2.752

Indonesia is currently facing climate change due to global warming caused by various human activities that can threaten environmental sustainability. Most of the causes of climate change occur due to the combustion of non-renewable energy sources, such as oil, gas, and coal. A company is not only responsible for generating maximum profits but also responsible for all impacts caused by its operational activities on society and the environment. This study aims to examine and analyze the effect of the implementation of green accounting and environmental performance on company value in energy and basic material sector companies listed on the Indonesia Stock Exchange (IDX) for the period 2021-2023. This type of research is causal research with a quantitative approach. The sample in this study amounted to 42 obtained from 14 energy and basic material sector companies listed on the IDX with a research period of 3 years. The results show that green accounting and environmental performance do not affect company value, either partially or simultaneously in energy and basic material sector companies listed on the IDX for the period 2021-2023. In this study, company value is proxied using Tobin's Q.

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