The Role of Environmental, Sosial, and Government (ESG) Reporting and Cost Efficiency in Increasing Firm Value
Abstract
The issue of Sustainable Development Goals (SDGs) is becoming an important concern for companies because they are closely related to firm values. One of the frequently used parameters is the Environmental, Social and Governance (ESG) Reporting. ESG Reporting is one of the efforts to gain competitive advantage, operational efficiency, and the formation of firm value. The purpose of this study is to analyze the effect of ESG Reporting on firm value which is moderated by the Cost Efficiency variable. The objects used in this study are companies in Indonesia that are listed in Thomson Reuters Assets for the 2017-2021 period. Based on this population, 60 companies were selected as research samples. The number of observations used was 219 observations. This study uses a multiple linear analysis model of panel data with Eviews 12 software. The results of this study indicate that there is a significant positive effect between the projected ESG Reporting variable with Assets Thomson Reuters' Environmental, Social, and Governance score data and projected firm value with Tobin’s Q. Moreover, the Cost Efficiency variable can only moderate the relationship between Social Performance Reporting variables and firm value
References
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Dewi, R., & Rahmianingsih, A. (2020). Meningkatkan Nilai Perusahaan melalui Green Innovation dan Eco-Efficiency. Jurnal Ekonomi, Keuangan, Perbankan dan Akuntansi, 12(2), 225–243. https://doi.org/10.35313/ekspansi.v12i2.2241
Dewi, S. (2019). Pengaruh Kinerja Lingkungan terhadap Kinerja Keuangan dengan Corporate Social Resposibility sebagai Variabel Intervening. Jurnal Ekonomi Manajemen Sumber Daya, 21(2), 7.
Donaldson, T., & Preston, L. E. (1995). The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications. The Academy of Management Review, 20(1), 65. https://doi.org/10.2307/258887
Dyllick, T., & Hockerts, K. (2002). Beyond the Business Case for Corporate Sustainability. Business Strategy and the Environment, 11(2), 130–141. https://doi.org/10.1002/bse.323
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Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach. Boston: Pittman.
Ghozali, I. (2013). Aplikasi Analisis Multivariate dengan Program IBM SPSS. 21 (7th ed.). Semarang: Universitas Diponegoro.
Gillan, S. L., Koch, A., & Starks, L. T. (2021). Firms and Social Responsibility: A Review of ESG and CSR Research in Corporate Finance. Journal of Corporate Finance, 66, 101889. https://doi.org/10.1016/j.jcorpfin.2021.101889
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Hörisch, J., Schaltegger, S., & Freeman, R. E. (2020). Integrating Stakeholder Theory and Sustainability Accounting: A Conceptual Synthesis. Journal of Cleaner Production. https://doi.org/10.1016/j.jclepro.2020.124097
Izzah, N., & Rachmawan, M. Z. (2019). Penerapan Strategi Cost Efficiency (Efisiensi Biaya) Pada PT Bank Muamalat Indonesia, Tbk. Tahun 2017. Jurnal Abiwara, 1(1), 37–44.
Li, Y., Gong, M., Zhang, X.-Y., & Koh, L. (2018). The Impact of Environmental, Social, and Governance Disclosure on Firm Value: The Role of CEO Power. The British Accounting Review, 50(1), 60–75. https://doi.org/10.1016/j.bar.2017.09.007
Merza, D. S., & Sarea, A. (2019). Evaluating Financial Performance of Saudi Listed Firms: Using Statistical Failure Prediction Models. International Journal of Business Ethics and Governance, 2(1), 1–18. https://doi.org/10.51325/ijbeg.v2i1.20
Mgbame, Ohalehi, P., & Chijoke, A. M. (2020). Achieving Sustainability through Environmental Social Governance Reporting: Overcoming the Challenges. Advances in Environmental Accounting & Management, 9, 9–25. https://doi.org/doi:10.1108/S1479-359820200000009002
Nadhifah, S., & Wijayanti, R. (2019). The Effect of Green Accounting and Green Initiatives on Profitability of Islamic Commercial Bank in Indonesia. The Effect of Green Accounting and Green Initiatives on Profitability of Islamic Commercial Bank in Indonesia, 21.
Nawangsari, R. D., & Nugroho, P. (2019). Pengaruh Indikator Kinerja Ekonomi, Indikator Kinerja Lingkungan dan Indikator Kinerja Sosial terhadap Profitabilitas Perusahaan Manufaktur. International Journal of Social Science and Business, 3(2), 162. https://doi.org/10.23887/ijssb.v3i2.17644
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Radjab, E., & Jam’an, A. (2017). Metodologi Penelitian Bisnis (1st ed.). Makassar: Universitas Muhammadiyah Makassar.
Rahi, A. F., Akter, R., & Johansson, J. (2022). Do Sustainability Practices Influence Financial Performance? Evidence from the Nordic Financial Industry. Accounting Research Journal, 35(2), 292–314. https://doi.org/10.1108/ARJ-12-2020-0373
Reuters, T. (2018). Thomson Reuters ESG Scores. Thomson Reuters Eikon.
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Published
2023-07-26
How to Cite
Kirani, A. M., & Wijayanti, D. M. (2023). The Role of Environmental, Sosial, and Government (ESG) Reporting and Cost Efficiency in Increasing Firm Value. Annual International Conference on Islamic Economics and Business (AICIEB), 3, 118-131. https://doi.org/https://doi.org/10.18326/aicieb.v3i0.486
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