Pengaruh Environmental Performance dan Carbon Disclosure terhadap Kinerja Keuangan dengan Moderasi Ukuran Perusahaan
DOI:
https://doi.org/10.55606/jurima.v6i2.7576Keywords:
Profitability, Leverage, Growth Opportunity, Dividend Policy, Firm Value.Abstract
This study aims to analyze the influence of Environmental Performance and Carbon Disclosure on the financial performance of oil palm plantation companies listed on the Indonesia Stock Exchange (IDX), with firm size as a moderating variable. The study used secondary data in the form of annual reports and sustainability reports of 10 companies during the period 2015–2024, resulting in 100 observations. The analysis was conducted using panel data regression through the Common Effect Model (CEM) with the White Cross-section Standard Errors approach. Return on Assets (ROA) was used as the main proxy for financial performance, while Return on Equity (ROE) and Net Profit Margin (NPM) were used as alternative proxies to test the consistency of the estimation results. The results showed that Environmental Performance and Carbon Disclosure had no significant effect on ROA. Firm size was also unable to moderate the effect of Environmental Performance on financial performance, but was able to moderate the relationship between Carbon Disclosure and financial performance in certain models. Tests using ROE and NPM showed a pattern of results that were generally consistent with the main model.
Downloads
References
Bursa Efek Indonesia. (2024). Laporan keuangan dan laporan tahunan perusahaan. Diakses dari : https://www.idx.co.id
Choi, B. B., Lee, D., & Psaros, J. (2013). An analysis of Australian company carbon emission disclosure. Pacific Accounting Review, 25(1), 58-79.
Clarkson, P. M., Li, Y., Richardson, G. D., & Vasvari, F. P. (2008). Revisiting the relation between environmental performance and environmental disclosure. Accounting, Organizations and Society, 33(4-5), 303-327.
Dewi, G. A. K. R. S. (2025) Carbon emission disclosure, environmental performance, and firm value: The role of financial performance. Jurnal Ilmiah Akuntansi (JIA), 10(1), 70-86.
Elkington, J. (1997). Cannibals with forks : The triple bottom line of 21st century business. Oxford : Capstone.
European Commission. (2023). European Union Deforestation Regulation (EUDR) : Regulation on desforestation-free products. Brussels : European Commission.
Farooq, U. (2023). Corporate transparency and environmental reporting: Trends and benefits. Advances: Jurnal Ekonomi & Bisnis, 1 (6), 357-370.
Freeman, R. E. (1984). Strategic management : A stakeholder approach. Boston : Pitman.
Gujarati, D. N., & Porter, D. C. (2009). Basic econometrics (5th ed.). New York : McGraw-Hill.
Hartono, J. (2017). Teori portofolio dan analisis investasi. Yogyakarta : BPFE.
Kasmir. (2018). Analisis laporan Keuangan. Jakarta : PT Raja Grafindo Persada.
Kementerian Lingkungan Hidup dan Kehutanan. (2024). Program Penilaian Peringkat Kinerja Perusahaan (PROPER). Diakses dari : https://proper.menlhk.go.id
Lu, W., Zhu, N., & Zhang, J. (2021). The impact of carbon disclosure on financial performance under low carbon constraints. Energies, 14(14), 4126.
Makhdalena, M., & Zulvina, D. (2024). Environmental and firm performance: Evidence from Indonesia. Indonesian Journal of Sustainability Accounting and Management, 8(2), 527-538.
Oktavia, K., & Ermaya, H. N. L. (2026). Environmental Performance, Carbon Performance, and Green Innovation: Impact on Carbon Emission Disclosure. Equity, 29(1), 1-21.
Otoritas Jasa Keuangan. (2023). Keuangan berkelanjutan di Indonesia. Diakses dari : https://www.ojk.go.id
Reddivari, A., Paramita, M., Safira, & Payamta. (2026). Corporate governance structures and carbon disclosure quality: A dynamic panel analysis with environmental performance moderation. Proceeding of International Conference on Accounting and Finance, 4, 197-211.
Safutri, D., Mukhzarudfa, M., & Tiswiyanti, W. (2023). Pengaruh pengungkapan emisi karbon, tata kelola perusahaan dan kinerja keuangan: Studi di Indonesia. Jurnal Akademi Akuntansi, 6(2), 273-293.
Spence, M. (1973). Job market signaling. Quarterly Journal of Economics, 87(3), 355-374.
Suchman, M. C. (1995). Managing legitimacy : Strategic and institutional approaches. Academy of Management Review, 20(3), 571-610.
Theana, A. C., & Dewi, N. N. S. R. T. (2025). The Effect of Green Accounting, Environmental Performance, and Corporate Social Responsibility Disclosure on Profitability. International Journal of Economics, Management and Accounting (IJEMA), 2(4), 293-308.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Jurnal Riset Manajemen dan Akuntansi
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
