Integrating Environmental Performance and Environmental Cost into Firm Value: Managerial Ownership Role
- Lidya Lidya Universitas Widya Dharma Pontianak, Pontianak, Indonesia
-
Thomas Averio
*
Universitas Widya Dharma Pontianak, Pontianak,
Indonesia
(*) Corresponding Author
Abstract
This study investigates whether environmental performance and environmental cost affect firm value among energy-sector firms listed on the Indonesia Stock Exchange, and examines managerial ownership as a moderating variable, controlling for profitability and firm size. Using panel data regression combined with moderated regression analysis (MRA) in EViews 13 on a purposive sample of 22 firms over 2020–2024 (110 firm-year observations), the baseline model explains 63.95% of the variation in firm value (adjusted R² = 0.639), rising to 72.67% (adjusted R² = 0.727) once managerial ownership and its interaction terms are added, with both models jointly significant at the 1% level (p = 0.000). Neither environmental performance (β = -0.891, p = 0.344) nor environmental cost (β = 0.009, p = 0.423) significantly affects firm value. Managerial ownership significantly moderates the relationship between environmental performance and firm value (β = -10.719, p = 0.000), albeit negatively, contradicting the hypothesized reinforcing effect, whereas its moderating effect on the relationship between environmental cost and firm value remains insignificant (β = 1.034, p = 0.101). These findings suggest the Indonesian capital market has yet to fully price sustainability disclosures, and that concentrated managerial ownership can weaken, rather than strengthen, the value relevance of environmental performance. Theoretically, this study extends environmental accounting literature by evidencing a governance-contingent market response to sustainability information within an integrated moderation framework rarely tested jointly in the energy sector. Practically, it offers corporate managers and investors an empirically grounded basis for evaluating environmental management and ownership structure in strategic and investment decision-making.
Downloads
References
Aiken, L. S., & West, S. G. (1991). Multiple regression: Testing and interpreting interactions. Sage Publications.
Alifian, D., & Susilo, D. E. (2024). Pengaruh Profitabilitas, Likuiditas, Ukuran Perusahaan Dan Struktur Modal Terhadap Nilai Perusahaan. Owner, 8(1), 46–55. https://doi.org/10.33395/owner.v8i1.1914
Almaeda, T. R., Pramuda, A. V. D., & Setiawan, D. (2023). Perkembangan Penelitian Carbon Disclosure di Indonesia. Reviu Akuntansi Dan Bisnis Indonesia, 7(1), 109–133. https://doi.org/10.18196/rabin.v7i1.17607
Aprianti, S., Yuniarti, R., & Riswandi, P. (2023). Kinerja Lingkungan terhadap Nilai Perusahaan Dimediasi Kinerja Keuangan. Jurnal Riset Akuntansi Dan Auditing, 10(2), 35–46. https://doi.org/10.55963/jraa.v10i2.536
Averio, T. (2020). The analysis of influencing factors on the going concern audit opinion – a study in manufacturing firms in Indonesia. Asian Journal of Accounting Research, 6(2), 152–164. https://doi.org/10.1108/AJAR-09-2020-0078
Budiono, S., & Handoko, J. (2025). Pengaruh Akuntansi Manajemen Lingkungan, Inovasi Hijau, dan Biaya Lingkungan Terhadap Nilai Perusahaaan. Nominal: Barometer Riset Akuntansi Dan Manajemen, 14(2), 194–214. https://doi.org/10.21831/nominal.v14i2.82949
Diharjo, D. F. M. W., & Manik, Y. B. S. (2023). Life Cycle Assessment a Coal Mining in East Kalimantan. JST (Jurnal Sains Dan Teknologi), 12(3), 613–621. https://doi.org/10.23887/jstundiksha.v12i3.68103
Ghozali. (2020). 25 Grand Theory: Teori Besar Ilmu Manajemen, Akuntansi dan Bisnis.
Gunawan, B., & Berliyanda, K. L. (2024). Pengaruh Green Accounting, Pengungkapan Emisi Karbon, dan Kinerja Lingkungan Terhadap Nilai Perusahaan. Reviu Akuntansi Dan Bisnis Indonesia, 8(1), 33–50. https://doi.org/10.18196/rabin.v8i1.22027
Hapsoro, D., & Adyaksana, R. I. (2020). Apakah Pengungkapan Informasi Lingkungan Memoderasi Pengaruh Kinerja Lingkungan Dan Biaya Lingkungan Terhadap Nilai Perusahaan? Jurnal Riset Akuntansi Dan Keuangan, 8(1), 41–52. https://doi.org/10.17509/jrak.v8i1.19739
Haryono, D. M., Hasanudin, M., & Widiarto, A. (2025). Pengaruh Green Accounting, Kinerja Lingkungan, dan Corporate Social Responsibility Terhadap Nilai Perusahaan. Reviu Akuntansi Dan Bisnis Indonesia, 9(3), 468–483. https://doi.org/10.18196/rabin.v9i3.25809
Hasan, M. F., & Wijayanto, R. (2025). Pengaruh Inovasi Hijau, Investasi Lingkungan, Manajemen Lingkungan Dan Kinerja Lingkungan Terhadap Nilai Perusahaan. Jurnal Ekonomi Trisakti, 5(2), 877–886. https://doi.org/10.25105/v5i2.23699
Hayes, A. F. (2022). Introduction to mediation, moderation, and conditional process analysis: A regression-based approach. New York: Guilford Press.
Hidayat, I., Ismail, T., Taqi, M., & Yulianto, A. S. (2023). The Effects of Environmental Cost, Environmental Disclosure and Environmental Performance on Company Value with an Independent Board of Commissioners as Moderation. International Journal of Energy Economics and Policy, 13(3), 367–373. https://doi.org/10.32479/ijeep.14159
Kementerian Lingkungan Hidup dan Kehutanan. (2022). Hasil Penilaian PROPER 2021–2022: Peningkatan Jumlah Peserta dan Peringkat Kinerja Perusahaan. Retrieved from https://proper.menlhk.go.id/proper/
Koeshardjono, R. H., Perwirasari, D. A., & Fazira, E. (2025). Pengaruh Penerapan Green Accounting dan Kinerja Lingkungan terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Moderating. EKOMA: Jurnal Ekonomi, Manajemen, Akuntansi, 4(3), 5046–5053. https://doi.org/10.56799/ekoma.v4i3.6771
Okta, S. L. J., Suaidah, I., & Antasari, D. W. (2022). Pengaruh Pengungkapan Akuntansi Manajemen Lingkungan, Biaya Lingkungan, dan Kinerja Lingkungan terhadap Nilai Perusahaan Selama Masa Pandemi. JCA (Jurnal Cendekia Akuntansi), 3(2), 112–127. https://doi.org/10.32503/akuntansi.v3i2.3189
Renaldi, A., & Anis, I. (2023). Pengaruh Pengungkapan Biaya Dan Kinerja Lingkungan Terhadap Nilai Perusahaan : Studi Empiris Pada Perusahaan Industri Manufaktur Di Indonesia. Jurnal Ekonomi Trisakti, 3(2), 3853–3862. https://doi.org/10.25105/jet.v3i2.18216
Salam, S., & Afriyenti, M. (2025). Pengaruh Kinerja Lingkungan dan Biaya Lingkungan terhadap Nilai Perusahaan dengan Kepemilikan Manajerial sebagai Variabel Moderasi. Jurnal Eksplorasi Akuntansi (JEA), 7(3), 944–960. https://doi.org/10.24036/jea.v7i3.2818
Sapitri, Y., & Fajriana, I. (2025). Kepemilikan Manajerial, Kepemilikan Institusional, dan Corporate Social Responsibility Pada Nilai Perusahaan. Solusi, 23(1), 74–89. https://doi.org/10.26623/slsi.v23i1.11261
Subaida, I., & Pramitasari, T. D. (2023). Kinerja Lingkungan, Biaya Lingkungan, dan Pengungkapan Lingkungan terhadap Nilai Perusahaan. Ecoducation: Economics & Education Journal, 5(2), 161–172. https://doi.org/10.33503/ecoducation.v5i2.3464
Umami, R., Lukita, C., & Astriani, D. (2024). Penerapan Green Accounting dan Kinerja Lingkungan terhadap Nilai Perusahaan dengan Kepemilikan Manejerial sebagai Variabel Moderasi Perusahaan Sektor Pertambangan BEI 2020-2022. COSTING: Journal of Economic, Business and Accounting, 7(5), 2692–2708. https://doi.org/10.31539/costing.v7i5.12136
Bila bermanfaat silahkan share artikel ini
Berikan Komentar Anda terhadap artikel Integrating Environmental Performance and Environmental Cost into Firm Value: Managerial Ownership Role
Pages: 637-647
Copyright (c) 2026 Lidya Lidya, Thomas Averio
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under Creative Commons Attribution 4.0 International License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (Refer to The Effect of Open Access).
