PERAN KOMITE LINGKUNGAN DALAM MEMPERKUAT KOMITE LINGKUNGAN DALAM MENINGKATKAN NILAI PERUSAHAAN ENERGI DI INDONESIA TAHUN 2020-2024
DOI:
https://doi.org/10.51878/cendekia.v6i4.15135Keywords:
Pengungkapan Emisi Karbon, Komite Lingkungan, Kinerja Lingkungan, Nilai PerusahaanAbstract
ABSTRACT
Growing attention to environmental issues and climate change risks has encouraged energy-sector companies to improve environmental performance and enhance carbon emission disclosure as part of the information considered by the market. However, environmental performance and disclosure may not generate the same market response to firm value. This study aims to analyze the effect of environmental performance and carbon emission disclosure on the firm value of energy-sector companies listed on the Indonesia Stock Exchange during 2020–2024, with the Environmental Committee as a moderating variable and firm size and firm age as control variables. The study employed a quantitative explanatory approach with a sample of 28 companies selected using purposive sampling, resulting in 93 observations in the form of an unbalanced panel dataset. Data were obtained from annual reports, sustainability reports, and PROPER ratings and analyzed using panel data regression with EViews 12. The results show that environmental performance has no significant effect on firm value, whereas carbon emission disclosure has a positive and significant effect. The Environmental Committee strengthens the effect of environmental performance on firm value but weakens the effect of carbon emission disclosure. These findings indicate that the market responds differently to environmental information, while the effectiveness of the Environmental Committee depends on the type of environmental information being governed. The use of the Environmental Committee as a moderating variable provides an additional perspective for understanding the relationship between environmental information and firm value.
ABSTRAK
Perhatian terhadap isu lingkungan dan risiko perubahan iklim mendorong perusahaan sektor energi untuk meningkatkan kinerja lingkungan dan transparansi pengungkapan emisi karbon sebagai bagian dari informasi yang dapat dipertimbangkan oleh pasar. Namun, capaian lingkungan dan keterbukaan informasi tersebut belum tentu memberikan respons yang sama terhadap nilai perusahaan. Penelitian ini bertujuan menganalisis pengaruh kinerja lingkungan dan pengungkapan emisi karbon terhadap nilai perusahaan sektor energi yang terdaftar di Bursa Efek Indonesia selama 2020–2024, dengan Komite Lingkungan sebagai variabel moderasi serta ukuran dan usia perusahaan sebagai variabel kontrol. Penelitian menggunakan pendekatan kuantitatif eksplanatori dengan sampel 28 perusahaan yang dipilih melalui purposive sampling, menghasilkan 93unit observasi dalam bentuk data panel tidak seimbang. Data diperoleh dari laporan tahunan, laporan keberlanjutan, dan peringkat PROPER, kemudian dianalisis menggunakan regresi data panel dengan bantuan EViews 12. Hasil penelitian menunjukkan bahwa kinerja lingkungan tidak berpengaruh signifikan terhadap nilai perusahaan, sedangkan pengungkapan emisi karbon berpengaruh positif dan signifikan. Komite Lingkungan memperkuat pengaruh kinerja lingkungan terhadap nilai perusahaan, tetapi memperlemah pengaruh pengungkapan emisi karbon. Temuan ini menunjukkan bahwa pasar memberikan respons yang berbeda terhadap informasi lingkungan, sementara efektivitas Komite Lingkungan bergantung pada jenis informasi lingkungan yang dikelola. Penggunaan Komite Lingkungan sebagai variabel moderasi memberikan perspektif tambahan dalam memahami hubungan antara informasi lingkungan dan nilai perusahaan.
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