DO GREEN ACCOUNTING AND CARBON EMISSION DISCLOSURE AFFECT STOCK RETURN?
Main Article Content
Abstract
Environmental issues such as climate change can be an external factor that influences stock price fluctuations and stock returns. This research aims to analyze the impact of carbon emission disclosure, green accounting practices, and profitability on the share returns of food and beverage sector companies listed on the Indonesia Stock Exchange during the period 2020 to 2022. This research uses a quantitative approach, multiple linear regression analysis methods, and a sample of 54 companies. The results of this study indicate that profitability has a significant impact on stock returns. However, carbon emission disclosure and green accounting do not significantly impact stock returns. The results of this research can be a reference for companies and investors who want to pay closer attention to environmental conditions.
Downloads
Download data is not yet available.
Article Details
How to Cite
Diva Sarvasti, L., & Astrini Aning Widoretno. (2024). DO GREEN ACCOUNTING AND CARBON EMISSION DISCLOSURE AFFECT STOCK RETURN? . Akurasi : Jurnal Studi Akuntansi Dan Keuangan, 7(1), 155-172. https://doi.org/10.29303/akurasi.v7i1.513
Section
Articles
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Penulis yang naskahnya diterbitkan menyetujui ketentuan sebagai berikut: Hak publikasi atas semua materi naskah jurnal yang diterbitkan/dipublikasikan dalam situs Jurnal AKURASI ini dipegang oleh dewan redaksi dengan sepengetahuan penulis (hak moral tetap milik penulis naskah). Ketentuan legal formal untuk akses artikel digital jurnal elektronik ini tunduk pada ketentuan lisensi Creative Commons Attribution-ShareAlike (CC BY-SA), yang berarti Jurnal AKURASI berhak menyimpan, mengalih media/format-kan, mengelola dalam bentuk pangkalan data (database), merawat, dan mempublikasikan artikel tanpa meminta izin dari Penulis selama tetap mencantumkan nama Penulis sebagai pemilik Hak Cipta. Naskah yang diterbitkan/dipublikasikan secara cetak dan elektronik bersifat open access untuk tujuan pendidikan, penelitian, dan perpustakaan. Selain tujuan tersebut, dewan redaksi tidak bertanggung jawab atas pelanggaran terhadap hukum hak cipta.
References
Adil, M., & Winarsih, E. (2019). Pengaruh Kinerja Sosial Dan Kinerja Lingkungan Terhadap Kinerja Keuangan Pt. Indonesia Power. Ajar, 2(02), 49–64. https://doi.org/10.35129/ajar.v2i02.81
Aldy Syafrizal, Rico Nur Ilham, Darmawati Muchtar, & Wardhiah. (2023). Effect of Capital Adequacy Ratio, Non Performing Financing, Financing To Deposit Ratio, Operating Expenses and Operational Income on Profitability At Pt. Bank Aceh Syariah. Journal of Accounting Research, Utility Finance and Digital Assets, 1(4), 312–322. https://doi.org/10.54443/jaruda.v1i4.51
Alifiani, I., & Suryaningrum, D. (2020). Carbon Emission Disclosure as Mediation of Factors Affecting Firm Value. https://doi.org/10.4108/eai.5-8-2020.2301146
Ambarwati, Hapsoro, D., & Wicaksono, C. A. (2020). Relationship Analysis of Eco-Control, Company Age, Company Size, Carbon Emission Disclosure, and Economic Consequences. The Indonesian Journal of Accounting Research, 23(02), 293–324.
Asia, N. (2020). Faktor-Faktor yang Mempengaruhi Return Saham Pada Perusahaan Property Tahun 2014-2016 di Bursa Efek Indonesia. FORECASTING: Jurnal Ilmiah Ilmu Manajemen, 2(1), 76–101.
Aswani, J., Raghunandan, A., & Rajgopal, S. (2023). Are Carbon Emissions Associated with Stock Returns? Reply. In SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4442200
Bae Choi, B., Lee, D., & Psaros, J. (2013). An analysis of Australian company carbon emission disclosures. Pacific Accounting Review, 25(1), 58–79. https://doi.org/10.1108/01140581311318968
Bai, J., Shao, J., Yu, Q., Demir, M., Altay, B. N., Ali, T. M., Jiang, Y., Wang, L., & Xin Hu. (2023). Sulfur-Doped porous carbon Adsorbent: A promising solution for effective and selective CO2 capture,. Chemical Engineering Journal, 479(147667). https://doi.org///doi.org/10.1016/j.cej.2023.147667.
Bernardini, E., Di Giampaolo, J., Faiella, I., & Poli, R. (2021). The impact of carbon risk on stock returns: evidence from the European electric utilities. Journal of Sustainable Finance and Investment, 11(1), 1–26. https://doi.org/10.1080/20430795.2019.1569445
Bolton, P., & Kacperczyk, M. (2020). DO INVESTORS CARE ABOUT CARBON RISK? NBER Working Papers, 01, 1–23. http://www.nber.org/papers/w16019
Cahyadi, A., & Sitinjak, E. L. M. (2022). Pengungkapan Emisi Karbon, Nilai Tambah Ekonomi dan Pasar terhadap Imbal Hasil Saham. Jurnal Ekonomi & Manajemen, 4(2), 16–30.
Cerciello, M., Busato, F., & Taddeo, S. (2023). The effect of sustainable business practices on profitability. Accounting for strategic disclosure. Corporate Social Responsibility and Environmental Management, 30(2), 802–819. https://doi.org/10.1002/csr.2389
Choi, D., Gao, Z., & Jiang, W. (2020). Attention to global warming. Review of Financial Studies, 33(3), 1112–1145. https://doi.org/10.1093/rfs/hhz086
Cohen, S., Kadach, I., & Ormazabal, G. (2023). Institutional investors, climate disclosure, and carbon emissions. Journal of Accounting and Economics, March 2021, 101640. https://doi.org/10.1016/j.jacceco.2023.101640
Cotter, J., Lokman, N., & Najah, M. M. (2019). Voluntary Disclosure Research: Which Theory Is Relevant? SSRN Electronic Journal, 1–25. https://doi.org/10.2139/ssrn.3470466
Davidson, C., Hadu, J., Manafe, H. A., & Bibiana, R. P. (2023). Analisis Pengaruh ROA, ROE, dan NPM Terhadap Return Saham (Literature Review Manajemen Keuangan Perusahaan). Jurnal Ilmu Multidisplin, 1(4), 963–971.
Devi, N. N. S. J. P., & Artini, L. G. S. (2019). Pengaruh Roe, Der, Per, Dan Nilai Tukar Terhadap Return Saham. E-Jurnal Manajemen Universitas Udayana, 8(7), 4183. https://doi.org/10.24843/ejmunud.2019.v08.i07.p07
Dianty, A., & Nurrahim, G. (2022). Pengaruh Penerapan Green Accounting dan Kinerja Lingkungan terhadap Kinerja Keuangan. Economics Professional in Action (E-PROFIT), 4(2), 126–135. https://doi.org/10.37278/eprofit.v4i2.529
Eriyanti, Y. (2022). THE EFFECT OF DISCLOSURE OF SUSTAINABILITY REPORTING BASED ON GRI STANDARDS ON COMPANY PERFORMANCE (Study on Non-Financial Companies Listed on the SRI-KEHATI Index 2017-2019). Jurnal Akuntansi Trisakti, 9(1), 145–154. https://doi.org/10.25105/jat.v9i1.10272
Freeman, R. E., & McVea, J. (1984). Strategic Management: A Stakeholder Approach to Strategic Management. Cambridge University Press. https://doi.org/https://doi.org/10.1017/CBO9781139192675
Ghozali, I. (2021). Aplikasi Analisis Multivariate (10th ed.). Badan Penerbit Universitas Diponegoro.
International Sustainability Standards Board (ISSB). (2019). Exposure Draft. In Wiley Interpretation and Application of IFRS Standards (Vol. 44, Issue 0).
Irwhantoko, I., & Basuki, B. (2016). Carbon Emission Disclosure: Studi pada Perusahaan Manufaktur Indonesia. Jurnal Akuntansi Dan Keuangan, 18(2), 92–104. https://doi.org/10.9744/jak.18.2.92-104
Ivanovich, C. C., Sun, T., Gordon, D. R., & Ocko, I. B. (2023). Future warming from global food consumption. Nature Climate Change, 13(3), 297–302. https://doi.org/10.1038/s41558-023-01605-8
Jogiyanto, H. (2015). Teori Portofolio dan Analisis Investasi. BPFE.
Krismandari, E. C., & Amanah, L. (2021). Pengaruh Likuiditas, Profitabilitas, Leverage Terhadap Return Saham Dengan Kebijakan Deviden Sebagai Variabel Moderasi. Jurnal Ilmu Dan Riset Akuntansi, 10(6), 21.
Kristiani, L. A., & Werastuti, D. N. S. (2020). Pengaruh Kinerja Lingkungan Dan Kinerja Sosial Terhadap Kinerja Keuangan Dengan Good Corporate Governance Sebagai Variabel Pemoderasi. JIMAT (Jurnal Ilmiah Mahasiswa Akuntansi), 11(3), 487–498. https://ejournal.undiksha.ac.id/index.php/S1ak/article/view/26619
Lako, A. (2018). Conceptual Framework of Green Accounting. Accounting, May, 60–66.
Laulita, N. B., & Yanni, Y. (2022). Pengaruh Return On Asset (ROA), Return On Equity (ROE), Debt To Equity Ratio (DER), Earning Per Share (EPS) dan Net Profit Margin (NPM) terhadap Return Saham pada Perusahaan Yang Terdaftar Di Indeks LQ45. YUME : Journal of Management, 5(1), 232–244. https://doi.org/10.37531/yume.vxix.467
Lim, B., Sotes-Paladino, J., Yaqiong, Y., & Wang, G. J. (2024). The value of growth: Changes in profitability and future stock returns. Journal of Banking & Finance, 158. https://doi.org/https://doi.org/10.1016/j.jbankfin.2023.107036.
Lintong, Y. C. Y., & Wokas, H. R. N. (2022). Pengaruh Dividen dan Laba Bersih Terhadap Harga Saham ( Studi Kasus Pada Perusahaan Konstruksi Yang Terdaftar Di Bursa Efek Indonesia Tahun 2015-2019 ) The Effect of Dividends and Net Income on Stock Prices ( Case Study on Construction Compenies Listed on. Jurnal LPPM Bidang EkoSosBudKum (Ekonomi, Sosial, Budaya, Dan Hukum), 5(2), 1053–1064. https://ejournal.unsrat.ac.id/index.php/lppmekososbudkum/article/view/40248%0Ahttps://ejournal.unsrat.ac.id/v3/index.php/lppmekososbudkum/article/download/40248/36346
Liu, Y. S., Zhou, X., Yang, J. H., Hoepner, A. G. F., & Kakabadse, N. (2023). Carbon emissions, carbon disclosure and organizational performance. International Review of Financial Analysis, 90(102846). https://doi.org///doi.org/10.1016/j.irfa.2023.102846
Mahajan, R., Lim, W. M., Sareen, M., Kumar, S., & Panwar, R. (2023). Stakeholder theory. Journal of Business Research, 166(December 2022), 114104. https://doi.org/10.1016/j.jbusres.2023.114104
Marpaung, F. K., Sarah, E. M., & Rahmi, I. (2023). Effect of Return on Equity ( ROE ), Return on Assets ( ROA ), Debt to Equity Ratio ( DER ), and Current Ratio ( CR ) on Stock Returns. International Journal of Economics Social and Technology, 2(1), 50–56.
Meiryani, Huang, S. M., Warganegara, D. L., Ariefianto, M. D., Teresa, V., & Oktavianie, H. (2023). The Effect of Industrial Type, Environmental Performance and Leverage on Carbon Emission Disclosure: Evidence from Indonesian LQ45 Companies. International Journal of Energy Economics and Policy, 13(4), 622–633. https://doi.org/10.32479/ijeep.14466
Mumtazah, F., & Purwanto, A. (2020). Analisis Pengaruh Kinerja Keuangan Dan Pengungkapan Lingkungan Terhadap Nilai Perusahaan. Diponegoro Journal of Accounting, 9(2), 1–11. http://ejournal-s1.undip.ac.id/index.php/accounting
Muralikrishna, I. V., & Manickam, V. (2017). Chapter Seven - Environmental Accounting (V. M. Iyyanki V. Muralikrishna (ed.)). Butterworth-Heinemann. https://doi.org/10.1016/B978-0-12-811989-1.00007-5
Murthin, M., & Septiani, A. (2022). PENGARUH PENGUNGKAPAN SUSTAINABILITY REPORT TERHADAP BIAYA MODAL DENGAN SUSTAINABILITY ASSURANCE DAN PENYEDIA ASSURANCE SEBAGAI VARIABEL MODERASI ( Studi Empiris pada Perusahaan yang terdaftar di Bursa Efek Indonesia Tahun 2018-2020 ). Diponegoro Journal of Accounting, 11(Kpmg 2020), 1–12.
Nadyayani, D. A. D., & Suarjaya, A. A. G. (2021). the Effect of Profitability on Stock Return. American Journal of Humanities and Social Sciences Research, 5(1), 695–703. https://www.ajhssr.com/wp-content/uploads/2021/01/ZZZC21501695703.pdf
Nurhayati, N., & Dasmaran, V. (2022). Implementasi Akuntansi Lingkungan dan Size Terhadap Profitabilitas Usaha. Jurnal Akuntansi, 14(2), 310–318. http://journal.maranatha.edu
Obida, Ajao, O. S., Kintoye, I. R., & Enyi, E. (2019). Environmental Disclosure Practices and Stock Market Return Volatility in The Nigerian Stock Market. International Journal of Scientific and Research Publications (IJSRP), 9(7), p9113. https://doi.org/10.29322/ijsrp.9.07.2019.p9113
Palazzo, G., & Scherer, A. G. (2006). Corporate Legitimacy as Deliberation: A Communicative Framework. Journal of Business Ethics, 71–88. https://doi.org/https://doi.org/10.1007/s10551-006-9044-2
Pujiati, L. (2018). Pengungkapan Emisi Karbon Dalam Sebuah Dilema (Studi Pada Perusahaan Manufaktur yang Terdaftar di Bei Periode 2013-2017). 1–14.
Putra, R. A. K., Ekonomi, F., & Singaperbangsa, U. (2021). Perkembangan IHSG Periode 2014-2018. 13(1), 17–25.
Rheynaldi, P. K., Endri, E., Minanari, M., Ferranti, P. A., & Karyatun, S. (2023). Energy Price and Stock Return: Evidence of Energy Sector Companies in Indonesia. International Journal of Energy Economics and Policy, 13(5), 31–36. https://doi.org/10.32479/ijeep.14544
Rosilawati, W., Noviarita, H., Wahyu Ningsih, N., & Prayoga, C. (2021). The Application of Green Accounting on Stock Activity in Islamic Prespective. Ad-Deenar : Jurnal Ekonomi Dan Bisnis Islam, 05, 1–14. https://doi.org/10.30868/ad.v5i01.1196
Schaltegger, S., Hörisch, J., & Freeman, R. E. (2019). Business cases for sustainability: A stakeholder theory perspective. Organization and Environment, 32(3), 191–212. https://doi.org/10.1177/1086026617722882
Sefliani; Irma Yunita. (2021). the Effect of Green Accounting Disclosure, Company Size, on Stock Return With Gcg As a Moderating Variable. International Journal of Business, Economics and Law, 24(5), 156–165.
Sembiring, S. V. B., & Yanti, H. B. (2023). Analisis Pengaruh Penerapan Green Accounting Kine Rja. Ekonomi Trisakti, 3(2), 2713–2724.
SIMORANGKIR, R. T. M. C. (2019). Pengaruh Kinerja Keuangan Terhadap Return Saham. Jurnal Ilmu & Riset Akuntansi, 21(2019), 155–164.
Sinaga, I. M., Lubis, A., & Prayudi, A. (2020). Pengaruh Internet Financial Reporting (Ifr) Dan Tingkat Pengungkapan Informasi Website Terhadap Frekuensi Perdagangan Saham Pada Perusahaan Pertambangan Yang Terdaftar Di Bei. Jurnal Ilmiah Manajemen Dan Bisnis (JIMBI), 1(2), 106–111. https://doi.org/10.31289/jimbi.v1i2.394
Spence, M. (1973). Job Market Signaling. The Quarterly Journal OfEconomics, 87, 355–374. https://doi.org/10.1055/s-2004-820924
Sudana, I. M. (2015). Manajemen Keuangan Perusahaan (N. I. Sallama (ed.); 2nd ed.). PT. Gelora Aksra Pratama.
Susanti, L., Tania, L., Komala, H. W., & Meiden, C. (2022). Pemetaan Bibliometrik terhadap Social Theory pada Bidang Akuntansi Menggunakan VOSviewer. Jurnal Ekobistek, 11, 272–277. https://doi.org/10.35134/ekobistek.v11i4.393
Tandelilin, E. (2017). Pasar Modal “Manajemen Portfolio dan Investasi” (G. Sudibyo (ed.)). PT. Kanisius.
Tsa, Wen Hsien i, Lu, Y. H., & Hsieh, C. L. (2022). Comparison of production decision-making models under carbon tax and carbon rights trading. Journal of Cleaner Production, 379(Part 1).
Ulupui, I. G. K. A., Murdayanti, Y., Yusuf, M., Pahala, I., & Zakaria, A. (2020). Integrated Reporting Disclosure and Its Implications on Investor Reactions. Journal of Asian Finance, Economics and Business, 7(12), 433–444. https://doi.org/10.13106/JAFEB.2020.VOL7.NO12.433
(UNFCCC), U. N. F. C. on C. C. (1998). Kyoto Protocol to The United Nations Framework Convention on Climate Change.
Wang, E., Nie, J., & Zhan, H. (2022). The Impact of Carbon Emissions Trading on the Profitability and Debt Burden of Listed Companies. Sustainability (Switzerland), 14(20). https://doi.org/10.3390/su142013429
Warren, J. (2008). Carbon Accounting. May, 1–14.
Wulandari, N. N., Junaidi, A., & Yuniarti, R. (2022). Peran Pengungkapan Akuntansi Lingkungan pada Stock Return di Perusahaan GO Publik Di Indonesia. EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi Dan Bisnis, 10(1), 501–505. https://doi.org/10.37676/ekombis.v10i1.1660
Yang, Y., Zhang, J., & Li, Y. (2023). The effects of environmental information disclosure on stock price synchronicity in China. Heliyon, 9(5). https://doi.org/10.1016/j.heliyon.2023.e16271
Yousefian, M., Bascompta, M., Sanmiquel, L., & Vintró, C. (2023). Corporate social responsibility and economic growth in the mining industry. Extractive Industries and Society, 13(February). https://doi.org/10.1016/j.exis.2023.101226
Aldy Syafrizal, Rico Nur Ilham, Darmawati Muchtar, & Wardhiah. (2023). Effect of Capital Adequacy Ratio, Non Performing Financing, Financing To Deposit Ratio, Operating Expenses and Operational Income on Profitability At Pt. Bank Aceh Syariah. Journal of Accounting Research, Utility Finance and Digital Assets, 1(4), 312–322. https://doi.org/10.54443/jaruda.v1i4.51
Alifiani, I., & Suryaningrum, D. (2020). Carbon Emission Disclosure as Mediation of Factors Affecting Firm Value. https://doi.org/10.4108/eai.5-8-2020.2301146
Ambarwati, Hapsoro, D., & Wicaksono, C. A. (2020). Relationship Analysis of Eco-Control, Company Age, Company Size, Carbon Emission Disclosure, and Economic Consequences. The Indonesian Journal of Accounting Research, 23(02), 293–324.
Asia, N. (2020). Faktor-Faktor yang Mempengaruhi Return Saham Pada Perusahaan Property Tahun 2014-2016 di Bursa Efek Indonesia. FORECASTING: Jurnal Ilmiah Ilmu Manajemen, 2(1), 76–101.
Aswani, J., Raghunandan, A., & Rajgopal, S. (2023). Are Carbon Emissions Associated with Stock Returns? Reply. In SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4442200
Bae Choi, B., Lee, D., & Psaros, J. (2013). An analysis of Australian company carbon emission disclosures. Pacific Accounting Review, 25(1), 58–79. https://doi.org/10.1108/01140581311318968
Bai, J., Shao, J., Yu, Q., Demir, M., Altay, B. N., Ali, T. M., Jiang, Y., Wang, L., & Xin Hu. (2023). Sulfur-Doped porous carbon Adsorbent: A promising solution for effective and selective CO2 capture,. Chemical Engineering Journal, 479(147667). https://doi.org///doi.org/10.1016/j.cej.2023.147667.
Bernardini, E., Di Giampaolo, J., Faiella, I., & Poli, R. (2021). The impact of carbon risk on stock returns: evidence from the European electric utilities. Journal of Sustainable Finance and Investment, 11(1), 1–26. https://doi.org/10.1080/20430795.2019.1569445
Bolton, P., & Kacperczyk, M. (2020). DO INVESTORS CARE ABOUT CARBON RISK? NBER Working Papers, 01, 1–23. http://www.nber.org/papers/w16019
Cahyadi, A., & Sitinjak, E. L. M. (2022). Pengungkapan Emisi Karbon, Nilai Tambah Ekonomi dan Pasar terhadap Imbal Hasil Saham. Jurnal Ekonomi & Manajemen, 4(2), 16–30.
Cerciello, M., Busato, F., & Taddeo, S. (2023). The effect of sustainable business practices on profitability. Accounting for strategic disclosure. Corporate Social Responsibility and Environmental Management, 30(2), 802–819. https://doi.org/10.1002/csr.2389
Choi, D., Gao, Z., & Jiang, W. (2020). Attention to global warming. Review of Financial Studies, 33(3), 1112–1145. https://doi.org/10.1093/rfs/hhz086
Cohen, S., Kadach, I., & Ormazabal, G. (2023). Institutional investors, climate disclosure, and carbon emissions. Journal of Accounting and Economics, March 2021, 101640. https://doi.org/10.1016/j.jacceco.2023.101640
Cotter, J., Lokman, N., & Najah, M. M. (2019). Voluntary Disclosure Research: Which Theory Is Relevant? SSRN Electronic Journal, 1–25. https://doi.org/10.2139/ssrn.3470466
Davidson, C., Hadu, J., Manafe, H. A., & Bibiana, R. P. (2023). Analisis Pengaruh ROA, ROE, dan NPM Terhadap Return Saham (Literature Review Manajemen Keuangan Perusahaan). Jurnal Ilmu Multidisplin, 1(4), 963–971.
Devi, N. N. S. J. P., & Artini, L. G. S. (2019). Pengaruh Roe, Der, Per, Dan Nilai Tukar Terhadap Return Saham. E-Jurnal Manajemen Universitas Udayana, 8(7), 4183. https://doi.org/10.24843/ejmunud.2019.v08.i07.p07
Dianty, A., & Nurrahim, G. (2022). Pengaruh Penerapan Green Accounting dan Kinerja Lingkungan terhadap Kinerja Keuangan. Economics Professional in Action (E-PROFIT), 4(2), 126–135. https://doi.org/10.37278/eprofit.v4i2.529
Eriyanti, Y. (2022). THE EFFECT OF DISCLOSURE OF SUSTAINABILITY REPORTING BASED ON GRI STANDARDS ON COMPANY PERFORMANCE (Study on Non-Financial Companies Listed on the SRI-KEHATI Index 2017-2019). Jurnal Akuntansi Trisakti, 9(1), 145–154. https://doi.org/10.25105/jat.v9i1.10272
Freeman, R. E., & McVea, J. (1984). Strategic Management: A Stakeholder Approach to Strategic Management. Cambridge University Press. https://doi.org/https://doi.org/10.1017/CBO9781139192675
Ghozali, I. (2021). Aplikasi Analisis Multivariate (10th ed.). Badan Penerbit Universitas Diponegoro.
International Sustainability Standards Board (ISSB). (2019). Exposure Draft. In Wiley Interpretation and Application of IFRS Standards (Vol. 44, Issue 0).
Irwhantoko, I., & Basuki, B. (2016). Carbon Emission Disclosure: Studi pada Perusahaan Manufaktur Indonesia. Jurnal Akuntansi Dan Keuangan, 18(2), 92–104. https://doi.org/10.9744/jak.18.2.92-104
Ivanovich, C. C., Sun, T., Gordon, D. R., & Ocko, I. B. (2023). Future warming from global food consumption. Nature Climate Change, 13(3), 297–302. https://doi.org/10.1038/s41558-023-01605-8
Jogiyanto, H. (2015). Teori Portofolio dan Analisis Investasi. BPFE.
Krismandari, E. C., & Amanah, L. (2021). Pengaruh Likuiditas, Profitabilitas, Leverage Terhadap Return Saham Dengan Kebijakan Deviden Sebagai Variabel Moderasi. Jurnal Ilmu Dan Riset Akuntansi, 10(6), 21.
Kristiani, L. A., & Werastuti, D. N. S. (2020). Pengaruh Kinerja Lingkungan Dan Kinerja Sosial Terhadap Kinerja Keuangan Dengan Good Corporate Governance Sebagai Variabel Pemoderasi. JIMAT (Jurnal Ilmiah Mahasiswa Akuntansi), 11(3), 487–498. https://ejournal.undiksha.ac.id/index.php/S1ak/article/view/26619
Lako, A. (2018). Conceptual Framework of Green Accounting. Accounting, May, 60–66.
Laulita, N. B., & Yanni, Y. (2022). Pengaruh Return On Asset (ROA), Return On Equity (ROE), Debt To Equity Ratio (DER), Earning Per Share (EPS) dan Net Profit Margin (NPM) terhadap Return Saham pada Perusahaan Yang Terdaftar Di Indeks LQ45. YUME : Journal of Management, 5(1), 232–244. https://doi.org/10.37531/yume.vxix.467
Lim, B., Sotes-Paladino, J., Yaqiong, Y., & Wang, G. J. (2024). The value of growth: Changes in profitability and future stock returns. Journal of Banking & Finance, 158. https://doi.org/https://doi.org/10.1016/j.jbankfin.2023.107036.
Lintong, Y. C. Y., & Wokas, H. R. N. (2022). Pengaruh Dividen dan Laba Bersih Terhadap Harga Saham ( Studi Kasus Pada Perusahaan Konstruksi Yang Terdaftar Di Bursa Efek Indonesia Tahun 2015-2019 ) The Effect of Dividends and Net Income on Stock Prices ( Case Study on Construction Compenies Listed on. Jurnal LPPM Bidang EkoSosBudKum (Ekonomi, Sosial, Budaya, Dan Hukum), 5(2), 1053–1064. https://ejournal.unsrat.ac.id/index.php/lppmekososbudkum/article/view/40248%0Ahttps://ejournal.unsrat.ac.id/v3/index.php/lppmekososbudkum/article/download/40248/36346
Liu, Y. S., Zhou, X., Yang, J. H., Hoepner, A. G. F., & Kakabadse, N. (2023). Carbon emissions, carbon disclosure and organizational performance. International Review of Financial Analysis, 90(102846). https://doi.org///doi.org/10.1016/j.irfa.2023.102846
Mahajan, R., Lim, W. M., Sareen, M., Kumar, S., & Panwar, R. (2023). Stakeholder theory. Journal of Business Research, 166(December 2022), 114104. https://doi.org/10.1016/j.jbusres.2023.114104
Marpaung, F. K., Sarah, E. M., & Rahmi, I. (2023). Effect of Return on Equity ( ROE ), Return on Assets ( ROA ), Debt to Equity Ratio ( DER ), and Current Ratio ( CR ) on Stock Returns. International Journal of Economics Social and Technology, 2(1), 50–56.
Meiryani, Huang, S. M., Warganegara, D. L., Ariefianto, M. D., Teresa, V., & Oktavianie, H. (2023). The Effect of Industrial Type, Environmental Performance and Leverage on Carbon Emission Disclosure: Evidence from Indonesian LQ45 Companies. International Journal of Energy Economics and Policy, 13(4), 622–633. https://doi.org/10.32479/ijeep.14466
Mumtazah, F., & Purwanto, A. (2020). Analisis Pengaruh Kinerja Keuangan Dan Pengungkapan Lingkungan Terhadap Nilai Perusahaan. Diponegoro Journal of Accounting, 9(2), 1–11. http://ejournal-s1.undip.ac.id/index.php/accounting
Muralikrishna, I. V., & Manickam, V. (2017). Chapter Seven - Environmental Accounting (V. M. Iyyanki V. Muralikrishna (ed.)). Butterworth-Heinemann. https://doi.org/10.1016/B978-0-12-811989-1.00007-5
Murthin, M., & Septiani, A. (2022). PENGARUH PENGUNGKAPAN SUSTAINABILITY REPORT TERHADAP BIAYA MODAL DENGAN SUSTAINABILITY ASSURANCE DAN PENYEDIA ASSURANCE SEBAGAI VARIABEL MODERASI ( Studi Empiris pada Perusahaan yang terdaftar di Bursa Efek Indonesia Tahun 2018-2020 ). Diponegoro Journal of Accounting, 11(Kpmg 2020), 1–12.
Nadyayani, D. A. D., & Suarjaya, A. A. G. (2021). the Effect of Profitability on Stock Return. American Journal of Humanities and Social Sciences Research, 5(1), 695–703. https://www.ajhssr.com/wp-content/uploads/2021/01/ZZZC21501695703.pdf
Nurhayati, N., & Dasmaran, V. (2022). Implementasi Akuntansi Lingkungan dan Size Terhadap Profitabilitas Usaha. Jurnal Akuntansi, 14(2), 310–318. http://journal.maranatha.edu
Obida, Ajao, O. S., Kintoye, I. R., & Enyi, E. (2019). Environmental Disclosure Practices and Stock Market Return Volatility in The Nigerian Stock Market. International Journal of Scientific and Research Publications (IJSRP), 9(7), p9113. https://doi.org/10.29322/ijsrp.9.07.2019.p9113
Palazzo, G., & Scherer, A. G. (2006). Corporate Legitimacy as Deliberation: A Communicative Framework. Journal of Business Ethics, 71–88. https://doi.org/https://doi.org/10.1007/s10551-006-9044-2
Pujiati, L. (2018). Pengungkapan Emisi Karbon Dalam Sebuah Dilema (Studi Pada Perusahaan Manufaktur yang Terdaftar di Bei Periode 2013-2017). 1–14.
Putra, R. A. K., Ekonomi, F., & Singaperbangsa, U. (2021). Perkembangan IHSG Periode 2014-2018. 13(1), 17–25.
Rheynaldi, P. K., Endri, E., Minanari, M., Ferranti, P. A., & Karyatun, S. (2023). Energy Price and Stock Return: Evidence of Energy Sector Companies in Indonesia. International Journal of Energy Economics and Policy, 13(5), 31–36. https://doi.org/10.32479/ijeep.14544
Rosilawati, W., Noviarita, H., Wahyu Ningsih, N., & Prayoga, C. (2021). The Application of Green Accounting on Stock Activity in Islamic Prespective. Ad-Deenar : Jurnal Ekonomi Dan Bisnis Islam, 05, 1–14. https://doi.org/10.30868/ad.v5i01.1196
Schaltegger, S., Hörisch, J., & Freeman, R. E. (2019). Business cases for sustainability: A stakeholder theory perspective. Organization and Environment, 32(3), 191–212. https://doi.org/10.1177/1086026617722882
Sefliani; Irma Yunita. (2021). the Effect of Green Accounting Disclosure, Company Size, on Stock Return With Gcg As a Moderating Variable. International Journal of Business, Economics and Law, 24(5), 156–165.
Sembiring, S. V. B., & Yanti, H. B. (2023). Analisis Pengaruh Penerapan Green Accounting Kine Rja. Ekonomi Trisakti, 3(2), 2713–2724.
SIMORANGKIR, R. T. M. C. (2019). Pengaruh Kinerja Keuangan Terhadap Return Saham. Jurnal Ilmu & Riset Akuntansi, 21(2019), 155–164.
Sinaga, I. M., Lubis, A., & Prayudi, A. (2020). Pengaruh Internet Financial Reporting (Ifr) Dan Tingkat Pengungkapan Informasi Website Terhadap Frekuensi Perdagangan Saham Pada Perusahaan Pertambangan Yang Terdaftar Di Bei. Jurnal Ilmiah Manajemen Dan Bisnis (JIMBI), 1(2), 106–111. https://doi.org/10.31289/jimbi.v1i2.394
Spence, M. (1973). Job Market Signaling. The Quarterly Journal OfEconomics, 87, 355–374. https://doi.org/10.1055/s-2004-820924
Sudana, I. M. (2015). Manajemen Keuangan Perusahaan (N. I. Sallama (ed.); 2nd ed.). PT. Gelora Aksra Pratama.
Susanti, L., Tania, L., Komala, H. W., & Meiden, C. (2022). Pemetaan Bibliometrik terhadap Social Theory pada Bidang Akuntansi Menggunakan VOSviewer. Jurnal Ekobistek, 11, 272–277. https://doi.org/10.35134/ekobistek.v11i4.393
Tandelilin, E. (2017). Pasar Modal “Manajemen Portfolio dan Investasi” (G. Sudibyo (ed.)). PT. Kanisius.
Tsa, Wen Hsien i, Lu, Y. H., & Hsieh, C. L. (2022). Comparison of production decision-making models under carbon tax and carbon rights trading. Journal of Cleaner Production, 379(Part 1).
Ulupui, I. G. K. A., Murdayanti, Y., Yusuf, M., Pahala, I., & Zakaria, A. (2020). Integrated Reporting Disclosure and Its Implications on Investor Reactions. Journal of Asian Finance, Economics and Business, 7(12), 433–444. https://doi.org/10.13106/JAFEB.2020.VOL7.NO12.433
(UNFCCC), U. N. F. C. on C. C. (1998). Kyoto Protocol to The United Nations Framework Convention on Climate Change.
Wang, E., Nie, J., & Zhan, H. (2022). The Impact of Carbon Emissions Trading on the Profitability and Debt Burden of Listed Companies. Sustainability (Switzerland), 14(20). https://doi.org/10.3390/su142013429
Warren, J. (2008). Carbon Accounting. May, 1–14.
Wulandari, N. N., Junaidi, A., & Yuniarti, R. (2022). Peran Pengungkapan Akuntansi Lingkungan pada Stock Return di Perusahaan GO Publik Di Indonesia. EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi Dan Bisnis, 10(1), 501–505. https://doi.org/10.37676/ekombis.v10i1.1660
Yang, Y., Zhang, J., & Li, Y. (2023). The effects of environmental information disclosure on stock price synchronicity in China. Heliyon, 9(5). https://doi.org/10.1016/j.heliyon.2023.e16271
Yousefian, M., Bascompta, M., Sanmiquel, L., & Vintró, C. (2023). Corporate social responsibility and economic growth in the mining industry. Extractive Industries and Society, 13(February). https://doi.org/10.1016/j.exis.2023.101226