DOES INTELLECTUAL CAPITAL STRENGTHEN ENVIRONMENTAL DISCLOSURE ON FINANCIAL PERFORMANCE DURING COVID-19?
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Abstract
This research aims to examine the moderating role of Intellectual Capital (IC) on the influence of Environmental Disclosure (ED) on Financial Performance (FP) in the energy sector listed on the IDX for the period 2020 to 2022. The analysis uses Ordinary Least Square (OLS). The research results found that IC was able to moderate the relationship between ED and EP. This research contributes to the RBV theory regarding IC, an intangible asset in this case that can play a role in increasing ED and FP and encouraging the company's competitive advantage. Apart from that, this research also contributes to sustainability theory, which states that sustainability in companies requires the role of IC as a variable that can encourage ED to increase FP. Thus, IC becomes an important variable that companies must consider to increase FP while still paying attention to sustainability factors.
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Evi Marlina, M. A., Swastidevi, L. A., & Dwi Radianto, W. E. (2024). DOES INTELLECTUAL CAPITAL STRENGTHEN ENVIRONMENTAL DISCLOSURE ON FINANCIAL PERFORMANCE DURING COVID-19?. Akurasi : Jurnal Studi Akuntansi Dan Keuangan, 7(1), 141-154. https://doi.org/10.29303/akurasi.v7i1.516
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References
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Welly, Y., Zainal, A., Silalahi, M., & Sianipar, M. Y. (2023). The COVID-19 Pandemic Affects Intellectual Capital on the Financial Performance of Pharmaceutical Companies in Indonesia. Ekonomi, Keuangan, Investasi Dan Syariah (EKUITAS), 4(3), 919–924. https://doi.org/10.47065/ekuitas.v4i3.2712
Wu, H., & Li, J. (2023). The relationship between environmental disclosure and financial performance: mediating effect of economic development and information penetration. Economic Research-Ekonomska Istrazivanja , 36(1), 116–142. https://doi.org/10.1080/1331677X.2022.2072355
Xu, J., & Liu, F. (2021). Nexus between intellectual capital and financial performance: An investigation of chinese manufacturing industry. Journal of Business Economics and Management, 22(1), 217–235. https://doi.org/10.3846/jbem.2020.13888
Zahid, M., Naqvi, S. U. U. B., Jan, A., Rahman, H. U., & Wali, S. (2023). The nexus of environmental, social, and governance practices with the financial performance of banks: A comparative analysis for the pre and COVID-19 periods. Cogent Economics and Finance, 11(1). https://doi.org/10.1080/23322039.2023.2183654
Zhou, D., Saeed, U. F., & Agyemang, A. O. (2024). Assessing the Role of Sustainability Disclosure on Firms’ Financial Performance: Evidence from the Energy Sector of Belt and Road Initiative Countries. Sustainability (Switzerland), 16(2). https://doi.org/10.3390/su16020930
Ahmed, F., Rahman, M., Rehman, H., Imran, M., Dunay, A., & Hossain, M. B. (2024). Corporate capital structure effects on corporate performance pursuing a strategy of innovation in manufacturing companies. Heliyon, 10, 24677. https://doi.org/10.1016/j.heliyon.2024.e24677
Al-Dhaimesh, O. H., & Al Zobi, M. K. (2019). The effect of sustainability accounting disclosures on financial performance: An empirical study on the Jordanian banking sector. Banks and Bank Systems, 14(2), 1–8. https://doi.org/10.21511/bbs.14(2).2019.01
Arifianti, N. P., & Widianingsih, L. P. (2023). Kualitas Pengungkapan SDGs: Apakah Berpengaruh terhadap Kinerja Keuangan Perusahaan Sektor Energi dan Bahan Baku di Indonesia? Jurnal Reviu Akuntansi Dan Keuangan, 13(2), 269–288. https://doi.org/10.22219/jrak.v13i2.26629
Barney, J. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1), 99–120. https://doi.org/10.1177/014920639101700108
Buleng, A., Rura, Y., & Sundari, S. (2023). Determination of Firm Value with Corporate Social Responsibility as Moderation. 11, 198–205.
Chouaibi, S., Rossi, M., Siggia, D., & Chouaibi, J. (2022). Exploring the moderating role of social and ethical practices in the relationship between environmental disclosure and financial performance: evidence from esg companies. Sustainability (Switzerland), 14(1). https://doi.org/10.3390/su14010209
Clarkson, P. M., Li, Y., Richardson, G. D., & Vasvari, F. P. (2008). Revisiting the relation between environmental performance and environmental disclosure: An empirical analysis. Accounting, Organizations and Society, 33(4–5), 303–327. https://doi.org/10.1016/j.aos.2007.05.003
Gunawan, H., Evi Marlina, M. A., & Ismawati, A. F. (2020). KINERJA KEUANGAN TERHADAP EFFECTIVE TAX RATE SEKTOR INFRASTRUKTUR, UTILITAS, DAN TRANSPORTASI DI INDONESIA: indonesia. Media Akuntansi Dan Perpajakan Indonesia, 1(2), 115–134. https://doi.org/10.37715/mapi.v1i2.1405
Haninun, H., Lindrianasari, L., & Denziana, A. (2018). The effect of environmental performance and disclosure on financial performance. International Journal of Trade and Global Markets, 11, 138. https://doi.org/10.1504/IJTGM.2018.092471
Hichri, A., & Ltifi, M. (2021). Corporate social responsibility and financial performance: bidirectional relationship and mediating effect of customer loyalty: investigation in Sweden. Corporate Governance: The International Journal of Business in Society, ahead-of-print. https://doi.org/10.1108/CG-10-2020-0472
Hui, G., Mamun, A., Masukujjaman, M., Makhbul, Z., & Ali, M. H. (2024). The relationship between mass customization and sustainable performance: The role of firm size and global E-commerce. Heliyon, 10, e27726. https://doi.org/10.1016/j.heliyon.2024.e27726
Indonesian Ministry of Environment and Forestry. (2021, November 2). Indonesia Berambisi Kurangi Emisi Gas Rumah Kaca untuk Pengendalian Perubahan Iklim.
Madyan, M., & Widuri, S. K. (2023). Environmental, Social, Governance (ESG) Performance and Capital Structure: The Role of Good Corporate Governance. Jurnal Manajemen Teori Dan Terapan| Journal of Theory and Applied Management, 16(3), 560–570. https://doi.org/10.20473/jmtt.v16i3.47483
Malik, F., Wang, F., Li, J., & Naseem, M. A. (2023). Impact of Environmental Disclosure on Firm Performance: The Mediating Role of Green Innovation. Revista de Contabilidad-Spanish Accounting Review, 26(1), 14–26. https://doi.org/10.6018/rcsar.407921
Meadows, D. H., Meadows, D. L., Rgen, J. •, William, R., & Behrens Ill, W. (1927). The limits to growth. https://doi.org/10.4324/9780429493744-3
Oematan, R. I. A., & Radianto, W. E. D. (2020). INTELLECTUAL CAPITAL DAN KINERJA KEUANGAN PERUSAHAAN INFRASTRUKTUR, UTILITAS, &TRANSPORTASI YANG TERDAFTAR DI BURSA EFEK INDONESIA: indonesia. Media Akuntansi Dan Perpajakan Indonesia, 1(1), 35–52.
Olarewaju, O. M., & Msomi, T. S. (2021). Intellectual capital and financial performance of South African development community’s general insurance companies. Heliyon, 7(4). https://doi.org/10.1016/j.heliyon.2021.e06712
Pemer, F., Börjeson, L., & Werr, A. (2020). The role of chief executive tenure for public organizations' hiring of management consultants. Governance, 33(2), 269-285.
President of the Republic of Indonesia. (2020). Keputusan Presiden (Keppres) Nomor 11 Tahun 2020 tentang Penetapan Kedaruratan Kesehatan Masyarakat Corona Virus Disease 2019 (COVID-19).
Purvis, B., Mao, Y., & Robinson, D. (2019). Three pillars of sustainability: in search of conceptual origins. Sustainability science, 14, 681-695.
Savitri, E. (2022). CORPORATE SOCIAL RESPONSIBILITY, ECONOMIC VALUE ADDED, ENTERPRISE RISK MANAGEMENT, AND FINANCIAL PERFORMANCE: INTELLECTUAL CAPITAL MODERATION. Jurnal Aplikasi Manajemen, 20(4). https://doi.org/10.21776/ub.jam.2022.020.04.10
Shaikh, I. (2021). ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) PRACTICE AND FIRM PERFORMANCE: AN INTERNATIONAL EVIDENCE. Journal of Business Economics and Management, 23(1), 218–237. https://doi.org/10.3846/jbem.2022.16202
Stewart, T. A. (1997). Intellectual capital: the new wealth of organizations. Doubleday.
Tahu, G. P. (2019). PENGARUH KINERJA LINGKUNGAN DAN PENGUNGKAPAN LINGKUNGAN TERHADAP KINERJA KEUANGAN (STUDI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI). 14(1).
Tjahjadi, B., Soewarno, N., & Mustikaningtiyas, F. (2021). Good corporate governance and corporate sustainability performance in Indonesia: A triple bottom line approach. Heliyon, 7(3). https://doi.org/10.1016/j.heliyon.2021.e06453
Wahdah, A. N., & Jayanti, D. (2023). Pengaruh Environmental Disclosure dan Environmental Management System Terhadap Kinerja Keuangan (Studi Empiris Perusahaan Batubara Terdaftar di BEI Periode 2017-2021). Jurnal Simki Economic, 6(1), 234–245.
Wahyu, S., & Widiatmi, A. (2019). INTERAKSI MANAJEMEN LABA DALAM PENGUNGKAPAN CORPORATE SOCIAL RESPONSIBILITY DAN KINERJA KEUANGAN SEKTOR MANUFAKTUR. In Jurnal Studi Akuntansi dan Keuangan (Vol. 2, Issue 2).
Welly, Y., Zainal, A., Silalahi, M., & Sianipar, M. Y. (2023). The COVID-19 Pandemic Affects Intellectual Capital on the Financial Performance of Pharmaceutical Companies in Indonesia. Ekonomi, Keuangan, Investasi Dan Syariah (EKUITAS), 4(3), 919–924. https://doi.org/10.47065/ekuitas.v4i3.2712
Wu, H., & Li, J. (2023). The relationship between environmental disclosure and financial performance: mediating effect of economic development and information penetration. Economic Research-Ekonomska Istrazivanja , 36(1), 116–142. https://doi.org/10.1080/1331677X.2022.2072355
Xu, J., & Liu, F. (2021). Nexus between intellectual capital and financial performance: An investigation of chinese manufacturing industry. Journal of Business Economics and Management, 22(1), 217–235. https://doi.org/10.3846/jbem.2020.13888
Zahid, M., Naqvi, S. U. U. B., Jan, A., Rahman, H. U., & Wali, S. (2023). The nexus of environmental, social, and governance practices with the financial performance of banks: A comparative analysis for the pre and COVID-19 periods. Cogent Economics and Finance, 11(1). https://doi.org/10.1080/23322039.2023.2183654
Zhou, D., Saeed, U. F., & Agyemang, A. O. (2024). Assessing the Role of Sustainability Disclosure on Firms’ Financial Performance: Evidence from the Energy Sector of Belt and Road Initiative Countries. Sustainability (Switzerland), 16(2). https://doi.org/10.3390/su16020930