THE EFFECT OF ENVIRONMENTAL ACCOUNTING, OPERATING CASH FLOW, AND FIRM SIZE ON FIRM VALUE
Keywords:
Environmental accounting, operating cash flow, firm size, firm valueAbstract
Firm value represents the fair market valuation of a business entity, reflecting the perceptions or assessments of its success—typically indicated by stock price performance. This study aims to provide empirical evidence on the influence of environmental accounting, operating cash flow, and firm size on firm value. A quantitative research approach was employed in this study. The research population comprises all companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2023 period, with a purposive sampling technique yielding a total of 2,061 firm-year observations. Data analysis was conducted using multiple linear regression with the aid of STATA 17 software. The findings indicate that environmental accounting has a significant positive effect on firm value. In contrast, operating cash flow does not exhibit a statistically significant impact. Interestingly, firm size demonstrates a negative effect on firm value. These results contribute to the ongoing discourse in signal theory and stakeholder theory, offering deeper insights into how environmental practices and company characteristics influence market perceptions. Furthermore, the findings provide practical implications for investors and corporate management in strategic decision-making processes. They also serve as a valuable reference for future researchers seeking to explore related variables within the context of firm valuation.
Downloads
References
Abdullah, M. W. (2020). Ragam Isu dan Konsep Akuntansi Lingkungan Perspektif Keislaman. http://ebooks.uin-alauddin.ac.id/
Abdurrahman, A. P. (2019). Impact of Green Accounting on Company Value: Evidence from the Nigerian Companies. Arthatama Journal of Business Management and Accounting, 3(1), 16–26.
Afridi, F. e A., Khan, Y., Zafar, S., & Ayaz, B. (2022). The Effect of Firm Size, Investment Opportunity Set, and Capital Structure on Firm Value. International Journal of Social Sciences and Entrepreneurship (IJSSE), 2(2), 32–46. https://orcid.org/0000-0001-5698-3497
Akin, I., Akin, M., Satiroglu, H., & Jhamb, M. (2024). Influence of Growth, Capital Structure, Profitability, and Size on FTSE 100 Enterprise Value. Journal of Corporate Accounting and Finance. https://doi.org/10.1002/jcaf.22761
Aldama, N. (2022). Pengaruh Struktur Modal, Profitabilitas dan Akuntansi Manajemen Lingkungan Terhadap Nilai Perusahaan. Jurnal Ilmiah Manajemen, Ekonomi Dan Bisnis, 1, 91–105. http://ejurnal.provisi.ac.id/index.php/JIMEB
Amin, H., & Juanda. (2021). Pengaruh Modal Kerja Bersih, Arus Kas Operasi dan Beban Bunga terhadap Nilai Perusahaan. Jurnal Ilmiah Mahasiswa Ekonomi Manajemen , 6(1), 92–107. http:jim.unsyiah.ac.id/ekm
Amira, A., & Siswanto. (2022). Pengaruh Penerapan Akuntansi Lingkungan Terhadap Nilai Perusahaan Consumer Non-Cyclicals yang Terdaftar di Bursa Efek Indonesia. Jurnal Pajak Dan Keuangan Negara, 4(1S), 200–210.
Anggita, W., Nugroho, A. A., & Suhaidar. (2022). Carbon Emission Disclosure And Green Accounting Practices on The Firm Value. Jurnal Akuntansi, 26(3), 464–481. https://doi.org/10.24912/ja.v26i3.1052
Angkotasan, F. F. F., Atarwaman, R. J. D., & Leatemia, S. Y. (2023). Pengaruh Arus Kas Operasi, Ukuran Perusahaan, dan Leverage Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Sektor Industri Dasar dan Kimia Yang Terdaftar di Bursa Efek Indonesia Tahun 2019-2021. Jurnal Akuntansi, 9(1), 29–40.
Arofah, A. A., & Maharani, D. A. (2021). Determinasi Implementasi Akuntansi Lingkungan dan Kinerja Lingkungan Terhadap Nilai Perusahaan Melalui Pengungkapan Informasi Lingkungan. Jurnal E-Bis (Ekonomi-Bisnis), 5(2), 365–379. https://doi.org/10.37339/e-bis.v5i2.697
Asrizon, R., Asmeri, R., & Ardiany, Y. (2021). Pengaruh Kinerja Lingkungan dan Pengungkapan Lingkungan Terhadap Nilai Perusahaan. Pareso Jurnal, 3(2), 227–246.
Budiharjo, R. (2023). The Effect of Sales Growth, Financial Performance, and Firm Size on Firm Value: Using Indonesian Infrastructure Companies. Asian Journal of Economics, Business and Accounting, 23(18), 9–15. https://doi.org/10.9734/ajeba/2023/v23i181053
Christy, E., & Sofie. (2023). PENGARUH PENGUNGKAPAN ENVIRONMENTAL, SOCIAL, DAN GOVERNANCE TERHADAP NILAI PERUSAHAAN. Jurnal Ekonomi Trisakti, 3(2), 3899–3908. https://doi.org/10.25105/jet.v3i2.18233
Daniel, & Hermanto. (2024). Pengaruh Arus Kas, Pertumbuhan Perusahaan, Profitabilitas, Leverage, dan Likuiditas terhadap Nilai Perusahaan. Jurnal Ilmiah Global Education, 5(3), 2137–2151. https://doi.org/10.55681/jige.v5i3.3204
Daromes, F. E., & Kawilarang, M. F. (2020). Peran Mediasi Pengungkapan Lingkungan Pada Pengaruh Kinerja Lingkungan Terhadap Nilai Perusahaan. Jurnal Akuntansi, 14(1), 77–101. https://doi.org/10.25170/jak.v14i1.1263
Dewi, I. A. A. D. M., & Wirawati, N. G. P. (2024). Pengaruh Komite Audit, Leverage, dan Ukuran Perusahaan Terhadap Nilai Perusahaan. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 13(02), 271–281. www.idx.co.id
Dewi, P. P., & Narayana, I. P. E. (2020). Implementasi Green Accounting, Profitabilitas dan Corporate Social Responsibility pada Nilai Perusahaan. E-Jurnal Akuntansi, 30(12), 3252. https://doi.org/10.24843/eja.2020.v30.i12.p20
Dunakhir, S. (2023). Cash Flow Statements and Its Impact On Firms’ Value. Pinisi Business Administration Review, 5(1), 1–8. http://ojs.unm.ac.id/index.php/pbar/index
Endiana, I. D. M., & Suryandari, N. N. A. (2020). Persepektif Akuntansi Manajemen Lingkungan dan Pengungkapannya pada Nilai Perusahaan. Jurnal Akuntansi Dan Auditing, 17(1), 80–89.
Firdarini, K. C., & Kunaidi. (2022). Pengaruh Arus Kas Operasi dan Laba Akuntansi Terhadap Return Saham. Jurnal Riset Manajemen, 9(1), 28–36. https://doi.org/10.32477/jrm.v9i1.338
Goh, T. S. (2023). MONOGRAF:FINANCIAL DISTRESS. Indomedika Pustaka. www.indomediapustaka.com
Gz, A. A., & Lisiantara, G. A. (2022). Pengaruh profitabilitas, struktur modal, ukuran perusahaan, likuiditas dan kebijakan dividen terhadap nilai perusahaan. Owner, 6(4), 3974–3987. https://doi.org/10.33395/owner.v6i4.1030
Handoko, J., & Santoso, V. (2023). Pengaruh Akuntansi Hijau dan Kinerja Lingkungan terhadap Kinerja Keuangan dengan Tanggung Jawab Sosial sebagai Pemediasi. Nominal Barometer Riset Akuntansi Dan Manajemen, 12(1), 84–101. https://doi.org/10.21831/nominal.v12i1.56571
Hapsoro, D., & Falih, Z. N. (2020). The Effect of Firm Size, Profitability, and Liquidity on The Firm Value Moderated by Carbon Emission Disclosure. Journal of Accounting and Investment, 21(2). https://doi.org/10.18196/jai.2102147
Hasibuan, A. W., Erwin, K., & Adnans, A. A. (2023). Effects of Implementation of Green Accounting and Good Corporate Governance on Firm Value, Moderated by Corporate Social Responsibility (A Study on the Mining Companies Listed on IDX in the Period 2017-2021). International Journal of Research and Review, 10(3), 430–440. https://doi.org/10.52403/ijrr.20230350
Hazmi, R. A. Al, Ramadhan, A., & Firmansyah, A. (2024). Moderating Role of Profitability in The Association Between Green Accounting and Firm Value. Journal of Governance Risk Management Compliance and Sustainability, 4(1), 45–59. https://doi.org/10.31098/jgrcs.v4i1.2166
Kelly, G. S., & Henny, D. (2023). Pengaruh Green Accounting dan Kinerja Lingkungan Terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Moderasi. Jurnal Ekonomi Trisakti, 3(2), 3301–3310. https://doi.org/10.25105/jet.v3i2.18051
Khan, M. A., & Lone, T. A. (2023). Role of Corporate Social Responsibility (CSR) in the relationship between Green Accounting and Firm Value: Evidence from Indian Companies. In Tuijin Jishu/Journal of Propulsion Technology (Vol. 44, Issue 4).
Kusumaningrum, D. P., & Iswara, U. S. (2022). Pengaruh Profitabilitas, Leverage, dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Jurnal Ilmiah Akuntansi Dan Keuangan , 1(3), 295–312. https://doi.org/10.24034/jiaku.v1i3
Launtu, A. (2021). Impact of Cash Flow and Dividend Policy on Manufacturing Firm Value. ATESTASI : Jurnal Ilmiah Akuntansi, 4(1), 105–111. https://doi.org/10.33096/atestasi.v4i1.724
Lestari, A. D., & Khomsiyah. (2023). Pengaruh Kinerja Lingkungan, Penerapan Green Accounting, dan Pengungkapan Sustainability Report Terhadap Nilai Perusahaan. Jurnal Ekonomi Bisnis, Manajemen DanAkuntansi (Jebma), 3(3), 527–539. https://www.globalreporting.org/
Luayyi, S., Nurvianasari, E., & Kusumaningarti, M. (2022). Pengaruh Arus Kas dan Rasio Hutang Terhadap Nilai Perusahaan dengan Kinerja Keuangan Sebagai Variabel Moderating. Jurnal Ilmiah Akuntansi Dan Keuangan, 1(3), 213–230. https://doi.org/10.24034/jiaku.v1i3
Meilan, R., Ekmarinda, E. Y., & Hakim, I. (2023). Profitability as a Moderator in the Implementation of Environmental Management Accounting for Corporate Sustainability. Wiga : Jurnal Penelitian Ilmu Ekonomi, 13(2), 307–315. https://doi.org/10.30741/wiga.v13i2.1113
Monica, S., & Sulfitri, V. (2023). Pengaruh Green Accounting, Corporate Social Responsibility, dan Financial Distress Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Sektor Consumer Goods yang Terdaftar Di BEI 2019-2021. Jurnal Ekonomi Trisakti, 3(2), 3035–3048. https://doi.org/10.25105/jet.v3i2.17999
Natsir, K., & Yusbardini, Y. (2020). The Effect of Capital Structure and Firm Size on Firm Value Through Profitability as Intervening Variable. Advances in Economics, Business and Management Research, 145, 218–224.
Nugroho, W. C. (2023). Efek Mediasi Profitabilitas Pada Pengaruh Green Accounting Terhadap Nilai Perusahaan. E-Jurnal Akuntansi, 33(3), 648. https://doi.org/10.24843/eja.2023.v33.i03.p05
Nurjanah, S., & Srimindarti, C. (2023). PENGARUH LIKUIDITAS, UKURAN PERUSAHAAN DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN. CURRENT: Jurnal Kajian Akuntansi Dan Bisnis Terkini, 4(1), 62–71. https://doi.org/10.31258/current.4.1.62-71
Nursetya, R. P., & Nur Hidayati, L. (2021). How Does Firm Size and Capital Structure Affect Firm Value? Journal of Management and Entrepreneurship Research, 1(2). https://doi.org/10.34001/jmer.2020.12.01.2-7
Octavianus, W., & Mala, C. M. F. (2020). Pengaruh Market Value Added, Residual Income, Earning Per Share, dan Arus Kas Operasi Terhadap Nilai Perusahaan. JCA Ekonomi, 1(1), 24–36. www.idx.co.id
Odunayo, J., Folajimi, A. F., & Anaekenwa AGUGUOM, T. (2023). Environmental Accounting Practice and Firm Value of Quoted Oil and Gas Companies in Nigeria. International Journal of Medical Science and Health Research, 07(04), 149–165. https://doi.org/10.51505/ijebmr.2023.7811
Panjaitan, I. V., & Supriyati, D. (2023). The Effect of Profitability and Leverage on Firm Value with Firm Size as a Moderating Variable. Research of Finance and Banking, 1(1), 34–46. https://doi.org/10.58777/rfb.v1i1.34
Parnata, I. K., Elfarosa, K. V., Kencanawati, A. A. A. M., Suryadi, I. G. I., & Utthavi, W. H. (2023). Effect of Firm Size on Firm Value of Transportation and Logistics. International Journal of Business, Economics & Management, 6(1), 35–40. https://doi.org/10.21744/ijbem.v6n1.2071
Pek, J., Wong, O., & Wong, A. C. M. (2018). How to address non-normality: A taxonomy of approaches, reviewed, and illustrated. In Frontiers in Psychology (Vol. 9, Issue NOV). Frontiers Media S.A. https://doi.org/10.3389/fpsyg.2018.02104
Radja, F. L., & Artini, L. G. S. (2020). The Effect Of Firm Size, Profitability and Leverage on Firm Value (Study on Manufacturing Companies Sector Consumer Goods Industry Listed in Indonesian Stock Exchange Period 2017-2019). International Journal of Economics and Management Studies, 7(11), 18–24. https://doi.org/10.14445/23939125/ijems-v7i11p103
Reschiwati, R., Syahdina, A., & Handayani, S. (2020). Effect of liquidity, profitability, and size of companies on firm value. Utopia y Praxis Latinoamericana, 25(Extra 6), 325–332. https://doi.org/10.5281/zenodo.3987632
Saputri, S. A., Maharani, B., & Prasetya, W. A. (2023). Pengaruh Kinerja Lingkungan, Pengungkapan Lingkungan, dan Biaya Lingkungan Terhadap Nilai Perusahaan. Juara: Jurnal Riset Akuntansi, 13(1), 94–111.
Sari, N., & Gantino, R. (2022). Peran Akuntansi Manajemen Lingkungan dalam Memediasi Inovasi Ramah Lingkungan pada Nilai Perusahaan Terhadap Perusahaan di BEI. Owner, 6(3), 1377–1389. https://doi.org/10.33395/owner.v6i3.974
Setyaningrum, A. I., & Mayangsari, S. (2022). Analisis Pengungkapan Akuntansi Lingkungan, Kinerja Lingkungan, dan Biaya Lingkungan Terhadap Nilai Perusahaan Pada Perusahaan Oil, Gas & Coal. Jurnal Ekonomi Trisakti, 2(2), 1103–1114. https://doi.org/10.25105/jet.v2i2.14594
Sugiyarti, L., Pujiyanto, Sutandijo, Asmilia, N., & Hanah, S. (2023). Nilai Perusahaan: Arus Kas Operasional, Corporate Social Responsibility and Green Accounting. Jurnal Ilmiah M-Progress, 13(2), 150–164.
Sulistiono, & Nur, B. (2024). Dampak Green Accounting, Kinerja Lingkungan, dan Tata Kelola Perusahaan Terhadap Nilai Perusahaan dengan Ukuran Perusahaan Sebagai Moderasi Pada Perusahaan Pertambangan yang Terdaftar di BEI Periode Tahun 2017-2022. COSTING: Journal of Economic, Business, and Accounting, 7(5), 4853–4874. www.beritakalteng.com/2023/06/13/pem
Susilowati, D., & Meidiyustiani, R. (2023). Pengaruh Profitabilitas, Total Asset Turn Over (TATO), Arus Kas Operasi, Ukuran Perusahaan Terhadap Nilai Perusahaan. Jurnal Akuntansi, Ekonomi Dan Manajemen Bisnis, 3(3), 296–303. https://doi.org/10.55606/jaemb.v3i3.2080
Tangngisalu, J. (2020). Effect of Cash Flow and Corporate Social Responsibility Disclosure on Firm Value. Jurnal Ilmiah Akuntansi, 3(2), 142–149. https://doi.org/10.33096/atestasi.v3i2.571
Tanjung, F., Bukit, R. B., & Fachrudin, K. A. (2021). The Effect of Accounting Disclosure and Environmental Performance, Company Size and Corporate Social Responsibility Disclosure on the Value of Mining Companies Listed on the Indonesia Stock Exchange 2015-2019. International Journal of Research and Review, 8(4), 149–160. https://doi.org/10.52403/ijrr.20210421
Toni, N., & Silvia. (2021). Determinan Nilai Perusahaan. Jakad Media Publishing.
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
