THE EFFECT OF ENVIRONMENTAL PERFORMANCE AND ENVIRONMENTAL COST TOWARDS FIRM VALUE WITH CLIMATE CHANGE DISCLOSURE AS MODERATING VARIABLE

Abstract

Abstract: The Effect Of Environmental Performance And Environmental Cost Towards Firm Value With Climate Change Disclosure As Moderating Variable.  This study aims to determine (1) whether Climate Change Disclosure moderates the effect of Environmental Performance on Firm Value and (2) whether Climate Change Disclosure moderates the effect of Environmental Costs on Firm Value. This research is a causal comparative study. The research population is all manufacturing companies listed on the Indonesia Stock Exchange for the period 2015-2018. Data compiled using purposive sampling method, there are 28 companies as the research sample in total. Furthermore, data analysis was carried out using the Structural Equation Model with a Partial Least Square (SEM-PLS) measuring instrument. The results of this study indicate that (1) Climate Change Disclosure is able to strengthen the relationship between environmental performance and firm value, and (2) Climate Change Disclosure is able to weaken the relationship between environmental costs and firm value. Thus, the application of the Climate Change Disclosure is able to strengthen and weaken the signal for investors to influence company value. Climate Change Disclosure is also a means for companies to carry out their responsibilities to stakeholders.

Keywords: Firm Value, Environmental Performance, Environmental Costs, Climate Change Disclosure

Abstrak: Pengaruh Kinerja Lingkungan Dan Biaya Lingkungan Terhadap Nilai Perusahaan Dengan Climate Change Disclosure Sebagai Variabel Moderasi. Penelitian ini bertujuan untuk mengetahui (1) apakah Climate Change Disclosure memoderasi pengaruh Kinerja Lingkungan terhadap Nilai Perusahaan dan (2) apakah Climate Change Disclosure memoderasi pengaruh Biaya Lingkungan terhadap Nilai Perusahaan. Penelitian ini merupakan penelitian kausal komparatif. Populasi penelitian adalah seluruh perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2015-2018. Data dikumpulkan dengan menggunakan metode purposive sampling dan terdapat total 28 perusahaan sebagai sampel penelitian. Selanjutnya analisis data dilakukan menggunakan Structural Equation Model dengan alat ukur Partial Least Square (SEM-PLS). Hasil penelitian ini menunjukkan bahwa (1) Climate Change Disclosure mampu memperkuat hubungan antara kinerja lingkungan dengan nilai perusahaan dan (2) Climate Change Disclosure mampu memperlemah hubungan antara biaya lingkungan dengan nilai perusahaan. Dengan demikian, penerapan Climate Change Disclosure mampu memperkuat dan memperlemah sinyal bagi para investor dalam mempengaruhi nilai perusahaan. Climate Change Disclosure juga menjadi sarana bagi perusahaan untuk melaksanakan tanggung jawab kepada stakeholder.

Kata Kunci: nilai perusahaan, kinerja lingkungan, biaya lingkungan, climate change disclosure