The Role of Anti Corruption: Any Influence of Environmental and External Cost, Carbon Emissions, Employee Turnover, Also Stock Returns to Firm Value
DOI:
https://doi.org/10.38035/dijefa.v6i4.5383Keywords:
Cost Environment, Carbon Eficiency, Employee Turn Over, Stock Return, External Cost, Anti Corruption, Company ValueAbstract
This research aims to examine the influence of Environmental Costs, Carbon Emissions, Employee Turnover, Stock Returns, and External Costs as components of the Environmental, Social, and Governance (ESG) framework on firm value, with Anti-Corruption as a moderating variable. The study focuses on companies in the carbon sector in Indonesia. A quantitative method was used by collecting data through company documentation from those listed in the carbon exchange sector. Data analysis was conducted using multiple regression and moderation techniques. The results indicate that Environmental Costs have a positive impact, Carbon Emissions have a negative impact, and Stock Returns have a significant positive effect on firm value, as measured by Net Profit Margin. In contrast, Employee Turnover, External Costs, and Anti-Corruption do not show a significant effect on firm value. These findings provide useful insights for companies to improve ESG practices and can serve as a reference for regulators and other stakeholders in developing policies that support the growth of carbon sector companies in Indonesia.
References
Andreev, O., Lomakina, O., & Aleksandrova, A. 2021. Diversification of structural and crisis risks in the energy sector of the ASEAN member countries. Energy Strategy Reviews, 35, 100655. https://doi.org/10.1016/j.esr.2021.100655
Anisykurlillah, I., Ardiansah, M. N., & Nurrahmasari, A. 2023. Fraudulent Financial Statements Detection Using Fraud Triangle Analysis: Institutional Ownership as A Moderating Variable. Accounting Analysis Journal, 11(2), 138–148. https://doi.org/10.15294/aaj.v11i2.57517
Anriasa, L., Leon, F. M., & Purba, Y. E. 2022. Pengaruh kinerja CSR terhadap biaya utang dengan kualitas audit sebagai variabel moderasi di Indonesia. Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan, 4(11), 5272–5280. https://doi.org/10.32670/fairvalue.v4i11.1915
Ansell, C., & Torfing, J. (Ed.). 2022. Handbook on Theories of Governance. Edward Elgar Publishing. https://doi.org/10.4337/9781800371972
Aryantini, S., & Jumono, S. 2021. Profitability and value of firm: An evidence from manufacturing industry in Indonesia. Accounting, 735–746. https://doi.org/10.5267/j.ac.2021.2.011
Azizah, N., & Cahyaningtyas, F. 2022. Pengaruh Csr, Kinerja Lingkungan, Dan Biaya Lingkungan Terhadap Profitabilitas (Studi Empiris Perusahaan Industri Dasar Dan Bahan Kimia). 17.
Baumgartner, R. J., & Rauter, R. 2017. Strategic perspectives of corporate sustainability management to develop a sustainable organization. Journal of Cleaner Production, 140, 81–92. https://doi.org/10.1016/j.jclepro.2016.04.146
Birmingham City University, Pirzada, K., Ahmed, K., La Trobe University, Moens, G., & The University of Queensland. 2023. Corporate Strategies for Sustainable Development and Adoption of New Technologies. Foresight and STI Governance, 17(4), 1–4. https://doi.org/10.17323/2500-2597.2023.4.1.4
Carlson, K. M., Curran, L. M., Ratnasari, D., Pittman, A. M., Soares-Filho, B. S., Asner, G. P., Trigg, S. N., Gaveau, D. A., Lawrence, D., & Rodrigues, H. O. 2012. Committed carbon emissions, deforestation, and community land conversion from oil palm plantation expansion in West Kalimantan, Indonesia. Proceedings of the National Academy of Sciences, 109(19), 7559–7564. https://doi.org/10.1073/pnas.1200452109
Chenhall, R. H. 2003. Management control systems design within its organizational context: Findings from contingency-based research and directions for the future. Accounting, Organizations and Society, 28(2–3), 127–168. https://doi.org/10.1016/S0361-3682(01)00027-7
Deegan, C. (2014). Financial Accounting Theory.
Dumay, J., Frost, G., & Beck, C. 2015. Material legitimacy: Blending organisational and stakeholder concerns through non-financial information disclosures. Journal of Accounting & Organizational Change, 11(1), 2–23. https://doi.org/10.1108/JAOC-06-2013-0057
Finnerty, N., Sterling, R., Contreras, S., Coakley, D., & Keane, M. M. 2018. Defining corporate energy policy and strategy to achieve carbon emissions reduction targets via energy management in non-energy intensive multi-site manufacturing organisations. Energy, 151, 913–929. https://doi.org/10.1016/j.energy.2018.03.070
Gadalla, A. 2021. Elements of a good research.
Gillan, S. L., Koch, A., & Starks, L. T. 2021. Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance, 66, 101889. https://doi.org/10.1016/j.jcorpfin.2021.101889
Gunawan, J. (2024). The Corporate Sustainability Performance In Indonesia.
Gunawan, J., Djajadikerta, H., & Smith, M. (2001). An examination of corporate social disclosures in the annual reports of Indonesian listed companies.
Gunawan, J., Gunawan, I., & Liu, Y. C. 2023. Environmental, Social, and Governance (ESG) Performance Evaluation to Reduce Potential Greenwashing Based on Sustainable Fitch Index. International Journal of Entrepreneurship and Sustainability Studies, 3(2), 29–39. https://doi.org/10.31098/ijeass.v3i2.1773
Henderson, R., Gulati, R., & Tushman, M. (Ed.). 2015. Leading sustainable change: An organizational perspective (First edition). Oxford University Press.
Schaltegger_Sustainability_Reporting_in_the_Light_of_Business_Environments (1).pdf. 2014.
Jensen, C., & Meckling, H. 1976. Theory Of The Firm: Managerial Behavior, Agency Costs And Ownership Structure.
Lawrence, P. R., & work(s):, J. W. L. R. 1967. Differentiation and Integration in Complex Organizations. Administrative Science Quarterly, 12(1), 1–47.
Lisdiono, P., Said, J., Yusoff, H., & Hermawan, A. A. 2022. Examining Leadership Capabilities, Risk Management Practices, and Organizational Resilience: The Case of State-Owned Enterprises in Indonesia. Sustainability, 14(10), 6268. https://doi.org/10.3390/su14106268
Lyubykh, Z., Bozeman, J., Hershcovis, M. S., Turner, N., & Shan, J. V. 2022. Employee performance and abusive supervision: The role of supervisor over‐attributions. Journal of Organizational Behavior, 43(1), 125–145. https://doi.org/10.1002/job.2560
Mahadeo, J. D., Oogarah-Hanuman, V., & Soobaroyen, T. 2011. Changes in social and environmental reporting practices in an emerging economy (2004–2007): Exploring the relevance of stakeholder and legitimacy theories. Accounting Forum, 35(3), 158–175. https://doi.org/10.1016/j.accfor.2011.06.005
McColgan, P. 2001. Agency theory and corporate governance: A review of the literature from a UK perspective.
Moats, M. L. 2019. Technological Innovation and the GICS: A Discussion of Classification Needs in a Disrupted World.
Otley, D. T. 1980. The Contingency Theory Of Management Accounting: Achievement And Prognosis.
Papafloratos, T., & Fragidis, G. 2025. Corporate Social Responsibility (CSR), Sustainability and ESG Standards Used by ATHEX ESG Index Listed Companies. https://doi.org/10.20944/preprints202502.1077.v1
POJK 51—Keuangan berkelanjutan SF 1.pdf. 2017.
Rosady, G., Lenggogeni, L., & Yanti, H. B. 2024. Analysis of Green Accounting and Good Corporate Governance with Internal Audit Quality as a Moderating Variable on the Sustainability of Agribusiness Companies Listed on the Indonesian Stock Exchange in 2020-2022. Dinasti International Journal of Economics, Finance & Accounting, 4(6), 725–737. https://doi.org/10.38035/dijefa.v4i6.2206
Salsa, S. K., & Tohir Pohan, H. 2022. Pengaruh Pengungkapan Emisi Karbon, Kinerja Lingkungan Dan Biaya Lingkungan Terhadap Kinerja Keuangan Perusahaan. Jurnal Ekonomi Trisakti, 2(2), 283–292. https://doi.org/10.25105/jet.v2i2.14144
Schaltegger, S., Windolph, S. E., Harms, D., & Hörisch, J. (Ed.). 2014. Corporate Sustainability in International Comparison: State of Practice, Opportunities and Challenges (Vol. 31). Springer International Publishing. https://doi.org/10.1007/978-3-319-06227-3
Schoenmaker, D. 2017. Rotterdam School Of Management Erasmus University From Risk To Opportunity.
Sekaran, U., & Bougie, R. 2016. Research Methods For Business: A Skill Building Approach. John Wiley & Sons.
Setiana, D., & Gunawan, J. 2023. Pengaruh Kesadaran Anti-Fraud, Kesesuaian Kompensasi, Dan Moralitas Individu Terhadap Kecenderungan Kecurangan Akuntansi. EBID:Ekonomi Bisnis Digital, 1(2), 241–248. https://doi.org/10.37365/ebid.v1i2.229
Setiawan, P., & Iswati, S. 2019. Carbon Emissions Disclosure, Environmental Management System, and Environmental Performance: Evidence from the Plantation Industries in Indonesia. Indonesian Journal of Sustainability Accounting and Management, 3(2), 215. https://doi.org/10.28992/ijsam.v3i2.99
Slemp, G. R., Lee, M. A., & Mossman, L. H. 2021. Interventions to support autonomy, competence, and relatedness needs in organizations: A systematic review with recommendations for research and practice. Journal of Occupational and Organizational Psychology, 94(2), 427–457. https://doi.org/10.1111/joop.12338
Spence, M. 1973. Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355. https://doi.org/10.2307/1882010
Suchman, M. C. 1995. Managing Legitimacy: Strategic and Institutional Approaches. The Academy of Management Review, 20(3), 571. https://doi.org/10.2307/258788
Sumardin, S. 2023. Strategi manajemen sumber daya manusia dalam menghadapi pandemi covid untuk menjaga tingkat turn over karyawan. JPPI (Jurnal Penelitian Pendidikan Indonesia), 9(2), 741. https://doi.org/10.29210/020231900
Tacconi, L., & Williams, D. A. 2020. Corruption and Anti-Corruption in Environmental and Resource Management. Annual Review of Environment and Resources, 45(1), 305–329. https://doi.org/10.1146/annurev-environ-012320-083949
Trinks, A., Mulder, M., & Scholtens, B. 2022. External carbon costs and internal carbon pricing. Renewable and Sustainable Energy Reviews, 168, 112780. https://doi.org/10.1016/j.rser.2022.112780
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Juniati Gunawan, Gempar Rosady
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish their manuscripts in this journal agree to the following conditions:
- The copyright on each article belongs to the author(s).
- The author acknowledges that the Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) has the right to be the first to publish with a Creative Commons Attribution 4.0 International license (Attribution 4.0 International (CC BY 4.0).
- Authors can submit articles separately, arrange for the non-exclusive distribution of manuscripts that have been published in this journal into other versions (e.g., sent to the author's institutional repository, publication into books, etc.), by acknowledging that the manuscript has been published for the first time in the Dinasti International Journal of Economics, Finance & Accounting (DIJEFA).
