Hubungan Kinerja Keuangan dengan Kinerja Lingkungan pada Perusahaan Manufaktur

Sabrina Rizka Winandi, Ahmad Rodoni

Abstract


This study aims to analyze the reciprocal relationship between financial performance and corporate environmental performance, analyze the relationship between the two in the short and long term, analyze the contribution of environmental performance to corporate financial performance, and analyze the relationship between financial performance and corporate environmental performance. Data analysis using Panel VECM with 53 manufacturing companies listed on the IDX in 2015-2022 as a sample determined using purposive sampling technique. First, the results of the study show a reciprocal relationship between Tobin's Q and CE_Disc. Second, in the long term, a relationship was found between PROPER and ROA, CE_Disc to ROA, and Tobin's Q to CE_Disc, and vice versa. Meanwhile, in the short term, a relationship was found between ROA and CE_Disc, PROPER to Tobin's Q, and Tobin's Q to CE_Disc, and vice versa. Third, it was found that the contribution of PROPER was smaller than the contribution of CE_Disc to ROA and Tobin's Q. Fourth, it was found that the contribution of ROA was smaller than the contribution of Tobin's Q to PROPER and CE_Disc

Keywords


Financial performance; environmental performance; causality; panel VECM; manufacturing company

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References


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DOI: https://doi.org/10.15408/jmeb.v1i1.42454

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