The Uji Teori Institusional: Pengungkapan Emisi Karbon, Leverage, Profitabilitas, dan Nilai Perusahaan

https://doi.org/10.35912/jakman.v5i4.3432
Published: Sep 27, 2024

Abstract:

Purpose: This study examines the impact of carbon emission disclosure, leverage, and profitability on firm value using institusional theory

Research methodology: The research uses quantitative data from 10 energy companies listed on IDX (Indonesia Stock Exchange) between 2018-2022. The sample technique used was purposive sampling. Panel data regression is employed to analyze the data. Carbon emission disclosure is measured by GRI-305 (Global Reporting Initiative – 305), leverage by DAR (Debt-to-Asset) and profitability by EPS (Earning per Share) as independent variable, then firm value by PBV (Price Book Value) as dependent variable.

Results: Carbon emission disclosure has a positive but insignficiant effect on firm value, leverage has a significant negative effect, while profitability shows a negative but insignificant effect on firm value.

Limitations: The study’s sample size was limited due to the removal of outliers to meet classical assumption test, which may reduce the sample’s representativeness but improves data analysis quality.

Contribution: This research is useful for investors, academics, companies, government, and the general public who want to know the benefits of carbon emissions disclosure, and the level of readiness of the Indonesian capital market in addressing climate change issues and disclosure of carbon emissions by companies.

Keywords:
1. institutional theory
2. leverage
3. carbon emission disclosure
4. profitability
5. Firm Value
Authors:
1 . Lucky Satria Budiman
2 . Winwin Yadiati
3 . Dede Abdul Hasyir
View PDF
How to Cite
Budiman, L. S. ., Yadiati, W., & Abdul Hasyir, D. (2024). The Uji Teori Institusional: Pengungkapan Emisi Karbon, Leverage, Profitabilitas, dan Nilai Perusahaan . Jurnal Akuntansi, Keuangan, Dan Manajemen, 5(4), 383–399. https://doi.org/10.35912/jakman.v5i4.3432
Download Citation
  1. Endnote/Zotero/Mendeley (RIS)
  2. BibTeX

Downloads

Download data is not yet available.
Issue & Section
Vol. 5 No. 4 (2024): September
Articles
Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

References

    Afnilia, F., & Astuti, C. D. (2023). Pengaruh Volume Emisi Karbon, Pengungkapan Emisi Karbon, Dan Tata Kelola Perusahaan Terhadap Nilai Perusahaan. Jurnal Ekonomi Trisakti, 3(2), 3795-3804.

    Agus Widarjono, P. (2013). Ekonometrika Pengantar dan Aplikasinya Disertai Panduan E-Views. Yogyakarta: UPP STIM YKPN.

    Aliwartaya, A., & Saryadi, S. (2019). Analisis Perbandingan Kinerja Keuangan Dan Kinerja Pasar Perusahaan Sebelum Dan Sesudah Akuisisi Pada Pt Jasa Marga (Persero) Tbk PeriodE 2012–2018. Jurnal Ilmu Administrasi Bisnis, 8(4), 83-90.

    Alsaifi, K., Elnahass, M., & Salama, A. (2020). Market responses to firms’ voluntary carbon disclosure: Empirical evidence from the United Kingdom. Journal of Cleaner Production, 262, 121377.

    Anisa, N., Hermuningsih, S., & Maulida, A. (2022). Pengaruh ukuran perusahaan, leverage, kebijakan dividen dan profitabilitas terhadap nilai perusahaan. Reslaj: Religion Education Social Laa Roiba Journal, 4(2), 321-335.

    Antonius, R., & Tampubolon, L. D. (2019). Analisis penghindaran pajak, beban pajak tangguhan, dan koneksi politik terhadap manajemen laba. Jurnal Akuntansi, Keuangan, Dan Manajemen, 1(1), 39-52.

    Arkan, T. (2016). The importance of financial ratios in predicting stock price trends: A case study in emerging markets. Finanse, Rynki Finansowe, Ubezpieczenia(79), 13-26.

    Arsal, M. (2021). Impact of earnings per share and dividend per share on firm value. ATESTASI: Jurnal Ilmiah Akuntansi, 4(1), 11-18.

    Barus, E. B., & Wijaya, S. (2021). Penerapan pajak karbon di Swedia dan Finlandia serta perbandingannya dengan Indonesia. Jurnal Pajak Indonesia (Indonesian Tax Review), 5(2), 256-279.

    Christiane, G. S., Indrabudiman, A., & Handayani, W. S. (2022). Pengaruh Leverage, Profitabilitas, Ukuran Perusahaan, Kompleksitas Operasi Perusahaan, dan Reputasi Auditor terhadap Audit Delay. Jurnal Akuntansi, Keuangan, Dan Manajemen, 3(3), 263-278.

    DiMaggio, P. J., & Powell, W. W. (1983). The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields. American sociological review, 48(2), 147-160.

    Dina, D. A. S., & Wahyuningtyas, E. T. (2022). Pengaruh Profitabilitas, Leverage, Dan Ukuran Perusahaan Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Lq45 Pada Bursa Efek Indonesia Periode 2018-2020: Pengaruh Profitabilitas, Leverage, Dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Accounting and Management Journal, 6(1), 36-49.

    edgar. (2023). GHG emissions of all world countries.

    Fahmi, I. (2011). Analisis laporan keuangan.

    Firmansyah, A., Jadi, P. H., Febrian, W., & Fasita, E. (2021). Respon pasar atas pengungkapan emisi karbon di Indonesia: bagaimana peran tata kelola perusahaan. Jurnal Magister Akuntansi Trisakti Vol, 8(2).

    Firmansyah, A., & Purnama, E. B. D. (2020). Do derivatives instruments ownership decrease firm value in Indonesia? Riset Akuntansi dan Keuangan Indonesia, 5(1), 1-9.

    Firmansyah, B. (2023). Pengaruh Profitabilitas, Harga Saham, Dan Earning Per Share Terhadap Nilai Perusahaan Pada Perusahaan Infrastruktur Yang Terdaftar Di Jakarta Islamic Index 70 Periode 2018-2021. Jurnal Ekobis Dewantara, 6(1), 421-436.

    G20. (2022a). G20pedia.

    G20. (2022b). Net Zero Carbon 2060, Indonesia Seimbangkan Target Emisi dan Pembangunan Ekonomi.

    Ghozali, I. (2016). Aplikasi analisis multivariete dengan program IBM SPSS 23.

    Hardiyansah, M., AGUSTINI, A. T., & PURNAMAWATI, I. (2021). The effect of carbon emission disclosure on firm value: environmental performance and industrial type. The Journal of Asian Finance, Economics and Business, 8(1), 123-133.

    Irawan, F., & Turwanto, T. (2020). The effect of tax avoidance on firm value with tax risk as moderating variable. Test Engineering and Management, 83, 9696-9707.

    Irawan, J., & Ruslim, H. (2023). Pengaruh Profitabilitas, Kebijakan Dividen, dan Earning per Share terhadap Nilai Perusahaan. Jurnal Manajerial Dan Kewirausahaan, 5(2), 333-342.

    ISSB. (2023a). General Requirements for Disclosure of Sustainability-related Financial Information.

    ISSB. (2023b). Industry-based Guidance on implementing Climate-related Disclosures.

    Jeleel, A., & Olayiwola, B. (2017). Effect of leverage on firm performance in Nigeria: A case of listed chemicals and paints firms in Nigeria. Global Journal of Management and Business Research, 17(2), 15-24.

    Jiang, Y., Luo, L., Xu, J., & Shao, X. (2021). The value relevance of corporate voluntary carbon disclosure: Evidence from the United States and BRIC countries. Journal of Contemporary Accounting & Economics, 17(3), 100279.

    Kasmir. (2018). Analisis laporan keuangan.

    Kodriyah, K., Kurnia, D., Sa’adah, I. N., & Kholiyah, Y. (2023). Nilai Perusahaan, Kinerja Lingkungan dan Konservatisme Akuntansi. Jurnal Akuntansi, Keuangan, Dan Manajemen, 4(2), 141-152.

    Kumar, S., & Venoor, M. A. (2018). Analysis of impact of earning per share, dividend per share and price earnings ratio on stock performance. International Journal of Research in Economics and Social Sciences (Ijress), 8(3), 187-214.

    Kurnia, P., Darlis, E., & PUTR, A. A. (2020). Carbon emission disclosure, good corporate governance, financial performance, and firm value. The Journal of Asian Finance, Economics and Business, 7(12), 223-231.

    Kurnia, P., Nur, D., & Putra, A. A. (2021). Carbon emission disclosure and firm value: A study of manufacturing firms in Indonesia and Australia. International Journal of Energy Economics and Policy, 11(2), 83-87.

    Kusumawati, E., & Warastuti, Y. (2020). Perbedaan Kinerja Keuangan dan Kinerja Pasar Perusahaan Indeks Sri-Kehati Dengan Perusahaan Non Indeks Sri-Kehati Periode 2015-2017. Jurnal Akuntansi Bisnis, 18(2), 184-196.

    Landi, G. C., Iandolo, F., Renzi, A., & Rey, A. (2022). Embedding sustainability in risk management: The impact of environmental, social, and governance ratings on corporate financial risk. Corporate Social Responsibility and Environmental Management, 29(4), 1096-1107.

    Lee, S. Y., Park, Y. S., & Klassen, R. D. (2015). Market responses to firms' voluntary climate change information disclosure and carbon communication. Corporate Social Responsibility and Environmental Management, 22(1), 1-12.

    Lianawati. (2004). Pergeseran Beta Saham Di Sekitar Pengumuman Laba.

    Matsumura, E. M., Prakash, R., & Vera-Muñoz, S. C. (2014). Firm-value effects of carbon emissions and carbon disclosures. The accounting review, 89(2), 695-724.

    Muhammad, G. I., & Aryani, Y. A. (2021). The impact of carbon disclosure on firm value with foreign ownership as a moderating variable. Jurnal Dinamika Akuntansi Dan Bisnis, 8(1), 1-14.

    Nadhilah, F., Widjaja, H. S., & Kaban, R. F. (2022). Pengaruh Profitabilitas Dan Leverage Terhadap Nilai Perusahaan. Gorontalo Accounting Journal, 5(2), 174-185.

    Noor, A., & Ginting, Y. L. (2022). Influence of carbon emission disclosure on firm value of industrial firms in Indonesia. International Journal of Contemporary Accounting, 4(2), 151-168.

    Novianti, T., & Firmansyah, A. (2020). The effect of tax risk, hedging, income smoothing, and cash flows volatility on firm value. Test Engineering and Management, 83(9675), 9675-9686.

    Putra, R. D., & Gantino, R. (2021). Pengaruh profitabilitas, leverage, dan ukuran perusahaan terhadap nilai perusahaan. Jurnal Bisnis Dan Manajemen, 11(1), 81-96.

    Putri, D. E., Ilham, R. N., & Syahputri, A. (2021). Efek Mediasi Profitabilitas Pada Pengaruh Leverage Dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Jurnal Ilmiah Edunomika, 5(02), 465082.

    Putri, H. D., & Agustin, H. (2023). Apakah Inovasi Hijau Dan Pengungkapan Emisi Karbon Dapat Mempengaruhi Nilai Perusahaan Pada Perusahaan Manufaktur? Jurnal Akademi Akuntansi, 6(1), 107-124.

    Ridhwan, A., & Dwiati, A. R. (2022). Pengaruh profitabilitas, leverage dan ukuran perusahaan terhadap kebijakan dividen. Jurnal Akuntansi, Keuangan, Dan Manajemen, 3(3), 195-206.

    Sartono, A. (2017). Manajemen Keuangan Teori dan Aplikasi Edisi 4.

    Septiana, A. (2019). Analisis laporan keuangan konsep dasar dan deskripsi laporan keuangan (Vol. 96): Duta Media Publishing.

    Sitorus, J. S., Tanasya, N. I., Fadillah, R., & Gulo, Y. (2020). Pengaruh Financial Leverage, Kebijakan Dividen Dan Earning Per Share Terhadap Nilai Perusahaan Pada Perusahaan Makanan Minuman. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 4(3), 424-440.

    Spence, M. (1978). Job market signaling Uncertainty in economics (pp. 281-306): Elsevier.

    Sugiyono. (2021). Metode penelitian kuantitatif, kualitatif, dan R&D.

    Thornton, P. H., Ocasio, W., & Lounsbury, M. (2012). The institutional logics perspective: A new approach to culture, structure and process: OUP Oxford.

    Ticoalu, R. A. R., & Agoes, S. (2023). Nilai Perusahaan Dan Pengaruh Moderasi Kebijakan Dividen: Pengungkapan Dari Emisi Karbon, Manajemen Risiko Dan Tata Kelola. Jurnal Aplikasi Akuntansi, 7(2), 370-393.

    Uddin, M. N., Khan, M. S. U., Hosen, M., & Chowdhury, M. S. A. (2022). Leverage structure dynamics and firm value: Evidence from Bangladesh. International Journal of Asian Business and Information Management (IJABIM), 13(1), 1-18.

    Ulfah, A., Qodri, L., & Febriani, E. (2023). Determinan Overpricing Saham pada Saat Initial Public Offering di Bursa Efek Indonesia. Jurnal Akuntansi, Keuangan, Dan Manajemen, 5(1), 69-79.

    Ulum, I. (2017). Intellectual Capital: Model Pengukuran, Framework Pengungkapan& Kinerja Organisasi: UMMPress.

    UNFCCC. (2023). New Analysis of National Climate Plans: Insufficient Progress Made, COP28 Must Set Stage for Immediate Action.

    Weiss, E. B. (2009). The Vienna Convention for the protection of the ozone layer and the Montreal Protocol on substances that deplete the ozone layer. United Nations Audiovisual Library of International Law. Online at https://legal. un. org/avl/ha/vcpol/vcpol. html (as of 22 March 2021).

    Widiantari, S., & Irawati, D. (2020). Pengaruh earning per share, struktur modal dan ukuran perusahaan terhadap nilai perusahaan consumer goods sektor food and beverage yang terdaftar di bursa efek Indonesia. Jurnal Ilmiah Akuntansi dan Bisnis, 5(2), 91-101.

    Yuliyani, N. M. A., & Erawati, N. M. A. (2017). Pengaruh Financial Distress, Profitabilitas, Leverage dan Likuiditas Pada Opini Audit Going Concern. E-Jurnal Akuntansi Universitas Udayana, 19(2), 1490-1520.

  1. Afnilia, F., & Astuti, C. D. (2023). Pengaruh Volume Emisi Karbon, Pengungkapan Emisi Karbon, Dan Tata Kelola Perusahaan Terhadap Nilai Perusahaan. Jurnal Ekonomi Trisakti, 3(2), 3795-3804.
  2. Agus Widarjono, P. (2013). Ekonometrika Pengantar dan Aplikasinya Disertai Panduan E-Views. Yogyakarta: UPP STIM YKPN.
  3. Aliwartaya, A., & Saryadi, S. (2019). Analisis Perbandingan Kinerja Keuangan Dan Kinerja Pasar Perusahaan Sebelum Dan Sesudah Akuisisi Pada Pt Jasa Marga (Persero) Tbk PeriodE 2012–2018. Jurnal Ilmu Administrasi Bisnis, 8(4), 83-90.
  4. Alsaifi, K., Elnahass, M., & Salama, A. (2020). Market responses to firms’ voluntary carbon disclosure: Empirical evidence from the United Kingdom. Journal of Cleaner Production, 262, 121377.
  5. Anisa, N., Hermuningsih, S., & Maulida, A. (2022). Pengaruh ukuran perusahaan, leverage, kebijakan dividen dan profitabilitas terhadap nilai perusahaan. Reslaj: Religion Education Social Laa Roiba Journal, 4(2), 321-335.
  6. Antonius, R., & Tampubolon, L. D. (2019). Analisis penghindaran pajak, beban pajak tangguhan, dan koneksi politik terhadap manajemen laba. Jurnal Akuntansi, Keuangan, Dan Manajemen, 1(1), 39-52.
  7. Arkan, T. (2016). The importance of financial ratios in predicting stock price trends: A case study in emerging markets. Finanse, Rynki Finansowe, Ubezpieczenia(79), 13-26.
  8. Arsal, M. (2021). Impact of earnings per share and dividend per share on firm value. ATESTASI: Jurnal Ilmiah Akuntansi, 4(1), 11-18.
  9. Barus, E. B., & Wijaya, S. (2021). Penerapan pajak karbon di Swedia dan Finlandia serta perbandingannya dengan Indonesia. Jurnal Pajak Indonesia (Indonesian Tax Review), 5(2), 256-279.
  10. Christiane, G. S., Indrabudiman, A., & Handayani, W. S. (2022). Pengaruh Leverage, Profitabilitas, Ukuran Perusahaan, Kompleksitas Operasi Perusahaan, dan Reputasi Auditor terhadap Audit Delay. Jurnal Akuntansi, Keuangan, Dan Manajemen, 3(3), 263-278.
  11. DiMaggio, P. J., & Powell, W. W. (1983). The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields. American sociological review, 48(2), 147-160.
  12. Dina, D. A. S., & Wahyuningtyas, E. T. (2022). Pengaruh Profitabilitas, Leverage, Dan Ukuran Perusahaan Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Lq45 Pada Bursa Efek Indonesia Periode 2018-2020: Pengaruh Profitabilitas, Leverage, Dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Accounting and Management Journal, 6(1), 36-49.
  13. edgar. (2023). GHG emissions of all world countries.
  14. Fahmi, I. (2011). Analisis laporan keuangan.
  15. Firmansyah, A., Jadi, P. H., Febrian, W., & Fasita, E. (2021). Respon pasar atas pengungkapan emisi karbon di Indonesia: bagaimana peran tata kelola perusahaan. Jurnal Magister Akuntansi Trisakti Vol, 8(2).
  16. Firmansyah, A., & Purnama, E. B. D. (2020). Do derivatives instruments ownership decrease firm value in Indonesia? Riset Akuntansi dan Keuangan Indonesia, 5(1), 1-9.
  17. Firmansyah, B. (2023). Pengaruh Profitabilitas, Harga Saham, Dan Earning Per Share Terhadap Nilai Perusahaan Pada Perusahaan Infrastruktur Yang Terdaftar Di Jakarta Islamic Index 70 Periode 2018-2021. Jurnal Ekobis Dewantara, 6(1), 421-436.
  18. G20. (2022a). G20pedia.
  19. G20. (2022b). Net Zero Carbon 2060, Indonesia Seimbangkan Target Emisi dan Pembangunan Ekonomi.
  20. Ghozali, I. (2016). Aplikasi analisis multivariete dengan program IBM SPSS 23.
  21. Hardiyansah, M., AGUSTINI, A. T., & PURNAMAWATI, I. (2021). The effect of carbon emission disclosure on firm value: environmental performance and industrial type. The Journal of Asian Finance, Economics and Business, 8(1), 123-133.
  22. Irawan, F., & Turwanto, T. (2020). The effect of tax avoidance on firm value with tax risk as moderating variable. Test Engineering and Management, 83, 9696-9707.
  23. Irawan, J., & Ruslim, H. (2023). Pengaruh Profitabilitas, Kebijakan Dividen, dan Earning per Share terhadap Nilai Perusahaan. Jurnal Manajerial Dan Kewirausahaan, 5(2), 333-342.
  24. ISSB. (2023a). General Requirements for Disclosure of Sustainability-related Financial Information.
  25. ISSB. (2023b). Industry-based Guidance on implementing Climate-related Disclosures.
  26. Jeleel, A., & Olayiwola, B. (2017). Effect of leverage on firm performance in Nigeria: A case of listed chemicals and paints firms in Nigeria. Global Journal of Management and Business Research, 17(2), 15-24.
  27. Jiang, Y., Luo, L., Xu, J., & Shao, X. (2021). The value relevance of corporate voluntary carbon disclosure: Evidence from the United States and BRIC countries. Journal of Contemporary Accounting & Economics, 17(3), 100279.
  28. Kasmir. (2018). Analisis laporan keuangan.
  29. Kodriyah, K., Kurnia, D., Sa’adah, I. N., & Kholiyah, Y. (2023). Nilai Perusahaan, Kinerja Lingkungan dan Konservatisme Akuntansi. Jurnal Akuntansi, Keuangan, Dan Manajemen, 4(2), 141-152.
  30. Kumar, S., & Venoor, M. A. (2018). Analysis of impact of earning per share, dividend per share and price earnings ratio on stock performance. International Journal of Research in Economics and Social Sciences (Ijress), 8(3), 187-214.
  31. Kurnia, P., Darlis, E., & PUTR, A. A. (2020). Carbon emission disclosure, good corporate governance, financial performance, and firm value. The Journal of Asian Finance, Economics and Business, 7(12), 223-231.
  32. Kurnia, P., Nur, D., & Putra, A. A. (2021). Carbon emission disclosure and firm value: A study of manufacturing firms in Indonesia and Australia. International Journal of Energy Economics and Policy, 11(2), 83-87.
  33. Kusumawati, E., & Warastuti, Y. (2020). Perbedaan Kinerja Keuangan dan Kinerja Pasar Perusahaan Indeks Sri-Kehati Dengan Perusahaan Non Indeks Sri-Kehati Periode 2015-2017. Jurnal Akuntansi Bisnis, 18(2), 184-196.
  34. Landi, G. C., Iandolo, F., Renzi, A., & Rey, A. (2022). Embedding sustainability in risk management: The impact of environmental, social, and governance ratings on corporate financial risk. Corporate Social Responsibility and Environmental Management, 29(4), 1096-1107.
  35. Lee, S. Y., Park, Y. S., & Klassen, R. D. (2015). Market responses to firms' voluntary climate change information disclosure and carbon communication. Corporate Social Responsibility and Environmental Management, 22(1), 1-12.
  36. Lianawati. (2004). Pergeseran Beta Saham Di Sekitar Pengumuman Laba.
  37. Matsumura, E. M., Prakash, R., & Vera-Muñoz, S. C. (2014). Firm-value effects of carbon emissions and carbon disclosures. The accounting review, 89(2), 695-724.
  38. Muhammad, G. I., & Aryani, Y. A. (2021). The impact of carbon disclosure on firm value with foreign ownership as a moderating variable. Jurnal Dinamika Akuntansi Dan Bisnis, 8(1), 1-14.
  39. Nadhilah, F., Widjaja, H. S., & Kaban, R. F. (2022). Pengaruh Profitabilitas Dan Leverage Terhadap Nilai Perusahaan. Gorontalo Accounting Journal, 5(2), 174-185.
  40. Noor, A., & Ginting, Y. L. (2022). Influence of carbon emission disclosure on firm value of industrial firms in Indonesia. International Journal of Contemporary Accounting, 4(2), 151-168.
  41. Novianti, T., & Firmansyah, A. (2020). The effect of tax risk, hedging, income smoothing, and cash flows volatility on firm value. Test Engineering and Management, 83(9675), 9675-9686.
  42. Putra, R. D., & Gantino, R. (2021). Pengaruh profitabilitas, leverage, dan ukuran perusahaan terhadap nilai perusahaan. Jurnal Bisnis Dan Manajemen, 11(1), 81-96.
  43. Putri, D. E., Ilham, R. N., & Syahputri, A. (2021). Efek Mediasi Profitabilitas Pada Pengaruh Leverage Dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Jurnal Ilmiah Edunomika, 5(02), 465082.
  44. Putri, H. D., & Agustin, H. (2023). Apakah Inovasi Hijau Dan Pengungkapan Emisi Karbon Dapat Mempengaruhi Nilai Perusahaan Pada Perusahaan Manufaktur? Jurnal Akademi Akuntansi, 6(1), 107-124.
  45. Ridhwan, A., & Dwiati, A. R. (2022). Pengaruh profitabilitas, leverage dan ukuran perusahaan terhadap kebijakan dividen. Jurnal Akuntansi, Keuangan, Dan Manajemen, 3(3), 195-206.
  46. Sartono, A. (2017). Manajemen Keuangan Teori dan Aplikasi Edisi 4.
  47. Septiana, A. (2019). Analisis laporan keuangan konsep dasar dan deskripsi laporan keuangan (Vol. 96): Duta Media Publishing.
  48. Sitorus, J. S., Tanasya, N. I., Fadillah, R., & Gulo, Y. (2020). Pengaruh Financial Leverage, Kebijakan Dividen Dan Earning Per Share Terhadap Nilai Perusahaan Pada Perusahaan Makanan Minuman. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 4(3), 424-440.
  49. Spence, M. (1978). Job market signaling Uncertainty in economics (pp. 281-306): Elsevier.
  50. Sugiyono. (2021). Metode penelitian kuantitatif, kualitatif, dan R&D.
  51. Thornton, P. H., Ocasio, W., & Lounsbury, M. (2012). The institutional logics perspective: A new approach to culture, structure and process: OUP Oxford.
  52. Ticoalu, R. A. R., & Agoes, S. (2023). Nilai Perusahaan Dan Pengaruh Moderasi Kebijakan Dividen: Pengungkapan Dari Emisi Karbon, Manajemen Risiko Dan Tata Kelola. Jurnal Aplikasi Akuntansi, 7(2), 370-393.
  53. Uddin, M. N., Khan, M. S. U., Hosen, M., & Chowdhury, M. S. A. (2022). Leverage structure dynamics and firm value: Evidence from Bangladesh. International Journal of Asian Business and Information Management (IJABIM), 13(1), 1-18.
  54. Ulfah, A., Qodri, L., & Febriani, E. (2023). Determinan Overpricing Saham pada Saat Initial Public Offering di Bursa Efek Indonesia. Jurnal Akuntansi, Keuangan, Dan Manajemen, 5(1), 69-79.
  55. Ulum, I. (2017). Intellectual Capital: Model Pengukuran, Framework Pengungkapan& Kinerja Organisasi: UMMPress.
  56. UNFCCC. (2023). New Analysis of National Climate Plans: Insufficient Progress Made, COP28 Must Set Stage for Immediate Action.
  57. Weiss, E. B. (2009). The Vienna Convention for the protection of the ozone layer and the Montreal Protocol on substances that deplete the ozone layer. United Nations Audiovisual Library of International Law. Online at https://legal. un. org/avl/ha/vcpol/vcpol. html (as of 22 March 2021).
  58. Widiantari, S., & Irawati, D. (2020). Pengaruh earning per share, struktur modal dan ukuran perusahaan terhadap nilai perusahaan consumer goods sektor food and beverage yang terdaftar di bursa efek Indonesia. Jurnal Ilmiah Akuntansi dan Bisnis, 5(2), 91-101.
  59. Yuliyani, N. M. A., & Erawati, N. M. A. (2017). Pengaruh Financial Distress, Profitabilitas, Leverage dan Likuiditas Pada Opini Audit Going Concern. E-Jurnal Akuntansi Universitas Udayana, 19(2), 1490-1520.