Determinasi Kinerja Keuangan Sektor Strategis di Indonesia

https://doi.org/10.35912/gaar.v3i2.4870
Published: May 16, 2025

Abstract:

Purpose: This study aims to provide empirical evidence on the effect of carbon emission disclosure, green investment, and leverage on corporate financial performance.

Methodology/approach: The research sample includes companies in the basic materials, energy, and property & real estate sectors listed on the Indonesia Stock Exchange during the 2022–2023 period. The sample was selected using purposive sampling, and the data were analyzed using multiple linear regression.

Results/findings: The findings indicate that carbon emission disclosure, green investment, and leverage have a significant impact on a company's financial performance. The concludes of this study indicate that firms engaging in public disclosure of carbon emissions and exhibiting high leverage ratios are likely to experience diminished financial performance. In contrast, the disclosure of green investment initiatives appears to positively contribute to enhancing a firm's financial outcomes.

Conclusions: The study finds carbon disclosure and leverage negatively impact financial performance, while green investment has a positive effect.

Limitations: This research employs independent variables that remain limited in relation to environmental factors, and the observation period covers only a short duration, which may not be sufficient to adequately capture their influence on financial statements

Contribution: This research is expected to enrich the academic literature on the relationship between sustainability aspects and financial performance. It may also serve as a reference for corporate management, particularly in the basic material, energy serta property & real estate sectors, in formulating sustainability strategies that not only fulfill regulatory and social requirements but also have a positive impact on the company’s financial performance.

Keywords:
1. Carbon Emissions
2. Financial Performance
3. Green Investment
4. Leverage
Authors:
1 . Devia Galuh Palupi
2 . Augustpaosa Nariman
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How to Cite
Palupi, D. G. ., & Nariman, A. . (2025). Determinasi Kinerja Keuangan Sektor Strategis di Indonesia . Goodwood Akuntansi Dan Auditing Reviu, 3(2), 109–120. https://doi.org/10.35912/gaar.v3i2.4870
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Issue & Section
Vol. 3 No. 2 (2025): Mei
Articles
References

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    Chandra, M., & Augustine, Y. (2019). Pengaruh Green Intellectual Capital Index Dan Pengungkapan Keberlanjutan Terhadap Kinerja Keuangan Dan Non Keuangan Perusahaan Dengan Transparansi Sebagai Variabel Moderasi. Jurnal Magister Akuntansi Trisakti, 6(1), 45–70. https://doi.org/10.25105/jmat.v6i1.5066

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  1. Agama, E. J., & Zubairu, U. M. (2022). Sustainability reporting: A systematic review. Economics, Management and Sustainability, 7(2), 32–46. https://doi.org/10.14254/jems.2022.7-2.3
  2. Anggraini, M. A., Rapini, T., & Riawan, R. (2023). Analisis Rasio Keuangan Perusahaan Telekomunikasi yang Terdaftar di Bursa Efek Indonesia (BEI) pada Tahun 2016–2020. Goodwood Akuntansi Dan Auditing Reviu, 1(2), 97–107. https://doi.org/10.35912/gaar.v1i2.1865
  3. Azis, A., & Hartono, U. (2017). Pengaruh Good Corporate Governance, Struktur Modal, Dan Leverage Terhadap Kinerja Keuangan Perusahaan Pada Sektor Pertambangan Yang Terdaftar Di Bursa Efek Indonesia Tahun 2011-2015. Jurnal Lmu Manajemen, 5(3), 1–13.
  4. Brigham, E. F., & Houston, J. F. (2006). Fundamental of Financial Management, Dasar-dasar Manajemen Keuangan (Salemba Empat (ed.); 10th ed.).
  5. Budiman, L. S., Yadiati, W., & Dede Abdul Hasyir3. (2024). Uji Teori Institusional: Pengungkapan Emisi Karbon, Leverage, Profitabilitas, dan Nilai Perusahaan (pp. 383–399). Jurnal Akuntansi, Keuangan, dan Manajemen. https://doi.org/https://doi.org/10.35912/jakman.v5i4.3432
  6. Chandra, M., & Augustine, Y. (2019). Pengaruh Green Intellectual Capital Index Dan Pengungkapan Keberlanjutan Terhadap Kinerja Keuangan Dan Non Keuangan Perusahaan Dengan Transparansi Sebagai Variabel Moderasi. Jurnal Magister Akuntansi Trisakti, 6(1), 45–70. https://doi.org/10.25105/jmat.v6i1.5066
  7. Emalusianti, D., & Sufiyati. (2024). Faktor-Faktor Yang Memengaruhi Kinerja Keuangan. Jurnal Paradigma Akuntansi, 6(2), 849–860. https://doi.org/10.24912/jpa.v6i2.29807
  8. Fannya Mutiara Sari, Annisa Ari Suci, Mufita Dea Ananta, & Maria Yovita R. Pandin. (2024). Pengaruh Akuntansi Hijau dan Kinerja Lingkungan terhadap Kinerja Keuangan pada Perusahaan Sektor Kimia yang Terdaftar di Bursa Efek Indonesia Periode 2021-2023. Profit: Jurnal Manajemen, Bisnis Dan Akuntansi, 3(3), 159–170. https://doi.org/10.58192/profit.v3i3.2308
  9. Freeman, R., Harrison, J., Wicks, A., Parmar, B., & De Colle, S. (2010). Stragetic Management: A Stakeholder Approach (Cambridge University Press (ed.)). https://doi.org/doi:10.1017/CBO9780511815768
  10. Ganda, F. (2018). The effect of carbon performance on corporate financial performance in a growing economy. Social Responsibility Journal, 14(4), 895–916. https://doi.org/10.1108/SRJ-12-2016-0212
  11. Ghozali, I. (2020). 25 Grand Therory Teori Besar Ilmu Manajemen, Akuntansi, dan Bisnis. Yoga Pratama.
  12. Hasti, W. W., Maryani, M., & Makshun, A. (2022). Pengaruh Leverage, Struktur Modal, dan Ukuran Perusahaan terhadap Kinerja Keuangan pada Perusahaan Sektor Pertambangan. Reviu Akuntansi, Manajemen, Dan Bisnis, 2(2), 139–150. https://doi.org/10.35912/rambis.v2i2.1544
  13. Horne, J. C., & Wachowicz, J. M. (2007). Fundamental of Financial Management, Prinsip-prinsip Manajemen Keuangan (Salemba Empat (ed.)). Salemba Empat.
  14. Isla Binnie. (2024). Accounting body says investors want climate data that US rules exclude. In Reuters. Reuters. https://www.reuters.com/sustainability/boards-policy-regulation/accounting-body-says-investors-want-climate-data-that-us-rules-exclude-2024-03-19/
  15. Jaya, M. O. M., & Nugraheni, B. D. (2024). Pengaruh Kinerja Lingkungan Dan Pengungkapan Emisi Karbon Terhadap Kinerja Keuangan Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Ilmiah Mahasiswa Akuntansi, 13(1), 10–19. https://doi.org/10.33508/jima.v13i1.5695
  16. Lazuardi, D. J. (2024). Kajian Alokasi Global Carbon Budget Pada Sektor Energi Dan Sub-Sektor Ketenagalistrikan Di Indonesia Dalam Langkah Menuju Net Zero Emission. ITS Reoository. http://repository.its.ac.id/id/eprint/105684
  17. Ningwati, G., Septiyanti, R., & Desriani, N. (2022). Pengaruh Environment, Social and Governance Disclosure terhadap Kinerja Perusahaan. Goodwood Akuntansi Dan Auditing Reviu, 1(1), 67–78. https://doi.org/10.35912/gaar.v1i1.1500