Impact of Carbon Disclosure, Profitability, and Manajerial Ownership on Firm Value with Dividend Moderation

Chika Windia A; Nailah Apriyuni; Acep Komara

doi:10.24127/akuisisi.v21i2.2685

Impact of Carbon Disclosure, Profitability, and Manajerial Ownership on Firm Value with Dividend Moderation

Chika Windia A, Nailah Apriyuni, Acep Komara

Abstract

This study analyzes the influence of carbon emission disclosure, profitability, and managerial ownership on firm value, with dividend policy as a moderating variable. The research focuses on non-cyclical food and beverage companies listed on the Indonesia Stock Exchange (IDX), using a quantitative method and Moderated Regression Analysis (MRA). The results show that all three variables have a significant positive effect on firm value; however, their influence weakens when moderated by dividend policy. The findings highlight the importance of environmental transparency, operational efficiency, and ownership structure in maintaining investor confidence and enhancing firm value. The study suggests that companies should be more transparent in disclosing carbon emissions, improve profitability sustainably, and manage dividend policies wisely.

Keywords

Carbon Emission Disclosure, Firm Value.

Full Text:

PDF

References

Alghifari, E. S., Solikin, I., Nugraha, N., Waspada, I., Sari, M., & Puspitawati, L. (2022). CAPITAL STRUCTURE, PROFITABILITY, HEDGING POLICY, FIRM SIZE, AND FIRM VALUE: MEDIATION AND MODERATION ANALYSIS. Journal of Eastern European and Central Asian Research, 9(5), 789–801. https://doi.org/10.15549/jeecar.v9i5.1063

Andreas, A., Christin, C., Wijaya, S. W., & Sembiring, J. C. (2021). Effect of Liquidity, Asset Management, Leverage and Dividend Policy on Firm Value at Food and Beverages Companies Listed on the Indonesia Stock Exchange. Budapest International Research and Critics Institute (BIRCI-Journal): Humanities and Social Sciences, 4(2), 2695–2701. https://doi.org/10.33258/birci.v4i2.1977

Andri Wijaya, R., Pratiwi, H., Permata Sari, D., & Suciati, D. (2020). Pengaruh Penghindaran Pajak Dan Profitabilitas Terhadap Nilai Perusahaan Dengan Leverage Sebagai Variabel Kontrol Pada Perusahaan Yang Listing Di Bursa Efek Indonesia. Jurnal EKOBISTEK, 9(1), 29–40.

Anggraini, R., & Yan Nyale, M. H. (2022). Pengaruh Profitabilitas, Solvabilitas dan Investment Opportunity Set terhadap Nilai Perusahaan dengan Kebijakan Dividen sebagai Variabel Moderasi. Ekonomi, Keuangan, Investasi Dan Syariah (EKUITAS), 4(1), 130–137. https://doi.org/10.47065/ekuitas.v4i1.2051

Anisa, N., Hermuningsih, S., & Maulida, A. (2022). Pengaruh Ukuran Perusahaan, Leverage, Kebijakan Dividen dan Profitabilitas terhadap Nilai Perusahaan: Studi Pada Perusahaan Manufaktur Sektor Food And Beverages. Reslaj: Religion Education Social Laa Roiba Journal, 4, 321. https://doi.org/10.47476/reslaj.v4i2.707

antaranews.com. (2024, March 2). Kemenperin: Industri makanan-minuman penopang ekonomi Indonesia. Https://Www.Antaranews.Com/Berita/3992028/Kemenperin-Industri-Makanan-Minuman-Penopang-Ekonomi-Indonesia.

Bahriansyah, R. I., & Lestari Ginting, Y. (2022). Pengungkapan Emisi Karbon Terhadap Nilai Perusahan dengan Media Exposure Sebagai Variabel Moderasi. Jurnal Riset Akuntansi & Perpajakan (JRAP), 9(02), 249–260. https://doi.org/10.35838/jrap.2022.009.02.21

Bon, S. F., & Hartoko, S. (2022). The Effect of Dividend Policy, Investment Decision, Leverage, Profitability, and Firm Size on Firm Value. European Journal of Business and Management Research, 7(3), 7–13. https://doi.org/10.24018/ejbmr.2022.7.3.1405

Cahyani, P. N., & Gunawan, J. (2022). Pengaruh Pengungkapan Emisi Karbon dan Leverage Terhadap Nilai Perusahaan The Effect of Carbon Emissions Disclosure and Leverage on Firm Value. COMSERVA: Jurnal Penelitian Dan Pengabdian Masyarakat, 510–518. https://doi.org/10.36418/comserva.v%vi%i.364

Damayanti, R., & Sucipto, A. (2022). THE EFFECT OF PROFITABILITY, LIQUIDITY, AND LEVERAGE ON FIRM VALUE WITH DIVIDEND POLICY AS INTERVENING VARIABLE (Case Study on Finance Sector In Indonesian Stock Exchange 2016-2020 Period). Business and Accounting Research (IJEBAR) Peer Reviewed-International Journal, 6. https://jurnal.stie-aas.ac.id/index.php/IJEBAR

Gunawan, B., & Berliyanda, K. L. (2024). Pengaruh Green Accounting, Pengungkapan Emisi Karbon, dan Kinerja Lingkungan Terhadap Nilai Perusahaan. Reviu Akuntansi Dan Bisnis Indonesia, 8(1), 33–50. https://doi.org/10.18196/rabin.v8i1.22027

Intan Sari, W. (2019). Analisis Pengaruh Inflasi, Suku Bunga SBI, Nilai Tukar Terhadap Return LQ 45 dan Dampaknya Terhadap Indeks Harga Saham Gabungan (IHSG) di Bursa Efek Indonesia (BEI) ARTICLES INFORMATION ABSTRACT. Jurnal Sekuritas (Saham, Ekonomi, Keuangan Dan Investasi), 3(1), 65–75.

Komara, A., Ghozali, I., & Januarti, I. (2020). Examining the Firm Value Based on Signaling Theory. Advances in Economics, Bussiness and Management Researsh, 123.

Komara, A., & Riana, N. (2024). Effects of Profitability Leverage & Liquidity on Risk Management Disclosure. Journal of Economic Sciences, 1. https://annpublisher.org/ojs/index.php/ekuisci

Novita Herlina, Samosir Ruth, Rutmia Rutmia, Sarumaha Kristina, & Saragih Eliza. (2022a). PENGARUH HARGA SAHAM, UKURAN PERUSAHAAN, PROFITABILITAS DAN LEVERAGE TERHADAP NILAI PERUSAHAAN MANUFAKTUR TERDAFTAR BEI 2018-2020. AKURASI: Studi Akuntansi dan Keuangan, 5, 77–6.

Novita Herlina, Samosir Ruth, Rutmia Rutmia, Sarumaha Kristina, & Saragih Eliza. (2022b). PENGARUH HARGA SAHAM, UKURAN PERUSAHAAN, PROFITABILITAS DAN LEVERAGE TERHADAP NILAI PERUSAHAAN MANUFAKTUR TERDAFTAR BEI 2018-2020. AKURASI: Studi Akuntansi dan Keuangan, 5, 77–6.

Nur utami, C., & Widati, L. W. (2022). Pengaruh Profitabilitas, Likuiditas dan Kepemilikan Manajerial terhadap Nilai Perusahaan. Owner, 6(1), 885–893. https://doi.org/10.33395/owner.v6i1.682

Patriandari Patriandari, Efrinal Efrinal, & Sari Mujiani. (2025). The Effect of Investment Decisions, Dividend Policy, and Profitability on Firm Value in the Manufacturing Industry in West Java. International Journal of Economics and Management Research, 4(1), 545–556. https://doi.org/10.55606/ijemr.v4i1.394

Prasetya Margono, F., & Gantino, R. (2021). INFLUENCE OF FIRM SIZE, LEVERAGE, PROFITABILITY, AND DIVIDEND POLICY ON FIRM VALUE OF COMPANIES IN INDONESIA STOCK EXCHANGE. Copernican Journal of Finance & Accounting, 10(2), 45–61. https://doi.org/10.12775/cjfa.2021.007

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. https://doi.org/10.22219/jaa.v6i1.22814

R. Aprilyani Dewi, P. P., Sudana, I. P., Badera, I. D. N., & Rasmini, I. K. (2021). The Effect of CSR Disclosure on Firm Value with Profitability and Leverage as Moderators. Indonesian Journal of Sustainability Accounting and Management, 5. https://doi.org/10.28992/ijsam.v5i1.325

Ratmono, D., Darsono, D., & Selviana, S. (2021). Effect of carbon performance, company characteristics and environmental performance on carbon emission disclosure: Evidence from Indonesia. International Journal of Energy Economics and Policy, 11, 101–109. https://doi.org/10.32479/ijeep.10456

REPUBLIK INOONESIA PERATURAN PRESIDEN REPUBLIK INDONESIA NOMOR 2 TAHUN 2018. (n.d.).

Sari, D. M., & Wulandari, P. P. (2021). PENGARUH KEPEMILIKANINSTITUSIONAL, KEPEMILIKAN MANAJERIAL, DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN. Tera Ilmu Akuntansi, 22, 1–18.

Setyabudi, T. (2021). The Effect of Institutional Ownership, Leverage, and Profitability on Firm Value with Dividend Policy as an Intervening Variable. Journal of Business and Management Review, 2(7), 457–469. https://doi.org/10.47153/jbmr27.1632021

Setyorini, E., & Sulhan, M. (2023). Pengaruh Kebijakan Investasi dan Kebijakan Dividen terhadap Nilai Perusahaan dengan Good Corporate Governance sebagai Pemoderasi (Studi Pada Perusahaan High Dividend 20 yang Terdaftar di BEI 2017-2021). Ekonomis: Journal of Economics and Business, 7(1), 395. https://doi.org/10.33087/ekonomis.v7i1.807

Shinta Wijayaningsih, & Yulianto, A. (2021). Accounting Analysis Journal The Effect of Capital Structure, Firm Size, and Profitability on Firm Value with Investment Decisions as Moderating ARTICLE INFO ABSTRACT. Accounting Analysis Journal, 10(3), 150–157. https://doi.org/10.15294/aaj.v10i3.50744

Sukmawati, F. N., & Haryono, N. A. (2021). Cointegration of Macroeconomics Variables and Dow Jones Industrial Average Index on the Composite Stock Price Index In 2015-2019. Journal of Business Management Review, 2(3), 178–191. https://doi.org/10.47153/jbmr23.1102021

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. https://doi.org/10.29303/jaa.v7i2.213

Warrick, A. (2023, September 8). Bursa Asia Kembali Jatuh Imbas Data Jepang Lemah, Pasar Khawatir Hubungan AS-China Oleh Investing.com. Https://Id.Investing.Com/News/Stock-Market-News/Bursa-Asia-Kembali-Jatuh-Imbas-Data-Jepang-Lemah-Pasar-Khawatir-Hubungan-Aschina-2410053.

Yulianti, R., & Syarif, A. D. (2021). ANALYSIS OF THE EFFECTS OF LIQUIDITY, ACTIVITIES, LEVERAGE, AND PROFITABILITY ON FIRM VALUE IN RETAIL TRADE SUBSECTOR (IDX) 2015-2020 PERIOD. DIJDBM : Dinasti International Journal of Digital Bussiness Management, 3(1). https://doi.org/10.31933/dijdbm.v3i1

Yuwono, W., & Aurelia, D. (2021). THE EFFECT OF PROFITABILITY, LEVERAGE, INSTITUTIONAL OWNERSHIP, MANAGERIAL OWNERSHIP, AND DIVIDEND POLICY ON FIRM VALUE. Journal of Global Business and Management Review, 3(1), 15. https://doi.org/10.37253/jgbmr.v3i1.4992

DOI: 10.24127/akuisisi.v21i2.2685

DOI (PDF): https://doi.org/10.24127/akuisisi.v21i2.2685.g865