Date Log
Submitted
26 April 2021
Accepted
27 May 2021
Published
28 May 2021
Corporate Governance, Profitability, Media Exposure, and Firm Value: the Mediation Role of Environmental Disclosure
Corresponding Author(s) : Firdaus Kurniansyah
Jurnal Minds: Manajemen Ide dan Inspirasi,
Vol. 8 No. 1 (2021): June
Abstract
This study aims to examine and analyze environmental disclosure's effect in mediating the relationship between corporate governance, profitability, and media exposure towards firm value. Total 135 samples of companies that have been listed on IDX in 2015 - 2019 were obtained and analyzed using multiple linear regression. This study showed that corporate governance and profitability increase firm value as investors tend to see corporate governance and profitability as a signal in determining investing decisions. Meanwhile, media exposure and environmental disclosure cannot increase firm value. This study also finds that corporate governance decreases ecological disclosure. Meanwhile, profitability and media exposure cannot increase firm value. Thus, this study also proves that corporate governance, profitability, and media exposure cannot increase firm value through environmental disclosure.
Keywords
Corporate Governance
Environmental Disclosure
Firm Value
Media Exposure
Profitability
Kurniansyah, F., Saraswati, E., & Rahman, A. F. (2021). Corporate Governance, Profitability, Media Exposure, and Firm Value: the Mediation Role of Environmental Disclosure. Jurnal Minds: Manajemen Ide Dan Inspirasi, 8(1), 69–88. https://doi.org/10.24252/minds.v8i1.20823
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References
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Aboud, A., & Diab, A. (2018). The impact of social, environmental and corporate governance disclosures on firm value: Evidence from Egypt. Journal of Accounting in Emerging Economies, 8(4), 442–458. https://doi.org/10.1108/JAEE-08-2017-0079
Agyemang, A. O., Yusheng, K., Ayamba, E. C., Twum, A. K., Chengpeng, Z., & Shaibu, A. (2020). Impact of board characteristics on environmental disclosures for listed mining companies in China. Environmental Science and Pollution Research, 27(17), 21188–21201. https://doi.org/10.1007/s11356-020-08599-2
Al Nasser, Z. (2019). The effect of royal family members on the board on firm performance in Saudi Arabia. Journal of Accounting in Emerging Economies, 10(3), 487–518. https://doi.org/10.1108/JAEE-04-2017-0041
Aliyu, U. S. (2019). Board characteristic and corporate environmental reporting in Nigeria. Asian Journal of Accounting Research, 4(1), 2–17. https://doi.org/10.1108/AJAR-09-2018-0030
Alrazi, B., de Villiers, C., & Van Staden, C. J. (2016). The environmental disclosures of the electricity generation industry: a global perspective. Accounting and Business Research, 46(6), 665–701. https://doi.org/10.1080/00014788.2015.1135781
Anggreni, N. L. P. M., & Budiasih, I. G. A. N. (2016). Peran Media Exposure Bagi Pasar Modal Indonesia. Jurnal Buletin Studi Ekonomi, 21(1).
Bani-Khalid, T., Kouhy, R., & Hassan, A. (2016). Determinants of Corporate Social and Environmental Disclosure (CSED): In Jordanian context (S. K.S. (ed.); pp. 3123–3148). International Business Information Management Association, IBIMA. https://www.scopus.com/inward/record.uri?eid=2-s2.0-85013873581&partnerID=40&md5=ef01bd0a377203e1c5bcdaa2af60d304
Buchdadi, A. D., Gusti Ketut Agung Ulupui, I., Dalimunthe, S., Pamungkas, B. G., & Fauziyyah, Y. (2019). Board of director meeting and firm performance. Academy of Accounting and Financial Studies Journal, 23(2). https://www.scopus.com/inward/record.uri?eid=2-s2.0-85066265305&partnerID=40&md5=520f0edb17ddb437c81881d838b9c3c1
Charles, D., Ahmed, M. N., & Joshua, O. (2018). Effect of Firm Characteristics on Profitability of Listed Consumer Goods Companies in Nigeria. Journal of Accounting, Finance and Auditing Studies, 4(2), 14–31.
Chung, K. ., & Pruitt, S. . (1994). A simple approximation of Tobin’s q. Financial Management, 23(3), 70–74.
Cooper, D., & Schindler, P. (2013). Business Research Methods. 12th edition. McGraw-Hill.
Dang, N. H., Pham, D. C., & Vu, T. B. H. (2018). Effects of financial statements information on firms’ value: evidence from Vietnamese listed firms. Investment Management and Financial Innovations, 15(4), 210–218.
Dara, R. R., Subekti, I., & Andayani, W. (2019). The effect of corporate governance and ceo’s reputation on financial distress with financial performance as a mediation variable. South East Asia Journal of Contemporary Business, Economics and Law, 18(5), 297–305.
Dawkins, C., & Fraas, J. W. (2011). Coming Clean: The Impact of Environmental Performance and Visibility on Corporate Climate Change Disclosure. Journal of Business Ethics, 100(2), 303–322. https://doi.org/10.1007/s10551-010-0681-0
Deswanto, R. B., & Siregar, S. V. (2018). The associations between environmental disclosures with financial performance, environmental performance, and firm value. Social Responsibility Journal, 14(1), 180–193. https://doi.org/10.1108/SRJ-01-2017-0005
Fama, E., & Jensen, M. C. (1983). Agency problems and residual claims. Journal of Law and Economics, 26(2), 327–349.
Fanani, Z., & Hendrick, Y. (2016). Struktur Kepemilikan dan Nilai Perusahaan. Iqtishadia, 9(10), 99–122.
Ghozali, I. (2018). Aplikasi analisis multivariate dengan program IBM SPSS 25. Badan Penerbit Universitas Diponegoro.
Giannarakis, G. (2015). Determinants of social and environmental responsibility disclosures. International Journal of Sustainable Society, 7(3), 266–285. https://doi.org/10.1504/IJSSOC.2015.071301
Gitman, L. ., & Zutter, C. . (2015). Principles of Managerial Finance (14th Edition). Pearson.
Gray, R. (2004). Taking A Long View On What We now Know About Social And Eviroment Accountability dan Reporting. ICCSY, Conference Nottingham, University Of St Andrew, 2004.
Hammami, A., & Zadeh, M. H. (2019). Audit quality, media coverage, environmental, social, and governance disclosure and firm investment efficiency. International Journal of Accounting & Information Management, 28(1), 45–72.
Handriani, E., & Robiyanto, R. (2018). Institutional ownership, independent board, board size, and firm performance: Evidence from Indonesia. Contaduría y Administración, 64, 118. https://doi.org/10.22201/fca.24488410e.2018.1849
Harsalim, N. (2015). Perilaku Investor : “Herding And Feedback Trading” Di Bursa Efek Indonesia Periode 2012 - 2014. Calyptra: Jurnal Ilmiah Mahasiswa Universitas Surabaya, 4(2), 1–34.
Hartikayanti, H. N., Trisyardi, M. R., & Saptono, E. R. B. (2016). Effect of corporate characteristics on environmental disclosure. International Journal of Applied Business and Economic Research, 14(10), 6111–6134. https://www.scopus.com/inward/record.uri?eid=2-s2.0-84987800346&partnerID=40&md5=66a7811bdd6a285d89c6ed8a798d8f46
Hermawan, S., & Maf’ulah, A. N. (2014). Pengaruh Kinerha Keuangan terhadap Nilai Perusahaan dengan Pengungkapan Corporate Social Responsibility sebagai Variabel Pemoderasi. Jurnal Dinamika Akuntansi, 6(2), 103–118.
Hirdinis, M. (2019). Capital Structure and Firm Size on Firm Value Moderated by Profitability. International Journal of Economics and Business Administration, 7(1), 174–191.
Huang, P., Lu, Y., & Wee, M. (2020). Corporate governance analysts and firm value: Australian evidence. Pacific-Basin Finance Journal.
Husted, B. W., & Sousa-Filho, J. M. D. (2019). Board structure and environmental, social, and governance disclosure in Latin America. Journal of Business Research, 102, 220–227. https://doi.org/10.1016/j.jbusres.2018.01.017
Jensen, M. C., & Meckling, W. . (1976). Theory of the firm: Managerial behaviour, agency cost, and ownership structure. Journal of Finance and Economics, 3, 305–306.
Kristiana, K., & Yustrida, B. (2020). Corporate Social Responsibility Disclosure and Good Corporate Governance toward Firm Value with Profitability as Intervening Variable. International Journal of Innovation, Creativity and Change, 13(4), 869–888.
Li, Y., Gong, M., Zhang, X.-Y., & Koh, L. (2018). The impact of environmental, social, and governance disclosure on firm value: The role of CEO power. British Accounting Review, 50(1), 60–75. https://doi.org/10.1016/j.bar.2017.09.007
Luo, L., Tang, Q., & Peng, J. (2018). The direct and moderating effects of power distance on carbon transparency: An international investigation of cultural value and corporate social responsibility. Business Strategy and the Environment, 27(8), 1546–1557. https://doi.org/10.1002/bse.2213
Majumdar, A., & Bose, I. (2019). Do tweets create value? A multi-period analysis of Twitter use and content of tweets for manufacturing firms. International Journal of Production Economics, 216, 1–11. https://doi.org/10.1016/j.ijpe.2019.04.008
Manoppo, H., & Arie, F. V. (2016). Pengaruh Struktur Modal, Ukuran Perusahaan dan Profitabilitas Terhadap Nilai Perusahaan Otomotif yang Terdaftar di Bursa Efek Indonesia Periode 2011-2014. Jurnal EMBA, 4(2).
Michelon, G., Pilonato, S., & Ricceri, F. (2015). CSR Reporting Practices and the Quality of Disclosure: An Empirical Analysis. Critical Perspectives on Accounting, 33, 59–78.
Pareek, R., Pandey, K. D., & Sahu, T. N. (2019). Corporate Governance, Firms’ Characteristics and Environmental Performance Disclosure Practices of Indian Companies. Indian Journal of Corporate Governance, 12(2), 142–155. https://doi.org/10.1177/0974686219881091
Piliang, E., & Fathony, M. (2020). Determinants of firm’s value: Evidence from financial industry. Management Science Letters, 111–120. https://doi.org/10.5267/j.msl.2019.8.011
Pratama, A. O., Purba, K., Jamhur, J., & Prasetyo, P. B. T. (2020). Pengaruh Faktor Perilaku Investor Saham Terhadap Keputusan Investasi di Bursa Efek Indonesia. Moneter: Jurnal Akuntansi Dan Keuangan, 7, 170–179.
Qiu, Y., Shaukat, A., & Tharyan, R. (2016). Environmental and social disclosures: Link with corporate financial performance. British Accounting Review, 48(1), 102–116. https://doi.org/10.1016/j.bar.2014.10.007
Solikhah, B., & Winarsih, A. . (2016). Pengaruh Liputan Media, Kepekaan Industri, dan Struktur Tata Kelola Perusahaan Terhadap Kualitas Pengungkapan Lingkungan. Jurnal Akuntansi Dan Keuangan Indonesia, 13, 1–22.
Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355–374.
Ullah, B. K., Yan, C., Khalil, J., & Ahmed, B. N. (2018). Corporate governance and firm value: a comparative analysis of state and non-state owned companies in the context of Pakistan. Corporate Governance: The International Journal of Business in Society, 18(6), 1196–1206. https://doi.org/10.1108/CG-09-2017-0208
Wang, J., & Ye, K. (2014). Media Coverage and Firm Valuation: Evidence from China. Journal of Business Ethics, 127. https://doi.org/10.1007/s10551-014-2055-5
Yang, Y., Wen, J., & Li, Y. (2020). The impact of environmental information disclosure on the firm value of listed manufacturing firms: Evidence from China. International Journal of Environmental Research and Public Health, 17(3). https://doi.org/10.3390/ijerph17030916
Zaniarti, S., Ida, & Novita, F. (2017). Perilaku investor galeri investasi bei dengan ab mitra sinarmas sekuritas jawa barat. MODUS Journal, 29(2), 176–200.
References
Aboud, A., & Diab, A. (2018). The impact of social, environmental and corporate governance disclosures on firm value: Evidence from Egypt. Journal of Accounting in Emerging Economies, 8(4), 442–458. https://doi.org/10.1108/JAEE-08-2017-0079
Agyemang, A. O., Yusheng, K., Ayamba, E. C., Twum, A. K., Chengpeng, Z., & Shaibu, A. (2020). Impact of board characteristics on environmental disclosures for listed mining companies in China. Environmental Science and Pollution Research, 27(17), 21188–21201. https://doi.org/10.1007/s11356-020-08599-2
Al Nasser, Z. (2019). The effect of royal family members on the board on firm performance in Saudi Arabia. Journal of Accounting in Emerging Economies, 10(3), 487–518. https://doi.org/10.1108/JAEE-04-2017-0041
Aliyu, U. S. (2019). Board characteristic and corporate environmental reporting in Nigeria. Asian Journal of Accounting Research, 4(1), 2–17. https://doi.org/10.1108/AJAR-09-2018-0030
Alrazi, B., de Villiers, C., & Van Staden, C. J. (2016). The environmental disclosures of the electricity generation industry: a global perspective. Accounting and Business Research, 46(6), 665–701. https://doi.org/10.1080/00014788.2015.1135781
Anggreni, N. L. P. M., & Budiasih, I. G. A. N. (2016). Peran Media Exposure Bagi Pasar Modal Indonesia. Jurnal Buletin Studi Ekonomi, 21(1).
Bani-Khalid, T., Kouhy, R., & Hassan, A. (2016). Determinants of Corporate Social and Environmental Disclosure (CSED): In Jordanian context (S. K.S. (ed.); pp. 3123–3148). International Business Information Management Association, IBIMA. https://www.scopus.com/inward/record.uri?eid=2-s2.0-85013873581&partnerID=40&md5=ef01bd0a377203e1c5bcdaa2af60d304
Buchdadi, A. D., Gusti Ketut Agung Ulupui, I., Dalimunthe, S., Pamungkas, B. G., & Fauziyyah, Y. (2019). Board of director meeting and firm performance. Academy of Accounting and Financial Studies Journal, 23(2). https://www.scopus.com/inward/record.uri?eid=2-s2.0-85066265305&partnerID=40&md5=520f0edb17ddb437c81881d838b9c3c1
Charles, D., Ahmed, M. N., & Joshua, O. (2018). Effect of Firm Characteristics on Profitability of Listed Consumer Goods Companies in Nigeria. Journal of Accounting, Finance and Auditing Studies, 4(2), 14–31.
Chung, K. ., & Pruitt, S. . (1994). A simple approximation of Tobin’s q. Financial Management, 23(3), 70–74.
Cooper, D., & Schindler, P. (2013). Business Research Methods. 12th edition. McGraw-Hill.
Dang, N. H., Pham, D. C., & Vu, T. B. H. (2018). Effects of financial statements information on firms’ value: evidence from Vietnamese listed firms. Investment Management and Financial Innovations, 15(4), 210–218.
Dara, R. R., Subekti, I., & Andayani, W. (2019). The effect of corporate governance and ceo’s reputation on financial distress with financial performance as a mediation variable. South East Asia Journal of Contemporary Business, Economics and Law, 18(5), 297–305.
Dawkins, C., & Fraas, J. W. (2011). Coming Clean: The Impact of Environmental Performance and Visibility on Corporate Climate Change Disclosure. Journal of Business Ethics, 100(2), 303–322. https://doi.org/10.1007/s10551-010-0681-0
Deswanto, R. B., & Siregar, S. V. (2018). The associations between environmental disclosures with financial performance, environmental performance, and firm value. Social Responsibility Journal, 14(1), 180–193. https://doi.org/10.1108/SRJ-01-2017-0005
Fama, E., & Jensen, M. C. (1983). Agency problems and residual claims. Journal of Law and Economics, 26(2), 327–349.
Fanani, Z., & Hendrick, Y. (2016). Struktur Kepemilikan dan Nilai Perusahaan. Iqtishadia, 9(10), 99–122.
Ghozali, I. (2018). Aplikasi analisis multivariate dengan program IBM SPSS 25. Badan Penerbit Universitas Diponegoro.
Giannarakis, G. (2015). Determinants of social and environmental responsibility disclosures. International Journal of Sustainable Society, 7(3), 266–285. https://doi.org/10.1504/IJSSOC.2015.071301
Gitman, L. ., & Zutter, C. . (2015). Principles of Managerial Finance (14th Edition). Pearson.
Gray, R. (2004). Taking A Long View On What We now Know About Social And Eviroment Accountability dan Reporting. ICCSY, Conference Nottingham, University Of St Andrew, 2004.
Hammami, A., & Zadeh, M. H. (2019). Audit quality, media coverage, environmental, social, and governance disclosure and firm investment efficiency. International Journal of Accounting & Information Management, 28(1), 45–72.
Handriani, E., & Robiyanto, R. (2018). Institutional ownership, independent board, board size, and firm performance: Evidence from Indonesia. Contaduría y Administración, 64, 118. https://doi.org/10.22201/fca.24488410e.2018.1849
Harsalim, N. (2015). Perilaku Investor : “Herding And Feedback Trading” Di Bursa Efek Indonesia Periode 2012 - 2014. Calyptra: Jurnal Ilmiah Mahasiswa Universitas Surabaya, 4(2), 1–34.
Hartikayanti, H. N., Trisyardi, M. R., & Saptono, E. R. B. (2016). Effect of corporate characteristics on environmental disclosure. International Journal of Applied Business and Economic Research, 14(10), 6111–6134. https://www.scopus.com/inward/record.uri?eid=2-s2.0-84987800346&partnerID=40&md5=66a7811bdd6a285d89c6ed8a798d8f46
Hermawan, S., & Maf’ulah, A. N. (2014). Pengaruh Kinerha Keuangan terhadap Nilai Perusahaan dengan Pengungkapan Corporate Social Responsibility sebagai Variabel Pemoderasi. Jurnal Dinamika Akuntansi, 6(2), 103–118.
Hirdinis, M. (2019). Capital Structure and Firm Size on Firm Value Moderated by Profitability. International Journal of Economics and Business Administration, 7(1), 174–191.
Huang, P., Lu, Y., & Wee, M. (2020). Corporate governance analysts and firm value: Australian evidence. Pacific-Basin Finance Journal.
Husted, B. W., & Sousa-Filho, J. M. D. (2019). Board structure and environmental, social, and governance disclosure in Latin America. Journal of Business Research, 102, 220–227. https://doi.org/10.1016/j.jbusres.2018.01.017
Jensen, M. C., & Meckling, W. . (1976). Theory of the firm: Managerial behaviour, agency cost, and ownership structure. Journal of Finance and Economics, 3, 305–306.
Kristiana, K., & Yustrida, B. (2020). Corporate Social Responsibility Disclosure and Good Corporate Governance toward Firm Value with Profitability as Intervening Variable. International Journal of Innovation, Creativity and Change, 13(4), 869–888.
Li, Y., Gong, M., Zhang, X.-Y., & Koh, L. (2018). The impact of environmental, social, and governance disclosure on firm value: The role of CEO power. British Accounting Review, 50(1), 60–75. https://doi.org/10.1016/j.bar.2017.09.007
Luo, L., Tang, Q., & Peng, J. (2018). The direct and moderating effects of power distance on carbon transparency: An international investigation of cultural value and corporate social responsibility. Business Strategy and the Environment, 27(8), 1546–1557. https://doi.org/10.1002/bse.2213
Majumdar, A., & Bose, I. (2019). Do tweets create value? A multi-period analysis of Twitter use and content of tweets for manufacturing firms. International Journal of Production Economics, 216, 1–11. https://doi.org/10.1016/j.ijpe.2019.04.008
Manoppo, H., & Arie, F. V. (2016). Pengaruh Struktur Modal, Ukuran Perusahaan dan Profitabilitas Terhadap Nilai Perusahaan Otomotif yang Terdaftar di Bursa Efek Indonesia Periode 2011-2014. Jurnal EMBA, 4(2).
Michelon, G., Pilonato, S., & Ricceri, F. (2015). CSR Reporting Practices and the Quality of Disclosure: An Empirical Analysis. Critical Perspectives on Accounting, 33, 59–78.
Pareek, R., Pandey, K. D., & Sahu, T. N. (2019). Corporate Governance, Firms’ Characteristics and Environmental Performance Disclosure Practices of Indian Companies. Indian Journal of Corporate Governance, 12(2), 142–155. https://doi.org/10.1177/0974686219881091
Piliang, E., & Fathony, M. (2020). Determinants of firm’s value: Evidence from financial industry. Management Science Letters, 111–120. https://doi.org/10.5267/j.msl.2019.8.011
Pratama, A. O., Purba, K., Jamhur, J., & Prasetyo, P. B. T. (2020). Pengaruh Faktor Perilaku Investor Saham Terhadap Keputusan Investasi di Bursa Efek Indonesia. Moneter: Jurnal Akuntansi Dan Keuangan, 7, 170–179.
Qiu, Y., Shaukat, A., & Tharyan, R. (2016). Environmental and social disclosures: Link with corporate financial performance. British Accounting Review, 48(1), 102–116. https://doi.org/10.1016/j.bar.2014.10.007
Solikhah, B., & Winarsih, A. . (2016). Pengaruh Liputan Media, Kepekaan Industri, dan Struktur Tata Kelola Perusahaan Terhadap Kualitas Pengungkapan Lingkungan. Jurnal Akuntansi Dan Keuangan Indonesia, 13, 1–22.
Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355–374.
Ullah, B. K., Yan, C., Khalil, J., & Ahmed, B. N. (2018). Corporate governance and firm value: a comparative analysis of state and non-state owned companies in the context of Pakistan. Corporate Governance: The International Journal of Business in Society, 18(6), 1196–1206. https://doi.org/10.1108/CG-09-2017-0208
Wang, J., & Ye, K. (2014). Media Coverage and Firm Valuation: Evidence from China. Journal of Business Ethics, 127. https://doi.org/10.1007/s10551-014-2055-5
Yang, Y., Wen, J., & Li, Y. (2020). The impact of environmental information disclosure on the firm value of listed manufacturing firms: Evidence from China. International Journal of Environmental Research and Public Health, 17(3). https://doi.org/10.3390/ijerph17030916
Zaniarti, S., Ida, & Novita, F. (2017). Perilaku investor galeri investasi bei dengan ab mitra sinarmas sekuritas jawa barat. MODUS Journal, 29(2), 176–200.
Agyemang, A. O., Yusheng, K., Ayamba, E. C., Twum, A. K., Chengpeng, Z., & Shaibu, A. (2020). Impact of board characteristics on environmental disclosures for listed mining companies in China. Environmental Science and Pollution Research, 27(17), 21188–21201. https://doi.org/10.1007/s11356-020-08599-2
Al Nasser, Z. (2019). The effect of royal family members on the board on firm performance in Saudi Arabia. Journal of Accounting in Emerging Economies, 10(3), 487–518. https://doi.org/10.1108/JAEE-04-2017-0041
Aliyu, U. S. (2019). Board characteristic and corporate environmental reporting in Nigeria. Asian Journal of Accounting Research, 4(1), 2–17. https://doi.org/10.1108/AJAR-09-2018-0030
Alrazi, B., de Villiers, C., & Van Staden, C. J. (2016). The environmental disclosures of the electricity generation industry: a global perspective. Accounting and Business Research, 46(6), 665–701. https://doi.org/10.1080/00014788.2015.1135781
Anggreni, N. L. P. M., & Budiasih, I. G. A. N. (2016). Peran Media Exposure Bagi Pasar Modal Indonesia. Jurnal Buletin Studi Ekonomi, 21(1).
Bani-Khalid, T., Kouhy, R., & Hassan, A. (2016). Determinants of Corporate Social and Environmental Disclosure (CSED): In Jordanian context (S. K.S. (ed.); pp. 3123–3148). International Business Information Management Association, IBIMA. https://www.scopus.com/inward/record.uri?eid=2-s2.0-85013873581&partnerID=40&md5=ef01bd0a377203e1c5bcdaa2af60d304
Buchdadi, A. D., Gusti Ketut Agung Ulupui, I., Dalimunthe, S., Pamungkas, B. G., & Fauziyyah, Y. (2019). Board of director meeting and firm performance. Academy of Accounting and Financial Studies Journal, 23(2). https://www.scopus.com/inward/record.uri?eid=2-s2.0-85066265305&partnerID=40&md5=520f0edb17ddb437c81881d838b9c3c1
Charles, D., Ahmed, M. N., & Joshua, O. (2018). Effect of Firm Characteristics on Profitability of Listed Consumer Goods Companies in Nigeria. Journal of Accounting, Finance and Auditing Studies, 4(2), 14–31.
Chung, K. ., & Pruitt, S. . (1994). A simple approximation of Tobin’s q. Financial Management, 23(3), 70–74.
Cooper, D., & Schindler, P. (2013). Business Research Methods. 12th edition. McGraw-Hill.
Dang, N. H., Pham, D. C., & Vu, T. B. H. (2018). Effects of financial statements information on firms’ value: evidence from Vietnamese listed firms. Investment Management and Financial Innovations, 15(4), 210–218.
Dara, R. R., Subekti, I., & Andayani, W. (2019). The effect of corporate governance and ceo’s reputation on financial distress with financial performance as a mediation variable. South East Asia Journal of Contemporary Business, Economics and Law, 18(5), 297–305.
Dawkins, C., & Fraas, J. W. (2011). Coming Clean: The Impact of Environmental Performance and Visibility on Corporate Climate Change Disclosure. Journal of Business Ethics, 100(2), 303–322. https://doi.org/10.1007/s10551-010-0681-0
Deswanto, R. B., & Siregar, S. V. (2018). The associations between environmental disclosures with financial performance, environmental performance, and firm value. Social Responsibility Journal, 14(1), 180–193. https://doi.org/10.1108/SRJ-01-2017-0005
Fama, E., & Jensen, M. C. (1983). Agency problems and residual claims. Journal of Law and Economics, 26(2), 327–349.
Fanani, Z., & Hendrick, Y. (2016). Struktur Kepemilikan dan Nilai Perusahaan. Iqtishadia, 9(10), 99–122.
Ghozali, I. (2018). Aplikasi analisis multivariate dengan program IBM SPSS 25. Badan Penerbit Universitas Diponegoro.
Giannarakis, G. (2015). Determinants of social and environmental responsibility disclosures. International Journal of Sustainable Society, 7(3), 266–285. https://doi.org/10.1504/IJSSOC.2015.071301
Gitman, L. ., & Zutter, C. . (2015). Principles of Managerial Finance (14th Edition). Pearson.
Gray, R. (2004). Taking A Long View On What We now Know About Social And Eviroment Accountability dan Reporting. ICCSY, Conference Nottingham, University Of St Andrew, 2004.
Hammami, A., & Zadeh, M. H. (2019). Audit quality, media coverage, environmental, social, and governance disclosure and firm investment efficiency. International Journal of Accounting & Information Management, 28(1), 45–72.
Handriani, E., & Robiyanto, R. (2018). Institutional ownership, independent board, board size, and firm performance: Evidence from Indonesia. Contaduría y Administración, 64, 118. https://doi.org/10.22201/fca.24488410e.2018.1849
Harsalim, N. (2015). Perilaku Investor : “Herding And Feedback Trading” Di Bursa Efek Indonesia Periode 2012 - 2014. Calyptra: Jurnal Ilmiah Mahasiswa Universitas Surabaya, 4(2), 1–34.
Hartikayanti, H. N., Trisyardi, M. R., & Saptono, E. R. B. (2016). Effect of corporate characteristics on environmental disclosure. International Journal of Applied Business and Economic Research, 14(10), 6111–6134. https://www.scopus.com/inward/record.uri?eid=2-s2.0-84987800346&partnerID=40&md5=66a7811bdd6a285d89c6ed8a798d8f46
Hermawan, S., & Maf’ulah, A. N. (2014). Pengaruh Kinerha Keuangan terhadap Nilai Perusahaan dengan Pengungkapan Corporate Social Responsibility sebagai Variabel Pemoderasi. Jurnal Dinamika Akuntansi, 6(2), 103–118.
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