CORPORATE GOVERNANCE ROLE AS MODERATING GREEN
INTELLECTUAL CAPITAL AND GREEN ACCOUNTING INFLUENCE ON SUSTAINABLE FINANCE
IMPLEMENTATION
Yulia Eka Riyanti, Etty Murwaningsari
Faculty of Economics and Business School, Universitas Trisakti,
Indonesia
Email: y[email protected]d
|
KEYWORDS green intellectual capital; green
accounting; corporate governance; sustainable finance |
ABSTRACT The sustainable finance implementation is
a comprehensive support for the financial services industry as an intermediary
institution that supports Sustainable Development Goals. The purpose of this
study was to analyze the role of corporate governance mechanisms as
moderating effect of green intellectual capital and green accounting on
sustainable finance implementation in banks listed on the Indonesia Stock
Exchange. The study use quantitative method and data in this study uses 149
firm years banking companies taken from the company's Annual Report and/or
Sustainability Report using the 2016 to 2020 observation period. This study
uses the Moderated Regression Analysis (MRA) method. The result of study that
green human capital, green structural capital and green accounting have a
positive effect on sustainable finance implementation. Meanwhile, green
relational capital has no effect on sustainable finance implementation. In
addition, the corporate governance mechanism is not able to moderate the
influence of green human capital, green structural capital, green relational
and green accounting on sustainable finance implementation. For control
variables, firm size, leverage and firm age have an effect on sustainable
finance implementation, while profitability has no effect on sustainable
finance implementation. |
INTRODUCTION
In the era of globalization, the existence of a
company is often associated with the emergence of negative impacts on the
environmental around the company. The negative impact is in the form of climate
change originating from the operational activities of a company which then
becomes special attention from various parties (Anggraini et al., 2020). This climate change requires companies to focus more
on their operational activities have not a significant impact on the
environmental in which the company operates. This is the hope of the
surrounding community, so the company can minimize negative impacts on
environmental (Andania & Yadnya, 2020). Therefore, companies are required to implement green
initiatives.
The
banking sector is expected not only to carry out its main tasks, namely
collecting and distributing funds, but also to maintain concern for the
environment (community) as a form of its responsibility towards the environment
and surrounding communities. This responsibility can be applied to service
processes and other positive activities that are more oriented to the social
and environmental spheres (Santoso et al., 2017). An important
reason for banking to apply the concept of sustainable finance is that
companies must have awareness that their operational activities are carried out
in a community environment, companies and communities must also have a
relationship that requires each other, and the last reason is to avoid
conflicts that can occur at any time between companies and communities.
On Roadmaps Sustainable
Finance Phase I (2015-2019) still needs to raise awareness from the financial
services industry, so in Phase I there is still a low understanding of the Bank
related to the implementation of sustainable finance, there is no green
standardization by banking, the Bank has not taken advantage of big
opportunities, Social,
Environmental and Governance (LST) risk has not been
integrated and there is still a need for increased coordination and cooperation
with Ministries/Institutions, so a phase II sustainable finance roadmap is
needed (OJK, 2021).
In Roadmaps Sustainable
Finance Phase II (2021-2025) states that to accelerate the application of
environmental, social and governance principles in Indonesia, companies must
focus on creating a comprehensive sustainable finance ecosystem, by involving
all related parties and encouraging the development of collaboration with other
parties. The Phase II Sustainable Finance Roadmap is expected to become a
foundation for the Financial Services Sector and a reference for relevant
Ministries/Institutions in developing innovative financing initiatives.
The
implementation of sustainable finance must be supported by several factors,
including the existence of a corporate governance mechanism, green intellectual
capital and green accounting.
Good corporate governance mechanisms are used to ensure equal interests among
stakeholders, so business and managerial decisions taken by companies do not
harm stakeholders. In addition, this includes demands for financial
institutions to carry out more ethical business practices such as disclosure
regarding social and environmental responsibility to external parties (Bose et al., 2018).
To implement good corporate governance, the five principles of corporate
governance that are transparency, accountability,
responsibility, independence, and fairness must be met or implemented. In
addition to the importance of implementing good corporate governance, companies
also need to have green intellectual capital which is expected to encourage
companies to comply more with environmental regulations and be able to meet
consumer needs for green products and be able to create value for the company.
Green intellectual capital has the main role of focusing company performance
into sustainability goals through knowledge that complies with regulations and
best practices (Firmansyah, 2017).
Green
intellectual capital in this study is measured by green human capital, green structural capital and green relational capital. Green human
capital is the ability, expertise, experience, behavior and commitment of
employees to environmental protection. Furthermore, green structural capital is
the specification and infrastructure support for environmental protection and
everything related to environmental management. Meanwhile, green relational
capital is a company's intellectual capital that used to find out the positive
influence of relational capital built by the company on the company's
competitive advantage (Firmansyah, 2017). In addition,
green accounting is also able to influence the implementation of sustainable
finance in the banking industry in Indonesia. This is because green accounting
implemented by various companies is used to produce quantitative assessments of
costs and carry out environmental protection (Goddess, 2020).
This study
aims to provide empirical evidence regarding the effect of green intellectual
capital and green accounting on the implementation of sustainable finance
moderated by corporate governance.
The Effect of
Green Human Capital on the Implementation of Sustainable Finance
Green human capital considered a vital asset to any company.
Better employee performance can have a direct impact on productivity, which can
improve both profitability and corporate image (Ballesteros-Rodríguez
et al., 2022). Based on resource-based
view theory, green human capital is able to provide a competitive advantage for
companies in the form of developing green innovations produced by companies (Yong et al.,
2019).
Research conducted by
Josephineet al., (2020) found that green human capital has a positive effect on business
sustainability. Furthermore, research conducted by Liao et al., (2021) found that green
human capital has a positive effect on corporate social responsibility. Based
on this description, the hypothesis is formulated as follows:
H1: Green
human capital has a positive effect on the implementation of sustainable
finance.
The Effect
of Green Structural Capital on the Implementation of Sustainable Finance
Based on the resource-based
view theory, green structural capital enables companies to generate a positive
environment, employees with good welfare, generate profits for the company and
are able to support companies to place their role in supporting the
implementation of sustainable finance (Yusoff et al.,
2019). Research conducted by
Yussof et al.,(2019) found that green structural capital has a positive effect on business
sustainability. Firmansyah (2017) found results that green structural capital has a positive effect on
green competitive advantage. Furthermore, research conducted by Ali et al., (2021) who found that green structural capital has an effect on green
innovation. Based on this description, the hypothesis is formulated as follows:
H2: Green Structural Capital has a positive
effect on the implementation of sustainable finance
The Effect
of Green Relational Capital on the Implementation of Sustainable Finance
Based on resource-based view theory, stable
green collaboration allows for environmental awareness among partners which
will further minimize the impact on the environment and will increase the
competitive advantage of the company (Dickel et al.,
2018). It can be concluded that,
progressively green relational capital is able to expand green practices
including in increasing the implementation of sustainable finance in companies.
Research conducted by
Firmansyah (2017) who found that green
relational capital has a positive effect on green competitive advantage.
Furthermore, research conducted by Yussof et al., (2017) found that green relational capital has a positive effect on business
sustainability. Based on this description, the hypothesis is formulated as
follows:
H3: Green relational capital has a positive
effect on the implementation of sustainable finance.
The Effect of Green Accounting on the Implementation of Sustainable
Finance
Companies that carry out
environmental management well, will disclose information related to the
environment better which will improve the implementation of sustainable finance
(Goddess, 2020). This is in line with stakeholder theory which states that a company
must meet the needs of its stakeholders. The application of green accounting is
used as a form of communication and accountability in order to gain, maintain
and or increase the trust of stakeholders.
This research is supported by research
conducted by Mostofa et al., (2020) who found that green accounting has a positive effect on corporate
social responsibility disclosure. In addition, it is also supported by the
research of Rizki et al., (2019) who found that environmental performance has a positive effect on
corporate social responsibility. Based on the description above, it can be
concluded that green accounting is expected to have a positive effect on the
implementation of sustainable finance and the hypothesis can be formulated as
follows:
H4: Green accounting has a positive effect on the implementation of
sustainable finance
The Role of Corporate Governance in Moderating the
Effect of Green Human Capital on the Implementation of Sustainable Finance
Ethical banking management
practices that apply the concept sustainable finance requires the role of
corporate governance. This is because the corporate governance mechanism will
be able to encourage pro-customer, community, environmental and social bank
operational practices, so that they are in line with the demands of
environmental and social responsibility (Handajani,
2019). With optimal monitoring of
the achievement of good corporate governance, it is hoped that it will be able
to increase the role of green intellectual capital in encouraging the
implementation of sustainable finance. This is in line with agency theory which
states that the better the mechanism of corporate governance in a bank, the
greater the oversight of the company so that the company's disclosures are
wider, including disclosures regarding corporate social responsibility (Qoyum
et al., 2017).
This research is supported
by Handayati (2019) who found the results that corporate governance has a positive effect on
corporate social responsibility disclosure. In line with the research conducted
by Ani and Fredy (2017) found that one of the governance mechanisms that is proxied by the size
of Board of Directors has a significant effect on sustainable finance
disclosure. Based on the description above, it can be concluded, the corporate
governance mechanism is expected to strengthen the influence of green human
capital on the implementation of sustainable finance and the hypothesis can be
formulated as follows:
H5: Corporate governance strengthens the
influence of green human capital on the implementation of sustainable finance
The Role of Corporate Governance in Moderating the
Effect of Green Structural Capital on the Implementation of Sustainable Finance
Good corporate governance
mechanisms at the Bank will encourage companies to disclose their social information
in more detail. This is done to ensure that the Bank's management does not only
disclose information that has a positive impact, but also discloses various
information that has a negative impact in order to increase information
transparence (Pare et al.,
2017). Therefore, with the
existence of a good corporate governance mechanism owned by the Bank, it is
hoped that it will be able to increase the existence of green structural
capital at the Bank which will encourage increased implementation of
sustainable finance.
In line with the research
conducted by Handajani (2019) found that one of the corporate governance mechanisms that is proxied by
the size of the Board of Commissioners has a positive effect on green banking
disclosure. Bose et al., (2018) found evidence that the higher level of green banking
disclosure in banking companies is related to one of the corporate governance
mechanisms, namely the increasing board size. In addition, Yussof et al., (2019) found that green structural capital has a positive effect on business
sustainability. Based on the description above, it can be concluded that the
corporate governance mechanism is expected to be able to strengthen the
influence of green structural capital on the implementation of sustainable
finance and the hypothesis can be formulated as follows:
H6: Corporate governance strengthens the
influence of green structural capital on the implementation of sustainable
finance
The Role of Corporate Governance in Moderating the
Effect of Green Relational Capital on the Implementation of Sustainable Finance
Good
corporate governance mechanisms at the Bank will encourage companies to
disclose their social information in more detail. This is in line with agency
theory which states that supervision is carried out to ensure that Bank
management does not only disclose information that has a positive impact, but
also discloses various information that has an adverse impact in order to
increase information transparency (Pare et al.,
2017).
This research is supported
by research conducted by Boseet al.,
(2018) found that corporate governance mechanisms have a positive effect on
green banking. In addition, Yussof et al., (2019) found that green relational
capital has a positive effect on business sustainability. Based on the
description above, it can be concluded that the corporate governance mechanism
is expected to be able to strengthen the influence of green relational capital
on the implementation of sustainable finance and the hypothesis can be
formulated as follows:
H7: Corporate governance strengthens the
influence of green relational capital on the implementation of sustainable
finance
The Role of Corporate Governance in Moderating the
Effect of Green Accounting on the Implementation of Sustainable Finance
The application of green
accounting requires a good corporate governance mechanism to provide high
oversight that guarantees the interests of its stakeholders. Supervision is
carried out in the form of environmental and social performance monitoring (Handajani,
2019). In accordance with agency
theory which states that corporate governance mechanisms also play a role in
ensuring the implementation of risk management and the implementation of good
corporate governance, as well as maintaining information disclosure to
stakeholders (Pare et al.,
2017).
This
research is supported by research conducted by Handajani(2019) found that one of the corporate governance mechanisms that is proxied by
the size of the Board of Commissioners has a positive effect on green banking
disclosure. Furthermore, in supporting this hypothesis, there is research
conducted by Mustofa et al., (2020) who found that green accounting has a positive effect on corporate
social responsibility disclosure.Based on the description above, the
existence of a corporate governance mechanism is expected to strengthen the
influence of green accounting on the implementation of sustainable finance.
H8: Corporate governance strengthens the influence of green accounting on
the implementation of sustainable finance
RESEARCH
METHOD
Population and Sample
The
study applied quantitative research method. The population in this study are
banks listed on the Indonesia Stock Exchange. This study takes the analysis
period from 2016 to 2020. Data were obtained from Annual Reports,
Sustainability Reports and official banking websites listed on the Indonesia
Stock Exchange for the period 2016 to 2020. Based on the type, the data used in
this research is secondary data, namely the company's annual financial
statements for 2016 to 2020.
Independent Variable
The independent variable
in this study is green intellectual capital which is proxied by greenhuman capital, green structural
capital and green relational capital and green accounting.
Green Human Capital
Green
human capital defined as the final
presentation of employee knowledge, skills, abilities, experience, behavior,
wisdom, creativity and commitment to environmental protection or green
innovation (Chen, 2008). Researchers use content analysis by giving
a value of 1 (one) if the bank discloses green human capital indicators and a
value of 0 (zero) if not. Green human capital in this study is measured by the
formula developed by Yusoff et al. (2019) as follows:
Information:
GHC :
Green Human Capital
Green Structural Capital
Green
structural capital
defined as reserves of patents, trademarks, hardware, software, databases,
organizational culture and organizational capabilities in an organization (Firmansyah,
2017). Researchers use content
analysis by giving a value of 1 (one) if the Bank discloses green structural
capital indicators and a value of 0 (zero) if not. Green structural capital in
this study is measured by the formula developed by Yusoff et al., (2019) as follows:
Information:
GSC :
Green Structural Capital
Green Relational Capital
Green
relationship capitalis
a backup of the company's interactive relationship with customers, suppliers,
network members, and partners for environmental management and green innovation
(Firmansyah,
2017). Researchers use content
analysis by giving a value of 1 (one) if the Bank discloses green relational
capital indicators and a value of 0 (zero) if not. Green relational capital in
this study is measured by the formula developed by Yusoff et al., (2019) as follows:
Information:
GRC :
Green Relational Capital
Green Accounting
Green accounting is the application of the
accounting process by including costs used for environmental preservation or
environmental welfare. Green accounting in this study uses the formula
developed by Mustofa et al., (2020) by looking at environmental costs disclosed by companies including
environmental operational costs, product recycling costs and environmental
development and research costs in annual reports and sustainability reports.
This study measures green accounting as follows
Information:
GA :
Green Accounting
Moderation Variable
Corporate
governance
Corporate
governance is the implementation of a professional and governance can direct
the effective and efficient use of company resources which is a shared
responsibility related to the use of resources to achieve the company's vision
and mission (Kesuma et
al., 2017). Researchers use content
analysis by giving a value of 1 (one) if the Bank discloses the implementation
of corporate governance indicators and a value of 0 (zero) otherwise. In this
study, the corporate governance index is formulated as follows:
Information:
cg =
Corporate governance
Dependent Variable
The
Implementation of Sustainable Finance
The implementation
of sustainable finance is measured using an index developed by the United
Nation Environment Program Financial Initiative (UNEP FI). Researchers use
content analysis by giving a value of 1 (one) if the bank implements indicators
of implementing sustainable finance and a value of 0 (zero) if the Bank does
not implement indicators of implementing sustainable finance. The formula for
measuring sustainable finance is as follows:
Information:
SF =
Sustainable Finance
Control
Variables
Profitability
Profitability ratios describe the level of
success of operational activities and company effectiveness based on the level
of profit generated or achieved by the company. The selection of profitability
as a control variable is because in previous research, profitability has a
positive effect on corporate social responsibility (Fauji & Wahyuni, 2020). Profitability
can be calculated using a formula that has been developed by several previous
researchers (Murwaningsari
& Rachmawati, 2017; Noviani et al., 2017; Ramadhani & Mashariono, 2017) in this study can be calculated using the following formula:
Information:
ROA =Return on Assets
Company
Size
Company size is a measure that shows the
size of a company, including total sales, average level of sales, and total
assets (Widjaja, 2009). The use of
company size as a control variable is because in several previous studies,
company size has a positive effect on sustainable finance and company size has
a positive effect on corporate social responsibility (Ani & Fredy, 2017; Qisam, 2017). Company size can
be calculated using the formula that has been developed by Qisam et al., (2017) and Rachmawati (2019). In this study it can be calculated using the following formula:
CS = Ln Total Assets
Information:
CS = Firm Size
Ln = natural logs
Company
Age
Company age is an important attribute of company performance, because it
explains the experience of the company in managing the company. The use of firm
age as a control variable is due to several previous studies, firm age has a
positive effect oncorporate social
responsibility (Pare et al.,
2017; Prasetyoningrum, 2019). In this study, the age of the company is calculated using the
following formula:
CA = Year of research – The
year the company was listed on the IDX
Information:
ca = Company Age
Leverage
Leverage is a description of the extent to which the
amount of own capital is guaranteed for the debt of a company (Umiyati &
Baiquni, 2018). The use of leverage as a
control variable is because several previous studies stated that leverage has a
negative effect on Islamic social reporting (Riyanti &
Barkhowa, 2021). Leverage in this study
uses the following formula:
Information:
DER =Debt to Equity Ratio
Data
analysis method
Multiple linear
regression analysis in this study used the Moderating Regression Analysis (MRA)
method in analyzing the research results. The regression equation model to be
examined is as follows:
SF = a + b1GHC+
b2GSC + b3GRC + b4GA+ b5GHC*CG + b6GSC*CG+ b7GRC*CG + b8GA*CG + b9CP + b10CS +
b11CA + b12CL + e
Information:
a = Constant
SF = Sustainable Finance
GHC = Green Human Capital
GSC = Green Structural Capital
GRC = Green Relational Capital
GA = Green Accounting
cg = Mechanism of Corporate
Governance
CP = Profitability
CS = Firm Size
ca = Company Age
CL = leverage
e = Errors
RESULTS AND
DISCUSSION
This study used purposive sampling in determining the
number of samples, as shown in the table below:
Table
1. Calculation of Research Samples
|
No |
Information |
Amount |
|
1. |
Banking listed on the Indonesia Stock Exchange from
2016 to 2020 |
45 |
|
2. |
Companies
whose annual reports cannot be accessed during the study period |
(2) |
|
3. |
Banking registered after January 1, 2016 because it
was just an IPO, so the age of the company is still 0 (zero) in 2016 |
(6) |
|
4. |
Banking
that does not provide overall information related to research variables |
(7) |
|
|
Total |
30 |
|
|
Total
Samples (30x5) |
150 |
|
|
Outliers
Data |
(1) |
|
|
Final
Sample |
149 |
Source: Processed data, 2021
Descriptive Statistics
Table 2. Descriptive Statistics Results
|
Variable |
N |
Minimum |
Maximum |
Mark Average |
Standard Deviation |
|
GHC |
149 |
0.200 |
1,000 |
0.508 |
0.254 |
|
GSC |
149 |
0.000 |
0.833 |
0.322 |
0.275 |
|
GRC |
149 |
0.000 |
1,000 |
0.495 |
0.337 |
|
GA |
149 |
0.000 |
0.667 |
0.078 |
0.166 |
|
cg |
149 |
0.769 |
1,000 |
0.944 |
0.043 |
|
SF |
149 |
0.053 |
1,000 |
0.526 |
0.291 |
|
CP |
149 |
-0.112 |
0.040 |
0.010 |
0.023 |
|
CS |
149 |
70,532E+6 |
1,512E+15 |
31,272 |
2,266 |
|
CL |
149 |
0.981 |
16,079 |
6,033 |
2,570 |
|
ca |
149 |
1 |
38 |
17,342 |
8,289 |
Source:
Processed data, 2021
Based on table 2. The descriptive statistical analysis
above, the conclusions that can be drawn are as follows:
1)
Green Human Capital
Based on the
results of descriptive statistics, it can be seen that the green human capital
variable has a minimum value of 0.2 and a maximum value of 1. Meanwhile, the
average value and standard deviation obtained in this variable are 0.508 and
0.254. The standard deviation value which is smaller than the mean value
indicates that the data distribution of the green human capital variable does
not have a large enough gap from the lowest and highest green human capital
ratios or is referred to as homogeneous data.
2)
Green Structural Capital
Based on the
results of descriptive statistics, it can be seen that the green structural
capital variable has a minimum value of 0 and a maximum value of 0.833.
Meanwhile, the average value and standard deviation obtained in this variable
are 0.322 and 0.255. The standard deviation value which is smaller than the
average value indicates that the distribution of data from the green structural
capital variable does not have a large enough gap from the lowest and highest
green structural capital ratios or is referred to as homogeneous data.
3)
Green Relational Capital
Based on the
results of descriptive statistics, it can be seen that the green relational
capital variable has a minimum value of 0 and a maximum value of 1. Meanwhile,
the average value and standard deviation obtained in this variable are 0.495
and 0.337. The standard deviation value which is smaller than the mean value
indicates that the data distribution of the green relational capital variable
does not have a large enough gap from the lowest and highest green relational
capital ratios or is referred to as homogeneous data.
4)
Green Accounting
Based on the
results of descriptive statistics, it can be seen that the green accounting
variable has a minimum value of 0 and a maximum value of 0.667. Meanwhile, the
average value and standard deviation obtained in this variable are 0.078 and
0.166. The standard deviation that is greater than the mean value indicates
that the data used in the green accounting variable has a large data
distribution, so that the data deviation can be said to be not good. This shows
that the application of green accounting is still low and the distribution of
green accounting data can be said to be heterogeneous data.
5)
Corporate
governance
Based on the results
of the descriptive statistics, it can be seen that the corporate governance
variable has a minimum value of 0.769 and a maximum value of 1. Meanwhile, the
average value and standard deviation obtained in this variable are 0.944 and
0.04. The standard deviation value which is smaller than the mean value
indicates that the data distribution of the corporate governance variable does
not have a large enough gap from the lowest and highest corporate governance
ratios or is referred to as homogeneous data.
6)
Sustainable
Finance
Based on the
results of descriptive statistics, it can be seen that the variable sustainable
finance has a minimum value of 0.053 and a maximum value of 1. Meanwhile, the
average value and standard deviation obtained for this variable are 0.526 and
0.291. The standard deviation value which is smaller than the average value
indicates that the distribution of data from sustainable finance variables does
not have a large enough gap from the lowest and highest sustainable financial
ratios or is referred to as homogeneous data.
7)
Profitability
Based on the
results of descriptive statistics, it can be seen that the profitability
variable has a minimum value of -0.112 and a maximum value of 0.04. Meanwhile,
the average value and standard deviation obtained in this variable are 0.010
and 0.023. The standard deviation that is greater than the mean value indicates
that the data used in the profitability variable has a large data distribution,
so that the data deviation can be said to be not good. This shows that
profitability data can be said to be heterogeneous data.
8)
Company Size
Based on the
results of descriptive statistics, it can be seen that the company size
variable has a minimum value of IDR 70,532,000,000 and a maximum value of IDR
1,511,804,628,000,000. Meanwhile, the average value and standard deviation
obtained in this variable are 31.272 and 2.266. The standard deviation value
which is smaller than the mean value indicates that the data distribution of
the company size variable does not have a large enough gap from the ratio of
the lowest and highest company size or is referred to as homogeneous data.
9)
Leverage
Based on the
results of descriptive statistics, it can be seen that the leverage variable
has a minimum value of 0.981 and a maximum value of 16.079. Meanwhile, the
average value and standard deviation obtained in this variable are 6.033 and
2.570. The standard deviation value which is smaller than the average value
indicates that the distribution of data from the leverage variable does not
have a large enough gap from the lowest and highest leverage ratios or is
referred to as homogeneous data.
10)
Company Age
Based on the
results of descriptive statistics, it can be seen that the firm age variable
has a minimum value of 1 year and a maximum value of 38 years. Meanwhile, the
average value and standard deviation obtained in this variable are 17.342 and
8.289. The standard deviation value which is smaller than the average value
indicates that the data distribution of the firm age variable does not have a
large enough gap from the lowest and highest firm age ratios or is referred to
as homogeneous data.
Classic assumption test
This study has carried out classical assumption tests,
including normality tests, heteroscedasticity tests, multicollinearity tests
and autocorrelation tests. It can be concluded that, the data in this study
were normally distributed, there were no heteroscedasticity disorders and
passed the autocorrelation test. However, there is multicollinearity disorder
caused by the influence of the moderating variable. Multicollinearity problems
in this study are ignored because multicollinearity problems arise as a result
of interactions with moderating variables (Ghozali, 2016).
Hypothesis
testing
Table
3.
Hypothesis Testing
|
Variable |
Coefficient |
Sig
(Two Tailed) |
Sig
(One Tailed) |
predictions |
Conclusion |
|
Constant |
-0.116 |
|
|
|
|
|
GHC |
1,772 |
0.020 |
0.010* |
Positive |
H1
Accepted |
|
GSC |
4,437 |
0.010 |
0.005* |
Positive |
H2
Accepted |
|
GRC |
-1.855 |
0.180 |
0.090 |
Positive |
H3
Rejected |
|
GA |
2,916 |
0.154 |
0.077* |
Positive |
H4
Accepted |
|
GHC*CG |
-2,289 |
0.058 |
0.029 |
Strengthen |
H5
Rejected |
|
GSC*CG |
-5,770 |
0.017 |
0.009 |
Strengthen |
H6
Rejected |
|
GRC*CG |
3,066 |
0.154 |
0.077 |
Strengthen |
H7
Rejected |
|
GA*CG |
-2,402 |
0.169 |
0.085 |
Strengthen |
H8
Rejected |
|
CP |
0.834 |
0.206 |
0.103 |
Positive |
|
|
CS |
0.005 |
0.032 |
0.016* |
Positive |
|
|
CL |
-0.006 |
0.095 |
0.048* |
Negative |
|
|
ca |
0.000 |
0.080 |
0.040* |
Positive |
|
|
F test |
50,872 |
|
0.000* |
|
|
|
|
|
|
|
|
|
|
Adjusted R Squared |
0.802 |
||||
Source:2021
data processing
Note: *Sig<10%, GHC: Green Human
Capital, GSC: Green Structural Capital, GRC: Green Relational Capital, GA:
Green Accounting, CG: Corporate Governance, SF: Sustainable Finance, CP:
Profitability, CS: Company Size, CL: Leverage, CA: Company Age.
Determination
coefficient test
Based on
table 3, the adjusted R square value is 0.802.
This means that the ability of the independent variable to explain the variance
of the dependent variable is 80.2%, while 19.8% is influenced by other
variables not included in this study.
F
test
Based on table 3, it can be seen that the value of Sig
0.000 <0.05, so it can be concluded that all independent variables jointly
affect the Implementation of Sustainable Finance in Banking listed on the
Indonesia Stock Exchange for the 2016-2020 period.
t test
Based on table 3, the results of
hypothesis testing can be concluded that:
H1: Green Human
Capital on Sustainable
Finance
The result of the data processing of
the green human capital coefficient is 1.772. That is, the theory test which
states that there is a positive influence between green human capital on
sustainable finance, is proven (passes the theory test), so that the analysis
can be continued into statistical tests. From the statistical test results, the
p-value is 0.010 (0.010 <0.10). Thus, it can be concluded that H₀ is
rejected and H1 is accepted.
H2: Green Human
Capital on Sustainable
Finance
The results of the data processing
of the coefficient of green structural capital is 4.437. That is, the theory
test which states that there is a positive effect between green structural
capital on sustainable finance, is proven (passes the theory test), so that the
analysis can be continued into statistical tests. From the statistical test
results, the p-value is 0.005 (0.005 <0.10). Thus, it can be concluded that
H₀ is rejected and H2 is accepted.
H3: Green
Relational Capital on
Sustainable Finance
The result of data processing is the
green relational capital coefficient of -1.855. This means that the theory test
which states that there is a positive influence between green relational
capital on sustainable finance is not proven, so that the magnitude of the
p-value for this variable is not analyzed further. Based on the results of the
analysis it can be concluded that H₀ is accepted and H3 is rejected.
H4: Green
Accounting on Sustainable
Finance
The results of data processing of
the green accounting coefficient are 2.916. That is, the theory test which
states that there is a positive effect between green accounting on sustainable finance,
is proven (passes the theory test). So that the analysis can be continued into
statistical tests. From the statistical test results, the p-value was 0.077
(0.077 <0.10). Thus, it can be concluded that H₀ is rejected and H4 is
accepted.
H5: Corporate Governance Mechanisms in Strengthening Green Human Capital
on Sustainable Finance
The
results of the data processing of the interaction coefficient between green
human capital and corporate governance mechanisms is -2.289. This means that
the theory test which states that corporate governance mechanisms strengthen
the positive influence of green human capital on sustainable finance is not
proven. So that the magnitude of the p-value for this variable is not analyzed
further. Based on the results of the analysis it can be concluded that H₀ is
accepted and H5 is rejected.
H6: Corporate
Governance Mechanisms in Strengthening Green Structural Capital on Sustainable
Finance
The
results of the data processing of the interaction coefficient between green structural
capital and corporate governance mechanisms is -5.770. That is, the theory test
which states that corporate governance mechanisms strengthen the positive
influence of green structural capital on sustainable finance is not proven. So
that the magnitude of the p-value for this variable is not analyzed further.
Based on the results of the analysis it can be concluded that H₀ is accepted
and H6 is rejected.
H7: Corporate
Governance Mechanisms in Strengthening Green Relational Capital on Sustainable
Finance
The results of the data processing of the interaction
coefficient between green relational capital and corporate governance
mechanisms is 3.066. That is, the theory test which states that corporate
governance mechanisms strengthen the positive influence of green relational
capital on sustainable finance is proven. However, in independent testing, the green relational capital variable
has no positive effect, so it can be concluded that H₀ is accepted and H7 is
rejected.
H8: Corporate
Governance Mechanisms in Strengthening Green Accounting on Sustainable Finance
The result of the data processing of the interaction
coefficient between green accounting and corporate governance mechanisms is
-2.402. That is, the theory test which states that corporate governance
mechanisms strengthen the positive influence of green accounting on sustainable
finance is not proven, sso that the
magnitude of the p-value for this variable is not analyzed further. Based on
the results of the analysis it can be concluded that H₀ is accepted and H7 is
rejected.
Profitability
on Sustainable Finance
The result of data
processing is the profitability coefficient of 0.834. That is, the theory test
which states that there is a positive effect between profitability on
sustainable finance is proven (passes the theory test), so that the analysis
can be continued into statistical tests. From the statistical test results, the
p-value is 0.103 (0.103 > 0.10). Thus, it can be concluded that H₀ is
accepted and Ha is rejected.
Company
Size on Sustainable Finance
The result of the data processing of
the coefficient of firm size is 0.005. That is, the theory test which states
that there is a positive influence between company size on sustainable finance,
is proven (passes the theory test), so that the analysis can be continued into
statistical tests. From the statistical test results, the p-value is 0.016
(0.016 <0.10). Thus, it can be concluded that H₀ is rejected and Ha is
accepted.
Leverage on Sustainable
Finance
The results of data processing
leverage coefficient -0.006. That is, the theory test which states that there
is a negative effect between leverage on sustainable finance, is proven (passes
the theory test), so that the analysis can be continued into statistical tests.
From the statistical test results, the p-value is 0.048 (0.048 <0.10). Thus,
it can be concluded thatH₀ was rejected
and Ha was accepted.
Company Age
on Sustainable Finance
The result of the data
processing of the firm age coefficient is 0.000. That is, the theory test which
states that there is a positive influence between firm age on sustainable
finance is proven (the theory test is passed), so that the analysis can be
continued into statistical tests. From the statistical test results, the
p-value is 0.040 (0.040 <0.10). Thus, it can be concluded thatH₀ was rejected and Ha was accepted.
DISCUSSION
The Effect of Green Human Capital on the
Implementation of Sustainable Finance
The results testing of the first hypothesis
show that green human capital has a positive and significant effect on the
implementation of sustainable finance, so that the first hypothesis is
accepted. This finding is consistent with a study conducted by Josephine et
al., (2020) who found results that green human capital has a positive effect on
business sustainability. And in line with research conducted by Liao et al., (2021) who found that green human capital has a positive effect on corporate
social responsibility. This is in accordance with the first hypothesis which
states that green human capital is considered a vital asset for any company. In
addition, the descriptive statistical analysis also states that the data
obtained is homogeneous, so it is likely to have a significant effect.
Better employee performance can have a direct
impact on productivity, which can improve both profitability and corporate
image (Ali et al.,
2021). In general, green human
capital is able to improve overall company performance (Allameh, 2018). In addition, green human capital is a type of human capital that is
adopted to deal directly with the environment, which is simply explained as the
total skills, innovation, ability, capacity and responsibility of workers in relation
to environmental guarantees. Based on the resource-based view of theory, green
human capital is able to provide a competitive advantage for companies in the
form of developing green innovations produced by companies (Yong et al.,
2019).
The Effect of Green Structural Capital on the
Implementation of Sustainable Finance
The results testing of the second hypothesis
show that green structural capital has a positive and significant effect on the
implementation of sustainable finance. This finding is consistent with research
conducted by Yusoff et al., (2019) found that green structural capital has a positive effect on business
sustainability. Furthermore, it is supported by the results of Firmansyah (2017) that green structural capital has a positive effect on green competitive
advantage. In line with Ali et al., (2021) who found that green structural capital has an effect on green
innovation. This is in accordance with the second hypothesis which states that
the main goal of a company is to maximize company profits. In addition, the
descriptive statistical analysis also states that the data obtained is
homogeneous, so it is likely to have a significant effect. In the context of
green structural capital, companies can jointly contribute to social and
environmental goals by integrating their social responsibility as a strategic
investment into their core business strategy (Liao et al.,
2021).
This result is reinforced by According to
Jardon and Dasilva (2017), environmental practices by companies are not only related to green
human capital, but investment in green structural capital allows companies to
avoid environmental damage and reduce the burden of paying fines that companies
have polluted the environment (Firmansyah,
2017). In addition, companies
that have strong structural capital will receive support from a work
environment that will motivate employees to continue learning new things in
developing and addressing climate challenges. Based on the resource-based view
of theory, green structural capital enables companies to generate a positive
environment, employees with good welfare, generate profits for the company and
are able to support companies to place their role in supporting the
implementation of sustainable finance (Yusoff et al.,
2019).
The Effect of Green Relational Capital on the
Implementation of Sustainable Finance
The results of testing the
third hypothesis show that green relational capital has no positive effect on
the implementation of sustainable finance. This finding is contrary to research
conducted by Yussof et al., (2019) found that green relational capital has a positive effect on business
sustainability. However, this research is supported by Firmansyah (2017) who found that green relational capital has no effect on green
organizational identity. This result is contrary to the resource-based view of
theory which states that stable green collaboration allows for environmental
awareness among partners which will then be able to minimize the impact on the
environment and will increase the company's competitive advantage (Dickel et al.,
2018). However, these results
indicate that green relational capital has not been able to have an impact on
the implementation of sustainable finance. It is possible that banks in
Indonesia are already familiar with environmental protection and environmental
management, but still consider these matters not to be the company's top
priority in long-term organizational sustainability (Firmansyah,
2017). Furthermore, this is also
made possible by the lack of supplier and customer support for environmental
protection which will result in failure to achieve the company's environmental
objectives.
In addition, this is also
due to the fact that as a developing country, Indonesia still does not
prioritize environmental factors in the company's vision, mission and goals (Firmansyah,
2017). Supported by external
parties such as investors and strategic partners of companies that have not yet
implemented elements of environmental protection in their operational
activities. Even though Indonesia already has regulations related to
environmental protection such as the Limited Liability Company Law (UU PT) No
40/2007 concerning Social and Environmental Responsibility, this does not make
these regulations the main concern of companies/organizations. The effect of
green relational capital on the implementation of sustainable finance in this
study is also due to companies in the service sector who feel that they do not
have a negative impact on the environment because there is no significant waste
generated as is the case with manufacturing companies.
The Effect of Green Accounting on the Implementation
of Sustainable Finance
The results of testing the third hypothesis
show that green accounting has an effect on the implementation of sustainable
finance. This finding is in line with research conducted by Mustofa et al., (2020) who found that green accounting has a positive effect on corporate
social responsibility disclosure. In line with the research of Wahyuni et
al., (2019) who found that green accounting has an effect on environmental
performance. This states that companies that carry out environmental management
well will disclose information related to the environment better which will
improve the implementation of sustainable finance (Goddess, 2020). This is in line with stakeholder theory which states that a company
must meet the needs of its stakeholders. The application of green accounting is
used as a form of communication and accountability in order to gain, maintain
and or increase the trust of stakeholders.
In addition, the costs contained in green
accounting disclosures such as environmental operational costs, product
recycling costs as well as environmental development and research costs are costs
that have the aim of increasing stakeholder confidence that the company has
been serious about paying attention to the various wastes generated from its
operational activities (Mustofa et
al., 2020).
The Role of Corporate Governance in Moderating the
Effect of Green Human Capital on the Implementation of Sustainable Finance
The results of testing the fifth hypothesis
indicate that corporate governance mechanisms are not able to strengthen the
effect of green human capital on the implementation of sustainable finance, so
that the fifth hypothesis is rejected. This finding is contrary to research
conducted by Mukhtaruddin et al., (2018) who found the results that corporate governance has a positive effect on
corporate social responsibility disclosure. In addition, this finding is also
contrary to Josephine et al., (2020) found that green human capital has a positive effect on business
sustainability. However, these results are supported by Yusoff et al., (2019) who found that Green human capital has no effect on
business sustainability. In line with Firmansyah (2017) who
found that green human capital has no effect on green competitive advantage. In
addition, supported by Qisam et al., (2017) who found that
corporate governance has no effect on Islamic social reporting.
This result is in
contrast to agency theory which states that the better the mechanism of corporate
governance in a bank, the greater the oversight of the company so that the
company's disclosures are wider, including disclosures regarding corporate
social responsibility (Qisam, 2017). This shows that the failure of the corporate
governance mechanism in strengthening the influence of green human capital on
the implementation of sustainable finance of a company is due to the existence
of a corporate governance mechanism in a company that has not been able to play
a role in carrying out the oversight function of managerial performance,
including in disclosing its social responsibility (Handajani, 2019). In addition, it
is possible that there are no specific regulations that require companies to
have a sustainability report in accordance with the Circular of the Financial
Services Authority of the Republic of Indonesia Number 16/SEOJK.04/2021
Concerning the Form and Content of Annual Reports of Issuers or Public
Companies which states that submission of sustainability reports must be
submitted simultaneously with submission of annual reports. So that the company
has not been able to intensively carry out reports relating to environmental
aspects and participate in encouraging the implementation of sustainable
finance.
The Role of Corporate Governance in Moderating the
Effect of Green Structural Capital on the Implementation of Sustainable Finance
The results of testing the sixth hypothesis
indicate that corporate governance mechanisms are unable to strengthen the
effect of green structural capital on the implementation of sustainable
finance, so the sixth hypothesis is rejected. This finding is contrary to
research by Yusoff et al., (2019) found that green structural capital has a positive effect on business
sustainability. In addition, this result is also contrary to Ani and Fredy (2017) found that one of the governance mechanisms that is proxied by the size
of the Board of Directors has a significant effect on sustainable finance
disclosure. However, these results are supported by the research of Josephine
et al., (2020) who found that green structural capital has no effect on business
sustainability. This result is also supported by Handajani (2019) who found that corporate
governance mechanisms have no effect on green banking.
These results are contradictory with the agency theory which
states that supervision is carried out to ensure that Bank management does not
only disclose information that has a positive impact, but also discloses
various information that has a negative impact in order to increase information
transparency (Pare et al.,
2017). This shows that the role
of corporate governance mechanisms has not been able to strengthen the effect
of green structural capital on the implementation of sustainable finance
because the existence of corporate governance in a company tends to comply with
the Financial Services Authority Regulation Number 55/POJK.03/2016 concerning
Implementation of Governance for Commercial Banks. So that its existence has
not been able to maximally encourage the company to realize real action for the
environment around the company (Handajani,
2019). In addition, even though
the average value in the descriptive statistics shows a figure above 50%, in
reality there is no comprehensive support for the implementation of sustainable
finance. Supported by data submitted by issuers through the minutes of meetings
of the Board of Commissioners and Directors in their annual reports, it shows
that there are still many companies that have not discussed specifically
related to sustainable financial action plans.
The Role of Corporate Governance in Moderating the
Effect of Green Relational Capital on the Implementation of Sustainable Finance
The results of testing the seventh hypothesis
indicate that corporate governance mechanisms are not able to strengthen the
influence of green relational capital on the implementation of sustainable
finance, so the seventh hypothesis is rejected. This finding is contrary to
research by Yusoff et al., (2019) found that green relational
capital has a positive effect on business sustainability. This finding is also
contrary to the research of Bose et al., (2018) found that corporate governance mechanisms have a positive effect on
green banking. However, these results are supported by Firmansyah (2017) who found thatgreen relational capitalno effect
on green organizational identity. This result is also supported by the research
of Pare et al., (2017) who
found one element of corporate governance as measured by the composition of the
Board of Commissioners has no effect on the disclosure of corporate social
responsibility.
This shows that
the existence of corporate governance has not been able to strengthen the
influence of green relational capital on the implementation of sustainable
finance. It is possible that even though the average value on the results of
the descriptive statistical analysis shows that the implementation of corporate
governance is above 50%, this has not been able to become a benchmark that the
existence of a company's corporate governance mechanism will encourage
companies to determine with whom the company has a relationship with its
strategic partners, especially in selecting partners who are already
environmentally oriented (Pare et al.,
2017). Contrary to agency theory
which states that the role of corporate governance is to oversee the management
of the company and is responsible for determining whether management fulfills
its responsibilities in developing and implementing controls in the company.
This result is also supported by data submitted by issuers through the minutes
of meetings of the Board of Commissioners and Board of Directors in their
annual reports showing that companies have not specifically discussed
sustainable financial action plans.
The Role of Corporate Governance in Moderating the
Effect of Green Accounting on the Implementation of Sustainable Finance
The results of testing the eighth hypothesis
show that corporate governance mechanisms are not able to strengthen the effect
of green accounting on the implementation of sustainable finance, so the eighth
hypothesis is rejected. These results are in contrast to the research of
Mustofa et al., (2020) which found that green accounting has a positive effect
on corporate social responsibility disclosure. This finding is also contrary to
the research of Bose et al., (2018) found that corporate governance mechanisms have a positive effect on
green banking. However, these results are supported by Dewi (2020) and Mariani (2017) who found that green accounting has no effect on corporate social
responsibility. This result is also supported by Handajani (2019) who found that corporate governance mechanisms have no effect on green
banking.
This result is in contrast to agency theory
which states that the existence of corporate governance aims to provide
oversight to minimize information asymmetry, one of which is monitoring
environmental and social performance (Handajani,
2019). This shows that the
existence of corporate governance has not been able to strengthen the effect of
green accounting on the implementation of sustainable finance because the
existing corporate governance mechanism in a company only supervises mandatory
disclosure in the company's annual report, and has not focused on voluntary
disclosure (Handajani,
2019). Therefore, the existence
of a corporate governance mechanism has not been able to encourage companies to
increase disclosure related to their environmental costs which should be able
to increase the role of the Bank in implementing sustainable finance. In
addition, even though the average value in the descriptive statistics shows a
figure above 50%, in reality there is no support for the implementation of
sustainable finance. This is also reflected in the data submitted by issuers
through the minutes of meetings of the Board of Commissioners and Directors in
their annual reports showing that companies have not discussed their roles
specifically related to sustainable financial action plans.
CONCLUSION
Based on the results of the analysis and discussion
described in the previous chapter, the conclusions of this study are as
follows: (1) Green human capital
have a positive effect
on the implementation of sustainable finance in banks listed on the Indonesia
Stock Exchange in 2016-2020, (2) Green structural capital have a
positive effect on the implementation of sustainable finance in banks listed on
the Indonesia Stock Exchange in 2016-2020, (3) Green relational capital have no effect on the implementation of
sustainable finance in banks listed on the Indonesia Stock Exchange in
2016-2020, (4) Green accounting have a
positive effect on the implementation of sustainable finance in banks listed on
the Indonesia Stock Exchange in 2016-2020, (5) The
role of corporate governance has not been able to moderate the effect of green
structural capital on the implementation of sustainable finance in banks listed
on the Indonesia Stock Exchange in 2016-2020, (6) The
role of corporate governance has not been able to moderate the effect of green
relational capital on the implementation of sustainable finance in banks listed
on the Indonesia Stock Exchange in 2016-2020, (7) The
role of corporate governance has not been able to moderate the effect of green
accounting on the implementation of sustainable finance in banks listed on the
Indonesia Stock Exchange in 2016-2020, and (8) There are
several control variables that influence the implementation of sustainable
finance including company size, leverage and company age. while profitability
has no effect on the implementation of sustainable finance in banks listed on
the Indonesia Stock Exchange in 2016-2020.
REFERENCES
Ali, W., Wen, J., Hussain, H., Khan, N. A., Younas, M. W.,
& Jamil, I. (2021). Does green intellectual capital matter for green
innovation adoption? Evidence from the manufacturing SMEs of Pakistan. Journal
of Intellectual Capital, 22(5), 868–888.
Allameh, S. M. (2018). Antecedents
and consequences of intellectual capital: The role of social capital, knowledge
sharing and innovation. Journal of Intellectual Capital, 19(5),
858–874.
Andania, N. P., & Yadnya, I. P.
(2020). The Effect of Sustainability Report Disclosure on Banking Company
Financial Performance in Indonesia Stock Exchange. American Journal of
Humanities and Social Sciences Research, 4(1), 60–67.
Anggraini, D., Aryani, D., &
Prasetyo, I. B. (2020). Analisis implementasi green banking dan kinerja
keuangan terhadap profitabilitas bank di Indonesia (2016-2019). JBMI (Jurnal
Bisnis, Manajemen, Dan Informatika), 17(2), 141–161.
Ani, S. M., & Fredy, H. (2017).
Mekanisme governance dan pengungkapan sustainable finance: untuk melihat
tingkat kesiapan penerapan sustainable finance pada perusahaan jasa keuangan
terdaftar di BEI. Jurnal Akuntansi, 21(3), 437–447.
Arum, E. D. P. (2019). Pengaruh
Kepemilikan Manajemen Serta Kepemilikan Institusional, Profitabilitas dan
Kinerja Lingkungan (Environmental Performance) Terhadap Pengungkapan Corporate
Social Responsibility (Studi Empiris Perusahaan Pertambangan Periode
2015-2017). Jurnal Akuntansi & Keuangan Unja, 4(1), 34–44.
Ballesteros-Rodríguez, J. L., De
Saá-Pérez, P., García-Carbonell, N., Martín-Alcázar, F., & Sánchez-Gardey,
G. (2022). Exploring the determinants of scientific productivity: A proposed
typology of researchers. Journal of Intellectual Capital, 23(2),
195–221.
Bose, S., Khan, H. Z., Rashid, A.,
& Islam, S. (2018). What drives green banking disclosure? An institutional
and corporate governance perspective. Asia Pacific Journal of Management,
35, 501–527.
Chen, Y.-S. (2008). The positive
effect of green intellectual capital on competitive advantages of firms. Journal
of Business Ethics, 77, 271–286.
Dewi, M. A. (2020). Pengaruh Green
Accounting Dan Dividend Payout Ratio Terhadap Firm Size Melalui Csr Sebagai
Variabel Intervening. Bisma: Jurnal Bisnis Dan Manajemen, 14(1),
34–47.
Dickel, P., Hörisch, J., &
Ritter, T. (2018). Networking for the environment: The impact of environmental
orientation on start-ups’ networking frequency and network size. Journal of
Cleaner Production, 179, 308–316.
Fauji, A., & Wahyuni, F. (2020).
The Influence Of Profitability And Leverage On Corporate Social Responsibility
Value In Banking Companies Which Are Listed In Indonesia Stock Exchange Period 2011-2018.
LèKTORAS, 2(01).
Firmansyah, A. (2017). Pengaruh green
intellectual capital dan manajemen lingkungan organisasi terhadap green
organizational identity dan dampaknya terhadap green competitive advantage. Substansi:
Sumber Artikel Akuntansi Auditing Dan Keuangan Vokasi, 1(1),
183–219.
Handajani, L. (2019). Corporate
governance dan green banking disclosure: Studi pada bank di Indonesia. Jurnal
Dinamika Akuntansi Dan Bisnis, 6(2), 121–136.
Jardon, C. M., & Dasilva, A.
(2017). Intellectual capital and environmental concern in subsistence small
businesses. Management of Environmental Quality: An International Journal,
28(2), 214–230.
Josephine, K., Ciptadi, B. A., &
Aloysius, J. (2020). Pengaruh Green Intellectual Capital Terhadap Business
Sustainability. Jurnal Manajemen Strategi Dan Aplikasi Bisnis, 3(2),
117–128.
Kesuma, N., Gozali, E., & Syathiri,
A. (2017). Pengaruh Corporate Governance Index Terhadap Risk-Taking dan
Dinamika Bisnis Perbankan di Indonesia. Jurnal Manajemen Dan Bisnis
Sriwijaya, 15(2), 106–118.
Liao, H.-Y., Hsu, C.-T., &
Chiang, H.-C. (2021). How does green intellectual capital influence employee
pro-environmental behavior? The mediating role of corporate social
responsibility. International Journal of Management Studies, 28(2),
27–47.
Mariani, D. (2017). Pengaruh
Penerapan Green Accounting, Kepemilikan Saham Publik, Publikasi Csr Terhadap
Pengungkapan Csr Dengan Kinerja Keuangan Sebagai Variabel Intervening (Studi
Empiris pada Perusahaan Property dan Real Estate yang Terdaftar di Bursa Efek
Indonesia Tah. Jurnal Akuntansi Dan Keuangan, 6(2), 141–160.
Mukhtaruddin, M., Saftiana, Y., &
Dwikatama, P. A. (2018). Firm’s characteristics, corporate governance quality
and corporate social responsibility disclosure. Sriwijaya International
Journal of Dynamic Economics and Business, 2(3), 193–212.
Murwaningsari, E., & Rachmawati,
S. (2017). The influence of capital intensity and investment opportunity set
toward conservatism with managerial ownership as moderating variable. Journal
of Advanced Management Science, 5(6).
Mustofa, U. A., Edy, R. N. A. P.,
Kurniawan, M., & Kholid, M. F. N. (2020). Green Accounting Terhadap CSR
pada Bus di Indonesia dengan Kinerja Keuangan Sebagai Variabel Intervening. Jurnal
Ilmiah Ekonomi Islam, 6(3), 508–520.
Noviani, K., Yuniarta, G. A., Ak, S.
E., Si, M., & Wahyuni, M. A. (2017). Pengaruh Tingkat Profitabilitas,
Komposisi Dewan Komisaris Independen, dan Kepemilikan Institusional terhadap
Pengungkapan Corporate Social Responsibility Perusahaan Perbankan yang
Terdaftar di Bursa Efek Indonesia Tahun 2014-2016. JIMAT (Jurnal Ilmiah
Mahasiswa Akuntansi) Undiksha, 8(2).
Pare, Y. K., Sondakh, J. J., &
Morasa, J. (2017). Pengaruh karakteristik perusahaan terhadap pengungkapan
corporate social responsibility pada perusahaan perbankan konvensional di
Indonesia. Jurnal Riset Akuntansi Dan Auditing" Goodwill", 8(2).
Prasetyoningrum, A. K. (2019).
Pengaruh Ukuran Perusahaan, Profitabilitas, Leverage, Efisiensi Biaya, Dan Umur
Perusahaan Terhadap Islamic Social Reporting (ISR) Pada Perbankan Syariah Di
Indonesia. MALIA: Journal of Islamic Banking and Finance, 2(2),
147–162.
Qisam, I. (2017). The impact of
good corporate governance, company size nn corporate social responsibility
disclosure: Case study of Islamic banking in Indonesia.
Rachmawati, S. (2019). Company Size
Moderates the Effect of Real Earning Management and Accrual Earning Management
on Value Relevance. Ethics: Journal of Economics, 18(1), 133–142.
Ramadhani, F. N., & Mashariono,
M. (2017). Analisis pengaruh kinerja keuangan terhadap tanggung jawab sosial
perusahaan. Jurnal Ilmu Dan Riset Manajemen (JIRM), 6(7).
Riyanti, B., & Barkhowa, M. K.
(2021). Islamic Social Reporting Bank Syariah Di Indonesia: Fokus Pada Islamic
Governance Score, Ukuran Perusahaan, Profitabilitas, Likuiditas Dan Leverage. Magisma:
Jurnal Ilmiah Ekonomi Dan Bisnis, 9(2), 110–124.
Santoso, A. D., Utomo, S. W., &
Astuti, E. (2017). Pengaruh Kepemilikan Saham Publik, Ukuran Perusahaan dan
Profitabilitas Terhadap Corporate Social Responsibility Disclosure (Studi Pada
Perusahaan Perbankan yang Terdaftar di BEI Periode 2012-2015. FIPA: Forum
Ilmiah Pendidikan Akuntansi, 5(1).
Umiyati, U., & Baiquni, M. D.
(2018). Ukuran perusahaan, profitabilitas, dan leverage terhadap Islamic social
reporting pada bank umum syariah di Indonesia. Jurnal Akuntansi Dan Keuangan
Islam, 6(1), 85–104.
Wahyuni, W., Meutia, I., &
Syamsurijal, S. (2019). The effect of green accounting implementation on
improving the environmental performance of mining and energy companies in
Indonesia. Binus Business Review, 10(2), 131–137.
Widjaja, A. (2009). Perencanaan
Sebagai Fungsi Manajemen. PT. Rineka Cipta.
Yong, J. Y., Yusliza, M.-Y., Ramayah,
T., & Fawehinmi, O. (2019). Nexus between green intellectual capital and
green human resource management. Journal of Cleaner Production, 215,
364–374.
Yusoff, Y. M., Omar, M. K., Zaman, M.
D. K., & Samad, S. (2019). Do all elements of green intellectual capital
contribute toward business sustainability? Evidence from the Malaysian context
using the Partial Least Squares method. Journal of Cleaner Production, 234,
626–637.
Copyright holders:
Yulia Eka Riyanti, Etty
Murwaningsari (2023)
First publication right:
Devotion - Journal of Research and Community
Service
This
article is licensed under a Creative
Commons Attribution-ShareAlike 4.0 International