PERAN ENVIRONMENTAL POLICY SEBAGAI MODERASI PENGARUH GREEN INVESTMENT DAN CSR INVESTMENT TERHADAP FINANCIAL PERFORMANCE
Abstract
Perusahaan dalam mewujudkan industri yang ramah lingkungan harus melihat sebagai strategi bisnis untuk investasi jangka panjang. Investasi atas biaya lingkungan yang dikeluarkan dapat membuat perusahaan meraih respon positif dari investor berupa pangsa pasar yang semakin luas. Tujuan penelitian ini dilakukan untuk mengkaji dan mendapatkan bukti secara empiris mengenai peran Environmental Policy sebagai moderasi pengaruh Green Investment, CSR Investment terhadap Financial Performance. Penelitian yang digunakan dalam penelitian ini adalah penelitian kuantitatif. Populasi dalam penelitian ini semua perusahaan yang terdaftar dalam Jakarta Islamic Indeks (JII) periode tahun 2019-2023. Hasil penelitian ini menyatakan Green Investment dan CSR Investment mempunyai pengaruh signifikan terhadap Financial Performance dari perusahaan yang menjadi objek penelitian ini. Environmental Policy tidak mempunyai dampak yang signifikan terhadap Financial Performance. Peran Environmental Policy sebagai variabel moderasi juga tidak mempunyai efek atas pengaruh Green Investment dan CSR Investment terhadap Financial Performance.
Keywords:
Green Investment, CSR Investment, Environmental Policy, Financial Performance
References
Azhari, A., & Hasibuan, D. (2023). THE EFFECT OF GREEN INVESTMENT, INTELLECTUAL CAPITAL DISCLOSURE, AND CARBON EMISSION DISCLOSURE ON FIRM VALUE. Riset: Jurnal Aplikasi Ekonomi Akuntansi Dan Bisnis, 5(2). https://doi.org/10.37641/riset.v5i2.269
Benson, D., & Jordan, A. (2015). Environmental Policy: Protection and Regulation (J. D. B. T.-I. E. of the S. & B. S. (Second E. Wright (ed.); pp. 778–783). Elsevier. https://doi.org/https://doi.org/10.1016/B978-0-08-097086-8.91014-6
Bollazzi, F., & Risalvato, G. (2018). CORPORATE RESPONSIBILITY AND ROA : EVIDENCE FROM THE ITALIAN STOCK EXCHANGE. Asian Economic and Financial Review, 8(4), 565–570. https://doi.org/10.18488/journal.aefr.2018.84.565.570
Brigham, E. F., & Houston, J. F. (2015). Fundamentals of Financial Management. Cengage Learning. https://books.google.co.id/books?id=7T9-BAAAQBAJ
Cahyaningrum, A. S., & Muharam, H. (2023). PENGARUH CORPORATE SOCIAL RESPONSIBILITY ( CSR ) TERHADAP FINANCIAL PERFORMANCE , FINANCIAL STABILITY , DAN FINANCIAL INCLUSION PADA PERUSAHAAN PERBANKAN. Diponegoro Journal Of Management, 12(1), 1–14.
Candy, & Novia, J. (2023). Pengaruh Green Investment Dalam Financial Performance : Efek Moderasi dari Environmental Policy. Widya Cipta: Jurnal Sekretari Dan Manajemen, 7(2). https://doi.org/10.31294/widyacipta.v7i2.15567
Chariri, A., Ratna Sari Br Bukit, G., Bethary Eklesia, O., Uly Christi, B., & Meirisa Tarigan, D. (2018). Does Green Investment Increase Financial Performance? Empirical Evidence from Indonesian Companies. E3S Web Conf., 31, 9001. https://doi.org/10.1051/e3sconf/20183109001
Coelho, R., Jayantilal, S., & Ferreira, J. J. (2023). The impact of social responsibility on corporate financial performance: A systematic literature review. Corporate Social Responsibility and Environmental Management, 30(4), 1535–1560. https://doi.org/https://doi.org/10.1002/csr.2446
de Camargo Fiorini, P., Roman Pais Seles, B. M., Chiappetta Jabbour, C. J., Barberio Mariano, E., & de Sousa Jabbour, A. B. L. (2018). Management theory and big data literature: From a review to a research agenda. International Journal of Information Management, 43, 112–129. https://doi.org/https://doi.org/10.1016/j.ijinfomgt.2018.07.005
Fahmi, I. (2012). Analisis Laporan Keuangan. ALFABETA.
Fitriaty, F., Solikhin, A., & Srikandi, M. (2021). PENGARUH CORPORATE SOCIAL RESPONSIBILITY DAN SISTEM MANAJEMEN LINGKUNGAN ISO 14001 TERHADAP KINERJA KEUANGAN PERUSAHAAN ( STUDI EMPIRIS PADA PERUSAHAAN PERTAMBANGAN YANG TERDAFTAR DI BURSA EFEK INDONESIA ). Jurnal ManajemenTerapan Dan Keuangan (Mankeu), 10(03), 525–537. https://doi.org/https://doi.org/10.22437/jmk.v10i03.15813
Gao, Y., Yang, H., & Hafsi, T. (2019). Corporate giving and corporate financial performance: the S-curve relationship . Asia Pacific Journal of Management, 36(3), 687–713. https://doi.org/10.1007/s10490-019-09668-y
Ghozali, I., & Latan, H. (2019). Konsep, Teknik, Aplikasi Menggunakan Smart PLS 3.0 Untuk Penelitian Empiris. In BP Undip. Semarang Harnanto. BP Undip.
Indriastuti, M., & Chariri, A. (2021). The role of green investment and corporate social responsibility investment on sustainable performance. Cogent Business & Management, 8(1), 1960120. https://doi.org/10.1080/23311975.2021.1960120
Jannah, M., Fahlevi, M., Paulina, J., Nugroho, B. S., & Purwanto, A. (2020). Effect of ISO 9001 , ISO 45001 and ISO 14000 toward Financial Performance of Indonesian Manufacturing. 11(10), 894–902.
Kasmir. (2018). Analisis Laporan Keuangan. PT. Raja Grafindo Persada.
Khalid, F., Naveed, K., Nawaz, R., Sun, X., Wu, Y., & Ye, C. (2023). Does corporate green investment enhance profitability? An institutional perspective. Economic Research-Ekonomska Istraživanja, 36(1), 1–24. https://doi.org/10.1080/1331677X.2022.2063919
Kim, N. L. T., Duvernay, D., & Thanh, H. Le. (2021). Determinants of financial performance of listed firms manufacturing food products in Vietnam : regression analysis and Blinder – Oaxaca decomposition analysis. Journal of Economics and Development, 23(3), 267–283. https://doi.org/https://doi.org/10.1108/JED-09-2020-0130
Oyewumi, O. R., Ogunmeru, O. A., & Oboh, C. S. (2018). Investment in corporate social responsibility, disclosure practices, and financial performance of banks in Nigeria. Future Business Journal, 4(2), 195–205. https://doi.org/https://doi.org/10.1016/j.fbj.2018.06.004
Puspitasari, I., Wahyudi, S., & Pangestuti, I. R. D. (2020). Investor Behavior In Green Investment Information. AL-ARBAH: Journal of Islamic Finance and Banking, 2(1). https://doi.org/https://doi.org/10.21580/al-arbah.2020.2.1.5497
Schaltegger, S., Hörisch, J., & Freeman, R. E. (2019). Business Cases for Sustainability : A Stakeholder Theory Perspective. Organization & Environment, 32(3), 191–212. https://doi.org/10.1177/1086026617722882
Benson, D., & Jordan, A. (2015). Environmental Policy: Protection and Regulation (J. D. B. T.-I. E. of the S. & B. S. (Second E. Wright (ed.); pp. 778–783). Elsevier. https://doi.org/https://doi.org/10.1016/B978-0-08-097086-8.91014-6
Bollazzi, F., & Risalvato, G. (2018). CORPORATE RESPONSIBILITY AND ROA : EVIDENCE FROM THE ITALIAN STOCK EXCHANGE. Asian Economic and Financial Review, 8(4), 565–570. https://doi.org/10.18488/journal.aefr.2018.84.565.570
Brigham, E. F., & Houston, J. F. (2015). Fundamentals of Financial Management. Cengage Learning. https://books.google.co.id/books?id=7T9-BAAAQBAJ
Cahyaningrum, A. S., & Muharam, H. (2023). PENGARUH CORPORATE SOCIAL RESPONSIBILITY ( CSR ) TERHADAP FINANCIAL PERFORMANCE , FINANCIAL STABILITY , DAN FINANCIAL INCLUSION PADA PERUSAHAAN PERBANKAN. Diponegoro Journal Of Management, 12(1), 1–14.
Candy, & Novia, J. (2023). Pengaruh Green Investment Dalam Financial Performance : Efek Moderasi dari Environmental Policy. Widya Cipta: Jurnal Sekretari Dan Manajemen, 7(2). https://doi.org/10.31294/widyacipta.v7i2.15567
Chariri, A., Ratna Sari Br Bukit, G., Bethary Eklesia, O., Uly Christi, B., & Meirisa Tarigan, D. (2018). Does Green Investment Increase Financial Performance? Empirical Evidence from Indonesian Companies. E3S Web Conf., 31, 9001. https://doi.org/10.1051/e3sconf/20183109001
Coelho, R., Jayantilal, S., & Ferreira, J. J. (2023). The impact of social responsibility on corporate financial performance: A systematic literature review. Corporate Social Responsibility and Environmental Management, 30(4), 1535–1560. https://doi.org/https://doi.org/10.1002/csr.2446
de Camargo Fiorini, P., Roman Pais Seles, B. M., Chiappetta Jabbour, C. J., Barberio Mariano, E., & de Sousa Jabbour, A. B. L. (2018). Management theory and big data literature: From a review to a research agenda. International Journal of Information Management, 43, 112–129. https://doi.org/https://doi.org/10.1016/j.ijinfomgt.2018.07.005
Fahmi, I. (2012). Analisis Laporan Keuangan. ALFABETA.
Fitriaty, F., Solikhin, A., & Srikandi, M. (2021). PENGARUH CORPORATE SOCIAL RESPONSIBILITY DAN SISTEM MANAJEMEN LINGKUNGAN ISO 14001 TERHADAP KINERJA KEUANGAN PERUSAHAAN ( STUDI EMPIRIS PADA PERUSAHAAN PERTAMBANGAN YANG TERDAFTAR DI BURSA EFEK INDONESIA ). Jurnal ManajemenTerapan Dan Keuangan (Mankeu), 10(03), 525–537. https://doi.org/https://doi.org/10.22437/jmk.v10i03.15813
Gao, Y., Yang, H., & Hafsi, T. (2019). Corporate giving and corporate financial performance: the S-curve relationship . Asia Pacific Journal of Management, 36(3), 687–713. https://doi.org/10.1007/s10490-019-09668-y
Ghozali, I., & Latan, H. (2019). Konsep, Teknik, Aplikasi Menggunakan Smart PLS 3.0 Untuk Penelitian Empiris. In BP Undip. Semarang Harnanto. BP Undip.
Indriastuti, M., & Chariri, A. (2021). The role of green investment and corporate social responsibility investment on sustainable performance. Cogent Business & Management, 8(1), 1960120. https://doi.org/10.1080/23311975.2021.1960120
Jannah, M., Fahlevi, M., Paulina, J., Nugroho, B. S., & Purwanto, A. (2020). Effect of ISO 9001 , ISO 45001 and ISO 14000 toward Financial Performance of Indonesian Manufacturing. 11(10), 894–902.
Kasmir. (2018). Analisis Laporan Keuangan. PT. Raja Grafindo Persada.
Khalid, F., Naveed, K., Nawaz, R., Sun, X., Wu, Y., & Ye, C. (2023). Does corporate green investment enhance profitability? An institutional perspective. Economic Research-Ekonomska Istraživanja, 36(1), 1–24. https://doi.org/10.1080/1331677X.2022.2063919
Kim, N. L. T., Duvernay, D., & Thanh, H. Le. (2021). Determinants of financial performance of listed firms manufacturing food products in Vietnam : regression analysis and Blinder – Oaxaca decomposition analysis. Journal of Economics and Development, 23(3), 267–283. https://doi.org/https://doi.org/10.1108/JED-09-2020-0130
Oyewumi, O. R., Ogunmeru, O. A., & Oboh, C. S. (2018). Investment in corporate social responsibility, disclosure practices, and financial performance of banks in Nigeria. Future Business Journal, 4(2), 195–205. https://doi.org/https://doi.org/10.1016/j.fbj.2018.06.004
Puspitasari, I., Wahyudi, S., & Pangestuti, I. R. D. (2020). Investor Behavior In Green Investment Information. AL-ARBAH: Journal of Islamic Finance and Banking, 2(1). https://doi.org/https://doi.org/10.21580/al-arbah.2020.2.1.5497
Schaltegger, S., Hörisch, J., & Freeman, R. E. (2019). Business Cases for Sustainability : A Stakeholder Theory Perspective. Organization & Environment, 32(3), 191–212. https://doi.org/10.1177/1086026617722882
Published
2024-12-31
How to Cite
Fachrozi, F., Mariana, M., & Santoso, E. (2024). PERAN ENVIRONMENTAL POLICY SEBAGAI MODERASI PENGARUH GREEN INVESTMENT DAN CSR INVESTMENT TERHADAP FINANCIAL PERFORMANCE. Jesya (Jurnal Ekonomi Dan Ekonomi Syariah), 8(1), 24-33. https://doi.org/https://doi.org/10.36778/jesya.v8i1.1797
Section
Articles
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
