PENGARUH ENVIRONMENTAL COST, ENVIRONMENTAL PERFORMANCE, DAN UKURAN PERUSAHAAN TERHADAP KINERJA KEUANGAN PADA PERUSAHAAN SUBSEKTOR AGRICULTURAL PRODUCTS, FORESTRY DAN PAPER DI BEI
DOI:
https://doi.org/10.61722/jrme.v3i4.12180Keywords:
environmental cost, environmental performance, firm size, financial performanceAbstract
This study is motivated by the financial performance of companies in the forestry and paper as well as agricultural products sub-sectors specifically as reflected by Return on Assets (ROA) which exhibited a fluctuating trend between 2021 and 2024. This instability indicates the presence of factors influencing the financial performance of companies in this sector. Non-financial aspects, particularly environmental responsibility, constitute one such influential component. This study aims to analyze the impact of environmental costs, environmental performance, and firm size on the financial performance of agricultural products, forestry, and paper sub-sector companies listed on the Indonesia Stock Exchange during the 2021–2024 period. A quantitative research method was employed. The study population comprised all companies in the agricultural products, forestry, and paper sub-sectors listed on the Indonesia Stock Exchange. Purposive sampling was used to select a sample of 16 companies; with a four-year observation period, the study yielded a total of 64 observations. Secondary data were obtained from corporate sustainability reports and financial statements. Data analysis was conducted using panel data regression with the EViews application. The results indicate that environmental costs have a negative effect on financial performance, whereas environmental performance and firm size do not have a significant effect on financial performance. Furthermore, environmental costs, environmental performance, and firm size do not collectively (simultaneously) affect financial performance.
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