PENGARUH ENVIROMENTAL MANAGEMENT TERHADAP KINERJA KEUANGAN DENGAN GREEN INNOVATION SEBAGAI VARIABEL MEDIASI
Abstract
The purpose of this study was to obtain empirical evidence about the mediating role of green innovation (GI) in the relationship between environmental management accounting (EMA) and financial performance (FP). This research is quantitative using path analysis and processed through SPSS. Empirically, through a sample of 144 data on manufacturing companies in the industrial and basic chemical sub-sectors listed on the Indonesia Stock Exchange for the period 2018-2020, it was found that GI is able to mediate EMA against FP. Through GI which results in process and product changes, GI can also increase the efficiency of the use of raw materials, increase product differentiation and reduce the risk of pollution for the company. This research provides knowledge about companies in the basic chemical industry and motivates them in environmental management, especially investment and exploitation of GI.
Keywords: environmental management accounting, financial performance, green innovation
ABSTRAK
Tujuan penelitian ini adalah untuk mendapatkan bukti empiris tentang peran mediasi green innovation (GI) pada hubungan environmental management accounting (EMA) dan financial performance (FP). Penelitian ini bersifat kuantitatif dengan menggunakan path analysis dan diolah melalui software SPSS versi 25. Secara empiris, melalui sampel 144 data perusahaan manufaktur subsektor industri dan kimia dasar yang terdaftar di Bursa Efek Indonesia periode tahun 2018-2020 dan telah memenuhi kriteria yang telah ditentukan, ditemukan bahwa GI mampu memediasi EMA terhadap FP. Melalui GI yang mengakibatkan perubahan proses dan produk, GI juga dapat meningkatkan efisiensi penggunaan bahan baku, meningkatkan diferensiasi produk dan mengurangi risiko polusi bagi perusahaan. penelitian ini memberikan pengetahuan tentang perusahaan dalam industri kimia dasar dan memotivasi mereka dalam pengelolaan lingkungan khususnya investasi dan eksploitasi terhadap GI.
Kata Kunci: environmental management accounting, financial performance, green innovation
References
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Agustia, D. (2020). Innovation, environmental management accounting, future performance: Evidence in Indonesia. Journal of Security and Sustainability Issues, 9(3), 1005–1015. https://doi.org/10.9770/jssi.2020.9.3(24)
Agustia, D., Sawarjuwono, T., & Dianawati, W. (2019). The mediating effect of environmental management accounting on green innovation - Firm value relationship. International Journal of Energy Economics and Policy, 9(2), 299–306. https://doi.org/10.32479/ijeep.7438
Amores-Salvadó, J., Castro, G. M. De, & Navas-López, J. E. (2014). Green corporate image: Moderating the connection between environmental product innovation and firm performance. Journal of Cleaner Production, 83, 356–365. https://doi.org/10.1016/j.jclepro.2014.07.059
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Barrett, S. (1991). Environmental Regulation For Competitive Advantage. Business Strategy Review, 2(1), 1–15. https://doi.org/10.1111/j.1467-8616.1991.tb00144.x
Burritt, R. L. (2004). Environmental management accounting: Roadblocks on the way to the green and pleasant land. Business Strategy and the Environment, 13(1), 13–32. https://doi.org/10.1002/bse.379
Cheng, C. C. J., Yang, C. L., & Sheu, C. (2014). The link between eco-innovation and business performance: A Taiwanese industry context. Journal of Cleaner Production, 64, 81–90. https://doi.org/10.1016/j.jclepro.2013.09.050
Chun, J. S., Shin, Y., Choi, J. N., & Kim, M. S. (2013). How Does Corporate Ethics Contribute to Firm Financial Performance?: The Mediating Role of Collective Organizational Commitment and Organizational Citizenship Behavior. Journal of Management, 39(4), 853–877. https://doi.org/10.1177/0149206311419662
Claver, E., López, M. D., Molina, J. F., & Tarí, J. J. (2007). Environmental management and firm performance: A case study. Journal of Environmental Management, 84(4), 606–619. https://doi.org/10.1016/j.jenvman.2006.09.012
Cormier, D., & Magnan, M. (2013). The Economic Relevance of Environmental Disclosure and its Impact on Corporate Legitimacy: An Empirical Investigation. https://doi.org/10.1002/bse.1829
Dixon, F. M. K. and K. (2012). Environmental Management Accounting Implementation in Environmentally Sensitive Industries in Malaysia. 6th NZ Management Accounting Conference, Palmerston North, October, 22–23.
Dowling, J., & Pfeffer, J. (1975). Pacific Sociological Association Organizational Legitimacy: Social Values and Organizational Behavior. In Source: The Pacific Sociological Review (Vol. 18, Issue 1).
Effendi, B. (2021). Pengaruh Penerapan Akuntansi Manajemen Lingkungan Terhadap Nilai Perusahaan di Indonesia. Owner, 5(1), 72–82. https://doi.org/10.33395/owner.v5i1.331
Ferreira, A., Moulang, C., & Hendro, B. (2010). Environmental management accounting and innovation: An exploratory analysis. Accounting, Auditing and AccountabilityJournal,23(7),920–948. https://doi.org/10.1108/09513571011080180
Hristov, I., Appolloni, A., Chirico, A., & Cheng, W. (2021). The role of the environmental dimension in the performance management system: A systematic review and conceptual framework. Journal of Cleaner Production, 293. https://doi.org/10.1016/j.jclepro.2021.126075
Hsu, C. C., Quang-Thanh, N., Chien, F. S., Li, L., & Mohsin, M. (2021). Evaluating green innovation and performance of financial development: mediating concerns of environmental regulation. Environmental Science and Pollution Research, 28(40), 57386–57397. https://doi.org/10.1007/s11356-021-14499-w
Jermsittiparsert, K., Somjai, S., & Toopgajank, S. (2020). Factors affecting firm’s energy efficiency and environmental performance: The role of environmental management accounting, green innovation and environmental proactivity. International Journal of Energy Economics and Policy, 10(3), 325–331. https://doi.org/10.32479/ijeep.9220
Kementrian Perindustrian Indonesia. (2013). No Title. Manufaktur Ditopang Sektor Barang Konsumsi. https://www.kemenperin.go.id/artikel/7014/Manufaktur-Ditopang-Sektor-Barang-Konsumsi
Laksmi, D. A., & Narsa, N. P. D. R. H. (2022). Corporate Social Responsibility, Capital Intensity, and Tax Aggresiveness: Evidence from Indonesia. AKRUAL: Jurnal Akuntansi, 13(2). https://doi.org/10.26740/jaj.v13n2.p132-143
Oruc, I., & Sarikaya, M. (2011). Normative stakeholder theory in relation to ethics of care. Social Responsibility Journal, 7(3), 381–392. https://doi.org/10.1108/17471111111154527
Peters, B. (2005). Employment Effects of Different Innovation Activities : Microeconometric Evidence for Germany.Zentrum fur Europaische Discussion Paper,04-73, 17-38
Porter, M. E., & Van Der Linde, C. (2017). Toward a new conception of the environment-competitiveness relationship. Corporate Environmental Responsibility, 9(4), 61–82. https://doi.org/10.1257/jep.9.4.97
Primc, K., & Čater, T. (2016). The Influence of Organizational Life Cycle on Environmental Proactivity and Competitive Advantage: A Dynamic Capabilities View. Organization and Environment, 29(2), 212–230. https://doi.org/10.1177/1086026615584684
Rivera-Torres, P., Garcés-Ayerbe, C., Scarpellini, S., & Valero-Gil, J. (2015). Pro-Environmental Change and Short- to Mid-Term Economic Performance: The Mediating Effect of Organisational Design Change. Organization and Environment, 28(3), 307–327. https://doi.org/10.1177/1086026615603867
Saeidi, S. P., & Othman, M. S. H. (2017). The mediating role of process and product innovation in the relationship between environmental management accounting and firm ’ s financial performance Sayedeh Parastoo Saeidi and Mohd Shahwahid Haji Othman *. Int. J. Business Innovation and Research, 14(4), 421–438.
Saeidi, S. P., Othman, M. S. H., Saeidi, P., & Saeidi, S. P. (2018). The moderating role of environmental management accounting between environmental innovation and firm financial performance. International Journal of Business Performance Management, 19(3), 326–348. https://doi.org/10.1504/IJBPM.2018.092759
Sari, R. N., Pratadina, A., Anugerah, R., Kamaliah, K., & Sanusi, Z. M. (2020). Effect of environmental management accounting practices on organizational performance: role of process innovation as a mediating variable. Business Process Management Journal, 27(4), 1296–1314. https://doi.org/10.1108/BPMJ-06-2020-0264
Saunila, M., Ukko, J., & Rantala, T. (2018). Sustainability as a driver of green innovation investment and exploitation. Journal of Cleaner Production, 179, 631–641. https://doi.org/10.1016/j.jclepro.2017.11.211
Schaltegger, S., Bennett, M., Burritt, R. L., & Jasch, C. (2008). Environmental Management Accounting (EMA) as a Support for Cleaner Production (Issue April 2014). https://doi.org/10.1007/978-1-4020-8913-8_1
Silva, F., & Lunkes, R. J. (2020). Environmental management accounting and innovation in water and energy reduction.
Solovida, G. T. (2017). Linking environmental strategy to environmental performance management accounting. 595–619. https://doi.org/10.1108/SAMPJ-08-2016-0046
Sudana, I. M. (2015). Manajemen keuangan perusahaan teori dan praktik. (N. I. Sallama (ed.); ke-2). erlangga.
Summary, E. X. (2017). BETTER BUSINESS BETTER WORLD The report of the Business & Sustainable Development Commission.
Weng, H. H. R., Chen, J. S., & Chen, P. C. (2015). Effects of green innovation on environmental and corporate performance: A stakeholder perspective. Sustainability (Switzerland), 7(5), 4997–5026. https://doi.org/10.3390/su7054997
Worden, R. E., & McLean, S. J. (2017). Research on police legitimacy: the state of the art. Policing, 40(3), 480–513. https://doi.org/10.1108/PIJPSM-05-2017-0062
Xie, X., Huo, J., & Zou, H. (2019). Green process innovation, green product innovation, and corporate financial performance: A content analysis method. Journal of Business Research, 101(June 2018), 697–706. https://doi.org/10.1016/j.jbusres.2019.01.010
Yao, Q., Liu, J., Sheng, S., & Fang, H. (2019). Does eco-innovation lift firm value? The contingent role of institutions in emerging markets. Journal of Business and Industrial Marketing, 34(8), 1763–1778. https://doi.org/10.1108/JBIM-06-2018-0201
Zhang, D., Rong, Z., & Ji, Q. (2019). Green innovation and firm performance: Evidence from listed companies in China. Resources, Conservation and Recycling, 144(January), 48–55. https://doi.org/10.1016/j.resconrec.2019.01.023
Zhang, Q., & Ma, Y. (2021). The impact of environmental management on firm economic performance: The mediating effect of green innovation and the moderating effect of environmental leadership. Journal of Cleaner Production, 292. https://doi.org/10.1016/j.jclepro.2021.126057
Zhang, Y., Khan, U., Lee, S., & Salik, M. (2019). The Influence of Management Innovation and Technological Innovation on Organization Performance . A Mediating Role of Sustainability. https://doi.org/10.3390/su11020495
Agustia, D. (2020). Innovation, environmental management accounting, future performance: Evidence in Indonesia. Journal of Security and Sustainability Issues, 9(3), 1005–1015. https://doi.org/10.9770/jssi.2020.9.3(24)
Agustia, D., Sawarjuwono, T., & Dianawati, W. (2019). The mediating effect of environmental management accounting on green innovation - Firm value relationship. International Journal of Energy Economics and Policy, 9(2), 299–306. https://doi.org/10.32479/ijeep.7438
Amores-Salvadó, J., Castro, G. M. De, & Navas-López, J. E. (2014). Green corporate image: Moderating the connection between environmental product innovation and firm performance. Journal of Cleaner Production, 83, 356–365. https://doi.org/10.1016/j.jclepro.2014.07.059
Angelia, D., & Suryaningsih, R. (2015). The Effect of Environmental Performance And Corporate Social Responsibility Disclosure Towards Financial Performance (Case Study to Manufacture, Infrastructure, And Service Companies That Listed At Indonesia Stock Exchange). Procedia - Social and Behavioral Sciences, 211, 348–355. https://doi.org/10.1016/j.sbspro.2015.11.045
Asni, N., & Agustia, D. (2021). The mediating role of financial performance in the relationship between green innovation and firm value: evidence from ASEAN countries. European Journal of Innovation Management. https://doi.org/10.1108/EJIM-11-2020-0459
Barrett, S. (1991). Environmental Regulation For Competitive Advantage. Business Strategy Review, 2(1), 1–15. https://doi.org/10.1111/j.1467-8616.1991.tb00144.x
Burritt, R. L. (2004). Environmental management accounting: Roadblocks on the way to the green and pleasant land. Business Strategy and the Environment, 13(1), 13–32. https://doi.org/10.1002/bse.379
Cheng, C. C. J., Yang, C. L., & Sheu, C. (2014). The link between eco-innovation and business performance: A Taiwanese industry context. Journal of Cleaner Production, 64, 81–90. https://doi.org/10.1016/j.jclepro.2013.09.050
Chun, J. S., Shin, Y., Choi, J. N., & Kim, M. S. (2013). How Does Corporate Ethics Contribute to Firm Financial Performance?: The Mediating Role of Collective Organizational Commitment and Organizational Citizenship Behavior. Journal of Management, 39(4), 853–877. https://doi.org/10.1177/0149206311419662
Claver, E., López, M. D., Molina, J. F., & Tarí, J. J. (2007). Environmental management and firm performance: A case study. Journal of Environmental Management, 84(4), 606–619. https://doi.org/10.1016/j.jenvman.2006.09.012
Cormier, D., & Magnan, M. (2013). The Economic Relevance of Environmental Disclosure and its Impact on Corporate Legitimacy: An Empirical Investigation. https://doi.org/10.1002/bse.1829
Dixon, F. M. K. and K. (2012). Environmental Management Accounting Implementation in Environmentally Sensitive Industries in Malaysia. 6th NZ Management Accounting Conference, Palmerston North, October, 22–23.
Dowling, J., & Pfeffer, J. (1975). Pacific Sociological Association Organizational Legitimacy: Social Values and Organizational Behavior. In Source: The Pacific Sociological Review (Vol. 18, Issue 1).
Effendi, B. (2021). Pengaruh Penerapan Akuntansi Manajemen Lingkungan Terhadap Nilai Perusahaan di Indonesia. Owner, 5(1), 72–82. https://doi.org/10.33395/owner.v5i1.331
Ferreira, A., Moulang, C., & Hendro, B. (2010). Environmental management accounting and innovation: An exploratory analysis. Accounting, Auditing and AccountabilityJournal,23(7),920–948. https://doi.org/10.1108/09513571011080180
Hristov, I., Appolloni, A., Chirico, A., & Cheng, W. (2021). The role of the environmental dimension in the performance management system: A systematic review and conceptual framework. Journal of Cleaner Production, 293. https://doi.org/10.1016/j.jclepro.2021.126075
Hsu, C. C., Quang-Thanh, N., Chien, F. S., Li, L., & Mohsin, M. (2021). Evaluating green innovation and performance of financial development: mediating concerns of environmental regulation. Environmental Science and Pollution Research, 28(40), 57386–57397. https://doi.org/10.1007/s11356-021-14499-w
Jermsittiparsert, K., Somjai, S., & Toopgajank, S. (2020). Factors affecting firm’s energy efficiency and environmental performance: The role of environmental management accounting, green innovation and environmental proactivity. International Journal of Energy Economics and Policy, 10(3), 325–331. https://doi.org/10.32479/ijeep.9220
Kementrian Perindustrian Indonesia. (2013). No Title. Manufaktur Ditopang Sektor Barang Konsumsi. https://www.kemenperin.go.id/artikel/7014/Manufaktur-Ditopang-Sektor-Barang-Konsumsi
Laksmi, D. A., & Narsa, N. P. D. R. H. (2022). Corporate Social Responsibility, Capital Intensity, and Tax Aggresiveness: Evidence from Indonesia. AKRUAL: Jurnal Akuntansi, 13(2). https://doi.org/10.26740/jaj.v13n2.p132-143
Oruc, I., & Sarikaya, M. (2011). Normative stakeholder theory in relation to ethics of care. Social Responsibility Journal, 7(3), 381–392. https://doi.org/10.1108/17471111111154527
Peters, B. (2005). Employment Effects of Different Innovation Activities : Microeconometric Evidence for Germany.Zentrum fur Europaische Discussion Paper,04-73, 17-38
Porter, M. E., & Van Der Linde, C. (2017). Toward a new conception of the environment-competitiveness relationship. Corporate Environmental Responsibility, 9(4), 61–82. https://doi.org/10.1257/jep.9.4.97
Primc, K., & Čater, T. (2016). The Influence of Organizational Life Cycle on Environmental Proactivity and Competitive Advantage: A Dynamic Capabilities View. Organization and Environment, 29(2), 212–230. https://doi.org/10.1177/1086026615584684
Rivera-Torres, P., Garcés-Ayerbe, C., Scarpellini, S., & Valero-Gil, J. (2015). Pro-Environmental Change and Short- to Mid-Term Economic Performance: The Mediating Effect of Organisational Design Change. Organization and Environment, 28(3), 307–327. https://doi.org/10.1177/1086026615603867
Saeidi, S. P., & Othman, M. S. H. (2017). The mediating role of process and product innovation in the relationship between environmental management accounting and firm ’ s financial performance Sayedeh Parastoo Saeidi and Mohd Shahwahid Haji Othman *. Int. J. Business Innovation and Research, 14(4), 421–438.
Saeidi, S. P., Othman, M. S. H., Saeidi, P., & Saeidi, S. P. (2018). The moderating role of environmental management accounting between environmental innovation and firm financial performance. International Journal of Business Performance Management, 19(3), 326–348. https://doi.org/10.1504/IJBPM.2018.092759
Sari, R. N., Pratadina, A., Anugerah, R., Kamaliah, K., & Sanusi, Z. M. (2020). Effect of environmental management accounting practices on organizational performance: role of process innovation as a mediating variable. Business Process Management Journal, 27(4), 1296–1314. https://doi.org/10.1108/BPMJ-06-2020-0264
Saunila, M., Ukko, J., & Rantala, T. (2018). Sustainability as a driver of green innovation investment and exploitation. Journal of Cleaner Production, 179, 631–641. https://doi.org/10.1016/j.jclepro.2017.11.211
Schaltegger, S., Bennett, M., Burritt, R. L., & Jasch, C. (2008). Environmental Management Accounting (EMA) as a Support for Cleaner Production (Issue April 2014). https://doi.org/10.1007/978-1-4020-8913-8_1
Silva, F., & Lunkes, R. J. (2020). Environmental management accounting and innovation in water and energy reduction.
Solovida, G. T. (2017). Linking environmental strategy to environmental performance management accounting. 595–619. https://doi.org/10.1108/SAMPJ-08-2016-0046
Sudana, I. M. (2015). Manajemen keuangan perusahaan teori dan praktik. (N. I. Sallama (ed.); ke-2). erlangga.
Summary, E. X. (2017). BETTER BUSINESS BETTER WORLD The report of the Business & Sustainable Development Commission.
Weng, H. H. R., Chen, J. S., & Chen, P. C. (2015). Effects of green innovation on environmental and corporate performance: A stakeholder perspective. Sustainability (Switzerland), 7(5), 4997–5026. https://doi.org/10.3390/su7054997
Worden, R. E., & McLean, S. J. (2017). Research on police legitimacy: the state of the art. Policing, 40(3), 480–513. https://doi.org/10.1108/PIJPSM-05-2017-0062
Xie, X., Huo, J., & Zou, H. (2019). Green process innovation, green product innovation, and corporate financial performance: A content analysis method. Journal of Business Research, 101(June 2018), 697–706. https://doi.org/10.1016/j.jbusres.2019.01.010
Yao, Q., Liu, J., Sheng, S., & Fang, H. (2019). Does eco-innovation lift firm value? The contingent role of institutions in emerging markets. Journal of Business and Industrial Marketing, 34(8), 1763–1778. https://doi.org/10.1108/JBIM-06-2018-0201
Zhang, D., Rong, Z., & Ji, Q. (2019). Green innovation and firm performance: Evidence from listed companies in China. Resources, Conservation and Recycling, 144(January), 48–55. https://doi.org/10.1016/j.resconrec.2019.01.023
Zhang, Q., & Ma, Y. (2021). The impact of environmental management on firm economic performance: The mediating effect of green innovation and the moderating effect of environmental leadership. Journal of Cleaner Production, 292. https://doi.org/10.1016/j.jclepro.2021.126057
Zhang, Y., Khan, U., Lee, S., & Salik, M. (2019). The Influence of Management Innovation and Technological Innovation on Organization Performance . A Mediating Role of Sustainability. https://doi.org/10.3390/su11020495
Published
2022-12-31
How to Cite
BIBI, Yumna Salvatira; NARSA, Niluh Putu Dian Rosalina Handayani.
PENGARUH ENVIROMENTAL MANAGEMENT TERHADAP KINERJA KEUANGAN DENGAN GREEN INNOVATION SEBAGAI VARIABEL MEDIASI.
JURNAL AKUNTANSI UNIVERSITAS JEMBER, [S.l.], v. 20, n. 2, p. 90-105, dec. 2022.
ISSN 2460-0377.
Available at: <https://jurnal.unej.ac.id/index.php/JAUJ/article/view/34896>. Date accessed: 20 apr. 2024.
doi: https://doi.org/10.19184/jauj.v20i2.34896.
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