THE INFLUENCE OF BOARD OF COMMISSIONERS SIZE, COMPANY GROWTH, AND INTELLECTUAL CAPITAL ON COMPANY VALUE WITH ENVIRONMENTAL ACCOUNTING AS A MODERATING VARIABLE (EMPIRICAL STUDY ON COMPANIES INDEXED BY SRI KEHATI ON THE IDX 2019-2024)
Abstrak
Company value is an important indicator for investors in assessing the prospects and performance of a company, while factors such as the size of the board of commissioners, company growth, and intellectual capital are believed to have a significant influence on the increase in value. This is interesting to study because company value is fundamental in investor decision making. Companies that care about environmental aspects can increase company value. One of the companies indexed by SRI-KEHATI whose stock price shows a positive trend is PT Bank Rakyat Indonesia (Persero) Tbk (BBRI). BBRI shares grew from IDR 3,900 (2021) to IDR 4,500 (2023) reflecting investor appreciation for the company's commitment to ESG (Environmental, Social, and Governance) principles. The novelty in this study is combining three independent variables, conducting research on the effect of environmental accounting as a moderating variable on intellectual capital which was difficult to find in previous studies, and re-examining environmental accounting as a moderating variable. This study uses secondary data obtained from the annual reports of companies indexed by SRI-KEHATI during the 2019-2024 period. The analysis method used is MRA to determine the interaction between independent variables and moderating variables.The results of the study indicate that the size of the board of commissioners, company growth, and intellectual capital have a positive effect on company value. In addition, environmental accounting is proven to strengthen the influence of intellectual capital on company value, but does not moderate the relationship between the size of the board of commissioners and company growth with company value.Referensi
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Aji Santoso, B., & Junaeni, I. (2024). The Effect of Profitability, Leverage, Company Size, and Asset Growth on Company Value. Owner, 8(2), 1823–1838. https://doi.org/10.33395/owner.v8i2.1997
Dwianto, A., Triyono, Witono, B., & Achyani, F. (2023). Does Environmental Accounting Contribute to Internal Factors and Firm Value? Multiparadigma Accounting Journal, 14, 626–635. https://jamal.ub.ac.id/index.php/jamal/article/view/15558/pdf
Gatot Nazir Ahmad, Rizal Lullah, & M. Edo S. Siregar. (2020). The Influence of Investment Decisions, Funding Decisions, Dividend Policy, and Board of Commissioners Size on Company Value in Manufacturing Companies Listed on the Indonesia Stock Exchange for the 2016-2018 Period. JRMSI - Indonesian Journal of Management Science Research, 11(1), 169–184. https://doi.org/10.21009/jrmsi.011.1.09
Haryani, NI, & Susilawati, C. (2023). The effect of board of commissioners size, board of directors size, company size, institutional ownership, and independent commissioners on financial performance. Journal of Economics, Business and Accounting, 6(2), 2425–2435.
Hernita, T. (2019). Factors Affecting Manufacturing Company Value. Business Management, 22(3), 325–336.
Islamey, FE (2016). Environmental Accounting Treatment of Waste Management at Jember Lung Hospital. Journal of the Faculty of Economics, Muhammadiyah University of Jember, 1(1), 1–20. www.unmuhjember.ac.id
Machfoedz, M. (2007). Introduction to modern business. Yogyakarta Andi.
Made, I., Saputra Karya, A., Sri, NP, & Mimba, H. (2023). Disclosure of Sustainability Reporting, Intellectual Capital, and Company Value in Mining Companies. E-Journal of Accounting, 33, 1563–1574. https://doi.org/10.24843/EJA.2023.v33.i06.p11
Mahirun, M., Ayuningrum, AP, Prasetiani, TR, & Kushermanto, A. (2023). The Effect of Dividend Policy, Capital Structure, Investment Opportunity Set, and Profitability on Firm Value. JAKA (Journal of Accounting, Finance, and Auditing), 4(2), 33–47. https://doi.org/10.56696/jaka.v4i2.9623
Mahirun, M., & Kushermanto, A. (2018). Capital structure, investment opportunity set, growth sales, firm size and firm value: R&D intensity as mediating. Quality - Access to Success, 19(164), 117–122.
Mayliza, R., & Yusnelly, A. (2021). The Influence of Good Corporate Governance on Islamic Social Responsibility in Islamic Commercial Banks in Indonesia. Tabarru' Journal: Islamic Banking and Finance, 4(2), 369–379. https://doi.org/10.25299/jtb.2021.vol4(2).7616
Mia Fitriani, & Puji Endah Purnamasari. (2023). The Role of Profitability in Moderating Environmental Performance, Islamic Social Reporting and Board of Commissioners Size on Company Value. Syarikat: Journal of Sharia Economics, 6(1), 49–62. https://doi.org/10.25299/syarikat.2023.vol6(1).12614
N. Anthony, R., & Govindarajan, V. (2005). Management control system: management control system. Salemba Empat.
Novia, R., & Halmawati, H. (2022). Company Size Moderates the Effect of CSR, Tax Avoidance, and Sustainability Reporting on Company Value. Journal of Accounting Exploration, 4(1), 40–58. https://doi.org/10.24036/jea.v4i1.471
Oemar, A. (2017). The Influence of the Board of Commissioners on Company Value with Corporate Social Responsibility (CSR) as a Moderating Variable. National Seminar and The 6th Call for Syariah Paper, 2(41), 281–328.
Permata, D., & Khomsiyah, K. (2022). Factors Affecting Company Value with Environmental Accounting as a Moderating Variable. Owner, 6(4), 3524–3532. https://doi.org/10.33395/owner.v6i4.1191
Putri, NKSR, & Wirajaya, IGA (2023). Intellectual Capital, Firm Value, and Risk Management as Moderating Variables. E-Journal of Accounting, 33(11). https://doi.org/10.24843/eja.2023.v33.i11.p16
Putu, N., Aryanti, I., & Mertha, M. (2022). Intellectual Capital, Profitability, Company Size and Company Value. E-Journal of Accounting, 32, 33483359. https://doi.org/10.24843/EJA.2022.v
Rismayanti, M., Daryanti, A., & Fadjar, A. (2023). Can Profitability Mediate Intellectual Capital and Firm Value? Multiparadigma Accounting Journal, 3, 577–590. https://jamal.ub.ac.id/index.php/jamal/article/view/17480/pdf
Silalahi, E., & Sihotang, V. (2021). The Effect of Capital Structure, Company Growth and Company Size on Company Value in Consumer Goods Companies Listed on the Indonesia Stock Exchange. Journal of Accounting & Finance Research, 7(2), 153–166. https://doi.org/10.54367/jrak.v7i2.1381
Soleha, AP, & Isnalita, I. (2022). Does Foreign Ownership Contribute to Green Accounting and Firm Value? Multiparadigma Accounting Journal, 13(1), 143–152. https://doi.org/10.21776/ub.jamal.2021.13.1.11
Suroso, S., Sawitri, NN, Faeni, DP, & Hidayat, WW (2023). The Moderating Power of Good Corporate Governance on Modified Value-Added Intellectual Capital and Corporate Social Responsibility Towards Corporate Values Post Pandemic Covid-19. International Journal of Professional Business Review, 8(6), e02413. https://doi.org/10.26668/businessreview/2023.v8i6.2413
Yuliawati, R., & Alinsari, N. (2022). The Influence of Intellectual Capital on Company Value with Profitability as a Moderating Variable. Owner, 6(3), 1698–1708. https://doi.org/10.33395/owner.v6i3.939
Yusmaniarti, Sauma, A., Khair, U., Marini, & Ratnawili. (2021). The Effect of Company Growth, Solvency and Profitability on Company Value in Indonesian Property and Real Estate Companies Listed on the Indonesia Stock Exchange. Scientific Journal of Economics and Business, 9(1), 145–160.
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