This study aimed to investigates the effect of greenhouse gas emissions disclosure and environmental performance on firm value. The samples were companies participating in the Performance Rating Assessment Programme on Environment Management (PROPER/Program Penilaian Peringkat Kinerja Perusahaan) of the Ministry of Environment Republic of Indonesia that are listed in the Indonesia Stock Exchange (BEI) 2014-2017 period. The data used were secondary data from annual reports and/or sustainability reports. This study uses moderated regression analysis with panel data processed by using EViews. The results of this research found that greenhouse gas emissions disclosure and environmental performance have a positive effect on firm value. Environmental performance can moderate the relationship between greenhouse gas emissions disclosure and firm value. Debt to equity ratio and net operating income as control variables have a positive effect on firm value, but firm size has a negative effect on firm value. Keywords: Carbon Disclosure; Greenhouse Gas Emissions; Environmental Performance; Firm Value
The purpose of this study was to investigate the effects of corporate governance, ownership structure, and cash on hand on Firm Value on manufacturing companies listed in Indonesia Stock Exchange. The dependent used in this study was the firm value whereas the independent used in this study were the corporate governance, ownership structure, and cash on hand. This study used these following measurement methods: Tobin’s Q - used to measure the firm value; board size, independent director, and audit quality were used to measure the corporate governance, proportion of managerial ownership was used to measure the ownership structure, and natural logarithm of year-end cash was used to measure the cash on hand. This study also used the leverage, firm size, firm age, and dividend payment as controlling variables. The sample of this study consisted of 74 manufacturing firms obtained from Indonesia Stock Exchange from year 2014 to 2017. The technique used for this analysis was the multiple regression. The result of this study suggested that the cash on hand had negative and significant effects on firm value when the leverage, firm size, firm age, and dividend payment were used as controlling variables. On the other hand, this study also suggested that the corporate governance and managerial ownership had no significant effect on the firm value when the leverage, firm size, firm age, and dividend payment were used as controlling variables. Keywords: firm value, corporate governance, ownership structure, cash on hand
This study tries to elaborate the possibility of financial distress in Indonesia public listed companies from manufacturing field. The manufacturing industry was chosen because of its position as a sector that held a significant contribution in the Indonesia industry as a whole. The test tool used to forecast bankruptcy was Altman Z-Score model which consisted of the ratio of net working capital / total asset (X 1 ), retained earnings / total assets (X 2 ), earnings before interest and tax / total assets (X 3 ), and book value of equity / total liabilities (X 4 ). This research also aimed to explain how each ratio affects financial distress. The total samples in this research were 139 companies during 2016-2018. The companies experiencing financial distress were 55 companies in 2016 and 2017, and 56 companies in 2018. Using the logistic regression test on SPSS 23, this research identifies that the four ratios in Altman Z-Score model had a positively affected the financial distress; with the ratio of retained earnings / total assets and earnings before interest and tax / total assets had the most significant effect.
A phenomenon found in several case studies shows that investors are more interested in the projection of firm value than in periodic financial performance. Therefore, this study aims to determine whether the reputation of capital expenditure is an indication of a promising future for a company, so that it responds positively to the market. The research samples used were companies that had the highest increase in shares in their sectors during the Q1 2017 to Q2 2019 period. We used Tobin's Q (TQ) and cumulative abnormal return (CAR) as proxies for market response. The findings of this study are, first, that the market responded positively to the reputation of corporate capital expenditure, as seen from asset growth. Second, in the sample group with positive asset growth trends in the last five years, the reputation of capital expenditure, proxied by total assets and total fixed assets, consistently received positive responses from investors. Third, the market responded negatively, or had no response, to capital expenditure made by companies that had a negative growth trend. The results of this study invalidate the findings of previous studies that good financial performance responds positively. This study proves that the capital expenditure of a company is more of a concern to investors than its current performance.
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