The Influence of Environmental Management System, Capital Structure, Company Size, and Liquidity on the Company's Financial Performance
Keywords:
Environmental management system, capital structure, company size, liquidity and financial performance of the companyAbstract
This study aims to empirically prove the influence of the environmental management system, capital structure, company size, and liquidity on the financial performance of companies in the energy sector listed on the Indonesia Stock Exchange (IDX) in 2021-2023. The population in this study is energy sector companies listed on the Indonesia Stock Exchange (IDX) in 2021-2023. In this study, a purposive sampling technique was used by 14 companies so that the samples used were obtained a total of 42 observation data. This study uses multiple linear regression analysis using SPSS version 26 software as the calculation tool. Based on this study, the results show that the environmental management system, company size, and liquidity have no effect on the company's financial performance, while the capital structure has a negative effect on the company's financial performance. The predictive ability of the four variables on the financial performance of energy sector companies is 24% while the rest is from other variables.
References
Akhmad, S. (2021). Kinerja Bukit Asam (PTBA) di kuartal I 2021 anjlok, simak rekomendasi analis. Diambil kembali dari Kontan.co.id: https://investasi.kontan.co.id/news/kinerja-bukit-asam-ptba-di-kuartal-i-2021-anjlok-simak-rekomendasi-analis?page=sall
Ambarwati, D., & Nurcahyono, N. (2022). The Influence of Capital Structure, Information Technology, and Business Characteristics on SMEs’ Performance During the COVID-19 Outbreak. Islamic Banking, Accounting and Finance International Conference, 2022, 218–226.
Anisa, O. N., Agung, R. E. W., & Nurcahyono, N. (2022). Faktor-Faktor yang Mempengaruhi Harga Saham: Berdasarkan Signaling Theory. Jurnal Akuntansi Indonesia, 11(2), 85–95.
Aprillia, N., & Yesiana, E. (2022). Analisis pengaruh arus kas bebas, ukuran perusahaan, struktur modal dan likuiditas terhadap kinerja keuangan. Prosiding Hubisintek, 2(1), 108–118.
Ariansya, F., & Isynuwardhana, D. (2020). Pengaruh Perputaran Modal Kerja, Struktur Modal, dan Ukuran Perusahaan Terhadap Kinerja Keuangan Perusahaan (Studi Kasus Pada Perusahaan Sub Sektor Property & Real Estate yang Terdaftar di Bursa Efek Indonesia Tahun 2014-2018). EProceedings of Management, 7(2), 3126–3133.
A’yun, A. Q., Hanum, A. N., & Nurcahyono, N. (2022). Pengaruh Struktur Modal , Likuiditas , dan Ukuran Perusahaan terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Intervening Harga Saham Perusahaan Food and Beverage 2017-2021. Prosiding Seminar Nasional UNIMUS, 5, 408–419.
Azzahra, N., Sofianty, D., & Nurcahyono, N. (2023). Pengaruh Kesadaran Wajib Pajak dan Pengetahuan Pajak terhadap Kepatuhan Wajib Pajak Orang Pribadi. Bandung Conference Series: Accountancy, 3(1), 1–13. https://doi.org/10.29313/bcsa.v3i1.5853
CNN Indonesia. (2024). Kinerja PT Timah Sepanjang 2021- 2023, Laba Rp1,3 T Jadi Rugi Rp450 M. https://www.cnnindonesia.com/ekonomi/20240402174106-92-1081937/kinerja-pt-timah-sepanjang-2021-2023-laba-rp13-t-jadi-rugi-rp450-m
Baskara, A. (2022). Covid-19 Pandemic: Empirical Study of Determinants of Purchase Decision. WSEAS Transactions on Business and Economics, 19, 116-123.
Caroline, H. I., Minarso, B., & Nurcahyono, N. (2023). Determinan Opini Audit Going Concern : Studi Kasus Perusahaan Sektor Industri Barang Konsumsi. Reviu Akuntansi Dan Bisnis Indonesia, 7(1). https://doi.org/10.18196/rabin.v7i1.17082
Christanty, L., Maharani, B., Nugroho, W. S., & Nurcahyono, N. (2023). Accounting Information Systems and Financial Literacy impact on SMEs ’ Performance. MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang, 13(1), 59–69.
Diana, L., & Osesoga, M. S. (2020). Pengaruh likuiditas, solvabilitas, manajemen aset, dan ukuran perusahaan terhadap kinerja keuangan. Jurnal Akuntansi Kontemporer, 12(1), 20–34. https://doi.org/10.33508/jako.v12i1.2282
Dowling, J., & Pfeffer, J. (1975). Organizational Legitimacy: Social Values and Organizational Behavior. John Dowling, Jeffrey Pfeffer
Elizabeth Sugia, M. C. P. (2020). Faktor - Faktor Yang Mempengaruhi Kinerja Keuangan Pada Perusahaan Manufaktur. Jurnal Paradigma Akuntansi, 2(1), 469. https://doi.org/10.24912/jpa.v2i1.7176
Erawati, T., Wardani, D. K., & Hafil, A. (2022). Pengaruh Konservatisme, Struktur Modal dan Likuiditas Terhadap Kinerja Keuangan. Jurnal Ilmiah Akuntansi, 13(1), 98–110.
Ermaya, H. N. L., & Mashuri, A. A. S. (2020). The Influence of Environmental Performance, Environmental Cost and ISO 14001 on Financial Performance in Non-Financial Companies Listed on the Indonesia Stock Exchange. Neraca: Jurnal Akuntansi Terapan, 1(2), 74–83. https://doi.org/10.31334/neraca.v1i2.857
Fauzi, A. F., & Puspitasari, E. (2021). Pengaruh Struktur Modal, Ukuran Perusahaan, Likuiditas Dan Pertumbuhan Aset Terhadap Kinerja Keuangan Perusahaan Yang Terdaftar Di Jakarta Islamic Index (Jii) Periode 2018-2020. Jurnal Ilmiah Edunomika, 5(02). https://doi.org/10.29040/jie.v5i2.2869
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 Manajemen Terapan Dan Keuangan, 10(03), 525–537. https://doi.org/10.22437/jmk.v10i03.15813
Fitriana, L., Sinarasri, A., & Nurcahyono, N. (2024). Factors Affecting Financial Statement Fraud in Banking Sector: A Agency Perspective. MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang, 14(1), 102. https://doi.org/10.26714/mki.14.1.2024.102-113
Fizabaniyah, R., Nurcahyono, N., Argojuwono, A. D. A., & Hernawati, R. I. (2023). Financial Ratio , Board Diversity and Financial Distress : Evidence from Indonesia. International Conference on Business, Accounting, Banking, and Economics, 1, 307–320. https://doi.org/10.2991/978-94-6463-154-8
Harsono, A., & Pamungkas, A. S. (2020). Pengaruh Struktur Modal, Likuiditas dan Ukuran Perusahaan terhadap Kinerja Keuangan Perusahaan. Jurnal Manajerial Dan Kewirausahaan, 2(4), 847. https://doi.org/10.24912/jmk.v2i4.9863
Haryati, F., Sugiharti, S., Firdaus, F., Purwanto, D., Alfiana, E. W., Bunganaen, N. A. R., & Yulian, A. D. (2024). The Influence of Sales Growth, Capital Structure and Company Size on Company Value: Empirical Study of Food and Beverage Sub-Sector Manufacturing Companies Registered on BEI 2016-2020. International Journal of Economics and Management Sciences, 1(2), 01-18.
Hendrawan, H. (2021). Pengaruh Ukuran Perusahaan, Leverage Dan Struktur Modal Terhadap Kinerja Keuangan. Jurnal Ilmu Dan Riset Manajemen, 10(5), 1–17.
Handayani, J. R., Nurcahyono, N., Saadah, N., & Winarsih. (2023). Hexagon Fraud : Detection of Fraudulent Financial Statement in Indonesia. International Conference on Business, Accounting, Banking, and Economics, 1, 263–276. https://doi.org/10.2991/978-94-6463-154-8
Ifada, L. M., Ghoniyah, N., & Nurcahyono, N. (2023). How Do Tax Avoidance and Profitability Influence a Firm’S Intrinsic Value? Jurnal Akuntansi Multiparadigma, 14(1), 115–125. https://doi.org/10.21776/ub.jamal.2023.14.1.08
Iriyanto, S., Nurhayati, N., Suharnomo, S., & Raharjo, S. T. (2019). The effect of strategic orientation on the competitive advantage and business performance: A case of batik SMEs.
Jensen, M., & Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs, and ownership structure. The Economic Nature of the Firm: A Reader, Third Edition, 283–303. https://doi.org/10.1017/CBO9780511817410.023
Jessica, J., & Triyani, Y. (2022). Pengaruh Struktur Modal, Likuiditas, Ukuran Perusahaan Dan Umur Perusahaan Terhadap Kinerja Keuangan. Jurnal Akuntansi, 11(2), 138–148. https://doi.org/10.46806/ja.v11i2.891
Khairi, A. (2023). Pengaruh Struktur Modal, Modal Kerja dan Ukuran Perusahaan terhadap Kinerja Keuangan. Bandung Conference Series: Accountancy, 4(1). https://doi.org/10.29313/bcsa.v4i1.12205
Khasanah, L., Nugroho, W. S., & Nurcahyono, N. (2022). The Effect of Liquidity, Leverage, Company Size and Fixed Asset Intensity on Tax Aggressiveness. MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang, 12(2), 154. https://doi.org/10.26714/mki.12.2.2022.154-163
Khasanah, S. N. U., & Nurcahyono, N. (2021). Capacity, Pengaruh Operating Growth, Sales Dan, Arus K A S Terhadap, Leverage Distress, Financial. Jurnal Sustainable, 2(2), 357–371.
Kristianingrum, A., Sukesti, F., & Nurcahyono, N. (2022). Pengaruh Mekanisme Good Corporate Governance, Kinerja Keuangan, dan Struktur Modal terhadap Pengungkapan Sustainability Report. Prosiding Seminar Nasional UNIMUS, 5, 432–444.
Lestari, D. I. T., Pertiwi, D. A. D., Wahdi, N., & Janie, D. N. A. (2020). Indonesian food and beverages companies’ values: What affects them?. In Facing Global Digital Revolution (pp. 99-102). Routledge.
Lestari, P. (2020). Pengaruh Likuiditas, Der, Firm Size, Dan Asset Turnover Terhadap Kinerja Keuangan. Jurnal Neraca: Jurnal Pendidikan Dan Ilmu Ekonomi Akuntansi, 4(1), 1. https://doi.org/10.31851/neraca.v4i1.3843
Masyhari, A., Rachmadani, W., Priatnasari, Y., & Basrowi, B. (2024). Optimizing state revenue through government-driven supply chain efficiency and fair corporate taxation practices. Uncertain Supply Chain Management, 12(2), 659-668
M. Ekky Mushadi, D. I. (2020). Pengaruh Ukuran Dewan Komisaris Independen, Komite Audit, Struktur Modal, Dan Ukuran Perusahaan Terhadap Kinerja Keuangan Perusahaan. 7(2), 3243–3250.
Muhimatul Ifada, L., Nurcahyono, N., Sultan, I., & Semarang, A. (2024). Determinants of Dividend Policy: Evidence From an Indonesian Stock Exchange. Riset Akuntansi Dan Keuangan Indonesia, 9(1), 13–23. http://journals.ums.ac.id/index.php/reaksi/index
Nurcahyono, N., Hariadi, B., & Mardiati, E. (2019). The Effect of Work Loads on Employee Performance With Job Satisfaction As A Mediation Variable. Journal of Business Management and Economic Research, 3(8), 40–49. https://doi.org/10.29226/tr1001.2019.147
Nurcahyono, N., Hanum, A. N., Kristiana, I., & Pamungkas, I. D. (2021). Predicting fraudulent financial statement risk: The testing dechow f-score financial sector company inindonesia. Universal Journal of Accounting and Finance, 9(6), 1487-1494.
Nurcahyono, N., & Purwanto, D. (2024). COVID-19 and the stock Market Crash: Evidence from Indonesia COVID-19 и крах фондового рынка: данные по Индонезии. Finance: Theory and Practice, 28(3), 120–130. https://doi.org/10.26794/2587-5671-2024-28-3-120-130
Nurcahyono, N., & Sinarasri, A. (2023). Earnings Management as an Finance Strategy for Company Image. Jurnal Proaksi, 10(3), 337–351. https://doi.org/10.32534/jpk.v10i3.4476
Nurcahyono, N., Sinarasri, A., Pamungkas, I. D., & Hanum, A. N. (2023). May intellectual capital and corporate governance reduce the probability of financial distress?. Contaduria y Administracion, 70(1), 482.
Nurcahyono, N., Sukesti, F., & Alwiyah, A. (2021). Covid 19 Outbreak and Financial Statement Quality: Evidence from Central Java. AKRUAL: Jurnal Akuntansi, 12(2), 193-203.
Ningsih, S., & Utami, W. B. (2020). Pengaruh Operating Leverage dan Struktur Modal terhadap Kinerja Keuangan pada Perusahaan Go Publik Sektor Property Dan Real Estate. Jurnal Akuntansi Dan Pajak, 20(2). https://doi.org/10.29040/jap.v20i2.754
Pertiwi, Y., & Masitoh W, E. (2022). Pengaruh likuiditas, leverage, dan struktur modal terhadap kinerja keuangan. Inovasi, 18(2), 406–413. https://doi.org/10.30872/jinv.v18i2.10624
Purba, J. H. V., & Bimantara, D. (2020). The Influence of Asset Management on Financial Performance, with Panel Data Analysis. 143(Isbest 2019), 150–155. https://doi.org/10.2991/aebmr.k.200522.031
Purwaningsih, E., & Kurniawati, E. (2022). Pengaruh Modal Intelektual, Struktur Modal dan Pertumbuhan Penjualan Terhadap Kinerja Keuangan. Tirtayasa Ekonomika, 17(1), 15. https://doi.org/10.35448/jte.v17i1.12291
Rahman, M. A. (2020). Pengaruh Struktur Modal dan Pertumbuhan Aset Terhadap Kinerja Keuangan Perusahaan Yang Terdaftar Dalam Jakarta Islamic Index (JII). Akurasi: Jurnal Studi Akuntansi Dan Keuangan, 3(1), 55–68. https://doi.org/10.29303/akurasi.v3i1.25
Ritonga, S. A., Effendi, I., & Prayudi, A. (2021). Pengaruh Struktur Modal Terhadap Kinerja Keuangan Perusahaan Consumer Goods di BEI. Jurnal Ilmiah Manajemen Dan Bisnis (JIMBI), 2(2), 86–95. https://doi.org/10.31289/jimbi.v2i1.383
Rahma, A. M., Nurcahyono, N., & Sinarasri, A. (2022). Moderating Effects of Institutional Ownership on the Relation Between Capital Structure. International Conference on Business, Accounting, Banking, and Economics, 1, 293–306. https://doi.org/10.2991/978-94-6463-154-8
Ratmono, D., Mail, R., Cahyonowati, N., & Janie, D. N. (2024). The role of environmental performance in mediating the relationship between green accounting and corporate social responsibility. Environmental Economics, 15(1), 46.
Roqijah, I., Nugroho, W. S., & Nurcahyono, N. (2022). The Effect of Profitability, Operating cash flow, Economic Value Added and Firm Size on Stock Return. MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang, 12(2), 164. https://doi.org/10.26714/mki.12.2.2022.164-174
Romadona, F. P., & Handayani, N. (2021). Pengaruh perputaran piutang, struktur modal terhadap kinerja keuangan perusahaan pembiayaan non bank. Jurnal Ilmu Dan Riset Akuntansi, 10(10), 1–15.
Rosmita Rasyid, W. H. (2020). Faktor-Faktor Yang Mempengaruhi Kinerja Keuangan Pada Perusahaan Manufaktur. Jurnal Paradigma Akuntansi, 2(4), 1632. https://doi.org/10.24912/jpa.v2i4.9358
Sari, N., & Wi, P. (2022). Pengaruh Leverage, Ukuran Perusahaan, Stuktur Modal, Dan Profitabilitas Terhadap Kinerja Keuangan Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia (BEI) Periode 2018 – 2021. Global Accounting: Jurnal Akuntansi, 1(3), 1–8. https://jurnal.ubd.ac.id/index.php/ga
Sari, Y. P., Almasyhari, A. K., & Aryanto, A. (2023). Perancangan Sistem Informasi Akuntansi Pengelolaan Keuangan untuk Yayasan Insan Mulia Surakarta. Jati: Jurnal Akuntansi Terapan Indonesia, 6(2), 121-134.
Sedovandara, D., & Mahardika, D. (2023). Financial Performance Determinant: Evidence On Energy And Mineral Sector. Jurnal Akuntansi, 27(2), 299–317. https://doi.org/10.24912/ja.v27i2.1392
Sinarasri, A., & Chariri, A. (2023). Business intelligence, management control systems and startup performance: Empirical study from Indonesia. International Journal of Applied Economics, Finance and Accounting, 16(2), 234-247.
Sitompul, R. A. A., Tanjung, M., & Aritha Panggabean, S. (2022). Pengaruh Struktur Modal Terhadap Kinerja Keuangan Perusahaan Pada Pt. Hobin Nauli Multimedia Sibolga. Jurnal Ekonomi Bisnis Dan Akuntansi, 2(3), 144–153. https://ejurnal.politeknikpratama.ac.id/index.php/Jebaku
Suharti, S., Purnamasari, Y., Mahari, A. P., Astutik, M. P., & Pawiati, S. (2021). The Effect of Financial Ratio in Financial Distress with Firm Size as Moderated Variables (Empirical Study of Manufacturing Sector Companies Listed on The Indonesia Stock Exchange for The 2014-2018 Period). IPTEK Journal of Proceedings Series, (1), 349-352.
Sukesti, F., Ghozali, I., Fuad, F. U. A. D., KHARIS ALMASYHARI, A., & Nurcahyono, N. (2021). Factors affecting the stock price: The role of firm performance. The Journal of Asian Finance, Economics and Business, 8(2), 165-173
Sulistyawati, A. I., Permata, F. I., & Janie, D. N. A. (2020). Corporate environmental disclosure as a form of social responsibility in the annual report. In Facing global digital revolution (pp. 127-131). Routledge.
Susanti, V., & Ellia Sandari, T. (2023). Pengaruh Good Corporate Governance Dan Struktur Modal Terhadap Kinerja Keuangan. Jurnal Riset Ilmu Akuntansi, 2(3), 21–35. https://doi.org/10.55606/akuntansi.v2i3.292
Timoty, N. F. M., Nurcahyono, N., Yasaputri, K., & Jatiningsih, D. E. S. (2023). Predicting the Risk of Financial Distress Using Intellectual Capital and Financial Ratio. In International Conference on Business, Accounting, Banking, and Economics (Vol. 1, pp. 228–245). International Conference on Business, Accounting, Banking, and Economics. https://doi.org/10.2991/978-94-6463-154-8_22
Thio Lie Sha, A. (2022). Faktor-Faktor Yang Mempengaruhi Kinerja Keuangan Pada Perusahaan Manufaktur. Jurnal Ekonomi, 26(11), 1–16. https://doi.org/10.24912/je.v26i11.764
Videsia, Y., Wibowo, R. E., & Nurcahyono, N. (2022). Pengaruh Profitabilitas Dan Ukuran Perusahaan Terhadap Ketepatan Waktu Pelaporan Keuangan. Review of Applied Accounting Research, 9(2), 219–228. https://doi.org/10.32534/jpk.v9i2.2407
Voinea, C. L., Hoogenberg, B. J., Fratostiteanu, C., & Hashmi, H. B. A. (2020). The relation between environmental management systems and environmental and financial performance in emerging economies. Sustainability (Switzerland), 12(13). https://doi.org/10.3390/su12135309
Wardhani, Y. A., & Suwarno, A. E. (2021). Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional, Struktur Modal dan Ukuran Perusahaan terhadap Kinerja Keuangan Perusahaan (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2017-2019). Seminar Nasional Manajemen Dan Akuntansi, 2(1), 1–18.
Wulandari, B., Sianturi, N. G., Hasibuan, N. T. E., Ginting, I. T. A., & Simanullang, A. (2020). Pengaruh Likuiditas, Manajemen Aset, Perputaran Kas dan Struktur Modal terhadap Kinerja Keuangan pada Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia. Owner, 4(1), 176. https://doi.org/10.33395/owner.v4i1.186
Wulansari, T., Suwardi, S., Firdaus, F., Purwanto, D., Hibatullah, Z., & Marganis, V. C. (2024). The Influence Of Liquidity, Productive Asset Quality And Operational Efficiency On Company Stock Prices: Study of Banks Going Public for the 2016-2020 Period. International Journal of Economics and Management Sciences, 1(2), 19-28.
Yuliani, E. (2021). Pengaruh Struktur Modal, Likuiditas dan Pertumbuhan Penjualan Terhadap Kinerja Keuangan. Jurnal Ilmu Manajemen, 10(2), 111. https://doi.org/10.32502/jimn.v10i2.3108
Yulianti, Y., Rahim, N. S. M., Karim, A., & Janie, D. N. A. (2020). The income-smoothing model moderated by industry type in Indonesian manufacturing companies in 2014–2017. In Facing Global Digital Revolution (pp. 91-94). Routledge.
