Pengaruh Biaya Lingkungan Terhadap Kinerja Keuangan dengan Good Corporate Governance Sebagai Variabel Moderasi
DOI:
https://doi.org/10.54964/liabilitas.v11i2.695Keywords:
Environmental Cost, Good Corporate Governance, Financial Performance, Board Independent Commisioners, Institutional OwnershipAbstract
The financial performance of mining companies is under pressure due to increasing demands for environmental sustainability, necessitating effective management of environmental costs. However, previous studies on the impact of environmental costs on financial performance have yielded inconsistent findings. The purpose of this study is to examine the impact of environmental costs on financial performance and to test the role of good corporate governance (GCG) proxied by an independent board of commissioners and institutional ownership as moderating variables. This study employs a quantitative approach using purposive sampling on 21 mining companies listed on the Indonesia Stock Exchange (IDX) from 2021 to 2024, with a total of 84 observations. Data analysis was conducted using simple linear regression and moderation regression. The novelty of this research lies in simultaneously testing the independent board of commissioners and institutional ownership as moderating variables in the relationship between environmental costs and financial performance. The study’s findings indicate that environmental costs do not have a significant impact on financial performance. Furthermore, neither the independent board of commissioners nor institutional ownership can strengthen this relationship. This study concludes that environmental costs and corporate governance mechanisms have not yet been able to improve financial performance. Future studies are expected to include relevant variables and expand the scope of the research.
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