The Influence of Green Technology, Environmental Disclosure and Green Intellectual Capital on Stock Returns
Article Sidebar
Main Article Content
Purpose –Company performance can be measured in terms of financial and non-financial. Shareholders are motivated to invest their capital in the hope of getting a return in accordance with the capital invested. Indonesia is currently in a dilemma with a knowledge-based, fast-changing and technology-based economy. Most companies use technology to improve the efficiency of company activities and reduce costs incurred. Issues related to the environment and the adoption of green technology have received much attention over the past few years. The purpose of this study is to determine the relationship between Green technology, environmental disclosure and green intellectual capital on stock returns
Design/methodology/approach –The type of data in this study is secondary data. The samples used in the study were Basic Materials and Transportation & Logistic companies with a sample size of 267.
Findings –The results show no effect of green technology on stock returns. There is a significant negative relationship between Green Intellectual Capital and stock returns. While environmental disclosure has a significant positive effect on stock returns.
Research limitations/implications –In developing countries, no statistically relevant relationship was found between fair valuation and earnings quality, which may be due to the adoption of IFRS and the lack of experience in fair valuation, or more generally, the very low influence of IFRS regulations on local accounting practices.
Originality/value –In this paper, researchers use clear technology to measure green technology that has not been used by previous researchers.
Downloads
References
Allameh, S. M. (2018). Antecedents and consequences of intellectualcapital: The role of social capital, knowledge sharing and innovation. Journal of Intellectual Capital, 19(5), 858-874. DOI: https://doi.org/10.1108/JIC-05-2017-0068
Brocade 2007. “Storage Area Network: Going Green with Brocade”,Brocade communi-cations systems, Inc. Retrieved 23 June, 2008, fromwww.greendatasystems.com http://www.rmit.edu.au/browse;ID=vpusc7o147se1.
Carter, C.R.; Rogers, DS A framework of sustainable supply chain management: Moving toward new theory. Int. J Phys. Distrib. Logist. Manag. 2008, 38, 360–387. Chen, Y.S. (2008). The positive effect of green intellectual capital on competitiveness advantages of firms. Journal of Business Ethics, 77(3), 271-286. DOI: https://doi.org/10.1108/09600030810882816
Choo, F. and K.T. Trotman. 1991. "The Relationship Between Knowledge Structure and Judgments for Experienced and Inexperienced Auditors". The Accounting Review. July. 464-485.
Cortez, EnriqueClaver, Maria Dolores Lopez Gamero, Jose Francisco Molina Azorin and Patrocinio Del Carmen Zaragoza Saez, 2007. Intellectual and environmental capital. Journal of Intellectual Capital. Vol. 8 No. 1, pp. 171-182. DOI: https://doi.org/10.1108/14691930710715123
Freeman, RE and Reed, DL, 1983. Stockholdersand stakeholders: A new perspective on corporate governance. California management review, 25(3), pp.88-106. DOI: https://doi.org/10.2307/41165018
Guthrie, J., & Parker, L. (1990). Corporate social disclosurepractice: A comparative international analysis. Advances in Public Interest Accounting, 3, 159-175.
Hayati, M., et al. (2015), "The effect of intellectual capital to value relevance of account-ting information based on PSAK convergence of IFRS (manufacturing firms in Indonesia)”, Procedia - Social and Behavioral Sciences, Vol. 211, pp. 999-1007. DOI: https://doi.org/10.1016/j.sbspro.2015.11.133
Healy, Paul M., 1985, The effect of bonus schemes on accounting decisions, Journal of Accounting and Economics 7,85-107. DOI: https://doi.org/10.1016/0165-4101(85)90029-1
Huang, CC, Yen, SW,Liu, C.Y., & Chang, T.P. (2014). The Relationship Among
Brand Equity, Customer Satisfaction, and Brand Resonance to Repurchase Intention of Cultural and Creative Industries in Taiwan. The International Journal of Organizational Innovation, 6(3), 106-120.
Huang, CL, Kung, FHJMd, 2011. Environmental Consciousness and Intellectual Capital Management. DOI: https://doi.org/10.1108/00251741111173916
Jensen, M. C and Meckling, WH 1976. Theory of the Firm:Managerial Behavior, Agent-cy Costs and Ownership Structure. Journal of Financial Economics, October, 1976, V. 3, No. 4, pp. 305-360. DOI: https://doi.org/10.1016/0304-405X(76)90026-X
Liu, CH and Jiang, JF (2020), “Assessing the moderating role of brand equity, intelligencetual capital and social capital in Chinese luxury hotels”, Journal of Hospitality and Tourism Management, Vol. 43, pp. 139-148. DOI: https://doi.org/10.1016/j.jhtm.2020.03.003
Longo, M. and Mura, M. (2011), "The effect of intellectual capital on employees' satisfaction and retention", Information and Management, Vol. 48 No. 7, pp. 278-287. DOI: https://doi.org/10.1016/j.im.2011.06.005
López‐Gamero, M.D., Zaragoza‐Sáez, P., Claver‐Cortés, E., & Molina‐Azorín, J.F.(2011). Sustainable development and intangibles: building sustainable intellectual capital. Business Strategy and the Environment, 20(1), 18-37. DOI: https://doi.org/10.1002/bse.666
Malik, S.Y., Cao, Y., Mughal, Y. H., Kundi, GM, Mughal, MH, Ramayah, T., 2020. Path ways towards sustainability in organizations: empirical evidence on the role of green human resource management practices and green intellectual capital. Sustainability 12(8), 3228. DOI: https://doi.org/10.3390/su12083228
Martinez, J.B., et al. (2020), “Joint forces: towards an integration of intellectual capital theory and the open innovation paradigm”, Journal of Business Research, Vol. 112, pp. 261-270. DOI: https://doi.org/10.1016/j.jbusres.2019.10.029
M Chandra, Y Augustine, 2019. The Influence of Green Intellectual Capital Index and Sustainability Disclosure on Financial and Non-Financial Performance of Companies with
Transparency as a Moderating Variable. Trisakti Master of Accounting Journal, Vol. 6 No. 1 February 2019: 45-70. Doi:http://dx.doi.org/10.25105/jmat.v6i1.5066 DOI: https://doi.org/10.25105/jmat.v6i1.5066
Ornek, AS and Ayas, S. (2015), € “The relationship between intellectual capital, innovative work behavior and business performance reflection”, Procedia - Social and Behavioral Sciences, Vol. 195, pp. 1387-1395. DOI: https://doi.org/10.1016/j.sbspro.2015.06.433
Rao, P. & Holt, D. 2005. "Do green supply chains lead to competitiveness and economic performance?", International Journal of Operations & Production Management, (25:9), pp 898-916. DOI: https://doi.org/10.1108/01443570510613956
Rossi, S. 2007. "Australia spends millions each year powering computers", Computerworld Australia (19Sep2007) Retrieved5June,2008, from http://www.computerworld.com.au/
Saeed, B.B., Afsar, B., Hafeez, S., Khan, I., Tahir, M., Afridi, M.A., 2019. Promoting employee's proenvironmental behavior through green human resource management practices. Corp. Soc. Responsive b. Environ. Manag. 26(2), 424–438. DOI: https://doi.org/10.1002/csr.1694
Sugiyanto, S., & Candra, A. (2019). Good Corporate Governance, Conservatism
Accounting, Real Earnings Management, And Information Asymmetry On Share Return. Jiafe (Scientific Journal of Accounting, Faculty of Economics), 4(1), 9-18.
Sydler, R., Haefliger, S., & Pruksa, R. (2014). Measuring intellectual capital with financial figures: Can we predict firm profitability? European Management Journal, 32(2), 244-259. DOI: https://doi.org/10.1016/j.emj.2013.01.008
Villiers, C., & van Staden, C. J. (2011). Where firms choose to disclose voluntary environmental information. Journal of Accounting and Public Policy, 30(6), 504–525. DOI: https://doi.org/10.1016/j.jaccpubpol.2011.03.005
Whitby, P. 2007. “The benefits of Green IT: The reasons for adopting a greener IT policy have become too good to ignore”, Retrieved5June,2008, fromhttp://www.computing.co.uk/computing-business/analysis/2199135/benefits-green-34208 72.
This work is licensed under a Creative Commons Attribution 4.0 International License.
All articles published in our journal are licensed under CC-BY 4.0, which permits authors to retain copyright of their work. This license allows for unrestricted use, sharing, and reproduction of the articles, provided that proper credit is given to the original authors and the source.