PENGARUH CAPITAL EXPENDITURE TERHADAP CARBON DISCLOSURE DAN DAMPAKNYA TERHADAP KINERJA KEUANGAN

Jacqueline Jacqueline; I Nyoman Agus Wijaya

doi:10.31955/mea.v10i3.7899

Jacqueline Jacqueline Universitas Kristen Maranatha
I Nyoman Agus Wijaya Universitas Kristen Maranatha

DOI: https://doi.org/10.31955/mea.v10i3.7899

Abstract

Fokus penelitian ini adalah menilai bagaimana capital expenditure berkaitan dengan kinerja keuangan perusahaan, di mana carbon disclosure digunakan sebagai variabel mediasi. Penelitian ini dilatarbelakangi oleh meningkatnya tuntutan transparansi perusahaan terkait tanggung jawab lingkungan, khususnya pengungkapan emisi karbon, yang dinilai berpotensi memengaruhi kinerja keuangan perusahaan. Namun, bukti empiris mengenai peran capital expenditure dalam mendorong carbon disclosure dan dampaknya terhadap kinerja keuangan masih terbatas, khususnya di negara berkembang. Penelitian ini menerapkan metode kuantitatif dengan memanfaatkan data sekunder yang bersumber dari laporan tahunan serta laporan keberlanjutan perusahaan. Kinerja finansial perusahaan diukur menggunakan return on assets (ROA), sementara tingkat pengungkapan emisi karbon dinilai melalui carbon disclosure index. Proses pengolahan data dilakukan menggunakan analisis regresi linear disertai uji mediasi untuk melihat peran variabel perantara. Temuan penelitian mengindikasikan bahwa capital expenditure tidak memberikan pengaruh yang signifikan terhadap carbon disclosure, sehingga peningkatan belanja modal belum tentu diikuti oleh transparansi pengungkapan karbon yang lebih tinggi. Di sisi lain, carbon disclosure terbukti memiliki hubungan positif dan signifikan dengan kinerja keuangan perusahaan. Selain itu, variabel carbon disclosure tidak mampu memediasi hubungan antara capital expenditure dan kinerja finansial. Hasil ini menunjukkan bahwa praktik carbon disclosure bertindak sebagai faktor yang berdiri sendiri dan memiliki kontribusi penting dalam meningkatkan performa keuangan perusahaan, terutama pada entitas bisnis yang beroperasi di negara berkembang.

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