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The Influence of Corporate Governance, Leverage, and Environmental
Performance on Firm Value
(Case Study of Plantation Subsector Companies Listed on the Indonesia
Stock Exchange 2014-2022)
Deddy Fardillah1*, Setianingtyas Honggowati2
1,2Universitas Sebelas
Maret, Surakarta, Central Java, Indonesia
E-mail : fardillah1997@student.uns.ac.id
ABSTRACT:
This study aims to examine the effect of an Independent
Board of Commissioners, Managerial Ownership, Audit Committee, Leverage, and
Environmental Performance on Firm Value as measured by Tobin's Q, with Firm
Size as the control variable. This study focuses on the plantation subsector
listed on the Indonesia Stock Exchange (IDX) between 2014 and 2022. Secondary
data was collected from the IDX and company websites using a purposive sampling
method, which resulted in 16 companies as samples. Data analysis was conducted
using panel data regression with the Eviews 12
analysis tool. The results showed that managerial ownership has a significant
positive effect on firm value, while the Independent Board of Commissioners and
Audit Committee have no significant impact. The new findings indicate that
environmental performance and leverage have an adverse impact on firm value. In
addition, the independent variables simultaneously affect firm value. This
study provides an important contribution for company management and
stakeholders in understanding the factors that influence firm value in the
plantation subsector.
Keywords: Firm Value, Good
Corporate Governance, Leverage, Environment Performance, Crude Palm Oil.
INTRODUCTION
The palm oil
industry is one of the most important sectors in the Indonesian economy. As the
world's largest palm oil producer, Indonesia relies on this industry to
contribute foreign exchange, provide jobs, and support regional economic
growth. Palm oil (Elaeis guineensis) is a strategic agricultural commodity for
Indonesia. Palm oil is used in a variety of products, ranging from food and
cosmetics to biofuels. Indonesia produces millions of tonnes
of palm oil per year, most of which is exported to various countries, including
India, China, and the European Union.
The utilization
of renewable energy to achieve equitable energy independence is implemented in
accordance with the Minister of Energy and Mineral Resources Regulation No.
20/2014. The biodiesel law impacts the downstream plantation industry, with
reports of 7.3 million tonnes in 2020 and 2021. In
2022, biodiesel use increased to 8.8 million tonnes
of palm oil
Figure
1. Acquisition of company value in the plantation subsector
According to
The role of
corporate governance is critical in enhancing transparency, accountability and
shareholder trust by ensuring that management decisions are taken with the
interests of all stakeholders in mind
Good
corporate governance is key in increasing the value of the company. Effective
governance includes transparency, accountability and clear responsibilities,
thereby increasing investor confidence and minimising
business risks. The implementation of good corporate governance is crucial
given the large impact of company operations on the environment and surrounding
communities
Companies
that implement good governance tend to have better risk management, higher
regulatory compliance, and more harmonious relationships with stakeholders,
including local communities and non-governmental organisations.
This not only helps in reducing social conflicts but also enhances the
company's reputation in the eyes of global investors who are increasingly
concerned about Environment, Social, and Governance (ESG) aspects.
The use of
leverage can affect a company's capital structure by increasing the proportion
of debt to equity. This can increase the potential returns for shareholders,
but it also increases financial risk as interest bonds and other debt
obligations must be met. The findings regarding the impact of Leverage on
Company Value remain inconclusive.
Optimal use
of leverage can increase firm value through reduced cost of capital and
increased return on equity. However, excessive use of leverage can increase the
risk of bankruptcy, especially in industries that are vulnerable to commodity
price fluctuations such as palm oil. In the palm oil industry, fluctuations in
crude palm oil (CPO) prices can have a significant impact on company
profitability. Companies with high levels of leverage may face difficulties in
meeting their debt obligations when CPO prices decline, which may affect
financial performance and firm value.
Environmental
performance refers to the evaluation of a company's impacts and actions on the
environment. In the context of oil palm plantation companies, environmental
performance is particularly relevant as the industry is often implicated in
issues of deforestation, land sustainability and social impacts. Improving
environmental performance can improve a company's image, reduce regulatory
risk, and increase access to global markets that are increasingly concerned
with sustainable practices. Market perceptions of environmental performance can
have a direct impact on company value, with investors and consumers tending to favour companies committed to responsible environmental
practices, which in turn can increase share value and the long-term
sustainability of palm oil plantation companies.
According to
the discussion above, this study is necessary due to issues related to agency
conflicts, debt risk levels, environmental accountability, and their direct
influence on the capital market, which affects investors. The research aims to
offer analytical insights for both practitioners and theorists, addressing
organizational and individual interests in order to
achieve optimal outcomes.
RESEARCH METHODS
The research
method used includes a quantitative approach using secondary data from palm oil
companies listed on the Indonesia Stock Exchange (IDX). Data collection was
conducted by accessing the company's annual reports for the period 2014-2022.
Data analysis was conducted using regression techniques with eviews v12 software. In addition, classical assumption
tests in regression analysis were also conducted to ensure the validity of the
results, such as multicollinearity and heteroscedasticity tests. This approach
is expected to provide a deeper understanding of the factors affecting firm
value in the palm oil sector, as well as implications for future corporate
governance practices and environmental policies. The sample selection utilizes
purposive sampling method for determining the sample.
Table 1. Criteria for Determining Research Samples
Source:
Researcher data processed, 2023
Conceptual Research
Figure
2. Research Framework
Hypothesis
Development
1.
Independent
Board of Commissioners and Company Value
Independent
commissioners, who do not have direct involvement in the company's operations
and do not have significant personal interests, are expected to carry out
supervisory functions more objectively and effectively. The hypothesis that can
be proposed is that the presence of more independent commissioners in the
corporate governance structure will increase firm value. This is because
independent commissioners can reduce potential conflicts of interest, increase
transparency and accountability, and provide advice and decisions that are more
neutral and based on the best interests of all stakeholders. The Independent
Board of Commissioners plays a role in overseeing and evaluating directors'
performance while providing strategic guidance. When each board member
possesses unique private information that is not fully shared among them,
collectively, the board can leverage this diversity to make more informed
decisions
H1: The Independent Board of Commissioners has
a positive effect on Company Value.
2.
Managerial
Ownership and Company Value
When
managers own company shares, they will be more motivated to improve company
performance because the success of the company will directly affect their
personal financial well-being. With share ownership, managers tend to focus
more on making strategic decisions that increase profitability and long-term
growth, while reducing harmful opportunistic behaviour.
As a result, managerial ownership can increase the operational efficiency,
innovation, and competitiveness of the company, which in turn will increase the
value of the company in the eyes of investors and the market. Thus, the
proposed hypothesis is:
H2: Managerial Ownership has a positive effect
on Company Value.
3.
Audit
Committee and Company Value
The
audit committee is responsible for overseeing the integrity of financial
statements, ensuring compliance with accounting regulations and standards, and
managing financial and operational risks. With a competent and independent
audit committee in place, the potential for financial statement errors, fraud,
and adverse management practices can be minimised.
This will improve the transparency, accountability, and reliability of
financial information delivered to investors. Higher trust from investors and
the market in good corporate governance will be reflected in increased share
prices and overall company value. Given the challenges encountered during the
research period, the author proposes the following hypothesis:
H3: The Audit Committee has a positive effect
on Company Value.
4.
Leverage
and Company Value
Optimal
use of leverage can increase firm value through reduced cost of capital and
increased return on equity. However, excessive use of leverage can increase the
risk of bankruptcy, especially in industries that are vulnerable to commodity
price fluctuations such as palm oil. Companies that issue high levels of debt
to many investors benefit from diverse perspectives, including creditors' views
on reducing agency costs, which positively impacts company value
H4: Leverage has a negative effect on Company
Value.
5.
Environmental
Performance and Company Value
Companies
that demonstrate a strong commitment to environmental responsibility tend to
gain a better reputation, increase customer loyalty, and attract investors who
care about sustainability. In addition, companies with good environmental
performance can reduce legal and operational risks associated with violations
of environmental regulations. This will ultimately increase market and
stakeholder confidence, which is reflected in increased share prices and
company value. Investments in environmental practices enable firms to develop
capabilities that support environmental sustainability, ultimately creating a
competitive advantage
H5: Company environmental performance has a
negative effect on company value.
Operational
Definition
Table
2. Criteria for Determining Research Samples
Source:
eviews, data processed 2023
RESULTS
AND DISCUSSION
Table 3. Descriptive Statistics
Source:
eviews, data processed 2023
The
dependent variable in this study is firm value, which shows an average of 0.69,
indicating a relatively low value. These results highlight the challenges of
meeting the governance standards set by OJK, such as the minimum percentage of
independent commissioners in the board of commissioners, which only reaches
0.25, far below the minimum requirement of 30% as per OJK Regulation No.
57/POJK.04/2017 Article 19 Paragraph 2. In addition, the minimum score for
managerial leadership is 0.00, indicating weaknesses in corporate governance.
However, the minimum audit committee score reached 3.00, fulfilling the OJK
requirement of at least 3 audit committee members.
On the other
hand, the maximum leverage score reaches 4.96, indicating a risky debt utilisation policy, while the minimum environmental
performance score is 2.00, indicating an attempt to adapt to environmental
evaluation, although most plantation companies already have a fairly good rating in this aspect. The control variable,
firm size in terms of assets averaged 29.8, indicating that oil palm companies
have considerable assets to support their operations.
Determination of the Panel Data
Regression Model
Chow test results
The Chow
test is used to determine whether to employ a common effect or fixed effect
model. The test results showed a Chi-square cross-section Prob number of
0.0000, which is less than 0.05. Consequently, the common effect model will be
used in the subsequent analysis.
Hausman test
The Hausman
test was conducted to decide between a fixed effect model and a random effect
model. The evaluation showed a random cross-section Prob value of 0.0031, which
is less than 0.05. Therefore, the conclusion is that the panel data regression
in this study employs a fixed effect model.
Classic
assumption test
According to
Table
4. Multicollinearity
Test Results
Source: eviews, data
processed 2023
According to
Table 4, the highest correlation value for X1 is 0.22, and no correlation value
exceeds 0.9. The study model exhibits no signs of multicollinearity.
Table
5. Heteroscedasticity
Test Results
Source: eviews,
data processed 2023
According to
Table 5, the test results show a probability value (Prob) of Chi-Square (6) of
0.0581, which is more than 0.05. This panel data regression model doesn't show
signs of heteroscedasticity.
Table
6. Panel Data
Regression Results
Source: eviews,
data processed 2023
From the results of panel data
regression analysis, the following equation is derived:
Company Value = 6.782 + 0.278 + 0.522
- 0.011 - 0.043 - 0.186 + eit.
From this equation, the following
explanations can be derived:
1. The constant of 6.7823 indicates that if the
independent variables are held constant or equal to zero, the dependent
variable will increase by 6.7823 units.
2. The Independent Board of Commissioners has a
coefficient of 0.278. An increase of 1 unit in the Independent Board of
Commissioners is associated with a 27.8% increase in Company Value.
3. Managerial Ownership shows a coefficient of
0.5222. A 1-unit increase in Managerial Ownership corresponds to a 52.22%
increase in Company Value.
4. The Audit Committee coefficient is -0.011. A
1-unit increase in Audit Committee independence is associated with a 0.01%
decrease in Company Value.
5. Leverage has a coefficient of -0.0436. An
increase of 1 unit in Leverage results in a 0.0436% decrease in Company Value.
6. Environmental Performance has a coefficient of
-0.1865, indicating that a 1-unit increase in Environmental Performance leads
to an 18.65% decrease in Company Value.
Discussion
1. In this study, the role of the Independent
Board of Commissioners did not show a significant effect on firm value. Previous
research findings
The Independent Board of Commissioners plays
an important role in corporate governance with the main objective of
safeguarding the interests of shareholders and ensuring that company management
acts with integrity and transparency. However, research shows that the presence
of an Independent Board of Commissioners does not always show a significant
influence on firm value. One of the main reasons is that while they are
expected to provide objective oversight, their effectiveness is often limited
by their lack of industry-specific expertise, the limited information available
to them, and the limited time they have to truly
understand and oversee the company's operations in depth. As a result, their
contribution to strategic decision-making that can enhance firm value is less
significant.
In addition, the presence of an independent
board of commissioners is often seen more as a fulfilment of regulatory
formalities than as a truly influential factor in improving company
performance. Some companies may appoint independent commissioners solely to
fulfil regulatory requirements without giving them a meaningful role in the
decision-making process. This makes the board less effective in performing its
oversight and control functions. In addition, vested conflicts of interest or
pressure from majority shareholders may also limit the independence and
effectiveness of such boards. Therefore, while theoretically Independent Boards
of Commissioners should increase firm value through better governance, in
practice, their impact may not be as strong as expected.
2. Managerial ownership tends to prioritize the
interests of shareholders who have authority
When managers own company shares, they have a
greater incentive to improve company performance as their own financial gains
are directly linked to an increase in share value. This encourages management
to make more prudent and strategic decisions, which in turn can increase the
profitability and value of the company in the eyes of investors.
In addition, managerial ownership can increase
shareholder and market confidence in the company. With management bearing the
risk through share ownership, external shareholders tend to see managers as
responsible partners who are dedicated to the long-term interests of the
company. This trust can increase the market valuation of the company, improve
stock liquidity, and reduce the cost of capital. In other words, managerial
ownership creates motivation for management to work harder for the success of
the company, which is ultimately reflected in an increase in firm value.
3. The Audit Committee variable in this study
shows no significant influence on Firm Value as measured by Tobin's q.
Companies determine the composition of their Audit Committees based on
regulations from capital market authorities and internal corporate policies.
The number of Audit Committee members does not correlate with the company's
standing in the capital marke. However, sound
governance practices necessitate an Audit Committee to oversee corporate
operations. Previous research that contradicts these findings includes studies
by
One of the main reasons is that the
effectiveness of audit committees is often limited by their limited resources
and authority. Although they are responsible for overseeing internal and
external audit processes, many audit committees do not have deep technical
expertise or full access to the information necessary to conduct effective
oversight. As a result, their ability to detect and prevent harmful financial
practices may be limited, which impacts their influence on firm value.
Moreover, audit committees are often viewed
more as a fulfilment of regulatory formalities than as a truly effective
mechanism in enhancing firm value. Many companies establish audit committees to
fulfil regulatory requirements and to demonstrate that they are implementing
good governance practices, but do not give them a strong enough role in
strategic decision-making. Without adequate support and recognition from top
management, audit committees may not have a significant influence in improving
the company's operational or financial performance. In addition, reliance on
financial reports prepared by management may also limit the audit committee's
ability to independently assess and ensure the quality of those reports.
Therefore, while audit committees should theoretically increase transparency
and firm value, in practice the impact may not be as great as expected.
4. The level of company leverage, aimed at
meeting the demand for palm oil production during periods of high commodity
prices, poses a significant risk to the company. This study indicates that the
decisions regarding leverage made by companies in the years 2014 to 2022 have
contributed to a decline in company value. As leverage increases, the negative
impact on achieving company value becomes more pronounced.
According to agency theory, the role of
leverage in mitigating agency costs does not seem to apply effectively to
companies in the plantation subsector during the years under observation. This
study underscores that high levels of debt decision-making can elevate company
risk and diminish company value, particularly when measured by Tobin's q. These
findings align with previous research by
The palm oil industry is known for its high
level of volatility due to fluctuations in crude palm oil (CPO) prices that are
influenced by various global factors such as world supply and demand,
international trade policies, and weather conditions. This uncertainty makes
the use of leverage more risky, as palm oil companies'
earnings can change drastically in a short period of time. Investors may focus
more on revenue stability and the company's ability to withstand volatile
markets than on a highly leveraged capital structure.
5. Environmental performance, as measured by the
PROPER ranking system using color codes, negatively impacts Company Value as
assessed by Tobin's Q. Higher rankings in the plantation subsector correlate
with decreased Company Value. Researchers have determined that palm oil
production has been a major contributor to deforestation, forest degradation,
and land fires over recent decades. The Ministry of Environment evaluates
environmental risks and imposes stringent measures on companies engaged in
extensive land expansion. This regulatory pressure can lead to reduced
productivity, directly affecting company value in the capital market.
Contrary to the findings of
In addition to the direct impact on reputation
in the capital markets, poor environmental performance can also increase the
operating costs and financial risks of palm oil companies. The costs of
repairing environmental damage, paying regulatory fines and facing litigation
can be a significant financial burden. In addition, companies with poor
environmental performance may find it difficult to obtain financing from
financial institutions that are increasingly looking at environmental risks in
their investment decisions. Financial institutions and institutional investors
are increasingly integrating environmental, social, and governance (ESG)
factors in their risk analyses, so companies with poor environmental
performance may incur a higher cost of capital or even be avoided by investors.
All of these factors contribute to increased risk and
decreased company value in the long run, emphasising
the importance of good environmental performance to maintain and increase palm
oil company value.
CONCLUSION
The combined
impact of the Independent Board of Commissioners, Managerial Ownership, Audit
Committee, Leverage, and Environmental Performance collectively influences the
attainment of Company Value within the plantation subsector. This study
examined 16 sample companies over a decade, finding that decreasing Company
Value was attributed to managerial share ownership policies, decisions on
leverage levels, and strategies compromising environmental performance
assessments, impacting productivity and ultimately leading to declines in
Company Value from 2014 to 2022. The decline in Tobin's Q ratio for plantation
subsector companies can be attributed to varying levels of managerial
ownership, where high or low percentages influence Company Value negatively.
Corporate governance measures involving the Independent Board of Commissioners
and Audit Committee did not demonstrate a significant impact on Company Value
decline. Similarly, decisions regarding leverage levels were found to affect
the attainment of Company Value adversely.
Additionally,
responsibilities for environmental sustainability, as evaluated through the
Company Performance Rating Assessment Program (PROPER), also negatively
influenced Company Value. Future research endeavors could benefit from
incorporating variables such as global palm oil prices or additional financial
ratio metrics. For public investors, understanding these research findings
suggests the importance of exploring current market conditions and conducting
thorough analyses of their investment portfolios before making investment
decisions.
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Deddy Fardillah, Setianingtyas Honggowati (2024) |
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