Vol. 5, No. 10, October 2024
E-ISSN:2723 – 6692
P-ISSN:2723– 6595
http://jiss.publikasiindonesia.id/
Journal of Indonesian Social Sciences, Vol. 5, No. 10, October 2024 2623
Effect of Environmental Performance and Company Size on
Financial Performance
(Empirical Study of Consumer Goods Sub-Sector Companies Listed on
the Indonesia Stock Exchange for the Period 2018-2022)
Muhammad Wafaa Al Ayyubi, Galuh Tresna Murti, Wiwin Aminah,
Ruri Octari Dinata
Universitas Telkom, Bandung, Indonesia
Email: wafaaalayyubi@student.telkomuniversity.ac.id,
galuht@telkomuniversity.ac.id,
wiwinaminah@telkomuniversity.ac.id, ruryoctari@telkomuniversity.ac.id
Correspondence: wafaaalayyubi@student.telkomuniversity.ac.id
*
KEYWORDS
ABSTRACT
Financial Performance,
Environmental Performance,
Company Size;
This research aims to analyze the influence of environmental
performance and company size on financial performance in
consumer goods sub-sector companies listed on the IDX for 2018-
2022. The research sample consisted of 24 companies with a total of
120 observations. The analysis method uses panel data regression.
The findings of the study show that partially environmental
performance has a significant positive influence on financial
performance, while the size of the company does not have a
significant effect. Simultaneously, environmental performance and
company size significantly influence financial performance with the
ability to explain variations in financial performance by 7%. The
study concluded that companies with good environmental
performance tended to have better financial performance, while
company size was not the main factor affecting financial
performance. This study advises management to pay attention to
environmental factors in financial performance policies and
investors to consider environmental performance in investment
decisions.
Attribution-ShareAlike 4.0 International (CC BY-SA 4.0)
Introduction
A company is a company that uses limited resources to carry out operational activities to
achieve its goals. This requires discipline and strategy, as the organization's main goal is to maximize
profits. As a result, organizations must operate effectively and efficiently to remain competitive in a
highly competitive global market (Hapsari et al., 2021). There are many sectors on the IDX, one of
which is the sub-sub-sector of consumer goods. Disclosure of information that can be used to describe
a company's performance is mandatory for companies listed on the IDX.
A business's financial performance describes how its business operations are carried out and
the results of those operations. Management needs financial performance analysis to determine the
company's achievements and goals. Analysis of the firm's financial performance is gained from data
processing carried out on its financial records in specific periods.
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This investigation was conducted in response to observations of changes in the company's
financial performance throughout multiple time periods. To that purpose, statistics on the return on
assets (ROA) of companies in the consumer products industrial category that are listed on the IDX
were gathered and evaluated. This approach enabled the assessment of the existing condition of
financial performance.
Another notable observation involves consumer goods sub-sector companies participating in
the 2021-2022 PROPER program. Data reveals that a significant number of companies listed on the
IDX in this sector have yet to engage with PROPER. In 2022, of the 78 registered companies, only 27
(or 34.62%) took part in the program, indicating that a considerable portion of these companies still
show limited commitment to environmental concerns.
Environmental performance is a way for companies to reduce the negative influence of their
operational activities by creating a green and clean environment. This green environment is a source
of pride for the company, and it strives to disclose it in its environmental disclosure in its
sustainability report (Ningtyas & Triyanto, 2019). The government has also provided regulations
related to environmental performance; this is contained in PP RI No. 47 of 2012 concerning the Social
and Environmental Responsibility of Limited Individuals. On the other hand, in Law of the Republic
of Indonesia No. 32 of 2009 concerning Environmental Protection and Management, article 68 it is
states that "every person who conducts business and/or activities is obliged to: (a) provide
information related to environmental protection and management accurately, correctly, openly and
on time, (b) maintain the sustainability of environmental functions, and (c) comply with the
provisions on environmental quality standards and/or standard criteria for environmental damage".
Kinasih et al. (2022) investigated the relationship between environmental performance and
business financial performance. indicated that environmental sustainability has a considerable
beneficial impact on the financial success of food and beverage firms from 2018 to 2022. Meanwhile,
there are various research findings related to the influence of environmental performance on the
financial performance of companies carried out by Asriyanti and Sofian (2023). Hayaah (2023) stated
that environmental performance does not affect the financial performance of mining sector
companies listed on the IDX.
The size of the company is another aspect taken into account when calculating its financial
performance. Size refers to a company's entire assets. The presence of a corporation with significant
corporate capacity improves a company's financial performance, which indicates that the company is
experiencing positive growth and development (Murti & Azizah, 2024). If a company has large total
assets, it will have greater flexibility in this matter, facilitating its ability to manage its financial
performance (Dwiastuti & Dillak, 2019).
Risna and Putra (2021) conducted research on the relationship between company size and
financial performance. According to Jumantari, et al. (2022) firm size has a negative and significant
impact on financial performance in manufacturing companies in the automotive and component sub-
sector listed on the IDX between 2011 and 2018. Meanwhile, Sutrisno and Riduwan (2022) conducted
many studies on the impact of firm size on financial performance, whereas Ernawati and Santoso
(2021) concluded that company size has no effect on financial performance.
This research will be carried out on companies in the consumer goods sub-sector industry with
food and beverage, cigarettes, pharmaceuticals, cosmetics, and household goods sub-sectors listed on
the IDX for the 2018-2022 period. As a company engaged in the industrial sector, it can be at risk of
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having a crucial impact on the environment and caring about image or reputation. Based on the
previous paragraph's explanation and findings of different previous research, the author is interested
in carrying out research. While several studies have examined the impact of environmental
performance on financial performance, this research offers new contributions by focusing specifically
on the consumer goods sector in Indonesia during the 2018-2022 period. Additionally, this study
considers company size as a moderating variable, which has rarely been examined in the context of
Indonesia's consumer goods sector. This research provides fresh insights into how company size can
influence the relationship between environmental performance and financial performance and how
companies in Indonesia respond to sustainability challenges in this highly competitive sector.
Stakeholder Theory
In stakeholder theory, a group of individuals or people who directly or indirectly influence the
achievement of company goals are called stakeholders (Mulpiani, 2019). The stakeholder theory
aligns with financial performance because by paying attention to the interests of various parties
involved, the company can improve its reputation, reduce risks, and get better support. All of this
contributes to growth and better profitability, ultimately improving the company's financial
performance.
Theory of Legitimacy
Legitimacy is a social agreement between an organization and society (Pramesti & Idayati,
2019). According to legitimacy theory, organizations' operational activities in the external
environment can change immediately, and businesses pay heed to social norms in the society where
they are located (Sari, 2020). Organizational legitimacy is a concept that companies obtain from the
community and, in turn, is desired by companies from the community (Febriansyah & Fahreza, 2020).
The theory of legitimacy goes hand in hand with financial performance because when a
company acts by the norms, values, and expectations of society, it gains social legitimacy that
increases public reputation and trust; this can attract more consumers and investors. Thus, social
legitimacy helps companies achieve good stability and growth, ultimately improving financial
performance.
Environmental Performance
Environmental performance refers to the performance of businesses that prioritize the
environment, as stated by Khanifah et al. (2020). An additional definition of environmental
performance proposed by Adyaksana and Pronosokodewo (2020) refers to the company's ability to
minimize and manage the environmental harm produced by its operations. Subakhtiar et al. (2022)
explained that the company's environmental performance displays its concern for the surrounding
environment. The goal is to avoid unwanted conflicts from the community or other related parties, so
that the company's business continuity is maintained. Quoted from the Regulation of the Minister of
State for the Environment of the Republic of Indonesia No. 5 of 2011, in article 1 it is stated that "The
company performance rating assessment program in environmental management, hereinafter
referred to as PROPER, is an assessment program for the efforts of the person in charge of business
and/or activities in controlling pollution and/or environmental damage as well as the management
of hazardous and toxic material waste".
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The Indonesian Ministry of Environment utilizes PROPER as an instrument to evaluate the
environmental performance of firms. The results of "PROPER" are openly published and provided to
the public and other stakeholders. This system uses a rating system, which gives color as its rating.
There are five colour categories in the ranking: gold, green, blue, red, and black. Gold is the best colour
in its category, and black is the worst colour in its category.
Company Size
The size of a firm, which is defined by total revenue and total assets, defines how substantial a
company is in carrying out economic operations (Nurbaiti et al., 2021). According to Nabila and
Wuryani (2021), firm size is an indication used to describe a firm as large or small, and it is
determined by the total assets of the business. The classification and determination of the company's
size are important because it helps the company obtain financial support. The size of a large company
can indicate good financial condition (Indriyani & Yuliandhari, 2020). The number of activities
carried out by the company increases as it increases in size (Fayola & Nurbaiti, 2020). According to
Safrianti (2020), The size of a company is used as a parameter to distinguish between the size and
size of a company. Large-scale companies are more likely to report their social responsibility than
small-scale companies. This is done with the aim that companies can avoid the long-term high costs
that social demands may cause.
Every company has the right and ability to show their concern for social and environmental
responsibility, either through sustainability reports or annual reports. A company's size may
represent its overall assets (Trafalgar & Africa, 2019). According to Setiawati and Veronica (2020), a
company's size can be measured using a variety of metrics, including total assets, sales revenue, and
stock market value. The purpose of this study is to determine the company's size using the natural
logarithm of its total assets. This is because assets are thought to offer potential economic advantages.
Financial Performance
From an accounting point of view, financial performance is a factor used in measuring company
performance. According to Hermawan (2020, p. 10), financial performance is the effort or effort made
by the company during a period that can be used as an indicator of its success in obtaining profits
from the resources it owns. This reflects prospects, growth potential, and future developments. Based
on Damayanti et al. (2019), Financial performance is measured and evaluated to determine the extent
of success in this performance, and the results can be used as a reference in fulfilling a certain goal.
Financial performance is usually assessed using several ratios such as profitability, ROA, and
Return on Equity ratio (Suharman et al., 2023). In the analysis of financial statements, a ratio is a
numerical value that indicates other components of a financial statement (Febriansyah et al., 2019).
Financial performance is the main standard in judging a company's efficacy, as shown in its financial
statements. Munawir (2012) in (Febriansyah & Fahreza, 2020) states that the goal of measuring the
fiscal health of an organization is to evaluate the amount of (1) liquidity, (2) solvency, (3)
vulnerability, and (4) stability.
To estimate how well a corporation performs financially, (Salehi & Zimon, 2021). employ a ratio
that measures profitability and return on assets (ROA). The benefits of ROA, according to Anthony
and Govindarajan (2006) (Febriansyah & Fahreza, 2020), are:
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1. This indicator is a comprehensive measurement tool that evaluates the company's condition by
analyzing its existing financial statements.
2. It means a lot in absolute value and is easy to understand and calculate.
3. a denominator can be assigned to any organizational entity responsible for profitability and
business units.
Conceptual Framework and Hypothesis Formulation:
Figure 1. Conceptual Framework
H1: Environmental Performance Has a Positive Effect on Financial Performance
Environmental performance positively correlates with financial performance, reinforcing
findings by Kinasih et al. (2022), who confirmed that strong environmental performance significantly
enhances financial outcomes. Similarly, research by (Tahu, 2019), supports this relationship,
highlighting the substantial impact of environmental efforts on financial performance.
H2: Company Size Positively Affects Financial Performance
This observation is consistent with study undertaken by Risna and Putra (2021), stating that
company size significantly influences Financial Performance. Another study was also carried out by
Subakhtiar et al. (2022), stating that the company's size influences financial performance.
Materials and Methods
This study focuses on examining the consumer goods sub-sector companies listed on the IDX
from 2018 to 2022 to analyze the effects of environmental performance and company size. The
preliminary information was gathered through a review of relevant issues, previous research studies,
the IDX official website, and other credible sources related to the research topic, along with
supporting books. The initial population included 78 companies in the consumer goods sub-sector
during this period, with a final sample of 120 observations.
Environmental
Performance
(X1)
Company Size
(X2)
Financial
Performance
(Y)
Description:
Partial Influence
Simultaneous Influence
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Table 1. Measurement of Research Variables
Variable
Measurement
Data Type
Financial Performance
ROA =
Net Profit
Total Assets
X 100%
Ratio
Environmental
Performance
PROPER Measurement
Ratio
Company Size
=Ln (Total Assets)
Ratio
Analysis Methods
This study employed panel data analysis to test the developed hypotheses, using a regression
model adapted from prior research by Aduralere Opeyemi (2019) and Atta Ullah, Chen Pinglu, Saif
Ullah, Mubasher Zaman, Shujahat Haider Hashmi (2020). The panel data model includes Financial
Performance (Y), Environmental Performance (X1), Company Size (X2), Regression Coefficient of
each independent variable β (1.2), Term Error (e), Time (t), Company (i).
Y =∝ +β1 × 1it + β2 × 2it + e.
Results and Discussions
Descriptive Statistical Analysis
Table 2. Descriptive Statistical Results
The mean value of the financial performance variable is 0.85567 with the std value. deviation
0.077236. The average value is greater than the std value. deviation, this shows that financial
performance variables have data that is not varied and grouped. The mean value of the environmental
performance variable is 3.211111 with the std value. deviation 0.485624. The average value is greater
than the std value. deviation, this shows that environmental performance variables have data that are
not varied and grouped. The average value of the variable company size is 28.89666 with a std value.
deviation 1.754351. The mean value > standard deviation, this shows that the variable of company
size has data that does not vary and is grouped.
Classical Assumption Test
The normality test intends to find out whether the perturbating or residual variables in the
regression model are normally distributed so that the statistical test is valid for a limited number of
samples (Puspita & Wahyudi, 2021). Thus, this test is performed to determine whether the residual
values are regularly distributed.
Variable
N
Minimum
Maximum
Mean
Std. Deviation
Environmental Performance
90
2.000000
5.000000
3.211111
0.485624
Company Size
90
24.48600
32.40200
28.89666
1.754351
Financial Performance
90
-1.117000
0.310000
0.85567
0.077236
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Figure 2. Normality Test
The figure displays the normality test results that the probability value in this study is
0.0000000 < the sig value. 0.05. It means the indicated data is not normally distributed and must be
overcome by transformation. Data transformation is done by converting dependent variables into log
forms. The results produced after transforming the data using logs are.
Figure 3. Results of the Normality Test After Transformation
The Figure shows the results of the normality test. The probability value in this study is 0.75000
> the sig value. 0.05. Therefore, these results show that the data is distributed normally.
The multicollinearity test assesses whether regression models detect correlations among
independent variables. Multicollinearity is indicated when the correlation coefficient exceeds 0.8;
however, if the coefficient remains below 0.8, no multicollinearity issues are present. The
multicollinearity test results for the independent variables, environmental performance and
company size are as follows:
Table 3. Multicollinearity Test Results
X1
X2
X1
1.000000
0.165549
X2
0.165549
1.000000
Based on the test results using Eviews 13 in the table, it is seen that the results of the
multicollinearity test on the correlation coefficients X1 and X2 are 0.165549 < 0.80. It was concluded
that there was no problem with militaries.
The heteroscedasticity test was carried out to determine whether the regression model's
residual variance was not the same. Heteroscedasticity does not occur in this test when the value of
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the prob. Sig. exceeds 0.05. However, heteroscedasticity occurs when the significance probability
value is < 0.05. In this study, the heteroscedasticity test uses the WHITE method. The following are
the results of heteroscedasticity in this study:
Table 4. Heteroscedasticity Test Results
Heteroscedasticity Test: White
Null hypothesis: Homoskedasticity
F-statistic
1.893824
Prob. F (5,84)
0.1040
Obs*R-squared
9.117672
Prob. Chi-Square (5)
0.1045
Scaled explained SS
7.493237
Prob. Chi-Square (5)
0.1865
The table above shows that the probability value is 0.1045 > 0.05, indicating no
heteroscedasticity.
Hypothesis Result
Table 5. Determination Coefficient Test Results
Weighted Statistics
R-squared
0.036807
Mean dependent var
0.029834
Adjusted R-Squared
0.020342
S.D. dependent var
0.077455
S.E. of regression
0.076663
Sum squared resid
0.687641
F-statistic
0.235483
Durbin-Watson stat
1.921970
Prob (F-statistic)
0.111489
Unweighted Statistics
R-squared
0.120576
Mean dependent var
0.089357
Sum squared resid
1.726858
Durbin-Watson stat
0.765335
Table 5 shows that the adjusted R square is worth 0.070530 or 7%. This means
variable environmental performance and company size can explain or affect the financial
performance proxied to an ROA of 0.070530, or 7%. Other variables influence the remaining 93%.
Table 6. Simultaneous Test Results
Weighted Statistics
R-squared
0.036807
Mean dependent var
0.029834
Adjusted R-Squared
0.020342
S.D. dependent var
0.077455
S.E. of regression
0.076663
Sum squared resid
0.687641
F-statistic
0.235483
Durbin-Watson stat
1.921970
Prob (F-statistic)
0.111489
Unweighted Statistics
R-squared
0.120576
Mean dependent var
0.089357
Sum squared resid
1.726858
Durbin-Watson stat
0.765335
Table 6 shows that the probability value (F-statistic) falls below 0.05, leading to the rejection
of H0 and acceptance of H1. This result indicates that the independent variables, environmental
performance and company size, significantly impact financial performance in consumer goods sub-
sector companies listed on the IDX from 2018 to 2022.
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Table 7. Partial Test Results
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
-0.247496
0.222627
-1.111705
0.2693
X1
0.041203
0.014985
2.749552
0.0073
X2
0.006947
0.007567
0.918086
0.3611
The probability value for Environmental Performance (X1) is 0.0073, which is below 0.05, and
its positive regression coefficient of 0.041203 indicates that H0 is rejected in favor of Ha. This
suggests that environmental performance has a partial positive effect on financial performance. In
contrast, Company Size (X2) has a probability value of 0.3611, which is greater than 0.05, and a
positive regression coefficient of 0.006947, leading to the acceptance of H0 and rejection of Ha. This
indicates that company size does not have a significant effect on financial performance.
Conclusion
This study aims to determine how environmental performance and company size affect
financial performance, focusing on consumer goods sub-sector companies listed on the IDX from
2018 to 2022. Using a five-year dataset of 120 observations from 24 companies, the study reveals a
positive link between environmental performance and financial outcomes, supported by a probability
value of 0.0073. Companies with strong environmental practices tend to achieve better financial
results, as effective environmental management enhances company reputation among stakeholders,
thereby boosting financial performance. Conversely, company size shows only a partial effect on
financial performance, with a probability value of 0.3611, suggesting that larger company size does
not necessarily correlate with increased profitability, even as total assets grow. This indicates that
company size is not the primary driver of financial performance.
In light of the aforementioned conclusions, several limitations and suggestions can be put forth,
namely: 1) The present study employs only two independent variables. It may therefore be suggested
that the next study should include additional independent variables not included in the present study,
given that there are numerous factors that can affect financial performance. 2) It is recommended
that future research extend the research time beyond five periods to enable a more robust
identification of the relationship between financial performance and the independent variables,
particularly in the context of investigating the influence of environmental performance on financial
performance. 3) It is recommended that the next study expand the research sample to include sectors
other than consumer goods, given the limitations of this study, which included only 120 samples. 4)
This study employs the use of ROA as the sole measure of financial performance. It is recommended
that future researchers employ alternative indicators for dependent variables, such as return on
equity (ROE), return on investment (ROI), or net profit margin, in lieu of those utilized in the present
study.
Incorporating environmental factors into financial performance assessments is recommended
for effective financial management. While various factors can influence outcomes, this study
highlights that a company’s environmental performance positively contributes to its financial success.
Moreover, it is recommended that company management refrain from focusing unduly on the
company's assets. While company assets are undoubtedly important and must always be developed,
they are not the sole determining factor in the company's sustainability. A company with substantial
assets is likely to be perceived as more attractive to investors. However, if the aforementioned factors
are not balanced with good financial performance, the company will encounter difficulties in
attracting investors.
For investors, it is advisable to evaluate the company's financial performance prior to making
an investment decision and to consider the potential positive and negative implications of the
company's environmental policies. In other words, investors may prioritize material environmental
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performance variables over the organization's financial performance. It is expected that investors will
not base the assessment of a company's financial performance solely on its scale, as size is not the
primary factor affecting financial performance. This factor must be considered to ensure that the
investment generates the highest possible profit and reduces risk for the investor.
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