POLISH JOURNAL OF MANAGEMENT STUDIES 2020

Farlinno A., Bernawati Y. Vol.22 No.2

THE COMPANY CHARACTERISTICS AND ENVIRONMENTAL

PERFORMANCE
Farlinno A., Bernawati Y.*
Abstract: Environmental performance of firms in developing countries is of interest given the
lack of resources to properly manage resources and incentivize environmental performance.
The empirical literature is mainly focused on developed countries. Thus, this study aims to
examine the relationship of financial performance, company size, and share ownership on
environmental performance in the context of a developing country. The research sample used
includes mining sector companies listed on the Indonesia Stock Exchange (IDX) in 2012-2016.
The results of this study indicate that profitability and firm size have a positive effect while
liquidity and share ownership have no significant effect on environmental performance. The
measurement of environmental performance in this study is based on the PROPER (Company
Performance Rating Assessment Program in Environmental Management) ranking made by the
Ministry of Environment of the Republic of Indonesia. This research is expected to be able to
provide an overview to stakeholders related to the behaviour of mining companies in
environmental aspects.
Keywords: financial performance, profitability, liquidity, company size, share ownership,
environmental performance
DOI: 10.17512/pjms.2020.22.2.08

Article history:
Received September 28, 2020; Revised November 20, 2020; Accepted November 29, 2020

Introduction
The concept of maximizing corporate profits often actually encourages companies to
do wrong efficiency in production activities, one of which is at the expense of
environmental sustainability (Salem et al., 2018). In fact, in the company's operations
there are aspects of the Bottom Line (3P), namely People, Planet, and Profit (Elkington,
1997). These three points are the basis for measuring the value of a company's success
on three criteria: economic, environmental, and social. The aspect of caring for
environmental sustainability or environmental performance is one of the keys to
increasing company profits (Suratno, 2007). As Earnhart & Lizal's (2006) study shows,

*
Anditto Farlinno, SA., Yustrida Bernawati Dr. Dra., M.Si., Ak., Department of
Accountancy, Faculty of Economics and Business, Universitas Airlangga
corresponding author: [email protected]
[email protected]

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the more successful a company's environmental performance is, the financial

performance will also increase.
In 1995, the government through the Ministry of Environment developed a Company
Performance Rating Assessment Program in Environmental Management or better
known as PROPER, which aims to increase awareness of companies in Indonesia to
preserve the surrounding environment. Companies must be able to improve their
performance and ability to adapt to the existing environment (Lu et al., 2020).
Corporate innovation around environmental protection gives the company a
competitive advantage among its competitors (Agustia, Sawarjuwono, & Dianawati,
2019). The company will gain the trust of the public by disclosing the results of
environmental performance (Ramadan, Nasih, & Iswati, 2019). Mining companies are
proven to reveal more information about their environmental performance (Nasih,
Harymawan, Paramitasari, & Handayani, 2019). This is due to good performance
giving a good reputation and vice versa.
The legitimacy theory states that companies must try continuously to convince the
public that the company has conducted business activities in accordance with the
norms and values in the environment (Acero and Alcalde, 2020; Szczepańska-
Woszczyna and Kurowska-Pysz, 2016). Company legitimacy can be obtained if there
are similarities in community expectations with the results shown by the company, so
there are no more demands from the community. Cases of river pollution in the
Moluccas, deaths due to ex-mining pits in Kalimantan, and damage to conservation
forests in Bengkulu are some evidence of cases of environmental pollution and natural
damage that have occurred so far and are detrimental to the community around the
company. This certainly can trigger demands from the public on company activities
that can ultimately affect the company's reputation and hinder operational activities
(Dube, 2020).
Environmental performance also cannot be separated from stakeholder theory.
Stakeholder theory shows that the community and the community have direct and
indirect relationships and interests with the company. As revealed by Greenwood
(2007), an approach to stakeholders is an obligation that must be carried out by the
company. Companies need to disclose the impact of business operations on the
environment so that stakeholders can assess their environmental performance (Nohong,
et al., 2019). Previous studies have revealed how environmental performance also
influences the company's stock holdings (Rakhman, 2016).
The characteristics of a company such as company size, board size, profitability,
leverage, public ownership, international ownership, or company profile also influence
the company's concern about environmental issues that occur (Mahrani & Soewarno,

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2018; Aliyu, 2019). Companies with high levels of profitability should be able to
contribute more to their environmental performance compared to companies with low
profitability. According to Lucyanda & Siagian (2012), high profits will receive more
attention from the public so the company will incur costs to overcome the environment
in order to maintain its reputation.
Liquidity is the company's ability to finance short-term debt. High level of liquidity
illustrates the efficiency of companies in using or utilizing working capital (Acero and
Alcalde, 2020). Large companies will also get a lot of pressure from the community,
the demand to preserve and preserve the environment will be taken into consideration
and more attention because it is directly related to the company's image. According to
Thaker et al., (2020), company size has a positive effect on the company's
environmental performance. Acero and Alcalde, (2020) the more shares that are owned
by the public, then management tends to improve the performance of its environment
and disclose this information to improve the company's image or value.
The research data used in the study are companies engaged in mining and were
registered in the 2012-2016 PROPER (Company Performance Assessment Program in
Environmental Management). The choice of the mining sector is based on the number
of cases of damage caused by mining companies. By doing an analysis of financial
performance, company size, and stock ownership on proper environmental-based
environmental performance, it is expected to help management decision making
related to the company's environmental performance. For the government, this research
is expected to provide an overview in making regulations and policies related to
companies and natural preservation.

Literature review
Legitimacy is considered important for the company because the legitimacy of the
community to the company can have a positive impact and encourage the development
of the company in the future. According to Dowling and Pfeffer (1975), legitimacy is
important for organizations, the limits emphasized by social values encourage the
importance of analysing organizational behaviour with regard to the environment.
O'Donovan (2002) states that, the theory of legitimacy as an idea so that companies
can continue to operate successfully, companies must act in ways that are socially
acceptable to the public. Legitimacy can be obtained if there is a match between the
company's performance with the values that exist in society and the environment. If
there is a difference between company performance and community expectations, then
there will be a legitimacy gap that can endanger the company's survival.

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Stakeholder theory arises because of the awareness and understanding of management

that the company has stakeholders, including communities, communities and even
individuals who have an interest relationship to an organization or company.
Stakeholders have the right to obtain information about company performance that can
influence decision making. Freeman (1999) defines stakeholder theory as a group or
individual that can impact or be affected by corporate objectives. Stakeholders have
the ability to control to influence the use of resources owned by the company, so it is
mandatory for companies to meet stakeholder expectations, one of which is related to
environmental performance (Lu et al., 2020).
Financial performance is the result of a company's work which is reflected in the
company's financial statements for a certain period. Financial performance shows how
effective and efficient an organization is in achieving its objectives (Suhadak, et al.,
2019). Reflections on financial performance can be seen one of them through corporate
profitability (Hussain et al., 2020). High profits or profits obtained by the company
from the efficiency of its operations will give the company flexibility over the use of
funds (Bansal, et al., 2018). Companies with a high level of profitability and large
funds will utilize the excess funds for other activities in the hope of increasing
company profits. Environmental management activities that contribute to the
reputation of the company in the eyes of stakeholders can increase corporate profits are
likely to be chosen. As research conducted by Hai & Tu, (2019) found the effect of
profitability on environmental performance.
H1. Profitability affects the environmental performance.
Financial performance can also be assessed based on liquidity. Greater current assets
compared to smaller current debts can produce high levels of liquidity. Companies
with a high level of liquidity tend to be efficient in using working capital, and describe
a healthy financial condition of the company. With good financial conditions, the
company has more resources to improve its environmental performance compared to
companies that have low liquidity. Research conducted by Barbu and Boitan, (2020)
shows that liquidity influences environmental performance.
H2. Liquidity affects environmental performance.
The size of the company can be seen from the total assets owned by the company. If
the company has a large total assets, the management will be more free to use it to
support the activities carried out by the company. Research conducted by Hai and Tu
(2019) found a significant effect on environmental performance. This opinion is also
strengthened by the results which found that company size has a significant effect on
environmental performance (Filimonova et al., 2020).
H3. Company size affects environmental performance.

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Public ownership of shares is a portion or part of company ownership owned by the

general public. Access to information for public companies around financial and non-
financial aspects is easier to obtain from various sources (Kholis, et al., 2020; Sadalia,
Rahmani, Muda, 2017). Besides being caused by mandatory regulations, disclosure of
information in a more transparent manner is an encouragement from investors.
Optimal disclosure of environmental performance helps investors in making decisions
about their investments (Nurlaila, et al., 2017). Research conducted by Hai and Tu
(2019) shows that public ownership of shares influences environmental performance.
H4. Ownership of shares affects the environmental performance

Materials and methods

The research sample used in this study was a mining company listed on the Indonesia
Stock Exchange in the period 2012-2016 and participated in the PROPER ranking that
was raised by the Ministry of Living Environment. The choice of mining sector
companies because mining companies in their operations have a direct impact on the
environment Total final sample obtained as many as 36 company data within a period
of 5 years.

The variables used in this study include the dependent variable (Y) and independent
variable (X):
The Company Performance Rating Assessment Program in Environmental
Management or better known as PROPER was developed by the Ministry of
Environment and has been used since 1995 to measure the environmental performance
of a company. The Ministry of Environment developed PROPER with the aim of
encouraging companies to be involved in environmental management activities
through information instruments. Environmental performance can be interpreted as a
series of activities and activities carried out by business people in an industry that
shows the company's performance in protecting and preserving the surrounding
environment.
As explained in Article 3 of Minister of Environment Regulation No. 3 of 2014,
PROPER is carried out in the fields of business that are required to be AMDAL or
UKL-UPL, with the following provisions:
1. The products are for export
2. Available in the stock market
3. Being a public concern, both regionally and nationally
4. The scale of significant activities to have an impact on the environment
According to the Law of the Republic of Indonesia Number 32 Year 2009

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Regarding Environmental Protection and Management, the PROPER performance

ranking system includes a company ranking in five colours that will be rated as follows:
1. Gold, given to companies that consistently conserve and demonstrate
environmental excellence in the production or service process, as well as conducting
business in an ethical and responsible society.
2. Green, given to companies that have carried out more environmental
management activities than required in the regulations, efficient use of resources
through 4R (Reduce, Reuse, Recycle, and Recovery), and carry out social
responsibility properly.
3. Blue, given to companies that have carried out environmental management
activities in accordance with the requirements based on applicable regulations.
4. Red, given to companies that have carried out environmental management
activities but have not been in accordance with the requirements as regulated in the
legislation.
5. Black, given to companies that intentionally commit acts or negligence that
result in pollution or environmental damage as well as violations of applicable laws or
regulations or do not carry out administrative sanctions.
The independent variables to be tested in this study include the company's financial
performance as measured by using financial statement ratio analysis, the size of the
company measured by total assets, and share ownership measured by the portion of
public ownership of shares.
Financial performance according to Rudianto (2013), is the result obtained from the
effective management of company assets for a certain period by company management.
Financial performance can be evaluated through several ratios, including: profitability,
liquidity, and solvency.
Profitability is the company's ability to earn profits through existing resources within a
certain period stated in financial terms (Barbu and Boitan, 2020). Virglerova et al.,
(2020) explains that profitability ratios are ratios to assess a company's ability to
generate profits. In addition to measuring performance, profitability ratios are also
used to measure company efficiency in managing assets, liabilities, and equity.
Return on Assets or ROA (X1) is used to measure the company's ability to generate
profits.

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Liquidity measured by Current Ratio or CR (X2) which shows the company's ability to
overcome short-term liabilities with current assets.

Company size LN_TA (X3) in this study is measured by using Log Natural total assets.

LN_TA = Ln. Total Asset

KS share ownership (X4) is used to measure the percentage of public share ownership.
Share ownership measured by% of total public shares.

To test the hypothesis of the effect of profitability, liquidity, company size, and stock
ownership on environmental performance, a multiple linear regression test was used
using SPSS. The following regression equations are used:

Y = α + β1X1 + β2X2 + β3X3 + β4X4 + ε

Notes:
Y = Environmental Performance
α = Constant
X1 = Profitability Variable
X2 = Liquidity Variable
X3 = Company Size Variable
X4 = Variable Share Ownership by the Public
.
Results
The initial sample of this study was mining sector companies listed on the Indonesia
Stock Exchange in 2012-2016 and participated in the rating of PROPER
(Environmental Management) of 41 companies. Of this population, eliminated to 36
samples. Eliminated companies are companies that do not have complete data.

Table 1. Distribution of Research Samples per Year

2012 2013 2014 2015 2016 Total

Number of sector companies

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mining that follows

PROPER
8 9 8 8 6 39

Number of sector companies

mining that follows
PROPER but does not have complete data

(1) (1) (0) (1) (0) (3)

Number of sector companies

mining that follows
PROPER and has complete data

7 8 8 7 6 36

Table 2 describes the distribution of research samples based on the results of the scores
received. Of the 36 companies that were studied, 8 companies received gold ratings
with a score of 5, 10 companies received green ratings with a score of 4, and 18
companies received blue ratings with a score of 3. There were no companies that
received red and black ratings.
Table 2. Distribution of Research Samples based on PROPER Ranking
Ranking Score Number of Companies

Gold 5 8

Green 4 10

Blue 3 18

Red 2 0

Black 1 0

TOTAL 36

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Descriptive statistics provide an overview and information about the variables used in
this study, among others, financial performance (profitability and liquidity), company
size, and share ownership. Descriptive statistics provide information regarding the
minimum, maximum, average, and standard deviation values for each variable.
Descriptive statistics in this study are presented in table 3 as follows:

Table 3. Descriptive Statistics

N Minimum Maximum Mean Std.
Deviation
ROA 36 -.09 .29 .0447 .08130
CR 36 .29 8.85 2.2454 1.54220
LN_TA 36 28.46 32.11 30.5451 .78202
KS 36 .18 .40 .3289 .06115
Environmental Performance 36 3.00 5.00 - -
Valid N (listwise) 36

Multiple regression analysis is used to determine the relationship between the

independent variable and the dependent variable. Regression analysis results in the
form of coefficients for each independent variable. This coefficient is obtained by
predicting the value of the dependent variable with an equation. In this study, the
dependent variable used is environmental performance, while the independent
variables used are financial performance, company size, and share ownership. The
financial performance variable uses a proxy return on assets (ROA) which is one of the
profitability ratios and a proxy current ratio which is one of the liquidity ratios. The
results of multiple linear regression analysis are presented in Table 4 with the help of
SPSS for Windows release 20.0 as follows:

Table 4. Results of Multiple Linear Regression Analysis

Model Unstandardized Standardized t Sig.
Coefficients Coefficients
B Std. Error Beta
(Constant) -13.921 5.768 -2.414 .023
ROA 4.145 1.953 .366 2.123 .043

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1 CR -.099 .087 -.189 -1.142 .263

LN_TA .624 .191 .547 3.259 .003
KS -3.878 2.279 -.278 -1.702 .100

The results of the multiple linear regression analysis in Table 4 show the multiple
linear regression equation as follows:

Y = -13,921 + 4,145X1 - 0,099X2 + 0,624X3 – 3,878X4 + e

Return on assets or ROA shows the profitability variable. The regression equation
above shows a positive sign ROA, which is 4.145. That is, if the company's
profitability finds a one-time increase with the estimation of other independent
variables consistent, it will be followed by an increase in environmental performance
of 4.145. Conversely, if the company finds a one-time decline with the assumption that
other independent variables are consistent, it will be followed by a decrease in
environmental performance of 4.145.
Current ratio or CR shows the liquidity variable. The regression equation above shows
a negative CR, which is -0.099. That is, if the company's liquidity finds a one-time
increase with an estimate of other independent variables consistent, it will be followed
by a decrease in environmental performance of 0.099. Conversely, if the company
finds a one-time decline with the estimation of other independent variables consistent,
it will be followed by an increase in environmental performance of 0.099.
The natural log of total assets or LN_TA indicates the company size variable. The
regression equation above shows LN_TA which is positive, which is 0.624. That is, if
the size of the company finds a one-time increase with an estimate of other
independent variables consistent, it will be followed by an increase in environmental
performance of 0.624. Conversely, if the company finds a one-time decline with the
estimation of other independent variables consistent, it will be followed by a decrease
in environmental performance of 0.624.
Ownership of shares or KS. The regression equation above shows that KS is negative,
which is -3.887. This means that if the company's share ownership finds a one-time
increase with the assumption that other independent variables are consistent, it will be
followed by a decrease in environmental performance of 3,878. Conversely, if the
company finds a one-time decline with the assumption that other independent variables
are consistent, it will be followed by an increase in environmental performance of
3.878.

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Table 5. Results of Determination Coefficient Test (R2)

Model R R Square Adjusted R Square Std. Error of the
Estimate
1 .560a .314 .216 .72614

Based on the SPSS model summary output presented above, the adjusted R2 value is
0.216. This shows that the ability of independent variables in explaining the variance
of the dependent variable is equal to 21.6%. There are still 78.4% variance of the
dependent variable that cannot be explained by the independent variables in this
research model. This is due to other factors that also influence that are not examined in
this study.

Result discussions
Based on the statistical results above, profitability has a significant effect on
environmental performance based on PROPER in mining sector companies listed on
the Indonesia Stock Exchange (IDX). The results of this study indicate that the
company's financial performance is influenced by the ability to generate profits, it can
come from increased income or efficiency in the company's activities so that the
burden decreases. Increased revenue and smooth running of operational activities
cannot be separated from the legitimacy / support of the community for the company.
This is inseparable from the environmental performance while the company is
operating. Good environmental performance can make the company's image better in
the eyes of stakeholders, namely shareholders, investors, and the public. This study
supports previous research conducted by Hai and Tu (2019) that profitability has a
significant effect on environmental performance based on PROPER.
While liquidity has no significant effect on environmental performance based on
PROPER in mining sector companies listed on the Indonesia Stock Exchange (IDX).
This proves that the high or low level of liquidity of a company does not affect the
company in making decisions on its environmental performance, because based on
descriptive statistics the sample of the company shows good liquidity results. In line
with Barbu & Boitan, (2020) research, liquidity has no significant effect on PROPER-
based environmental performance.
Based on the statistical results above, company size has a significant effect on the
environmental performance of mining sector companies. The results of this study
explain that the size of a company in terms of total assets has an impact on the

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environmental performance of a company. Companies with large total assets will pay
more attention and improve their environmental performance compared to companies
with small total assets, because companies with large size can reflect that the company
has reached establishment. On the other hand, large companies tend to get more
attention and demands from the community to preserve the environment in which the
company operates. This is in accordance with the theory of legitimacy and stakeholder
theory.In this study share ownership is measured through the percentage of share
ownership by the public. Based on statistical results, share ownership has no
significant effect on environmental performance. The results of this study explain that
the portion of share ownership by the public does not affect the environmental
performance of a company, although the greater the portion of share ownership by the
public, the more individuals or communities pay attention to the company's
performance. This can also be caused by the minimum concern of shareholders for
environmental sustainability. Shareholders as one of the stakeholders prioritize the
company's financial performance because for them material wealth is more meaningful
than reputation. This result is in line with Hai and Tu (2019) find that share ownership
does not significantly influence PROPER-based environmental performance.

Conclusion and recommendations

Based on the results of research conducted on mining sector companies listed on the
Indonesia Stock Exchange in 2012-2016, it is known that the results of the coefficient
of determination (R2) test indicate an Adjusted R Square value of 0.216 or 21.6%.
This illustrates that the independent variables of financial performance, company size,
and share ownership are only able to explain the dependent variable of environmental
performance by 21.6% so that there are still 78.4% factors that have not been
explained in this study.
Then some conclusions can be drawn as follows. Financial performance with
profitability indicators can affect environmental performance based on the Company
Performance Rating Program in Environmental Management (PROPER). This is due
to the company's ability to generate profits, making the company have excess funds so
that it can be allocated to improve its environmental performance. Financial
performance with liquidity indicators does not affect environmental performance.
Companies with low liquidity levels tend to override their environmental performance.
Company size based on total assets affects environmental performance. The greater the
size of the company, the greater the impact on the environment, therefore a company
with a large size will also improve its environmental performance. Ownership of
shares in terms of public ownership of shares does not affect environmental

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performance. This can be caused by the low level of concern for environmental
performance by public shareholders, because there are still many shareholders who
prioritize improving financial performance than other aspects.
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Drivers of loyalty among non-Muslims towards Islamic banking in Malaysia: Evidence
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risk determinants in SMEs in Visegrad countries. Oeconomia Copernicana, 11 (3).

CHARAKTERYSTYKI PRZEDSIĘBIORSTWA A DZIAŁANIA

ŚRODOWISKOWE
Streszczenie: Efektywność środowiskowa firm w krajach rozwijających się jest interesująca ze
względu na brak zasobów do właściwego zarządzania zasobami i motywowania do działań
środowiskowych. Literatura empiryczna koncentruje się głównie na krajach rozwiniętych.
W związku z tym niniejsze badanie ma na celu zbadanie związku wyników finansowych,
wielkości firmy i własności udziałów w zakresie efektywności środowiskowej w kontekście
kraju rozwijającego się. Wykorzystana próba badawcza obejmuje spółki z sektora
wydobywczego notowane na indonezyjskiej giełdzie papierów wartościowych (IDX) w latach
2012-2016. Wyniki tego badania wskazują, że rentowność i wielkość firmy mają pozytywny
wpływ, podczas gdy płynność i posiadanie udziałów nie ma znaczącego wpływu na
efektywność środowiskową. Pomiar efektywności środowiskowej w tym badaniu opiera się na
rankingu PROPER (Program oceny wydajności przedsiębiorstwa w zarządzaniu
środowiskowym) sporządzonym przez Ministerstwo Środowiska Republiki Indonezji. Oczekuje
się, że badanie to zapewni interesariuszom przegląd dotyczący zachowań przedsiębiorstw
górniczych w aspektach środowiskowych.
Słowa kluczowe: wyniki finansowe, rentowność, płynność, wielkość przedsiębiorstwa,
akcjonariat, efektywność środowiskowa

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Vol.22 No.2 Farlinno A., Bernawati Y.

公司特征对环境绩效的影响
摘要：鉴于缺乏适当管理资源和激励环境绩效的资源，发展中国家公司的环境绩效值得关
注。实证文献主要集中在发达国家。因此，本研究旨在考察发展中国家在财务绩效，公司
规模以及环境绩效中的股份所有权之间的关系。使用的研究样本包括 2012-2016 年在印
尼证券交易所（IDX）上市的矿业公司。这项研究的结果表明，获利能力和公司规模具有积
极影响，而流动性和股份所有权对环境绩效没有显着影响。本研究中的环境绩效评估基于
印度尼西亚共和国环境省制定的 PROPER（环境管理公司绩效评级评估计划）排名。预期
该研究将能够向利益相关者提供与矿业公司在环境方面的行为有关的概述。

关键字：财务绩效，盈利能力，流动性，公司规模，股权，环境绩效

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