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Determinants of carbon emission disclosure and sustainability reporting and their implications for investors’ reactions: The case of Indonesia and Malaysia 碳排放披露和可持续发展报告的决定因素及其对投资者反应的影响:以印度尼西亚和马来西亚为例
Q3 Social Sciences Pub Date : 2023-05-22 DOI: 10.18488/11.v12i2.3375
Afrizal, Nela Safelia, I. Muda
This study analyzed the effects of company size, leverage level, profitability, and company age on carbon emissions disclosure and sustainability reporting and the implications thereof on investor reactions. The manufacturing and mining companies listed on the Indonesian and Malaysian stock exchanges from 2017 to 2019 supplied the sample of this research. The analysis used the partial least squares approach to structural equation modeling. The results show that firm size and leverage significantly affect carbon emissions disclosure in Indonesia and Malaysia. Profitability and company age have no impact on carbon emissions disclosure in Indonesia. In Malaysia, profitability and company age do have a significant positive effect on carbon emissions disclosure. Company size has no effect in Indonesia, while in Malaysia, company size has a negative effect on sustainability reporting. Leverage level and company age have a significant positive effect on sustainability reporting in Indonesia, while in Malaysia, a company’s level of leverage and age have no impact on sustainability reporting. Profitability has a significant effect on the sustainability report in Indonesia, while in Malaysia, profitability has a significant positive impact on the sustainability report. Company size does not affect investors' reactions in Indonesia, while company size has a significant negative effect on Malaysian. A company’s level of leverage, profitability, and age do not affect investors' reactions. Carbon emissions disclosure has a significant positive effect on investors' responses in Indonesia, while in Malaysia, carbon emissions disclosure has no impact on investors' reactions. The sustainability report has a significant positive effect on investors' responses.
本研究分析了公司规模、杠杆水平、盈利能力和公司年龄对碳排放披露和可持续发展报告的影响及其对投资者反应的影响。2017年至2019年在印尼和马来西亚证券交易所上市的制造业和矿业公司提供了本研究的样本。分析采用偏最小二乘法对结构方程进行建模。结果表明,企业规模和杠杆显著影响印尼和马来西亚的碳排放信息披露。在印尼,盈利能力和公司年龄对碳排放披露没有影响。在马来西亚,盈利能力和公司年龄确实对碳排放披露有显著的积极影响。公司规模在印度尼西亚没有影响,而在马来西亚,公司规模对可持续发展报告有负面影响。在印度尼西亚,杠杆水平和公司年龄对可持续发展报告有显著的正向影响,而在马来西亚,公司杠杆水平和年龄对可持续发展报告没有影响。在印度尼西亚,盈利能力对可持续发展报告有显著的影响,而在马来西亚,盈利能力对可持续发展报告有显著的正向影响。在印尼,公司规模不影响投资者的反应,而在马来西亚,公司规模有显著的负面影响。一家公司的杠杆水平、盈利能力和成立时间不会影响投资者的反应。在印度尼西亚,碳排放披露对投资者的反应有显著的正向影响,而在马来西亚,碳排放披露对投资者的反应没有影响。可持续发展报告对投资者的反应有显著的正向影响。
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引用次数: 1
Impact of environment performance on firm value: Evidence from Indonesia 环境绩效对企业价值的影响:来自印度尼西亚的证据
Q3 Social Sciences Pub Date : 2023-05-12 DOI: 10.18488/11.v12i2.3365
R. Sari, B. Sutopo
Environmental policy is a way to mitigate the effects of climate change. However, the impact of complying with these policies on companies is still a matter of debate. This study examined the effect of environmental performance on firm value mediated by financial performance. This quantitative research used the purposive sampling method to select the sample. The sample comprised 95 non-financial companies with an observation period from 2017 to 2021. The panel data was tested using path analysis in SEM-STATA. The results show that financial performance partially mediates the effect of environmental performance on firm value. Environmental performance can also have a direct impact on firm value. The result indicates that investors consider factors other than financial performance when making investment decisions. The results also show that environmental performance positively impacts financial performance. Furthermore, financial performance positively impacts firm value. Investors optimally use the non-financial information provided by the company. One type of non-financial information used is environmental performance. Investors are aware of the importance of the company’s concern for the impact of its operations on the environment. Companies that display good environmental performance tend to have a higher level of sustainability, which is profitable for investors. However, implementing strict environmental policies carries the risk that companies will move to countries with looser environmental policies. Developing countries, in particular, still need to overcome many obstacles in the implementation of environmental policies.
环境政策是减轻气候变化影响的一种方式。然而,遵守这些政策对公司的影响仍然是一个有争议的问题。本研究以财务绩效为中介,考察环境绩效对企业价值的影响。本定量研究采用目的性抽样的方法选择样本。样本包括95家非金融公司,观察期为2017年至2021年。面板数据在SEM-STATA中使用通径分析进行测试。结果表明,财务绩效部分中介了环境绩效对企业价值的影响。环境绩效也会对企业价值产生直接影响。结果表明,投资者在进行投资决策时考虑财务业绩以外的因素。结果还表明,环境绩效对财务绩效有积极影响。此外,财务绩效正向影响企业价值。投资者最好地利用公司提供的非财务信息。所使用的一种非财务信息是环境绩效。投资者意识到公司关注其运营对环境影响的重要性。表现出良好环境绩效的公司往往具有更高水平的可持续性,这对投资者来说是有利可图的。然而,实施严格的环境政策有可能导致企业迁往环境政策宽松的国家。特别是发展中国家,在执行环境政策方面仍然需要克服许多障碍。
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引用次数: 1
Environmental sustainability disclosure in sustainability reports: Mining, oil, and gas companies on the Indonesia stock exchange 可持续发展报告中的环境可持续性披露:印尼证券交易所的矿业、石油和天然气公司
Q3 Social Sciences Pub Date : 2023-05-04 DOI: 10.18488/11.v12i2.3351
Ulupui I Gusti Ketut Agung, Zairin Gentiga Muhammad, Musyaffi, Ayatulloh Michael
This paper examines how mining, oil, and gas companies address environmental issues and communicate their actions to stakeholders through sustainability reports. Using market capitalization as a size metric, 50 mining, oil, and gas companies listed on the Indonesia Stock Exchange (IDX) were included in the research sample. Sustainability reports were subjected to quantitative and qualitative content analysis to identify keyword occurrences that were pertinent to the investigation. The findings revealed that environmental protection, emissions, carbon footprint, climate change, biodiversity, nature, planet, effluent, and conservation were addressed in the companies’ sustainability reports. This study confirmed, in line with research on other industries, that the intensity of communication on these topics varies with company size. It was also found that, although some companies discuss many keywords that correspond to the Global Reporting Initiative, they are irrelevant because the reports do not show the companies’ commitment and efforts to achieve the concepts. The practical implication of this research is that companies should show more commitment in their efforts to address environmental issues – sustainability disclosure is not just about words.
本文考察了采矿、石油和天然气公司如何解决环境问题,并通过可持续发展报告向利益相关者传达他们的行动。使用市值作为规模指标,50家在印度尼西亚证券交易所(IDX)上市的矿业、石油和天然气公司被纳入研究样本。可持续发展报告进行了定量和定性内容分析,以确定与调查相关的关键字出现情况。调查结果显示,环境保护、排放、碳足迹、气候变化、生物多样性、自然、地球、污水和保护在公司的可持续发展报告中得到了解决。这项研究证实,与其他行业的研究一致,公司规模不同,这些话题的沟通强度也不同。我们还发现,虽然一些公司讨论了许多与全球报告倡议相对应的关键词,但它们是无关的,因为报告没有显示公司对实现这些概念的承诺和努力。这项研究的实际含义是,公司应该在解决环境问题的努力中表现出更多的承诺——可持续性披露不仅仅是口头上的。
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引用次数: 1
Impact investing in action: A framework for sustainability 行动中的影响力投资:可持续发展框架
Q3 Social Sciences Pub Date : 2023-05-04 DOI: 10.18488/11.v12i2.3353
S. Sushanth Kumar, Varun Chotia, Swati Soni, Vinay Khandelwal
The Sustainable Development Goals (SDGs) are a set of goals designed to be a “blueprint to achieve a better and more sustainable future for all.” Despite being meticulous about achieving the SDGs, India’s overall SDG score is 61.9 out of 100. While multiple models and frameworks have been developed, a new concept that has gained currency is impact investing. Content analysis of academic journal articles was employed to analyze the terminology, definition, and similarities and differences in the use of the term impact investing. Impact investing helps to benefit society and the environment without the need to sacrifice financial returns. It attempts to address the global challenges of access to energy, potable water, basic hygiene, nutrition, health, and education by exploring innovative commercial solutions. The degree of sustainability achieved through impact investing depends upon the efficiency of the multidisciplinary team formed to conduct the due diligence to achieve the social and financial goals by paying equal attention to risk, value addition, impact, and investor expectations. This study builds a case for India, suggesting the execution strategy of impact investing as an answer to India’s sustainability conundrum.
可持续发展目标(sdg)是一组目标,旨在“为所有人实现更美好、更可持续的未来的蓝图”。尽管对实现可持续发展目标一丝不苟,但印度的可持续发展目标总体得分为61.9分(满分为100分)。虽然已经开发了多种模型和框架,但一个已经获得认可的新概念是影响力投资。通过对学术期刊文章的内容分析,分析影响投资的术语、定义和使用的异同。影响力投资有助于造福社会和环境,而不需要牺牲财务回报。它试图通过探索创新的商业解决办法,解决获得能源、饮用水、基本卫生、营养、健康和教育等全球挑战。通过影响力投资实现的可持续性程度取决于多学科团队的效率,该团队通过对风险、增值、影响和投资者期望的同等关注来进行尽职调查,以实现社会和财务目标。本研究以印度为例,提出了影响力投资的执行策略,以解决印度的可持续性难题。
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引用次数: 0
Drivers and enablers of green purchasing adoption: An empirical investigation of retail hypermarkets in UAE 绿色采购采用的驱动因素和促成因素:对阿联酋零售大卖场的实证调查
Q3 Social Sciences Pub Date : 2023-05-04 DOI: 10.18488/11.v12i2.3352
P. Akhtar
Growing pressures from various directions have caused managers in the UAE’s retail sector to initiate the use of environmentally friendly approaches such as green purchasing (GP). Expanding on prior work by examining general GP practices, this study explores the GP drivers/enablers that motivate firms in the UAE to adopt GP practices. The results show that retail firms in the selected sectors respond strongly to institutional pressures to adopt GP practices with a beta value of 0.54, customer pressures with a beta value of 0.27, and expected business benefits with a beta value of 0.37. Evidence of a positive relationship between management support and firms’ willingness to take on GP initiatives was weak, so the first hypothesis was not supported with a usual cut-off p-value of 0.05; however, by applying a cut-off p-value of 0.10 or above, it appears that all latent variables suggested in this study have a positive impact on the adoption of GP initiatives among retail hypermarkets in the UAE. This study had three main limitations. First, the sample was drawn from a specific government source, so it may not be a truly comprehensive representation of all retail firms. Second, the small number of samples might have led to bias. Third, as each questionnaire was answered by a single respondent, a common method variance may have resulted. This study will aid firms, as well as the government, who wish to improve their environmental performance in the value chain.
来自各个方向的压力越来越大,导致阿联酋零售部门的经理们开始使用环保方法,如绿色采购(GP)。通过检查一般全科医生实践,本研究扩展了先前的工作,探讨了激励阿联酋公司采用全科医生实践的全科医生驱动因素/使能因素。结果表明,所选行业的零售企业对采用GP实践的制度压力反应强烈,其beta值为0.54,客户压力的beta值为0.27,期望商业效益的beta值为0.37。证明管理层支持与公司主动承担GP的意愿之间存在正相关关系的证据很弱,因此第一个假设不支持通常的截断p值0.05;然而,通过应用0.10或更高的截断p值,似乎本研究中提出的所有潜在变量都对阿联酋零售大卖场采用GP计划有积极影响。这项研究有三个主要的局限性。首先,样本来自一个特定的政府来源,因此它可能不是所有零售公司的真正全面代表。其次,样本数量少可能导致偏差。第三,由于每个问卷都是由单个应答者回答的,因此可能会产生共同的方法差异。这项研究将帮助企业,以及政府,谁希望提高其在价值链中的环境绩效。
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引用次数: 0
Characteristic Curves in Erodible Soils on a Slope in Cabo De Santo Agostinho/Brazil Cabo De Santo Agostinho/巴西坡面可蚀性土壤特征曲线
Q3 Social Sciences Pub Date : 2023-05-03 DOI: 10.5539/jms.v13n1p201
Kalinny Patrícia Vaz Lafayette, R. Coutinho, J. Cantalice, Thiago Augusto da Silva, Amauri Gouveia Pessoa Neto, Luciana Cássia Lima da Silva, Rayane Gabriella Pereira da Silva
Several studies focus on the characteristic curve of the soil, which plays a fundamental role in the mechanics of unsaturated soils and is also an important indicator of the physical quality. Therefore, the objective of this research was to determine the characteristic curve of the soil by the methods of Filter Paper, Richards Pressure Chamber, and Haines Funnel on an erodible slope in the Metropolitan Region of Recife, in the state of Pernambuco, Brazil. The curves were designed by the models of van Genuchten, Fredlund & Xing, Seki, and Dunner. In the suction x humidity ratios, during the wetting and drying processes, the experimental points were very close, making it difficult to define the hysteresis effect. The Richards Chamber and Haines Funnel methods allowed the complementation of the characteristic curve for low suction values, indicating that the techniques can be used simultaneously. The statistical analysis resulted in a numerical model with a significance value greater than 97%.
土的特性曲线是非饱和土力学的基础,也是衡量非饱和土物理质量的重要指标。因此,本研究的目的是通过滤纸、Richards压力室和Haines漏斗的方法确定巴西伯南布哥州累西腓大都市地区可侵蚀斜坡上土壤的特征曲线。曲线由van Genuchten、Fredlund & Xing、Seki和Dunner的模型设计。在吸力x湿度比中,在干湿过程中,实验点非常接近,使得迟滞效应难以确定。Richards室法和Haines漏斗法允许低吸力值特征曲线的互补,表明这两种技术可以同时使用。统计分析得出的数值模型显著性值大于97%。
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引用次数: 0
Creativity: The impact of psychological capital and curiosity from the employee’s perspective in Bandung, Indonesia 创造力:心理资本和好奇心对员工视角的影响——来自印度尼西亚万隆
Q3 Social Sciences Pub Date : 2023-05-01 DOI: 10.18488/11.v12i2.3348
Ester Manik, I. Sidharta, Vicky Achmad Zulfikar, Robbi Saepul Rahman, Bulan Tati Fitria, Retno Resawati, Haris Nurdiansyah
Creativity is a determining factor of organizational success. To engage employees with a high level of creativity, it is necessary to encourage excellent psychological capital and employee curiosity. This study examines the effect of psychological capital on employee creativity, mediated by curiosity. Research on creativity is closely related to curiosity as well as psychological capital; however, there is still a research gap. Therefore, our research focuses on the relationship between these variables. It employed a survey to gather data from 222 employees in seven retail store branches in Bandung, Indonesia. To evaluate the hypothesis proposed by the authors, partial least squares structural equation modeling (PLS-SEM) was used. The results indicated that psychological capital had an effect on employee creativity that was mediated by curiosity. The study results suggest that organizations can empower employees by increasing psychological capital and employee curiosity.
创造力是组织成功的决定性因素。为了让员工具有高度的创造力,必须鼓励优秀的心理资本和员工的好奇心。本研究以好奇心为中介,考察心理资本对员工创造力的影响。创造力研究与好奇心和心理资本密切相关;然而,这方面的研究还存在空白。因此,我们的研究重点是这些变量之间的关系。该公司对印度尼西亚万隆7家零售商店的222名员工进行了调查。为了验证作者提出的假设,使用了偏最小二乘结构方程模型(PLS-SEM)。结果表明,心理资本对员工创造力有影响,并以好奇心为中介。研究结果表明,组织可以通过增加员工的心理资本和好奇心来赋予员工权力。
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引用次数: 1
Carbon Costs and Credit Risk in a Resource-Based Economy: Carbon Cost Impact on the Z-Score of Canadian TSX 260 Companies 资源导向型经济中的碳成本与信用风险:碳成本对加拿大TSX 260指数公司z得分的影响
Q3 Social Sciences Pub Date : 2023-04-25 DOI: 10.5539/jms.v13n1p187
Adeboye Oyegunle, O. Weber, Amr ElAlfy
Climate risks and climate risk-related policies on carbon threaten the ability of economies to thrive and will impact the credit risk of many sectors, primarily high-emitting sectors. Higher credit risks will also affect lenders if their credit portfolios are exposed to climate change risks. The introduction of carbon pricing policies will exacerbate this threat in resource-based economies such as Canada. While some research exists on climate exposure and risks to lending portfolios, there is a knowledge gap on how carbon pricing impacts individual commercial credit risk. Consequently, this study analyzes the effect of different carbon pricing scenarios on Altman’s z-score. Using the Canadian TSX 260 data between 2010 and 2020 as a sample, this paper applied the costs of different carbon prices using the Canadian Government’s carbon price regime of $0 to $170 to analyze Altman’s z-score variables until 2030. The results suggest that carbon price will significantly impact the credit risk of companies in high-emitting industries, such as the energy sector. We conclude that climate policy exposure in the form of carbon costs will have a real impact on credit risk and that lenders must consider carbon emissions as part of their credit risk assessment.
气候风险和与气候风险相关的碳政策威胁着经济繁荣的能力,并将影响许多行业(主要是高排放行业)的信用风险。如果贷款人的信贷组合受到气候变化风险的影响,那么更高的信贷风险也会影响贷款人。碳定价政策的引入将加剧加拿大等资源型经济体的这种威胁。虽然已有一些关于气候暴露和贷款组合风险的研究,但在碳定价如何影响个人商业信贷风险方面存在知识缺口。因此,本研究分析了不同碳定价情景对Altman z-score的影响。本文以2010 - 2020年的加拿大TSX 260数据为样本,采用加拿大政府的0 - 170美元的碳价制度,应用不同碳价的成本分析Altman z-score变量,直至2030年。结果表明,碳价格将显著影响高排放行业(如能源行业)企业的信用风险。我们的结论是,碳成本形式的气候政策暴露将对信用风险产生实际影响,贷款人必须将碳排放作为其信用风险评估的一部分。
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引用次数: 0
Child Health Implications of Plastic Waste Reduction in West Africa 西非减少塑料废物对儿童健康的影响
Q3 Social Sciences Pub Date : 2023-04-23 DOI: 10.5539/jms.v13n1p139
S. Dasgupta, M. Sarraf, David Wheeler
Rapidly growing, unregulated plastic litter has created a multitude of environmental and economic problems in developing countries. The problems are particularly serious for single use plastic (SUP) products that cannot be recycled. While the case for plastic waste reduction is clear, it may conflict with public health and other social objectives. Using Demographic and Health Survey (DHS) data from Ghana and Nigeria, this paper considers the potential for health damage from waste reduction policies that reduce household use of SUP drinking-water containers. The econometric analysis provides strong evidence that SUP containers significantly reduce child mortality and incidence of diarrhea, after controlling for other, widely cited determinants in the literature. By implication, general measures to reduce plastic use may also increase childhood illness and death. The study demonstrates how plastic-waste reduction policies should not be assessed in isolation from their public health implications for poor households and suggests countervailing measures that can be taken to address the SUP waste problem. The study can be replicated in any of the 73 countries where DHS data include the use of plastic containers as household water sources.
迅速增长的、不受管制的塑料垃圾在发展中国家造成了许多环境和经济问题。对于不能回收的一次性塑料(SUP)产品来说,问题尤其严重。虽然减少塑料废物的理由是明确的,但它可能与公共卫生和其他社会目标相冲突。利用来自加纳和尼日利亚的人口与健康调查(DHS)数据,本文考虑了减少家庭使用SUP饮用水容器的废物减少政策对健康的潜在损害。计量经济学分析提供了强有力的证据,在控制了文献中广泛引用的其他决定因素后,SUP容器显著降低了儿童死亡率和腹泻发病率。言下之意,减少塑料使用的一般措施也可能增加儿童疾病和死亡。该研究表明,不应该孤立地评估减少塑料废物政策对贫困家庭的公共卫生影响,并建议可以采取反补贴措施来解决SUP废物问题。在73个国家中,只要国土安全部的数据包括使用塑料容器作为家庭水源,就可以在任何一个国家复制这项研究。
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引用次数: 0
A Path Analysis of the Antecedents, Business Sustainability Practices and Outcomes of Private Schools in the Philippines 菲律宾私立学校的前因后果、商业可持续性实践和结果的路径分析
Q3 Social Sciences Pub Date : 2023-04-23 DOI: 10.5539/jms.v13n1p151
M. C. R. Vidal, Filomena M. Mendoza
According to the Organization for Economic Cooperation and Development, early childhood education results in long-term social and economic benefits; thus, governments must ensure that elementary and secondary schools can survive disruptions in the business environment as the education sector should not be compromised especially in a developing country. In a world characterized by drastic and disastrous changes, a resilient and sustainable education sector must always be ensured. Adopting sustainability initiatives appears to be the key to survival in response to the negative effects of various external factors affecting the world. The purpose of this study is to examine the causes and consequences of business sustainability practices in private elementary and secondary schools in the Philippines. The findings revealed that regulatory policies, science and environment, and customer demand are vital predictors for private schools’ sustainability practices, with significant impact on their outcomes. Although the relationships between antecedents, sustainability practices, and outcomes were positive, they were moderate and weak respectively. The study further showed that the private schools’ sustainability practices have a significant mediating effect between the antecedents and outcomes of the private schools’ sustainability.
根据经济合作与发展组织(Organization for Economic Cooperation and Development)的数据,幼儿教育带来了长期的社会和经济效益;因此,政府必须确保小学和中学能够在商业环境的破坏中生存下来,因为教育部门不应该受到损害,特别是在发展中国家。在一个以剧烈和灾难性变化为特征的世界中,必须始终确保一个有弹性和可持续的教育部门。采取可持续性倡议似乎是应对影响世界的各种外部因素的负面影响而生存的关键。本研究的目的是考察菲律宾私立小学和中学的商业可持续发展实践的原因和后果。研究结果表明,监管政策、科学和环境以及客户需求是私立学校可持续发展实践的重要预测因素,对其结果有重大影响。虽然前因、可持续性实践和结果之间的关系是正的,但它们分别是中等和弱的。研究进一步表明,私立学校可持续发展实践在私立学校可持续发展的前因与结果之间具有显著的中介作用。
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引用次数: 0
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International Journal of Management and Sustainability
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