p–ISSN: 2723 - 6609 e-ISSN: 2745-5254
Vol. 5, No. 4 April 2024 http://jist.publikasiindonesia.id/
Indonesian Journal of Social Technology, Vol. 5, No. 4, April, 2024 1314
Online Profitability Exposure, Firm Value, Along With
Monitoring Of The Environment
Frasetyo Angga Saputra
1*
, Dwi Prastowo Darminto
2
, Syaril Djaddang
3
Universitas Pancasila, Indonesia
1*
2
3
*Correspondence
ABSTRACT
Keywords:
Online Profitability
Exposure, Research upon
Green, Profitability,
Leverage.
The overall market value of all the issued shares of the firm
is its enterprise value. Incredibly, one amount of financiers
have the cash for reimbursement to purchase all or a portion
of the firm, and it is based on a book worth to a business's
assets and liabilities. Enterprise worth may be calculated
using various methods, and your approach will often count
on the particulars of your business and the assessment's goal.
With sustainability reporting serving as a mediator factor, Its
goal aims to ascertain how Internet financial performance
and sustainability reporting impact corporate value. The
study's sample comprises 33 businesses operating in the
mining and industrial sectors between 2020 and 2022. Such
firms' financial and sustainability reports provided the data
for our investigation. The results demonstrate sustainability
regarding monetary results in terms of the Internet.
Introduction
The provisions regarding the display of company information through the website
are also supported by Article 2 No 8/POJK/04/2015. The term "Internet financial
reporting" was coined as a medium for disseminating corporate information via the
Internet, and information began to be disclosed on websites.(Peraturan Otoritas Jasa
Keuangan, 2017).
Increasing corporate value or shareholder wealth is one of the firm's goals. Since
maximizing shareholder value entails maximizing the current value of all future earnings
shareholders will get, it is considered a more acceptable corporate purpose. Its capacity
for offering payments determines its worth. The dividend's magnitude may impact the
share price. The share price and value of the firm increase with a more significant
dividend; conversely, a smaller payout yields a lower share price for the company. As a
result, large payouts raise company value. (Ovami & Nasution, 2020).
From 2020 to 2022, the book value of several businesses in the Mining and
Manufacturing industry has grown or dropped annually, according to stock index data
reported on the Indonesia Stock Exchange:
Online Profitability Exposure, Firm Value, Along With Monitoring Of The Environment
Indonesian Journal of Social Technology, Vol. 5, No. 4, April, 2024 1315
Figure 1 Company Value of Mining and Manufacturing Sectors
According to the statistics above, the extractive Company PT.Harum Energy. Tbk
has the most excellent company worth in 2021 (12.69), and PT. Harum Energy. Tbk has
the highest company worth in the Processing Industry. Sido Muncul.Tbk, or 7.48, in 2021.
The firm with the lowest valuation is PT Mining. Bumi Resources. Tbk is -0.73 in 2021;
in contrast, with Indonesia's COVID-19 pandemic struggles, poor manufacturing PT
Astra Otopart.Tbk is -0.51 in 2021.
Based on research conducted (Anisa, 2021) shows that IFR has no impact on firm
value. Winda Eka's research (Eka Amalia, 2018) indicates that IFR hurts firm value, while
Peggy Khairina Fauziah and Hendra Agustinus Marbun's research suggests that IFR hurts
firm value. (Fauziah, Agustinus Marbun, Purba, Keuangan, & Bisnis Indonesia, 2017)
Shows that IFR hurts firm value and proves to have a positive impact.
Measuring, revealing, and elucidating with individuals from within and outside the
company's success in accomplishing objectives for long-term prosperity is known as
blogging on the green. (Puspitandari & Septiani
1
, 2017). Sustainability reports include a
company's social, environmental, and economic performance details. Additionally, by
"activating" and "interacting" with local communities, sustainability reporting enables
businesses to take on a moral obligation and take environmental responsibility. (Apri Dwi
Astuti dan Juwenah, 2017).
According to point (2) of Chapter 2, there are different laws about banking
operations No. 51/ Different laws about banking operations /03/2017 Public Companies,
and sustainability means that: a) They are accountable for the investment principles. b)
Sustainable business practices and strategic principles. c) Managing dangers for the
surroundings as well as society tenets. d) The fundamentals of government. g)
Information transmission principles. f) All-encompassing ideas. g) Priority area
development principles. h) Coordination and collaboration principles. Regulation of the
Financial Services Agency, 2017).
Based on a study conducted (Atahau & Kausar, 2022), It has been demonstrated
that sustainability reporting increases company value. According to the authors ' research,
a survey (Sriwahyuni, 2016) indicates that sustainability reporting has little effect on
business value. (Sandra Cicilia erkanawati, 2018) Demonstrates how reporting on
sustainability lowers company value.
Frasetyo Angga Saputra, Dwi Prastowo Darminto, Syaril Djaddang
Indonesian Journal of Social Technology, Vol. 5, No. 4, April, 2024 1316
Signal Theory
According to (Agustiningsih and Septiani, 2022), According to the signaling
hypothesis, a corporation may take one or more steps to provide investors with hints about
how management perceives the company's prospects.(Idawati & Dewi, 2017) According
to signaling theory, businesses strongly desire to divulge information to other parties. The
notion of signaling indicates an imbalance in the information external parties and
management have regarding the company's prospects and profile.
Internet Financial Reporting's Impact on Firm Value
Eka Amalia (2018) emphasizes that no laws expressly or tightly govern Internet
financial reporting; instead, the firm provides a voluntary disclosure. The implementation
of online financial reporting is driven by the goals of individual companies, which include
disclosing financial data and non-financial details about their operations to boost their
reputation. (Anisa, 2021). According to the survey results, the value of a company's stock
is less than its nominal value (undervaluation), which causes the market reaction to fall
even though the IFR implementation status is satisfactory and the amount of information
disclosure is adequate. In light of this reasoning, a further conjecture may be made:
H1: Internet Financial Reporting Affects Firm Value
Sustainability Reporting's Impact on Company Equity
A report that reveals a company's societal and commercial performance has
attempted to be accountable to its stakeholders is known as sustainability reporting. Based
on (Puspitandari and Septiani, 2017), A report that provides non-financial data, such as
details on social and environmental initiatives that support a company's sustainable
growth and financial success, is known as sustainability reporting. (Eka Amalia, 2018).
The profitability variable (X1) and firm size (X3) are known to have an impact on online
financial and sustainability reporting (Y), according to statistical testing. Meanwhile, the
Internet Financial and Sustainability Report (Y) is unaffected by the leverage variable
(X2). These concurrent test Findings indicate that the likelihood of the a -statistic is
0.004358 <0.05. This demonstrates how the independent factors have an impact on the
dependent variable at the same time. In light of this reasoning, the following conjecture
may be made:
H2: Sustainability Reporting Affects Company Equity
The Moderated Impact of Sustainability Reporting on the Effect of Online
Accounting on Business Worth
In Indonesia, the number of businesses that provide sustainability reports has been
rising since 2005, when there was just one company; by 2014, there were sixty.
Nonetheless, the disclosure of Indonesian sustainability reports is still optional and is
growing. This makes it clear that businesses are already considering sustainability in the
context of the economy, society, and environment. (Aulia Rahma Khusnul Khotimah,
Anggi Saktiya Pratiwi, Yeni Lestari Simbolon, Wildan Yudhanto, & Yacobo P. Sijabat,
2022). This study was supported by (Eka Amalia, 2018). The profitability variable (X1)
and firm size (X3) are known to have an impact on online financial and sustainability
Online Profitability Exposure, Firm Value, Along With Monitoring Of The Environment
Indonesian Journal of Social Technology, Vol. 5, No. 4, April, 2024 1317
reporting (Y), according to statistical testing. Meanwhile, the Internet Finance and
Sustainability Report (Y) is unaffected by the leverage variable (X2). Its concurrent test
Findings indicate that the likelihood of the a-statistic is 0.004358 <0.05. This
demonstrates how the independent factors have an impact on the dependent variable at
the same time. In light of this reasoning, the following conjecture may be made:
H3: Internet Financial Reporting bears a repercussion on Firm Value Moderated
by Sustainability Reporting.
Investigate Model
Research Methods
All 240 coal mining and manufacturing businesses were active on the stock
exchange and the Jakarta Stock Exchange in 2020 and 2022, which comprised our
population. Methods to feed sampling that decide which samples to utilize. In this case,
The analysis was selected using the careful selection approach.
Table 1 Sample Selection Results
Its main goal was aimed at enhancing the landowners' or shareholder portfolio in a
bid to increase the value of the business. Price book value is one approach to calculating
Frasetyo Angga Saputra, Dwi Prastowo Darminto, Syaril Djaddang
Indonesian Journal of Social Technology, Vol. 5, No. 4, April, 2024 1318
a company's worth (PBV). The long-term objective of every business is to maximize
corporate value. (Zarviana, Dp, & Indrawati, 2017).
Ries that most of the recent corporate finance reports through sites known as Intense
financial Reporting
...
According to Apri Dwi Astuti dan Juwenah (2017), A report that provides non-
financial data, such as details on social environmental initiatives at a company's
staiablewith final ss, is known as a sustainability report capreport
As a gauge of a business's capacity to turn a profit.t. t.t, profitability is one factor
that ensures a company's continued existence. (Tri Indah K, 2022).
Leverage is one strategy for a business to thrive as it is a ratio employed for
calculating the amount of loan that can be used to fund an organization's assets. (Tri Indah
K, 2022).
Results and Discussion
Descriptive Statistics Results
Table 2 Output-Statistics Descriptive
Significance of Market Reserve (PBV), the dependent variable, has 99 study sample
observations. The lowest value is 0.23 (PT.Darma Henwa. TBK Business), and the
greatest is 7.72 (PT.Energi Harum Company. T.B.K. The Price-to-Book The standard
deviation for the indicator is 1,68. This means that a business's (or other legal entity's)
current stock market price is around 1.885 times the book value of its net assets per share.
In this instance, the company's net assets, less its liabilities, are often used to calculate the
book value of equity, multiplied by any quantity of all remaining securities. A standard
deviation of 1.603 has been recorded. This variable's mean value is higher than its
Online Profitability Exposure, Firm Value, Along With Monitoring Of The Environment
Indonesian Journal of Social Technology, Vol. 5, No. 4, April, 2024 1319
standard deviation, which suggests that the sample was more varied and had fewer
variables.
According to the study's findings, companies that do not fully utilize their treatment
of environmental, social, and cultural aspects obtain the lowest value from sustainability
reporting, an independent variable with a minimum worth more than 0,91; conversely,
enterprises that have the highest value demonstrate that they pay attention to these
aspects. The social, economic, and environmental factor is 0.99, indicating that several
businesses manage social, cultural, and ecological issues while adhering to the legal and
regulatory requirements. The obtained standard deviation is 0.0135. The standard
deviation exceeds the mean value. We may conclude that the research data sample has
low data distribution (spread) and significant variety.
The firm PT.Charoen Pokphand. T.B.K. has the lowest value of 0.84 for the Internet
Financial Performance variable as an independent variable, while PT. Indo Tambang
Raya Megah.TBK. has the most significant value of 1.03. Elements of the Internet
Financial Performance Indicator's Standard Deviation: 0.028 This variable's mean value
is higher than its standard deviation, which suggests that the sample was more varied and
had fewer variables.The firm PT. Bayaran Resource.TBK has the highest price of 15.03,
while Harum Energy.TBK has the lowest cost of 0.10. The profitability indicator
element's standard deviation as an independent variable is 2.76. The standard deviation
exceeds the mean value. We may conclude that the research data sample has low data
distribution (spread) and significant variety.
As an independent variable, the firm PT. Sido Muncul has the lowest value for the
debt-to-asset ratio.PT Exploitation Energy Indonesia.TBK has the most incredible score
at 2.42, while TBK has the smallest value at 0.05. The indicator element "Debt-to-Asset
Ratio" as an independent variable has The usual variance of 0,34. A break from the
average exceeds their mean value. We may conclude that the research data sample has
low data distribution (spread) and significant variety.
The firm PT. Harum Energy has the lowest value for the moderator of sustainability
reporting.TBK of 0.81, with PT. Delta Dunia Makmur obtained its highest value—Tbk
of 0.94. As an independent variable, the profitability indicator element's standard error is
0,029. A departure from normality exceeds their mean value. There was a great degree of
variation in the study data sample, and both big and minor data were dispersed.
Test of Normality
Figure 1 Normality Test Histogram
Frasetyo Angga Saputra, Dwi Prastowo Darminto, Syaril Djaddang
Indonesian Journal of Social Technology, Vol. 5, No. 4, April, 2024 1320
The findings in the belief above the histogram reveal the percentage frequency of
each neighboring diet group according to normalcy examination findings performed on
the dependent and independent variables. The non-overlapping intervals are shown by
bars, which display the data grouping.
Table 3 Klomogorov-Smirnov Test of Normality
The Kolomolov-Smirnov test indicates that the remaining data in the table above
has a normal distribution. The output findings demonstrate the significance of the
Kolmogorov-Smirnov worth 0.200>0.05. As a result, the regression model satisfies the
assumption of normalcy, and Everything else has a normal range.
Multicornellality Examine
Table 4. Multicorneality Test
It may be inferred That any independent variables in the assumption of regression
according to information are not showing crossover findings of the multicollinearity test,
which revealed that the four variables' VIF (Numbers for the range of the expansion)
coefficient were over ten.
Uji Moderated Regresi Analysis
From the surface, as mentioned earlier, it is evident that based on regression
analysis, The findings showed that coefficients for the following variables were obtained:
9.118 for the Sustainability Report variable, 0.460 for the Internet Financial Performance
variable, 0.103 for the Profitability variable, 1.317 for the Moderation variable, and 0.230
for the Debt To Asset Ratio variable. The constant obtained was 14.864, resulting in the
following regression equation model:
PBV:14,864 + 0,460.IFR + 9,118.SR + 1,317.IFR.SR + 0,073.ROA + 0,230.DAR
Heteroskedasticity Examine
Online Profitability Exposure, Firm Value, Along With Monitoring Of The Environment
Indonesian Journal of Social Technology, Vol. 5, No. 4, April, 2024 1321
The heteroscedasticity test is used to evaluate the regression model to determine if
there is an imbalance in the variance between the residues of one data and another.
(Simanungkalit, Ramashar, & Agustiawan, 2022) . A model shows heteroscedasticity if
the residual variances differ between observations.
Figure 2. Heteroscedasticity Test
Autocorrelation Test
Table 5. Autocorrelation Test
Simanungkalit et al. (2022) The existence of a correlation indicates the presence of
a hysteresis issue. This occurs as a result of the observations' ongoing relationship and
continuity. The technique of the Durbin method's foundation for decision-making is as
outlined below: Less than -2 in the DW number indicates positive autocorrelation. (b) No
autocorrelation is indicated by a DW value between -2 and +2. (c) Negative
autocorrelation is shown by a DW value larger than +2.
Evaluation of Hypotheses
T-Examination
Table 6 T-test
This factual test of how Internet financial performance affects cost book valuation
produced a total number of values of about – 0,059 and a p-value (his) of about 0,953
greater compared to alpha 5%, indicating that Price Book Value is unaffected by Internet
financial performance. Its findings summarize that "Internet financial performance has no
significant effect on price book." -0.027 is the value displayed by the beta value of the
Frasetyo Angga Saputra, Dwi Prastowo Darminto, Syaril Djaddang
Indonesian Journal of Social Technology, Vol. 5, No. 4, April, 2024 1322
product variable "unstandardized coefficient." Price Book Value, which is 2.7%, is
unaffected by performance.
The empirical test results show that Price Book Value is affected by sustainability
reporting, with a t-statistic around -1.560 and a p-value (Sig) of 0.124 greater than alpha
5%. This indicates that the price book value is unaffected by sustainability reporting. The
premise statement "Providing feedback on ecology makes contributed great impact with
a book worth " is refuted by this research. -14.229 is the value of the product variable
Unstandardised Coefisien's beta. This indicates that price book value is affected by
sustainability reporting by 14.22%.
That influence of profitability on book value was tested empirically, and the
findings reveal An amount to the importance of 3.384 and the p- p-worth (Sig) about
0,000 less than alpha 5%. This implies that book value is influenced by profitability. The
analysis's data cannot refute the premise that 'Profitability has a considerable influence
on book value.' The value of 0.280 is shown by the beta value of the product variable
"unstandardized coefficient." This indicates that profitability has a 28% impact on cost
valuation.
Empirical experiments examining the impact of leverage on price-book value
yielded t-values of -0.093 and p-values (Sig) of 0.926, which are more than alpha five
percent. This indicates that the price book value is unaffected by the argument. The
hypothesis positing that the argument has importance is that the book's worth of their
share price may be rejected based on the study's findings. Strength does not affect book
worth, as indicated by the product variable "unstandardized coefficient"'s beta value of
0.021. There is a 2.1% book value.
The empirical examination of the relationship between moderating Internet
business growth and long-term sustainability reporting yielded a test statistic of -1.327
and a coefficient of determination (Sig) of 0.189, more significant than alpha 5%. This
indicates that book value pricing and Internet financial performance are unaffected by
sustainability reporting. The study's findings cannot disprove the following hypothesis:
"Sustainability disclosure had an important influence on the modification of Internet
financial performance to book value." The product variable "unstandardized coefficient"
has a beta value of -1.748. Sustainability reporting has a 17.48% effect on book value-
adjusted Internet financial performance.
Model Feasibility Test
Table 7 Model Feasibility Test
Based on the statistics above, it may be inferred that the FTest calculation results
demonstrate simultaneous testing. The FTest computation yields a value of 3.578, below
Online Profitability Exposure, Firm Value, Along With Monitoring Of The Environment
Indonesian Journal of Social Technology, Vol. 5, No. 4, April, 2024 1323
alpha 5%, with an Internet Financial Performance Level of 0.007. This indicates that the
independent variables of sustainability reporting, profitability, leverage, and moderation
significantly influence price book value.
Determination Test (R)
Table 8 R test
Using the SPSS 26 software, statistical analysis reveals that independent factors
may account for 22.4% of the variable in question, with the rest, 77.6%, being explained
by undiscovered (i.e., non-model) variables. The findings of the coefficient of
determination test indicate that other independent variables influence Price Book Value
(PBV). Thus, more investigation and advancement on this subject are required.
Talk About the investigation's Find
Internet Financial Performance's Impact on Firm Worth
The research results demonstrated that this Internet financial performance variable
did not impact the company's worth. The stock market worth is Under its actual cost,
indicating an undervaluation, yet the market response is negative despite the robust
application of IFR and fair disclosure of facts. Next (Rizqiyah, Ahmad, and Lubis 2017)
Essentially, Internet Financial Reporting is a voluntary declaration made by a business;
any specific or well-defined rules do not govern its use. Internet financial reporting is
implemented according to each company's goals, which include providing insight into
accounting information and non-financial data about business operations that may boost
a company's reputation.
Sustainability Reporting's Impact on Businesses
Findings demonstrated that the environmental impact reporting variable unaffected
a company's value. A sustainability analysis includes qualitative information and
financial data, such as details on the company's environmental and social efforts that
support its sustainable growth. This study has funding (Sandra Cicilia Erkanawati 2018).
The sustainability report does not affect company value because two positive economic
value-added (EVA) values exist among the 16 firms under study. This reduction can be
attributed to the intense strain mining corporations have experienced since 2011.
This study examines how environmental reporting moderates the impact of Internet
accounting records on company worth.
It is established from the research findings that Firm Value is unaffected by the
Internet Financial Performance variable. As stated by (Muid and Hargyantoro 2016), The
inclusion of a company's financial data on a website or online is referred to by Online
accounting reports or IFR usage. Mandatory and voluntary disclosure are the categories
into which financial statement disclosure falls. The phenomenon in Indonesia now is that,
even though sustainability report disclosure is still optional in the country, the number of
Frasetyo Angga Saputra, Dwi Prastowo Darminto, Syaril Djaddang
Indonesian Journal of Social Technology, Vol. 5, No. 4, April, 2024 1324
businesses that disclose them has grown annually. In 2005, there was just one company,
but by 2014, there were sixty. This illustrates how businesses are increasingly concerned
with social, environmental, and economic sustainability. (Simbolon&Sueb, 2016).
Profitability's Impact on Price and Book Worth
Your study findings demonstrate that the profitability variable increases a
company's worth. Since profitability is A metric indicating whether an organization may
make money, preserving profitability is one strategy to ensure longevity. (Tri Indah K,
2022). The research results do not rule removing the notion that "Price Book Value is
significantly impacted by profitability." Previous studies conducted by (Dessriadi,
Harsuti, Muntahanah, & Murdijaningsih, 2022) (Riny, 2021) and (Maharani illustrate that
this business worth is significantly favorably impacting profitability. Additionally, the
findings of a study carried out by Djawoto, 2020) discovered proof that business value is
positively and significantly affected by profit, which is measured based on investment
return (also called ROA). Nevertheless, the research carried out by (Aulia Rahma
Khusnul Khotimah et al., 2022) demonstrates the contrary, namely that business value is
not much impacted by efficiency (ROA).
Leverage's Impact on Price and Volume
A linear study reveals the existence of the two debts and corporate worth. Their
ratio, known as leverage, determines how much of the organization's financial resources
are funded by debt. This indicates the company's debt load ratio to The things It has.
Leverage proportions: I have become accustomed to assessing an organization's capacity
by having short meetings and extended financial duties. (Sriwahyuni, 2016) This research
is supported by (Eka Amalia, 2018). The factors Profitability (X1) and Company Size
(X3) are known to affect Online Monitoring on Green or Finance (Y) based on t statistical
testing. Leverage (X2) has zero impact via monetary or environmental statements via
online platforms. (Y), however.
Conclusion
Research findings have established that the Internet's financial performance
characteristic does not impact business value. The intrinsic worth of stocks on their own
varies less than their reserve worth (undervaluation), which is the reason for the adverse
market reaction even if the IFR implementation status is satisfactory and the amount of
information disclosure is sufficient. As stated by (Lubis, 2017), The goal of implementing
web accounting procedures is to help companies become more credible by providing them
with facts about finances and non-finance with their operations and detailed outcomes
demonstrating that business value was unaffected by the sustainability reporting variable.
To support a company's sustainable growth, sustainability reporting contains non-
financial information and financial performance, such as social and environmental
actions. Sustainability reports do not affect company value since all 16 firms studied had
negative economic value added (EVA) values; only two companies have positive EVA
values. Since 2011, mining businesses have been subject to intense pressure, which has
resulted in this drop. This state of affairs is a result of the global economic crisis and
Online Profitability Exposure, Firm Value, Along With Monitoring Of The Environment
Indonesian Journal of Social Technology, Vol. 5, No. 4, April, 2024 1325
Potentially ascribed to multiple causes, comprising external ones like the weakening
Offenders world economy, declining oil prices, and declining demand for coal raw
materials due to declining coal prices. "Pay for no service" is why businesses pay
excessive taxes, expensive operating expenses, high licensing fees, and other exorbitant
expenses. This causes a decrease in the business's earnings, which eventually leads to
bankruptcy. Exit the business.
The research findings demonstrate that the Internet's financial performance
characteristic does not impact business value. The process of gathering financial data
about a firm via a website or online is called online auditing. Investment Finance
statement disclosures fall into two categories, as previously mentioned: required
disclosures and optional disclosures. The number of firms that have released ecological
assessments across Indonesia is increasing annually compared to 2005 alone, even though
the publication of sustainability reports is still optional in the country. In 2014, it grew
from one firm to sixty, demonstrating that businesses are giving sustainability—
economic, social, and environmental—more importance.
Frasetyo Angga Saputra, Dwi Prastowo Darminto, Syaril Djaddang
Indonesian Journal of Social Technology, Vol. 5, No. 4, April, 2024 1326
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