Embed Size (px)
Citation preview
Relationship Analysis of Eco-Control, Carbon Emission Disclosure and Economic Consequences
(Case Study of Oil, Gas and Coal Companies in Non Annex 1 Member Countries)
Dody HapsoroSTIE YKPN [email protected]
AmbarwatiSTIE YKPN [email protected]
Abstract
Eco-control is part of environmental management accounting and the application of financial and ecological information to maintain or alter patterns in environmental activity. The purpose of this study is to examine the effect of eco-control on the carbon emission disclosure and to examine the effect of carbon emission disclosure on economic consequences. Companies used as samples are oil, gas and coal companies in Non-Annex 1 member countries registered in the Osiris database. The observation period is from the commencement of the Kyoto Protocol's second commitment to date or from 2013 to 2016. Eco-control consists of three indicators (performance measurement, budgeting and incentives), it has been represented as a tool of control in the literature developed by management accounting. Measuring carbon emission disclosure is by using a checklist developed based on an information request sheet from CDP (Carbon Disclosure Project). An assessment of the extent of disclosure is made using the content analysis method, while economic consequences are proxied by using bid-ask spreads, trading volumes and share price volatility. The data analysis method used in this research is Partial Least Square (PLS) method using WarpPLS 4.0 application. Test results show that eco-control has a positive effect on the carbon emission disclosure. Furthermore, the test results show that carbon emission disclosure has a positive effect on trading volume and has a negative effect on bid-ask spreads and share price volatility.
Keywords: Eco-Control, Carbon Emission Disclosure, Economic Consequences, Bid-Ask Spread, Trading Volume, Share Price Volatility.
I. IntroductionThe climate change such as extreme weather that occurs at the present time is one of the results of global warming. The global warming occurs due to the increasing activity of greenhouse gas concentration in the earth’s atmosphere. The increasing level of greenhouse gases occurs due to industrial activities (Sullivan and Gouldson, 2013). The industrial activities require massive amounts of energy source which currently derived from earth oil and gas. Choi et al. (2013) explained that global warming has become business and political issue that matters for most of the countries in the world due to the assert order from every political, environmental and business leaders to overcome every challenge that triggers the global warming. One of the challenges of that order the needs for entity to understand and communicate its contribution to the global warming resulted from carbon emission.
Industrial development has caused unintended ecological degradation such as global warming, ozone depletion, deforestation and desertification, declining biodiversity, and toxic waste, although they could also benefit from cost reductions through ecological efficiencies, the development of green markets and first-mover advantage, better community relations, and improved image (Hart, 1995; Porter and Linde, 1995; Shrivastava, 1995). Environment-friendly practices have given rise to a body of accounting practices referred to as Environmental Management Accounting (EMA). Despite its lack of a definite boundary or definition, EMA has emerged as an interface between management accounting and environmental management (Bennett et al., 2002).
Environmental management accounting (EMA) helps firms work to attain those potential benefits and to face their environmental responsibilities (Schaltegger and Burritt, 2000). The importance of addressing the issues related to the integration of environmental matters within management control practices, namely, eco-control (Henri et al., 2017). As part of EMA, eco-control is the application of financial and strategic control methods to environmental management. Eco-control has attracted growing attention in recent years as a means of driving an environmental strategy throughout the firm (Henri and Journeault, 2010).
In the international order, the world has responded to the threat of climate change by emerging the convention of the United Nations Framework Convention on Climate Change (UNFCCC). One of the most important achievements in the implementation of this convention was the formulation of Kyoto Protocol in 1997 (NCCC, 2013). The Kyoto Protocol is the international arrangement that regulates the guideline for decreasing emission of greenhouse gas, thus it will not affect the earth climate system (Kyoto Protocol, 1998). According to the World Wide for Nature website, it has been agreed in the Kyoto Protocol that all the member countries of Annex I are obligated to decrease greenhouse gas emission about 5.2% from the emission level in 1990, while for the member countries of Non Annex I; the Kyoto Protocol is not mandating them to decrease greenhouse gas emission. The member countries of Annex I are the countries that categorized as a developed country, while the member countries of Non Annex I are the countries categorized as developing country.
The Kyoto Protocol regulates the implementation of greenhouse gas emission reduction by the industrial countries of Annex I about 5% below the emission level in 1990 towards the 2008-2012 periods through the Joint Implementation, Emission Trading and Clean Development Mechanism. In that order, the existence of the Kyoto Protocol has emerged the implication of carbon accounting as the obligation for the company to conduct
1
avowal, assessment, documentation, presentation and disclosure of carbon emission (Irwanthoko and Basuki, 2016). According to Najah and Cotter (2012) as well as Andrew and Cortese (2011), the disclosure of carbon emission is a kind of environmental disclosure and considered as voluntary action.
The eco-control helps organizations to measure, control and disclose their environmental performance. They are used to supply information for decision-making to ensure the attainment of environmental objectives (Henri and Journeault, 2010). Eco-control fosters alignment by connecting information systems, goals and objectives, resources allocation and performance evaluation to these value drivers (Ittner et al., 2003)
The company commitment to improving their disclosure will decrease the possibility of information asymmetry occurrence. This commitment is in line with the signaling theory that explains the reason why the company has an incentive to report the information voluntarily to the capital market, although this matter is not required in mandatory report (Hapsoro, 2006). The carbon emission disclosure is expected to provide a good image for the company because the company would be considered responsible and concerned about the environment that affected by the company operational activity. This matter is supported by Eipstein and Freedman (1994) which reveals that the individual investor is attracted to the social information submitted by the company in the annual report.
Therefore, the author intended to conduct the advance testing on eco-control that influence the disclosure of carbon emission in oil, gas and coal companies located in the member countries of Non Annex I. Aside from researching on the factor that influence the carbon emission disclosure, this research also studies the impact of carbon emission disclosure on economic consequences. As well as examining the effect of eco-control on the economic consequences and the carbon emission disclosure as a mediating variable.
II. Theoretical Review and Hypothesis Development.2.1 Theoretical Review.2.1.1 Legitimacy Theory.According to Guthrie et al. (2004), the legitimacy theory explains that a company is trying to ensure that their operational activity is still at the threshold of rules and norms that apply in the community where the company is operated. The company is able to use the disclosure to show the management concern on the community values or to distract the community attention on the negative impact resulted from the company activity (Lindblom, 1994). Disclosure gives the implication that the openness is a basis of public trust towards the management of the corporation system (Hapsoro, 2006). Considering the latest issues are how the company manages and evaluates the greenhouse gas, thus the company seeks to expect legitimacy of stakeholder for their activity through voluntary disclosure, in order to help to ensure the operation sustainability and the company existence among the community (O’Sullivan and O’Dwyer, 2009; Kalu et al., 2016).
2.1.2 Stakeholder TheoryAccording to Guthrie et al. (2004), the stakeholder theory explains that the company management is expected to conduct the activities mandated by the stakeholder and report those activities to them. The stakeholder owns the rights to receive information regarding the
2
impact that will be taken from the activities conducted by the company. Therefore, the company should give attention on the stakeholder due to their position as the parties that directly or indirectly affected by the activities conducted by the company.
The stakeholder theory stated that the entire stakeholders have rights to being provided with information regarding how the organization activity should affect them (for example through pollution report, sponsorship, security initiative, etc.), although they are not always using that information (Deegan, 2004). According to Lash and Wellington (2007), a stakeholder is expecting the company to assess and report the emission produced, because this carbon management and its report are used to manage and assess business risk related to the climate change and business opportunity.
2.1.3 Agency TheoryAccording to Jensen and Meckling (1976), the agency theory is a theory that explains the cooperation relationship between the principal (the company owner) and the agent (company management). The principal delegates its authority towards the agent to manage the company and conduct decision making. The owner entrusts the company management towards the management division. As the company management, the manager will be more receiving internal information and the company prospect comparatively to the owner (stock holder).
Putri and Nasir (2006) explained that the manager is responsible to provide information regarding the company condition towards the owner as the embodiment of responsibility of company management, although the information provided sometimes is not in accordance with the actual company condition, therefore this condition triggers the agency conflict. This condition is known as the unsymmetrical information or information asymmetry.
2.1.4 Signal TheorySignal theory assumes that the manager owns a lot more information compared to the outside party to predict the performance in the future. The manager is able to enhance the company performance through voluntary disclosure and disclosing information that’s considered relevant to establish a company image (Healy and Palepu, 2001).
According to Gray et al. (1995), the manager has a motivation to voluntarily disclose the additional accountancy information, such as corporate environmental disclosure that can be used as a signal which shows that the company is concern regarding the environment. This activity is conducted to attract the investor interest; therefore it can increase the positive reputation and the company value. Corporate environmental disclosure as one of the CSR activities is a signal related to the management quality.
2.1.5 Eco-Control.According to Simons (1987) and Simons (1990) eco-control is part of environmental management accounting and the application of financial and ecological information to maintain or alter patterns in environmental activity. Eco-control is designed to help an organization adapt to the context in which it is set and to deliver the key results desired by stakeholder groups (Merchant and Otley, 2007).
3
As an application of MCS, eco-control is used to change undesirable behavior and encourage the desired action (Merchant, 1982). The desired behavior or action is specifically related to environmental issues that have an impact on economic performance by encouraging variations in material costs, processing and production costs, and compliance with regulations. Cost variations can also contribute to improving the development of competitive advantage and enhancing the company's image.
2.1.6 Carbon Emission DisclosureCarbon gas emission is the release of carbon towards the atmosphere that resulted from the ignition of fossil fuel, which directly correlated with the release of carbon dioxide towards the atmosphere thus the global warming is increasing rapidly (Ecolife, 2011). According to Choi et al. (2013), one of the impacts for the company due to global warming is the needs of the entity to understand and communicate its contribution to the global warming resulted from carbon emission. The implication of Kyoto Protocol emerges the carbon accounting as the obligation for the company to conduct avowal, assessment, documentation, presentation and disclosure of carbon emission (Irwanthoko and Basuki, 2016).
The disclosure of carbon emission is a series of the past quantitative and qualitative information and the predicted company in the future regarding the company’s carbon emission, the disclosure explanation as well as the company’s financial implication in facing the climate change (Najah, 2012). The effort to reduce the carbon emission that conducted by the company as a business actor can be discovered from the disclosure of carbon emission (Jannah and Muid and Muid, 2014). The company that conducts the disclosure of carbon emission will give an ease for the stakeholder to issue a decision regarding the performance condition of company carbon emission, force the company to reduce its carbon emission, contribute to the public complaint regarding the policy and regulation on climate change (Ennis et al., 2012).
2.1.7 Economic ConsequencesAccording to Zeff (1978) in his article entitled "The Rise of Economic Consequences", the economic consequences are defined as the impact of accounting reports on the behavior of business decision makers, governments, investors and creditors. Meanwhile, according to Leuz and Wysocki (2008), the economic consequences are defined as the impact of changes in the disclosure regulation on the financial statements. The economic consequences arise from the existence of non-financial information, namely the disclosure of the environment contained in the annual report (Gozali et al., 2002). The level of company management transparency should be able to signal the existence of the economic benefits that investors will receive
2.2 Hypothesis Development2.2.1 The Effect of Eco-Control on Carbon Emission Disclosure Eco-control integrate environmental information and cost in an environmental management strategy and help organizations measure, control and disclose their performance (Schaltegger and Burritt, 2000). Eco-control may support economic performance by providing incremental information. By incorporating information concerning managerial actions and environmental
4
issues that are not fully captured in financial results (Banker and Datar, 1989; Feltham and Xie, 1994; Hemmer, 1996; Said et al., 2003).
Rahmadhani and Meylani (2016) show that eco-control has a positive effect on Corporate Social Responsibility Disclosure. The higher level of company concerns for environmental, the better company’s eco-control. They will always undertake environmental responsibility for the impacts of the company's operational activities. The impacts such as air and waste pollution. The form of corporate responsibility can be disclosed in the form of information that is carbon emission disclosure. Therefore, the author proposes a hypothesis as below. H1: Eco-control has a positive effect on the carbon emission disclosure.
2.2.2 The Effect of Carbon Emission Disclosure on Bid-Ask SpreadBid-ask spread is a difference between highest purchase and lowest purchase price. According to Ramadhani (2014), a high bid-ask spread is occurring due to the presence of information asymmetry. According to Hapsoro (2006), one of the efforts conducted to reduce the information risk faced by the investor is to provide voluntary disclosure. The carbon emission disclosure generally presented as the manifestation of voluntary disclosure that useful for internal and external decision making (Andrew and Cortese, 2011). Therefore, the availability of carbon emission disclosure is expected to reduce information asymmetry and can be used in making decisions in order to decrease bid-ask spread.
The research conducted by Ramadhani (2014) shows that the disclosure of corporate social responsibility has a negative effect on bid-ask spread, while Fadhilla (2016) shows that the disclosure of corporate social responsibility has a positive effect on bid-ask spread. According to the past studies regarding the disclosure of corporate social responsibility and bid-ask spread that resulted differently, then this research will conduct re-testing the effect of carbon emission disclosure on bid-ask spread. Therefore, the author proposes a hypothesis as below. H2: Carbon emission disclosure has a negative effect on bid-ask spread
2.2.3 The Effect of Carbon Emission Disclosure on Trading Volume Trading volume is an illustration of investor interest to sell and purchase the stocks (Leuz and Verrecchia, 2000). One of the factors that mostly considered in predicting the stock price is trading volume. From many elements that affect the trading volume, one of the most influencing elements of fundamental assessment for security is the availability of information (Sun, 2003). The research conducted by Nurdin and Cahyadinto (2006) shows that the disclosure of social and environmental themes in the annual company report has influenced the investor reaction which consists of the rising of stock price and trading volume. Leuz and Verrecchia (2000) shows that the improving disclosure activity resulted in economic consequences as embodied in the form of the decreasing rate of trading volume. In accordance with the past research regarding voluntary disclosure and trading volume that resulted in different results, this research will conduct a re-testing the effect of carbon emission disclosure on trading volume. Therefore, the author proposes a hypothesis as below. H3: Carbon emission disclosure has a positive effect on trading volume
5
ECO TVO
SPV
BAS
CEDH1H2
H3
H4
2.2.4 The Effect of Carbon Emission Disclosure on Share Price VolatilityShare price volatility is a statistical measurement for stock price fluctuation during a certain period. In general, the company that has low volatility level is a more stable company. According to the Cormier and Magnan (2010), the environmental and social disclosure is completing each other in reducing information asymmetry in the stock market, the decreasing level of information asymmetry is assessed on the decreasing of share price volatility. By the availability of carbon emission disclosure reveals by the company, the stakeholder is expected to be given a transparency of information regarding the carbon emission produced and the efforts of the company to reduce that emission. The more information available in carbon emission disclosure, it is expected to be able to reduce the information asymmetry, thus it could decrease the stock price volatility. The different conclusion proposed by Ramadhani (2014), his research shows no effect of corporate social disclosure on share price volatility.
In accordance with the past research regarding voluntary disclosure and share price volatility that resulted in different results, this research will conduct a re-testing the effect of carbon emission disclosure on share price volatility. Therefore, the author proposes a hypothesis as below. H4: Carbon emission disclosure has a negative effect on share price volatility
2.3 Research ModelFigure 1 presents a relationship model among eco-control, carbon emission disclosure and economic consequences. Eco-control is expected to have a positive effect on carbon emission disclosure (Hypothesis 1). Carbon emission disclosure is expected to have a negative effect on bid-ask spread (Hypothesis 2), has a positive effect on trading volume (Hypothesis 3) and has a negative effect on share price volatility (Hypothesis 4).
Figure 1 Research Model
III.Research Methodology 3.1 Population and SampleThe populations in this research are the oil, gas and coal companies in the Non Annex I member countries that available on the Osiris database in 2013-2016. The sample is taken by using purposive sampling technique with the company annual report during 2013-2016 in English or Bahasa as well as the companies that own historical share price during 2013-2016 in the Yahoo Finance website as the sample criteria. The number of companies that fulfill the sample criteria is 68 company data.
6
3.2 The Measurement of Variable Operational. 3.2.1 Eco-ControlIn this paper, eco-control is composed of three important practices, namely uses of performance measures, budgeting and incentives (Henri and Journeault, 2010; Rahmadhani and Meylani, 2016). Performance is calculated by Return on Assets (ROA). The ROA of each company will be summed and averaged. If the ROA value of a company is below the average, then the company gets a value of 0 (zero) and if the value of ROA is above the average then the company gets a value of 1 (one). Budgeting and incentives specifically involve the setting of detailed goals for environmental expenses, incomes from material scrap or recycled waste, and environmental investments.
3.2.2 Carbon Emission DisclosureThis variable is measured by giving a 1 score towards the company that conduct carbon disclosure and 0 scores towards the company who did not. The items used to measure carbon emission disclosure are adopted from Choi et al. (2013).
3.2.3 Bid-Ask SpreadBid-ask spread is a difference between the higher purchase value with the lowest purchase value. The formula used to calculate the bid-ask spread is:
Spread =
Spread i,t = The difference average between the highest purchase value with the lowest purchase value of the i company in one year.
Ask = The lowest purchase value or demand price.Bid = The highest purchase value or offering price.n = The number of transaction day in one year.
3.2.4 Trading VolumeTrading volume shows the investor interest to sell and purchase stocks. The formula used to calculate the trading volume is:
TV i=∑t=1
n
TV i , t
n
TVi = The average stock trading volume of the i company in one year.TV i,t = The daily stock trading volume of the i company from the beginning of the year
to the end of the year, the number of transaction day during one year.n = The number of transaction day in one year.
3.2.5 Share Price VolatilityVolatility is a standard deviation used to calculate the average daily price of stock trading. The formula used to calculate the share price volatility is:
7
σi2=∑t=1
n
( X i ,t− X̄ i )2
n−1
σi2 = Variance
σ i = Standard deviationX i , t = Each of the i company daily stock price in one yearX̄ i = The average of i company daily stock price
n = The number of transaction day in one year.
3.3 The Data Analysis MethodThe analysis method used in this research is structural equation modeling (SEM) and the analysis instrument used is partial least squares (PLS) software. SEM is one of the types of multivariate analysis in social science. The software used as the analysis instrument is WarpPLS 4.0 version.
IV. Research Result and Discussion 4.1 The Analysis of Partial Least SquareFigure 2 presents the analysis results of partial least squares. Table 1 presents the hypothesis testing of all variables.
Figure 2Analysis Results
Table 1Hypothesis Testing
Prediction Variable Path Coef. P-Value ResultH1 + EC -> CED 0,29 < 0.01 AcceptedH2 - CED -> BAS -0,24 < 0.01 AcceptedH3 + CED -> TVO 0,29 < 0.01 AcceptedH4 - CED -> SPV -0,37 < 0.01 Accepted
Source: Data Processing
8
4.2 Hypothesis Discussion 4.2.1 The Effect of Eco-Control on Carbon Emission DisclosureAccording to the result of the first hypothesis testing in this research, it is found that P-Value (< 0.01) is smaller than the determined significant level (≤ 0.05) and the path coefficient value marked positive (0.29). This result shows that eco-control has a positive effect on the carbon emission disclosure, therefore the test result accept the first hypothesis. The higher level of companies concern for environmental, the better companies’ eco-control. Because of that, the companies will disclose their activities on the carbon emission disclosure. The testing result supports the argument of Rahmadhani and Meylani (2016) that found the eco-control has a positive effect on the carbon emission disclosure.
4.2.2 The Effect of Carbon Emission Disclosure on Bid-Ask SpreadAccording to the result of the second hypothesis testing in this research, it is found that P-Value (< 0.01) is smaller than the determined significant level (≤ 0.05) and the path coefficient value marked negative (-0.24). This result shows that carbon emission disclosure has a negative effect on the bid-ask spread, therefore the test result accept the second hypothesis. The more available information in the carbon emission disclosure will decrease the number of bid-ask spread. The more information disclosed is expected to reduce information asymmetry therefore the bid-ask spread will be smaller. This test result supports the argument of Ramadhani (2014) regarding the negative effect of corporate social responsibility disclosure on bid-ask spread. The wider information disclosed in corporate social responsibility, then the bid-ask spread will be smaller.
4.2.3 The Effect of Carbon Emission Disclosure on Trading VolumeAccording to the result of the third hypothesis testing in this research, it is found that P-Value (< 0.01) is smaller than the determined significant level (≤ 0.05) and the path coefficient value marked positive (0.29). This result shows that carbon emission disclosure has a positive effect on trading volume, therefore the test result accept the third hypothesis. The more disclosure available in the carbon emission disclosure, the investor interest to invest in the company is becoming higher as well. The testing result supports the argument of Ramadhani (2014) that found the disclosure of corporate social responsibility has a positive effect on trading volume.
4.2.4 The Effect of Carbon Emission Disclosure on Share Price VolatilityAccording to the result of the fourth hypothesis testing in this research, it is found that P-Value (< 0.01) is smaller than the determined significant level (≤ 0.05) and the path coefficient value marked negative (-0.37). This result shows that carbon emission disclosure has a negative effect on share price volatility, therefore the test result accept the fourth hypothesis. The more disclosure available in the carbon emission disclosure, the share price volatility will be smaller. The more information reveals in the disclosure will reduce the information asymmetry, thus the share price volatility will be smaller. This testing result supports the argument of Vieira and Pinho (2011) whose reveals that the disclosure has negative effect on share price volatility. This condition occurs due to the decreasing of
9
information asymmetry along with the transparency improvement and the regularity of information delivery to the market.
V. Conclusion, Limitation, Suggestion and Implication According to the analysis conducted in this research, it can be concluded that eco-control has a positive effect on the carbon emission disclosure. Aside from that, the carbon emission disclosure has a positive effect on the trading volume and also has a negative effect on bid-ask spread and share price volatility.
This research conceives limitations that could become a consideration for the future research, such as the limited data of oil, gas and coal companies in the Osiris database during 2013 to 2016. The future research is expected to overcome this current research limitation. First, by using another database that provides an annual report of the companies around the world. Second, by adding a variable that is able to explain the effect on the extent of carbon emission disclosure, such as corporate governance.
This research has implication on the interested party, such as the government. The government is expected to apply tighter regulation on the company that has the potency to produce carbon emission. This regulation can be related to the implementation of mandatory disclosure to the company that has a potency to produce carbon emission, through carbon emission mandatory disclosure. For the company, it is expected for them to have concern more on the environment affected by the carbon emission, thus the company will earn legitimacy and positive response from the stakeholder. This issue matters, because the investor will interest more to the company that conduct carbon emission disclosure, proved by the improvement of the trading volume as well as the decreasing rate of bid-ask spread and share price volatility.
10
References
Andrew, J & Cortese, C. L. (2011). Carbon Disclosures: Comparability, the Carbon Disclosure Project and the Greenhouse Gas Protocol. Australaian Accounting Business and Finance Journal. Vol. 5 No. 4, pp. 5-18.
Banker, R & Datar, S. (1989). Sensitivity, Precision and Linear Aggregation of Signals for Performance Evaluation. Journal of Accounting Research, Vol. 27 No. 1, pp. 21–39.
Bennett, M., Bouma, J. J. & Wolters, T. (2002). Environmental Management Accounting: Informational and Institutional Developments. Dordrecht, Netherlands: Kluwer Academic Publisher.
Bureau Van Dijk. [online] https://osiris.bvdinfo.com/ (Accessed 1 July 2017).
Choi, B. B., Lee, D. & Psaros, J. (2013). An Analysis of Australian Company Carbon Emission Disclosures. Pacific Accounting Review, Vol. 25 No. 1, pp. 58-79.
Cormier, D., Ledoux, M. J. & Magnan, M. (2010). The Informational Contribution of Social and Environmental Disclosures for Investors. https://hal.archives-ouvertes.fr/hal-00481571 (Accessed 19 October 2017).
Deegan, C. (2004). Financial Accounting Theory. Sydney: McGraw-Hill Book Company.
Eco Lifestyle Network Company. [online] www.ecolife.com (Accessed 13 August 2017).
Eipstein, M. J. & Freedman, M. (1994). Sosial Disclosure and the Individual Investor. Accounting, Auditing and Accountability Journal, Vol. 7 No. 4, pp. 94-108.
Ennis, C., Kottwitz, J., Lin, S.X. & Markusson, N. (2012). Exploring the Relationships between Carbon Disclosure and Performance in FTSE 350 Companies. Working Paper.
Feltham, G. A & Xie, J. (1994). Performance Measure Congruity and Diversity in Multi-Task Principal-Agent Relations. Accounting Review, Vol. 69 No. 3, pp. 429–453.
Gray, R., Kouhy, R. & Lavers, S. (1995). Constructing a Research Database of Social and Environmental Reporting by UK Companies. Accounting, Auditing & Accountability Journal, Vol. 8 No. 2, pp. 78-101.
Guthrie, J., Petty, R., Yongvanich, K. & Ricceri, F. (2004). Using Content Analysis as a Research Method to Inquire into Intellectual Capital Reporting. Journal of Intellectual Capital, Vol. 5 No. 2, pp. 282-293.
Hapsoro, D. (2006). Mekanisme Corporate Governance, Transparansi dan Konsekuensi Ekonomik: Studi Empiris di Pasar Modal Indonesia. Unpublished Ph. D. Thesis, Universitas Gadjah Mada, Yogyakarta, Indonesia.
11
Hart, S. L. (1995). A Natural-Resource-Based View of the Firm. Academy of Management Review, Vol. 20 No. 4, pp. 986–1014.
Healy, M. P & Palepu, K. G. (2001). Information Asymmetry, Corporate Disclosure and The Capital Markets: A Review of the Empirical Disclosure Literature. Journal of Accounting and Economics, Vol. 31, pp. 405-440.
Henri, J. F. & Journeault, M. (2010). Eco-Control: The Influence of Management Control Systems on Environmental and Economic Performance. Accounting, Organizations and Society, Vol. 35, pp. 63-80.
Henri, J. F., Journeault, M & Brousseau, C. (2017). Eco-Control Change and Environmental Performance: A Longitudinal Perspective. Journal of Accounting & Organizational Change, Vol. 13 No. 2, pp. 188-215.
Hemmer, T. (1996). On the Design and Choice of ‘‘Modern” Management Accounting Measures. Journal of Management Accounting Research, Vol. 8, pp. 87–116.
Irwanthoko and Basuki. (2016). Carbon Emission Disclosure: Studi pada Perusahaan Manufaktur Indonesia. Jurnal Akuntansi dan Keuangan. Vol. 18 No. 2, pp. 92-104.
Ittner, C. D., Larcker, D. F. & Randall, T. (2003). Performance Implications of Strategic Performance Measurement in Financial Services Firms. Accounting, Organizations and Society, Vol. 28 No. 7–8, pp. 715–741.
Jannah, R. & Muid, D. (2014). Analisis Faktor-Faktor yang Mempengaruhi Carbon Emission Disclosure pada Perusahaan di Indonesia (Studi Empiris pada Perusahaan yang Terdaftar di Bursa Efek Indonesia Periode 2010-2012. Diponegoro Journal of Accounting, Vol. 3 No. 2, pp. 1-11.
Jensen, M. C. & Meckling, W. H. (1976). Theory of The Firm: Managerial Behavior, Agency Cost, and Ownership Structure. Jurnal of Financial Economics, Vol. 3 No. 4, pp. 305-360.
Kalu, J. U., Buang, A. & Aliagha, G. U. (2016). Determinants of Carbon Emission Disclosure and Reduction in Corporate Real Estate Companies in Nigeria. Journal of Environment and Earth Science, Vol. 6 No. 2, pp. 87-94.
Lash, J & Wellington, F. (2007). Competitive Advantage on a Warming Planet. Harvard Business Review.
Leuz, C. & Verrecchia, R. E. (2000). The Economic Consequences of Increased Disclosure. Journal of Accounting Research, Vol. 28.
Lindblom, C. K. (1994). The Implications of Organizational Legitimacy for Corporate Social Performance and Disclosure. In Critical Perspectives on Accounting Conference. New York.
Merchant, K. A. (1982). The Control Function of Management. Sloan Management Review, Vol. 23 No. 4, pp. 43–55.
12
Merchant, K. A & Otley, D. T. (2007). A Review of the Literature on Control and Accountability. Handbook of Management Accounting Research Vol. 2, pp. 785-803.
Najah, M. M. S. (2012). Carbon Risk Management, Carbon Disclosure and Stock Market effects: An International Perspective. Unpublished Master Thesis, University of Southern Queensland, Australia.
National Committee of Climate Change, N. (2013). Mari Berdagang Karbon: The Joint Crediting Mechanism. http://jcm.ekon.go.id/id/. (Accessed 12 August 2017).
Nurdin, E. & Cahyandito, M. F. (2006). Pengaruh Kualitas Pengungkapan Sosial dan Lingkungan dalam Laporan Tahunan terhadap Reaksi Investor. Unpublished Master Thesis, Universitas Padjajaran, Bandung, Indonesia.
O'Sullivan, N. & O'Dwyer, B. (2008). Stakeholder Perspectives on a Financial Sector Legitimation Process: The Case of Ngos and the Equator Principles. Accounting, Auditing & Accountability Journal, Vol. 22 No. 4, pp. 553-587.
Porter, M. E. & Linde, V. D. (1995). Green and Competitive: Ending the Stalemate. Harvard Business Review, Vol. (September–October), pp. 120–134.
Putri, I. F & Nasir, M. (2006). Analisis Persamaan Simultan Kepemilikan Manajerial, Kepemilikan Institusional, Risiko, Kebijakan Hutang dan Kebijakan Dividen dalam Perspektif Teori Keagenan’ in Simposium Nasional Akuntansi, Padang, Indonesia.
Rahmadhani, S. & Meylani, D. (2016). Pengaruh Eco-Control terhadap CSR Disclosure dan Financial Performance dengan Environmental Performance sebagai Variabel Intervening. Jurnal Dinamika Ekonomi & Bisnis, Vol. 13 No.1, pp. 32-46.
Ramadhani, M. H. Z. K. (2014). Pengaruh Pengungkapan Corporate Social Responsibility terhadap Konsekuensi Ekonomi. Unpublished Master Thesis, STIE YKPN, Yogyakarta.
Schaltegger, S. & Burritt, R. (2000). Contemporary Environmental Accounting. Greenleaf Publishing, Vol. 9, pp. 81-82.
Shrivastava, P. (1995). The Role of Corporations in Achieving Ecological Sustainability. Academy of Management Review, Vol. 20 No. 4, pp. 936–960.
Simons, R. (1987). Accounting Control Systems and Business Strategy: An Empirical Analysis. Accounting, Organizations and Society, Vol. 12 No. 4, pp. 357–374.
Simons, R. (1990). The Role of Management Control Systems iIn Creating Competitive Advantage: New Perspectives. Accounting, Organizations and Society, Vol. 15 No. 1/2), pp. 127-143.
Sullivan, R. & Gouldson, A. (2013). Ten Years of Corporate Action on Climate Change: What Do We Have to Show for It? Energy Policy,Vol. 60, pp. 733-740.
13
Sun, W. (2003). Relationship Between Trading Volume and Security Prices and Returns, Area Exam Report MIT Laboratory for Information and Decision Systems, Technical Report P-2638.
United Nations Framework Convention on Climate Change. [online] http://unfccc.int/kyoto _protocol/items/2830.php (Accessed 9 August 2017).
World Wide Fund for Nature Indonesia. [online] www.wwf.or.id (Accessed 26 August 2017)
14
