Update Artikelilmiah: 52044

NURUL HAMDALAH

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Abstrak (Bhs. Indonesia)

Penelitian ini bertujuan menganalisis pengaruh biaya lingkungan dan kinerja lingkungan terhadap profitabilitas dengan efisiensi biaya lingkungan sebagai variabel moderasi pada perusahaan sektor energi yang terdaftar di Bursa Efek Indonesia periode 2020–2024. Penelitian menggunakan pendekatan kuantitatif dengan analisis regresi data panel melalui Random Effect Model. Profitabilitas diukur menggunakan Return on Assets (ROA), kinerja lingkungan diproksikan dengan sertifikasi ISO 14001, dan efisiensi biaya lingkungan dihitung melalui rasio antara pengurangan dampak lingkungan terhadap biaya lingkungan yang dikeluarkan. Hasil penelitian menunjukkan bahwa biaya lingkungan berpengaruh positif terhadap profitabilitas, sehingga dapat dipandang sebagai investasi strategis. Namun, kinerja lingkungan tidak berpengaruh terhadap profitabilitas. Selain itu, efisiensi biaya lingkungan tidak mampu memoderasi hubungan biaya lingkungan maupun kinerja lingkungan terhadap profitabilitas. Temuan ini menunjukkan bahwa manfaat finansial dari aktivitas lingkungan di sektor energi lebih dipengaruhi oleh strategi alokasi biaya dibandingkan sertifikasi formal atau tingkat efisiensi dalam jangka pendek.

Abtrak (Bhs. Inggris)

This study investigates the effect of environmental costs and environmental performance on profitability, with environmental cost efficiency as a moderating variable, in energy sector companies listed on the Indonesia Stock Exchange during 2020–2024. The study employs a quantitative approach using panel data regression analysis with the Random Effect Model. Profitability is measured by Return on Assets (ROA), environmental performance is proxied by ISO 14001 certification, and environmental cost efficiency is calculated as the ratio between environmental impact reduction and environmental costs incurred. The results indicate that environmental costs have a positive effect on profitability, suggesting that environmental expenditures can serve as strategic investments rather than merely operational burdens. In contrast, environmental performance does not significantly affect profitability. Furthermore, environmental cost efficiency does not moderate the relationship between environmental costs and profitability, nor between environmental performance and profitability. These findings imply that in the energy sector, financial benefits from environmental initiatives are more closely associated with cost allocation decisions than with formal certification or efficiency improvements in the short term.

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