Agus Widodo Mardijuwono, Drs., M.Si., Ak and Sigit Kurniawan, - and BASUKI, Prof.,Drs.,M.Com(Hons).,Ph.d.,Ak.,CA.,CMA and VELLA NOVERIA RAHMAN, 041211331036 and Diarany Sucahyati, - (2020) Managing the firm environmental and financial performance: new insight from government ownership. Polish Journal of Management Studies, 21 (2). pp. 256-267. ISSN 2081-7452

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Abstract

ownership, and corporate financial performance. This study consist of 151 companies that listed on the Indonesia Stock Exchange and followed the PROPER ranking held by the Indonesian Ministry of Environment from the period 2014-2017. This study uses evidence of state-owned enterprises that have not been much focused on research related to environmental and financial performance. In addition, this study also uses PROPER criteria for measuring environmental performance. This study found that environmental performance has a positive impact on financial performance in terms of three measurements, namely ROE, ROA, and TOBINS Q. Interestingly, this study found that companies with government ownership are negatively related to financial performance. This indicates that government ownership company is an extension of the government that does not focus primarily on financial performance but on sustainable environmental balance, so that whatever costs incurred are not a problem for the government as the majority shareholder as long as the expected goals are achieved. The results of this study provide implications for management of the companies about how environmental issues become important points that need to be considered to improve company performance. For the government, the results of this study can also be an input in making environmental management policies.

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