ENVIRONMENTAL MANAGEMENT ACCOUNTING AND RSPO CERTIFICATION ON FIRM VALUE
DOI:
https://doi.org/10.36085/jam-ekis.v9i2.10330Abstract
This study examines whether Environmental Management Accounting (EMA) practices and Roundtable on Sustainable Palm Oil (RSPO) certification are reflected in the market valuation of palm oil companies listed on the Indonesia Stock Exchange during 2022–2024. Using purposive sampling, the study analyzes panel data from 19 companies over three years, resulting in 57 firm-year observations. Panel regression is employed to assess the relationship between firm value, EMA implementation, and RSPO certification, while profitability (ROA) and firm size are included as control variables. Model specification tests identify the Random Effect Model as the most appropriate estimation method. The findings indicate that neither EMA practices nor RSPO certification has a statistically significant effect on firm value. In contrast, profitability has a positive and significant impact, whereas firm size is negatively associated with firm value. Drawing on the Natural Resource-Based View and signaling theory, the results suggest that sustainability initiatives may represent environmental capabilities and signals of corporate commitment; however, these signals are not yet strongly incorporated into market valuation within Indonesia’s palm oil industry. The findings highlight the limited market appreciation of sustainability-related practices in this sector
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