Commissioner Board Monitoring to Create Firm Performance through Environmentally Friendly Management
Abstract
The paper is written as an empirical test on the indirect effect of Commissioner Board Monitoring on firm performance through environmental performance as mediation variable. Research sample is non-financial firms that participate into Performance Assessment Program (PROPER) and that also list at Indonesian Stock Exchange. Commissioner Board Monitoring consists of few attributes such as: Commissioner Board Size, Independent Commissioner Board, and Commissioner Board’s Frequency of Meeting. Environmental performance is measured with the use of PROPER by the Ministry of Life Environment and Forestry for Indonesian Republic. Firm performance is proxied with Return on Asset (ROA) and Tobin’s Q. Research gains some results. Commissioner Board Monitoring has a positive effect on both environmental performance and firm performance. Environmental performance has a positive effect on firm performance. Commissioner Board Size has an indirect effect on firm performance through environmental performance. All these findings support agency theory and stakeholder theory. Any firms attempting to maximize performance shall balance the interest of shareholder (firm owner) and stakeholder.
References
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[36] Iqbal, M., T, S., Assih, P. and Rosidi 2013. Effect Of Environmental Accounting Implementation And Environmental Performance And Environmental Information Disclosure As Mediation On Company Value. International Journal Of Business And Management Invention, 2: 55-67.
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[41] Johl, S. K., Kaur, S. and Cooper, B. J. 2015. Board Characteristics And Firm Performance: Evidence From Malaysian Public Listed Firms. Journal Of Economics, Business And Management, 3(2): 239-243.
[42] Kesner, I. F. and Johnson, R. B. 1990. An Investigation Of The Relationship Between Board Composition And Stock-Holder Suits Strategic Management Journal, 11: 327-336.
[43] Khan, A., Muttakin, M. B. and Siddiqu, J. 2013. Corporate Governance And Corporate Social Responsibility Disclosures: Evidence From An Emerging Economy. Journal Business Ethics, 114: 207-223.
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[61] Puni, A., Osei, B. A. and Ofei1, S. B. 2014 The Effect of Board Composition on Corporate Financial Performance: Evidence from Listed Firms in Ghana. International Journal of Business And Management, 9.
[62] Purnomo, Karin, P., Widianingsih and Patricia, L. 2012. The Influence Of Environmental Performance On Financial Performance With Corporate Social Responsibility (CSR) Disclosure As A Moderating Variable: Evidence From Listed Companies In Indonesia. Society Of Interdisciplinary Business Research, 1(1).
[63] Ramos, R. G. and Olalla, M. G. 2014. Board Independence And Firm Performance In Southern Europe: A Contextual And Contingency Approach. Journal Of Management & Organization, 20: 313 - 332
[64] Rao, K. K., Tilt, C. A. and Lester, L. H. 2012. Corporate Governance And Environmental Reporting: An Australian Study. Corporate Governance: The International Journal Of Business In Society, 12: 143 - 163.
[65] Rashida, A., Zoysab, A. D., Lodh, S. and Rudkinb, K. 2010. Board Composition And Firm Performance: Evidence From Bangladesh. Australasian Accounting Business Finance Journal, 4(1): 76-95.
[66] Ross, A. and Crossan, K. 2012. A Review of the Influence of Corporate Governance on the Banking Crises in the United Kingdom and Germany. Corporate Governance, 12: 215 - 225.
[67] Ross, S. A. 1973. The Economic Theory of Agency: The Pricipal's Problem. American Economic Review, 63: 134-139.
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[77] Yasser, Q. R., Mamun, A. A. and Seamer, M. 2017. Do Corporate Boards Affect Firm Performance? New Evidence from an Emerging Economy. International Journal of Productivity and Performance Management, 66(6): 724-741.
[78] Yermack 1996. Higher Market Valuation of Companies With a Small Board of Directors. Journal of Financial Economics,, 40: 185-211.
[79] Zou, H. L., Lin, S. X. Z. H. and Xie, X. M. 2015. Top Executives’ Compensation, Industrial Competition, and Corporate Environmental Performance Evidence from China. Management Decision, 53: 2036 - 2059.
[2] Angeliaa, D. & Suryaningsih, R. 2015. The Effect Of Environmental Performance And Corporate Social Responsibility Disclosure Towards Financial Performance (Case Study To Manufacture, Infrastructure, And Service Companies That Listed At Indonesia Stock Exchange) Social And Behavioral Sciences, 211: 348-355.
[3] Berle and Means 1932. The Modern Corporation And Private Property. New York: The Mac- Millan Company.
[4] Bran, F., Radulescu, C. V. and Ioan, I. 2011. Measures Of Environmental Performance Review Of International Comparative Management 12: 893-900.
[5] Caracuel, J. A. and Mandojana, N. O. D. 2013. Green Innovation And Financial Performance: An Institutional Approach. Organization & Environment Http:/Oae.Sagepub.Com.
[6] Chiang, H. T. and Lin, M. C. 2011. Examining Board Composition And Firm Performance. The International Journal Of Business And Finance Research, 5(3): 15-27.
[7] Chou, H.-I., Chung, H. and Yin, X. 2013. Attendance Of Board Meetings And Company Performance : Evidence From Taiwan. Journal Of Banking & Finance 37: 4157-4171.
[8] Coles, J. L., Daniel, N. D. and Naveen, L. 2008. Boards: Does One Size Fit All? Journal Of Financial Economics, 87: 329-356.
[9] Cong, Y. and Freedman, M. 2011. Corporate Governance And Environmental Performance and Disclosures. Advances In Accounting, Incorporating Advances In International Accounting, 27: 223-232.
[10] Conger, J.A., F. and D. Lawler Iii, E. E. 1998. Appraising Boardroom Performance. Harvard Business Review, 76: 136-148.
[11] Connolly, T., Conlon, E. J. and Deutsch, S. J. 1980. Organizational Effectiveness: A Multiple-Constituency Approach. The Academy Of Management Review, 5: 211-217.
[12] Core, J. E., Holthausen, R. W. and Larcker, D. F. 1999. Corporate Governance, Chief Executive Officer Compensation, And firm Performance. Journal Of Financial Economics, 51: 371-406.
[13] Desoky, A. M. and Mousa, G. A. 2013. An Empirical Investigation Of The Influence Of Ownership Concentration And Identity On Firm Performance Of Egyptian Listed Companies. Journal Of Accounting In Emerging Economies, 3: 164 - 188.
[14] Djajadiningrat, S. T., Hendriani, Y. and Famiola, M. 2014. Green Economy, Bandung, Engineering Science.
[15] Dogl, C. and Holtbrugge, D. 2014 Corporate Environmental Responsibility, Employer Reputation And Employee Commitment: An Empirical Study In Developed And Emerging Economies. The International Journal Of Human Resource Management, 25: 1739-1762.
[16] Donaldson, T. and Preston, L. E. 1995. The Stakeholder Theory Of The Corporation : Concepts, Evidence, And Implications. Academy Of Managemenl Review, 20: 85-91.
[17] Ducassy, I. 2015. Corporate Social Performance, Ownership Structure, And Corporate Governance In France. Research Internal Business And Finance.
[18] Earnhart, D. and Lizal, L. 2006. Effects Of Ownership And Financial Performance On Corporate Environmental Performance. Journal Of Comparative Economics 34: 111-129
[19] Elkington, J. 1997. Cannibal With Forks: The Triple Bottom Line Of 21st Century Business, Oxford, Uk, Capstone.
[20] Fama, E. F. 1980. Agency Problems And The Theory Of The Firm The Journal Of Political Economy 88: 288-307
[21] Fama, E. F. and Jensen, M. C. 1983. Separation Of Ownership And Control Journal Of Law And Economics, 26: 301-325
[22] FCGI 2006. The Role Of The Board Of Commissioners And The Audit Committee In The Implementation Of Corporate Governance, Series I Corporate Governance Volume I.
[23] Feizizadeh, A. 2012. Corporate Governance: Frameworks. Indian Journal Of Science And Technology 5(9): 3353-3361.
[24] Freeman, R. 1984. Strategic Management: A Stakeholder’s Approach, Pitman, Boston, Ma. .
[25] Hair, J. F., Hult, G. T. M., Ringle, C. and Sarstedt, M. 2013. A Primer On Partial Least Squares Structural Equation Modeling (Pls-Sem), Los Angeles, Sage.
[26] Haji, A. A. 2014. The Relationship Between Corporate Governance Attributes And Firm Performance Before And After The Revised Code Some Malaysian Evidence International Journal Of Commerce And Management, 24 :134-151.
[27] Handajani, L., Subroto, B., T, S. and Saraswati, E. 2014. Does Board Diversity Matter On Corporate Social Disclosure? An Indonesian Evidence. Journal Of Economics And Sustainable Development, 5: 8-16.
[28] Harjoto, M. A. and Jo, H. 2011. Corporate Governance And Csr Nexus. Journal Of Business Ethics 100: 45-67.
[29] Hart, S. 1995. A Natural Resource-Based View Of The firm. Academy Of Management Review, 20: 874-907.
[30] Henriques, I. and Sadorsky, P. 1996. The Determinants Of An Environmentally Responsive Firm: An Empirical Approach. Journal Ff Environmental Economics And Management, 30: 381-395.
[31] Hill, C. W. L. and Jones, T. M. 1992. Stakeholder-Agency Theory. Journal Of Management Studies, 29: 131-154.
[32] Hillman, A. J. and Dalzie, T. 2003. Boards Of Directors And Firm Performance: Integrating Agency And Resource Dependence Perspectives. The Academy Of Management Review, 28: 383-396.
[33] Hoque, M. Z., Islam, M. R. and Azam, M. N. 2013. Board Committee Meetings And Firm Financial Performance: An Investigation Of Australian Companies. International Review Of Finance, 13(4): 503-528.
[34] Hubbard, G. 2009. Measuring Organizational Performance: Beyond The Triple Bottom Line. Business Strategy And The Environment, 19: 177-191
[35] Ibrahim, N. A. and Angetidis, J. P. 1995. The Corporate Social Responsiveness Orientation Of Board Members: Are There Differences Between Inside And Outsidedirectors? Journal Business Ethics, 14: 405-41o.
[36] Iqbal, M., T, S., Assih, P. and Rosidi 2013. Effect Of Environmental Accounting Implementation And Environmental Performance And Environmental Information Disclosure As Mediation On Company Value. International Journal Of Business And Management Invention, 2: 55-67.
[37] Jensen, M. C. 1993. The Modern Industrial Revolution, Exit, And The Failure Of Internal Control Systems. The Journal Of Finance, Xlviii: 831-880.
[38] Jensen, M. C. 2001. Value Maximization, Stakeholder Theory, And The Corporate Objective Function. European Financial Management, 7: 297-317.
[39] Jensen, M. C. and Meckling, W. H. 1976. Theory Of The Firm: Managerial Behavior, Agency Costs And Ownership Structure Journal Of Financial Economics, 3: 305-360.
[40] Jo, H., Maretno and Harjoto, A. 2012. The Causal Effect Of Corporate Governance On Corporate Social Responsibility. J Bus Ethics, 106: 53-72.
[41] Johl, S. K., Kaur, S. and Cooper, B. J. 2015. Board Characteristics And Firm Performance: Evidence From Malaysian Public Listed Firms. Journal Of Economics, Business And Management, 3(2): 239-243.
[42] Kesner, I. F. and Johnson, R. B. 1990. An Investigation Of The Relationship Between Board Composition And Stock-Holder Suits Strategic Management Journal, 11: 327-336.
[43] Khan, A., Muttakin, M. B. and Siddiqu, J. 2013. Corporate Governance And Corporate Social Responsibility Disclosures: Evidence From An Emerging Economy. Journal Business Ethics, 114: 207-223.
[44] KNKG 2006. General Guidelines for Good Corporate Governance Indonesia.
[45] Kosnik, R. D. 1987. Greenmail: A Study Of Board Performance In Corporate Governance. Administrative Science Quarterly, 32: 163-185.
[46] Krivogorsky, V. and Grudnitski, G. 2010. Country-Specific Institutional Effects On Ownership: Concentration And Performance Of Continental European firms. J Manag Gov, 14: 167-193.
[47] Latan, H. and Ghozali, I. 2016. Partial Least Square Concepts, Methods And Applications Using Warppls 5.0, Semarang, Diponegoro University Publishing Agency.
[48] Leung, S., Richardson, G. and Jaggi, B. 2014. Corporate Board And Board Committee Independence, Firm Performance, And Family Ownership Concentration: An Analysis Based On Hong Kong Firms Journal Of Contemporary Accounting & Economics, 10: 16-31.
[49] Lin, C. J. 2011. An Examination Of Board And Firm Performance : Evidence From Taiwan The International Journal Of Business And Finance Research, 5(4): 17-34.
[50] Lipton, M. and Lorsch, J. W. 1992. A Modest Proposal For Improved Corporate Governance. The Business Lawyer, 48: 59-77.
[51] Liu, Y., Miletkov, M. K., Wei, Z. and Yang, T. 2014. Board Independence And firm Performance In China. Journal Of Corporate Finance, 30(C): 223-244 .
[52] Martin Stuebs, J. and Sun, L. 2014. Corporate Governance And Environmental Activity. Advances In Environmental Accounting & Management, 5: 81-113.
[53] Mckendall, M., Sánchez, C. and Sicilian, P. 1999. Corporate Governance And Corporate Illegality: The Effects Of Board Structure On Environmental Violations. The International Journal Of Organizational Analysis, 7: 201 - 223.
[54] Moneva, J. M. and Ortas, E. 2010. Corporate Environmental And financial Performance: A Multivariate Approach. Industrial Management & Data Systems, 110: 193-210.
[55] Muhammad, N., Scrimgeour, F., Reddy, K. and Abidin, S. 2015. The Relationship Between Environmental Performance And Financial Performance In Periods Of Growth And Contraction: Evidence From Australian Publicly Listed Companies. Journal Of Cleaner Production, 102: 324-332.
[56] Muniandy, B. and Hillier, J. 2014. Board Independence, Investment Opportunity Set And Performance Of South African firms. Fasific-Basin Finance Journal, 35: 108-124.
[57] Naiker, C. D. V. V. and Staden, C. J. V. 2011. The Effect Of Board Characteristics on Firm Environmental Performance. Journal Of Management, 37: 1636-1663.
[58] OECD 2004. Oecd Principles Of Corporate Governance. Organisation for Economic Co-Operation And Development.
[59] Porter, M. E. and Linde, C. V. D. 1995. Green And Competitive : Ending the Stalemate. Harvard Business Review, 73: 120-134.
[60] Post, C., Rahman, N. and Mcquillen, C. 2015. From Board Composition to Corporate Environmental Performance through Sustainability-Themed Alliances. Journal Business Ethics, 130: 423-435.
[61] Puni, A., Osei, B. A. and Ofei1, S. B. 2014 The Effect of Board Composition on Corporate Financial Performance: Evidence from Listed Firms in Ghana. International Journal of Business And Management, 9.
[62] Purnomo, Karin, P., Widianingsih and Patricia, L. 2012. The Influence Of Environmental Performance On Financial Performance With Corporate Social Responsibility (CSR) Disclosure As A Moderating Variable: Evidence From Listed Companies In Indonesia. Society Of Interdisciplinary Business Research, 1(1).
[63] Ramos, R. G. and Olalla, M. G. 2014. Board Independence And Firm Performance In Southern Europe: A Contextual And Contingency Approach. Journal Of Management & Organization, 20: 313 - 332
[64] Rao, K. K., Tilt, C. A. and Lester, L. H. 2012. Corporate Governance And Environmental Reporting: An Australian Study. Corporate Governance: The International Journal Of Business In Society, 12: 143 - 163.
[65] Rashida, A., Zoysab, A. D., Lodh, S. and Rudkinb, K. 2010. Board Composition And Firm Performance: Evidence From Bangladesh. Australasian Accounting Business Finance Journal, 4(1): 76-95.
[66] Ross, A. and Crossan, K. 2012. A Review of the Influence of Corporate Governance on the Banking Crises in the United Kingdom and Germany. Corporate Governance, 12: 215 - 225.
[67] Ross, S. A. 1973. The Economic Theory of Agency: The Pricipal's Problem. American Economic Review, 63: 134-139.
[68] Russo, M. V. and Fouts, P. A. 1997. A Resource-Based Perspective on Corporate Environmental Performance And Profitability. Academy of Management Journal, 40: 534-559.
[69] Setiadi, I., Rahmawati, Suhardjanto, D. and Djuminah 2017. Board Independence, Environmental Disclosure, And Firm Value. Review of Integrative Business and Economics Research, 6: 409-417.
[70] Sholihin, M. and Ratmono, D. 2013. Analysis of Sem-Pls With Warp Pls 3.0 For Nonlinear Relationships In Social Research And Business, Yogyakarta, Andi Publisher.
[71] Sun, J., Lan, G. and Ma, Z. 2014. Investment Opportunity Set, Board Independence, and Firm Performance The Impact Of The Sarbanes-Oxley Act. Managerial Finance, 40: 454-468.
[72] Tauringana, V., Radicic, D., Kirkpatrick, A. and Konadu, R. 2017. Corporate Boards and Environmental Offence Conviction: Evidence from the United Kingdom. The International Journal of Business in Society, 17: 341-362.
[73] Tricker, R. 1984. Corporate Governance: Practices, Procedures And Powers In British Companies and their Boards Of Directors, Uk, Gower Press, Aldershot.
[74] Vafeas, N. 1999. Board Meeting Frequency and Firm Performance. Journal of Financial Economics, 53: 113-142.
[75] Walls, J. L., Berrone, P. and Phan, P. H. 2012. Corporate Governance And Environmental Performance: Is there Really a Link? Strategic Management Journal, 33: 885-913.
[76] Warrad, L., Almahamid, S. M., Slihat, N. and Alnimer, M. 2013. The Relationship between Ownership Concentration and Company Performance, A Case of Jordanian Non-Financial Listed Companies. Interdisciplinary Journal of Contemporary Research In Business 4(9): 17-38.
[77] Yasser, Q. R., Mamun, A. A. and Seamer, M. 2017. Do Corporate Boards Affect Firm Performance? New Evidence from an Emerging Economy. International Journal of Productivity and Performance Management, 66(6): 724-741.
[78] Yermack 1996. Higher Market Valuation of Companies With a Small Board of Directors. Journal of Financial Economics,, 40: 185-211.
[79] Zou, H. L., Lin, S. X. Z. H. and Xie, X. M. 2015. Top Executives’ Compensation, Industrial Competition, and Corporate Environmental Performance Evidence from China. Management Decision, 53: 2036 - 2059.
Published
2018-09-12
How to Cite
UTOMO, Mohamad Nur et al.
Commissioner Board Monitoring to Create Firm Performance through Environmentally Friendly Management.
Journal of Environmental Management and Tourism, [S.l.], v. 9, n. 3, p. 659-677, sep. 2018.
ISSN 2068-7729.
Available at: <https://journals.aserspublishing.eu/jemt/article/view/2273>. Date accessed: 23 nov. 2024.
doi: https://doi.org/10.14505//jemt.9.3(27).26.
Section
Article
Copyright© 2024 The Author(s). Published by ASERS Publishing 2024. This is an open access article distributed under the terms of CC-BY 4.0 license.