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THE RELATIONSHIP BETWEEN ENVIRONMENTAL RISK MANAGEMENT and COST of CAPITAL (Study on Indonesia Companies Listed in Indonesia Stock Exchange 2009-2011)

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THE RELATIONSHIP BETWEEN ENVIRONMENTAL RISK MANAGEMENT and COST of CAPITAL (Study on Indonesia Companies Listed in Indonesia Stock Exchange 2009-2011) THE RELATIONSHIP BETWEEN ENVIRONMENTAL RISK MANAGEMENT AND COST OF CAPITAL (Study on Indonesia Companies listed in Indonesia Stock Exchange 2009-2011) By: Akira Aula Afif NIM: 109081100017 DEPARTMENT OF MANAGEMENT INTERNATIONAL CLASS PROGRAM FACULTY OF ECONOMICS AND BUSINESS SYARIF HIDAYATULLAH STATE ISLAMIC UNIVERSITY JAKARTA 1434 AH/2013 AD THE RELATIONSHIP BETWEEN ENVIRONMENTAL RISK MANAGEMENT AND COST OF CAPITAL (Study on Indonesia Companies listed in Indonesia Stock Exchange 2009-2011) Undergraduate Thesis Submitted to the Faculty of Economics and Business As Partial Fulfillment of Requirement For Acquiring Bachelor Degree of Economics By: Akira Aula Afif NIM: 109081100017 Under Supervision of: Supervisor I Supervisor II Prof. Dr. Margareth Gfrerer Dr. Arief Mufraini, LC., M.Si ID. 19770122 200312 1 001 DEPARTMENT OF MANAGEMENT INTERNATIONAL CLASS PROGRAM FACULTY OF ECONOMICS AND BUSINESS SYARIF HIDAYATULLAH STATE ISLAMIC UNIVERSITY JAKARTA 1434 AH/2013 AD ii CERTIFICATION OF COMPREHENSIVE EXAM SHEET Today is Thursday April 25, 2013 has been conducted on the student comprehensive examination: 1. Name : Akira Aula Afif 2. Studen Number : 109081100017 3. Department : Management (International Class) 4. Thesis title : Relationship Between Environmental Risk Management and The Cost of Capital (Study on Indonesia Companies Listed in Indonesia Stock Exchange 2009-2011) After cereful observation and attention to appearence and capabilities relevant for comprehensive examination process, it was decided that the above student passed for the comprehensive examination was accepted as one of requirements to obtain a Bachelor of Economics in The Faculty of Economics and Business Syarif Hidayatullah State Islamic University Jakarta. Jakarta, April 25, 2013 Prof. Dr. Abdul Hamid, MS (_____________________) ID: 19570617 198503 1 002 Examiner I Ade Suherlan, MBA, MM. (_____________________) ID: 19800525 2009 12 1 001 Examiner II Prof. Dr. Margareth Gfrerer (_____________________) Expert Examiner iii CERTIFICATION OF THESIS EXAM SHEET Today is Wednesday September 25th, 2013 has been conducted on the student thesis examination: 1. Name : Akira Aula Afif 2. Student Number : 109081100017 3. Department : Management 4. Thesis Title : The Relationship Between Environmental Risk Management nd Cost Of Capital ( Study on Indonesian Companies Listed in Indonesia Stock Exchange 2009- 2011) After careful observation and attention to appearance and capabilities relevant for thesis examination process, it was decided that the above student passed and the thesis was accepted as one of the requirements to obtain a Bachelor of Economics in The Faculty of Economics and Business Syarif Hidayatullah State Islamic University Jakarta. Jakarta, September 25, 2013 1. Prof. Dr. H. Abdul Hamid, MS (____________________) ID. 19570617 198503 1 002 Chairman 2. Sri Hidayati, S.Ag, M.Ed (____________________) ID. 19770608 201101 2 003 Secretary 3. Prof. Dr. Margareth Gfrerer (____________________) First Supervisor 4. Dr. Arief Mufraini, LC., M.Si (____________________) ID. 19770122 200312 1 001 Second Supervisor 5. Dr. Indoyama Nasaruddin, SE, MAB (____________________) ID. 19741127 200112 1 002 Expert Examiner iv v CURRICULUM VITAE Personal Detail Full Name : Akira Aula Afif Nickname : Akira Address : Jl. Bondol Block C No. 21, Jakamulya, Bekasi Selatan, 17146 Mobile Number : 081511538797 E-mail : [email protected] Date of Birth : Tokyo, June 30, 1993 Sex : Male Religion : Moslem Nationality : Indonesian Competence and Personality : Formal Education School Year Elementary Uplands School Penang 2000 – 2001 SD Tunas Jakasampurna 2001 – 2004 Bekasi Junior High School Jabriya Indian School 2004 – 2005 Kuwait New Kuwait Phillipines 2005 – 2007 International School Senior High School SMA Tunas Jakasampurna 2007 – 2009 Bekasi University State Islamic University 2009 – current Syarif Hidayatullah Jakarta. Major : Management International vi Informal Education Spanish Course (2013 – present) Working Experience Internship at Yamaha (2012) Organization Experience Member of Tunas Patriot Bekasi Club (2007 – 2009) Member of Persipasi Bekasi U – 15 (2007) Member of PMII (2009 – 2010) Conference Participation Seminar about Insurance in globalization era ( 20 May 2010 ) Seminar about the Gulen Model of Education ( 20 October 2010 ) Seminar about war of smartphone operating system ( 4 May 2011 ) Conference of Model United Nations ( 22 – 23 December 2012 ) World Export Development Forum ( 15 – 17 October 2012 ) Seminar about Marketing Politics ( 30 May 2013 ) Activity of Co-curricular Company visit to Perum Peruri ( 2010 ) Company visit to BMW Indonesia (2011) vii Abstract Relationship between Evironmental Risk Management and Cost of Capital The purpose of this research is to find the relationship between environmental risk management and the cost of capital. The research uses simple regression approach as a statistical method. Environmental risk management variable is measured by the environment indicators stated in the sustainability report of Indonesian companies listed in Indonesia Stock Exchange in the year of 2009 until 2011. The cost of capital is measured by cost of equity, cost of debt, and the overall average cost of capital (WACC). Based on purposive sampling method and established criteria, there are 14 companies from various sectors selected as sample. So there are 42 sample units. The result of this study shows that environmental risk management have a significant negative relationship with the cost of capital of the company. Keyword: Environmental risk management, cost of capital, cost of equity, cost of debt viii Abstrak Relationship between Evironmental Risk Management and Cost of Capital Penelitian ini bertujuan untuk mencari hubungan antara manajemen risiko lingkungan dan biaya modal perusahaan. Metode statistic yang digunakan dalam penelitian ini adalah analisis kuantitatif dan regresi sederhana. Variable environmental risk management diukur dengan indicator lingkungan pada laporan keberlanjutan perusahaan Indonesia yang terdaftar di Indonesia Stock Exchange dari tahun 2009 sampai 2011. Biaya modal diukur dengan cost of equity, cost of debt, dan rata-rata keseluruhan biaya modal (WACC). Berdasarkan purposive sampling dan criteria yang sudah ditetapkan, maka terdapat 14 perusahaan dari berbagai sector yang terpilih menjadi sampel penelitian. Sehingga terdapat 42 unit sampel. Hasil penelitian menunjukan bahwa environmental risk management berpengaruh negative significan terhadap keseluruhan biaya modal perusahaan. Keyword: Environmental risk management, cost of capital, cost of equity, cost of debt ix Foreword Assalamuu’alaikum Wr. Wb. All praise to Allah SWT as the hearer, the seer and above all an abundance of grace, Taufiq, as well as his guidance. So, because Allah SWT I can finish this research on time. And shalawat always gives to our beloved Prophet Muhammad SAW and all his families and friends who always helped him in establishing Dinullah in this earth. With the strength, intelligence, patience, and strong desire from Allah SWT, I am able to finish this mini thesis as graduation pre requirement for bachelor degree. I believe there is an invisible hand which has helped me going through this process. My special thanks for my Mom, Dian Sudirman, who has been helping and supporting her son to finish the thesis. You are the embodiment of angle in human form. So, I want to make you always smile because your smile is the efficacious magic that can boost my spirit to reach my dream and face the world. Thank you for every struggle that you made for your family. Thanks mom, even a thousand of word can’t explain how really happy I am to be your son. I also would like to extend my gratitude to my father, Sudirman Haseng , who always support my study and always motivates me to become a person with quality. I just can pray that Allah SWT will give you back for everything that you x have done. Thank you for every support that you give to me. For my siblings, Akiko Nada Atsmara, Azka Aulia Rizqi, and Afifah Hanaa Nuralaf, who always support, and give the input regarding this thesis. Thank you because very much for helping me achieving the bachelor degree. I believe I am nothing without each one of you who has helped me in finishing this mini thesis. Thus, in this very special moment, let me say many thanks to all of them have been helping me in the process of this thesis, including: 1. Prof. Dr. H. Abdul Hamid. MS as Dean of the Faculty of Economics and Business who helped me in completing this mini thesis and received Bachelor Degree. 2. Ahmad Dumyathi Bashori, MA as Head of International Program. 3. Prof. Dr. Margareth Greferer as the first thesis supervisor. Thank you for the guidance and gave directions to me so I can finish this great thesis. 4. Dr. M. Arief Mufraeni, Lc., Msi as the second supervisor that gave me a lot of inputs, advice, and also gave solutions regarding the problems I’ve faced in doing this thesis. 5. All lectures who have thought patiently, may what they have given are recorded in Allah SWT almighty. 6. Thanks to Mr. Sugi for processing all of my academic administrations in this university. 7. Wonders of the Al-Quran nul Qarim and As-Sunnah which has become the light in this life. xi 8. My Grandmother and the ampera crew for giving me the place and time to focus on my thesis. 9. All my friends in management international batch 2009. Riski,surya,ali,ari,yaser,angga and other members in d’kosan “you guys are insane”. Andre, pian,
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