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This study aims to empirically examine the effect of eco-efficiency and company size on the value of companies listed on the Indonesia Stock Exchange. The data used are secondary data obtained from annual reports and sustainability reports of companies listed on the Indonesia Stock Exchange from 2013 to 2016. The number of observations in this study is 80. The instrument used to analyze is Partial Least Square. The novelty in this study is that eco-efficiency is calculated by comparing the amount of net sales to energy consumption, and to measure a company size with a proxy for the number of sales. The results of this study indicate that eco-efficiency has an influence on company value. The direction of influence is negative, meaning that the better the eco-efficiency, the lower the value of the company. Company size does not affect the value of the company, in the sense that the sale value does not cause the value of the company to experience better changes, because the value of the company is more influenced by the assets owned by the company. The limitation of this study is that the amount of energy sources used is difficult to obtain, so the study population is limited to companies listed on the IDX that have a Sustainability Reporting and are included in the Sustainability Disclosure Database from the Global Reporting Initiative (GRI), which is not large. In the future it is expected that companies responsible for the environment implement environmental management accounting with eco-efficiency assessment indicators so as to reduce costs and environmental impacts by making more efficient use of resources so as to increase company value.
Mikial et al. (Sun,) studied this question.