Environmental Disclosure on Biodiversity Dimension: Does Media Exposure Matter ?
DOI:
https://doi.org/10.33506/sl.v14i2.4298Keywords:
Foreign Ownership, Institutional Ownership, Environment Performance, Media Exposure, Biodiversity DisclosureAbstract
This study aims to examine the influence of media exposure in regulating the relationship between foreign ownership, institutional ownership, and environmental performance on biodiversity disclosure. The study uses secondary data obtained from sustainability and annual reports of manufacturing companies listed on the Indonesia Stock Exchange during the 2020–2022 period, selected using a purposive sampling method. A quantitative approach is applied using multiple regression analysis, specifically Moderated Regression Analysis (MRA), to test the moderating effect of media exposure. The findings indicate that environmental performance positively affects biodiversity disclosure, and media exposure plays a role in moderating this relationship. However, the measurement of media exposure remains general and does not differentiate between positive and negative news tone. This study provides empirical evidence from Indonesia that highlights the relevance of media exposure and environmental performance in improving biodiversity disclosure practices among corporations.
References
C. Kuzey and A. Uyar, “Determinants of sustainability reporting and its impact on firm value: Evidence from the emerging market of Turkey,” J. Clean. Prod., vol. 143, no. 3, pp. 27–39, 2017, doi: 10.1016/j.jclepro.2016.12.153.
R. Adler, M. Mansi, and R. Pandey, “Biodiversity and threatened species reporting by the top Fortune Global companies,” Accounting, Audit. Account. J., vol. 31, no. 3, pp. 787–825, 2018, doi: 10.1108/AAAJ-03-2016-2490.
O. E. Sala et al., “Global Biodiversity Scenarios for the Year 2100,” Science (80-. )., vol. 287, no. 5459, pp. 1770–1774, 2000, doi: 10.1126/science.287.5459.1770.
N. P. Aji, F. A. Rahman, L. O. F. A’zizah, and M. W. Widawati, “Carbon emission disclosure: the influence of external stakeholder preassure and environment performance,” Int. J. Soc. Sci. Educ. Commun. Econ. (SINOMICS JOURNAL), vol. 2, no. 3, pp. 687–700, 2023, doi: 10.54443/sj.v2i3.125.
H. Ananzeh, A. Bugshan, and I. Amayreh, “Does media exposure moderate the relationship between ownership structure and environmental disclosure quality: evidence from Jordan,” Manag. Environ. Qual., vol. 34, no. 1, pp. 59–79, 2023, doi: 10,1108/MEQ-12-2021-0293.
A. Chernev and S. Blair, “Doing well by doing good: The benevolent halo of corporate social responsibility,” J. Consum. Res., vol. 41, no. 6, pp. 1412–1425, 2015, doi: 10.1086/680089.
P. Bansal, “Evolving sustainably: A longitudinal study of corporate sustainable development,” Strateg. Manag. J., vol. 26, no. 3, pp. 197–218, 2005, doi: 10.1002/smj.441.
A. Belkaoui and P. G. Karpik, “Determinants of the corporate decision to disclose social information,” Accounting, Audit. Account. J., vol. 2, no. 1, pp. 1–12, 1989, doi: 10.1108/09513578910132240.
N. Ofoegbu, G, N. Odoemelam, and G. Okafor, R, “Corporate board characteristics and environmental disclosure quantity: Evidence from South Africa (integrated reporting) and Nigeria (traditional reporting),” Cogent Bus. Manag., vol. 5, no. 1, pp. 20–34, 2018, doi: 10.1080/23311975.2018.1551510.
V. Naciti, “Corporate governance and board of directors: The effect of a board composition on firm sustainability performance,” J. Clean. Prod., vol. 237, no. 10, pp. 1–21, 2019, doi: 10.1016/j.jclepro.2019.117727.
Ł. Matuszak, E. Różańska, and M. Macuda, “The impact of corporate governance characteristics on banks’ corporate social responsibility disclosure: Evidence from Poland,” J. Account. Emerg. Econ., vol. 9, no. 1, pp. 75–102, 2019, doi: 10.1108/JAEE-04-2017-0040.
F. Boons, C. Montalvo, J. Quist, and M. Wagner, “Sustainable innovation, business models and economic performance: an overview,” J. Clean. Prod., vol. 45, no. 5, pp. 1–8, 2013, doi: 10.1016/j.jclepro.2012.08.013.
J. Qu et al., “Application of functionalized biochar for adsorption of organic pollutants from environmental media: Synthesis strategies, removal mechanisms and outlook,” J. Clean. Prod., vol. 2, no. 1, pp. 1–8, 2023, doi: 10.1016/j.jclepro.2023.138690.
P. M. Clarkson, Y. Li, G. D. Richardson, and F. P. Vasvari, “Revisiting the relation between environmental performance and environmental disclosure: An empirical analysis,” Accounting, Organ. Soc., vol. 33, no. 5, pp. 303–327, 2008, doi: 10.1016/j.aos.2007.05.003.
Z. Yue and Z. Changjian, “Proceedings of the International Conference on Economic Management and Green Development (ICEMGD 2018),” Adv. Econ. Bus. Manag. Res., vol. 51, no. 2, pp. 1–6, 2018, doi: 10.2991/icemgd-18.2018.36.
P. Friedlingstein et al., “Global Carbon Budget 2022,” Earth Syst. Sci. Data, vol. 14, no. 11, pp. 4811–4900, 2022, doi: 10.5194/essd-14-4811-2022.
J. Dowling and J. Pfeffer, “Organizational legitimacy: Social values and organizational behavior,” Pac. Sociol. Rev., vol. 18, no. 1, pp. 122–136, 1975, doi: 10.2307/1388226.
A. J. Mateo-Márquez, J. M. González-González, and C. Zamora-Ramírez, “An international empirical study of greenwashing and voluntary carbon disclosure,” J. Clean. Prod., vol. 363, no. 8, pp. 1–11, 2022, doi: 10.1016/j.jclepro.2022.132567.
E. Welbeck, E, Y. Owusu, G, M, A. Bekoe, R, and A. Kusi, J, “Determinants of environmental disclosures of listed firms in Ghana,” Int. J. Corp. Soc. Responsib., vol. 2, no. 1, pp. 1–12, 2017.
K. H. Rupley, D. Brown, and R. S. Marshall, “Governance, media and the quality of environmental disclosure,” J. Account. Public Policy, vol. 31, no. 6, pp. 610–640, 2012, doi: 10,1016/j,jaccpubpol,2012,09,002.
E. Stanny, “Voluntary disclosures of emissions by US firms,” Bus. Strateg. Environ., vol. 22, no. 3, pp. 145–158, 2013, doi: 10.1002/bse.1732.
L. Richard and H. Wijaya, “Pengaruh Media Exposure, Dewan Komisaris, Komite Audit dan Kepemilikan Asing terhadap Environmental Disclosure,” J. Ilm. Mhs. Akunt., vol. 11, no. 1, pp. 58–71, 2022, doi: 10.33508/jima.v11i1.3978.
N. Putu and D. Gede, I, “Pengaruh Kepemilikan Asing, Kepemilikan Institusional dan Leverage terhadap Pengungkapan Corporate Social Responsibility,” E-Jurnal Akunt. Univ. Udayana, vol. 30, no. 2, pp. 1196–1207, 2020, doi: 10,24843/EJA,2020,v30,i05,p10.
C. Reverte, “Determinants of corporate social responsibility disclosure ratings by Spanishlisted firms,” J. Bus. Ethics, vol. 88, no. 2, pp. 351–366, 2009.
L. O. F. A’zizah, N. P. Aji, D. Puspawati, O. I. Ulynnuha, and N. Andriyani, “Sustainability Reporting in Value Creation: The Critical Mediation of Environmental Management Accounting,” Ris. Akunt. dan Keuang. Indones., vol. 9, no. 3, pp. 338–349, 2024.
D. Puspawati, R. Wijayanti, and N. I. Abas, “Islamic Social Reporting (ISR) Disclosure: Financial Performance Factor,” Sriwij. Int. J. Dyn. Econ. Bus., vol. 3, no. 2, pp. 229–240, 2020.
E. Setiawati, A. Sekarningrum, and B. Witono, “Analysis of CSR Disclosure, Earnings Persistency, Earnings Growth, and Business Size on Earnings Management with Institutional Ownership as a Moderating Variable (Case Study on LQ45 Companies Listed on the Indonesia Stock Exchange (IDX) 2016-2020),” Ris. Akunt. Dan Keuang. Indones., vol. 7, no. 2, pp. 227–243, 2022.
M. Juniartha, I and R. Dewi, R, “Pengaruh Proporsi Komisaris Independen, Kinerja Lingkungan, dan Pertumbuhan Perusahaan Terhadap Pengungkapan Lingkungan,” J. Akunt. Trisakti, vol. 4, no. 2, pp. 117–140, 2017, doi: 10.25105/jat.v4i2.4843.
A. Bitektine and P. Haack, “The ‘macro’ and the ‘micro’ of legitimacy: Toward a multilevel theory of the legitimacy process,” Acad. Manag. Rev., vol. 40, no. 1, pp. 49–75, 2015, doi: 10.5465/AMR.2013.0318.
C. Dawkins and J. W. Fraas, “Coming clean: The impact of environmental performance and visibility on corporate climate change disclosure,” J. Bus. ethics, vol. 100, no. 2, pp. 303–322, 20111.
A. Jarboui and M. Moalla, “Does media exposure and media legitimacy moderate the relationship between environmental audit committee and environmental disclosure quality?,” J. Financ. Report. Account., vol. 2, no. 1, pp. 1–11, 2022, doi: 10.1108/jfra-11-2021-0403.
R. Gamerschlag, K. Möller, and F. Verbeeten, “Determinants of voluntary CSR disclosure: empirical evidence from Germany,” Rev. Manag. Sci., vol. 5, no. 2, pp. 233–262, 2011.
S. Sparta and K. Rheadanti, D, “Pengaruh Media Exposure Tehradap Pengungkapan Corporate Social Responsibility Perusahaan Manufaktur Terdaftar di BEI,” Equity, vol. 22, no. 1, pp. 12–25, 2019, doi: 10.34209/equ.v22i1.903.
Y. Tang, J. Zhu, W. Ma, and M. Zhao, “A study on the impact of institutional pressure on carbon information disclosure: The mediating effect of enterprise peer influence,” Int. J. Environ. Res. Public Health, vol. 19, no. 7, pp. 1–9, 2022, doi: 10.1016/j.cej.2025.159476.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 SENTRALISASI
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
Please find the rights and licenses in Sentralisasi. By submitting the article/manuscript of the article, the author(s) agree with this policy. No specific document sign-off is required.
1. License
The non-commercial use of the article will be governed by the Creative Commons Attribution license as currently displayed on Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
2. Author(s)' Warranties
The author warrants that the article is original, written by the stated author(s), has not been published before, contains no unlawful statements, does not infringe the rights of others, is subject to copyright that is vested exclusively in the author, and free of any third party rights, and that any necessary written permissions to quote from other sources have been obtained by the author(s).
3. User/Public Rights
Sentralisasi's spirit is to disseminate articles published are as free as possible. Under the Creative Commons license, Sentralisasi permits users to copy, distribute, display, and perform the work for non-commercial purposes only. Users will also need to attribute authors and Sentralisasi on distributing works in the journal and other media of publications. Unless otherwise stated, the authors are public entities as soon as their articles got published.
4. Rights of Authors
Authors retain all their rights to the published works, such as (but not limited to) the following rights;
- Copyright and other proprietary rights relating to the article, such as patent rights,
- The right to use the substance of the article in own future works, including lectures and books,
- The right to reproduce the article for own purposes,
- The right to self-archive the article (please read our deposit policy),
- The right to enter into separate, additional contractual arrangements for the non-exclusive distribution of the article's published version (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal (Sentralisasi).
5. Co-Authorship
If the article was jointly prepared by more than one author, any authors submitting the manuscript warrants that he/she has been authorized by all co-authors to be agreed on this copyright and license notice (agreement) on their behalf, and agrees to inform his/her co-authors of the terms of this policy. Sentralisasi will not be held liable for anything that may arise due to the author(s) internal dispute. Sentralisasi will only communicate with the corresponding author.
6. Royalties
Being an open accessed journal and disseminating articles for free under the Creative Commons license term mentioned, author(s) aware that Sentralisasi entitles the author(s) to no royalties or other fees.
7. Miscellaneous
Sentralisasi will publish the article (or have it published) in the journal if the article editorial process is successfully completed. Sentralisasi's editors may modify the article to a style of punctuation, spelling, capitalization, referencing, and usage that deems appropriate. The author acknowledges that the article may be published so that it will be publicly accessible and such access will be free of charge for the readers as mentioned in point 3.
