BIAYA EKSPLORASI, JUMLAH PROYEK, PENGELUARAN MODAL DAN HARGA SAHAM: PENGUNGKAPAN LINGKUNGAN SEBAGAI VARIABEL INTERVENING (Studi Empiris Pada Perusahaan Ekstraktif di Indonesia yang Terdaftar di Bursa Efek Indonesia Pada Tahun 2010-2014)

Abstract

This study focuses on investigating the influence of exploration and evaluation expenditure, the number of projects, capital expenditures and environmental disclosure to the stock price. Disclosure of the environment is used as a mediating variable (between). Disclosure of the environment are identified and assessed based on a list of items that must be reported in the environmental disclosure in the context of environmental management for mining companies in Indonesia as set forth in PSAK No.33 tentang Akuntansi Pertambangan Umum. The population in this study consists of mining companies listed on the Indonesia Stock Exchange (BEI) in 2010 until in 2014. The sample used in this study are 85 companies that selected based on selecting samples that has purposes (purposive sampling) the criteria already determined. The analysis technique used is multiple regression analysis. The results of the investigation in this study indicate that capital expenditures and environmental disclosure affect stock prices. However, the cost of exploration and evaluation as well as the number of projects did not have an effect on stock prices. Furthermore, this study also showed that environmental disclosure has no effect in mediating the exploration and evaluation costs, the number of projects and capital expenditures to the stock price.