Pengaruh Managerial Climate Awareness terhadap Frekuensi dan Nilai Penerbitan Green Bond pada Perusahaan Publik di Negara ASEAN-5

Hadrian, Daffana Adiel (2026) Pengaruh Managerial Climate Awareness terhadap Frekuensi dan Nilai Penerbitan Green Bond pada Perusahaan Publik di Negara ASEAN-5. Other thesis, Institut Teknologi Sepuluh Nopember.

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Abstract

Penelitian ini bertujuan untuk menguji serta menganalisis pengaruh Managerial Climate Awareness (MCA) terhadap keputusan penerbitan green bond yang diukur melalui proksi frekuensi dan nilai penerbitan. Selain itu, penelitian ini juga menguji peran moderasi dari variabel Green Activities (GA) dan Financial Market Development (FMD) dalam memengaruhi hubungan antara MCA dan penerbitan green bond. Populasi dalam penelitian ini adalah seluruh perusahaan publik lintas sektor yang terdaftar di bursa efek kawasan ASEAN-5 (Indonesia, Malaysia, Filipina, Singapura, dan Thailand). Diperoleh sampel sebanyak 44 perusahaan dengan total 287 observasi selama periode pengamatan tahun 2018 hingga 2024. Penelitian ini menggunakan pendekatan kuantitatif dengan data sekunder. Pengukuran variabel kualitatif dilakukan menggunakan teknik content analysis. Teknik analisis data yang digunakan adalah regresi data panel, di mana model regresi Poisson diaplikasikan untuk menguji variabel dependen frekuensi penerbitan, sedangkan model regresi Tobit diaplikasikan untuk menguji variabel dependen nilai penerbitan. Hasil pengujian secara empiris menunjukkan bahwa variabel MCA memiliki pengaruh negatif yang signifikan terhadap frekuensi maupun nilai penerbitan green bond. Temuan ini mengindikasikan adanya kehati-hatian finansial manajerial terkait risiko greenwashing di pasar yang belum matang. Hasil menunjukkan bahwa GA tidak mampu memoderasi pengaruh MCA terhadap frekuensi penerbitan, namun GA terbukti memperkuat pengaruh MCA terhadap nilai penerbitan secara signifikan sebagai bentuk strategi konsolidasi pendanaan. Di sisi lain, variabel FMD terbukti secara mutlak mampu memperkuat pengaruh MCA terhadap frekuensi sekaligus nilai penerbitan green bond. Secara keseluruhan, penelitian ini menyimpulkan bahwa kesadaran iklim manajerial membutuhkan dukungan proyek hijau riil secara internal dan kedalaman ekosistem pasar keuangan secara eksternal guna merealisasikan aksi pendanaan hijau yang masif di kawasan ASEAN.
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This study aims to examine and analyze the effect of Managerial Climate Awareness (MCA) on green bond issuance decisions, measured through frequency and issuance value proxies. In addition, this research examines the moderating roles of Green Activities (GA) and Financial Market Development (FMD) variables in influencing the relationship between MCA and green bond issuance. The population in this study comprises all cross-sector public companies listed on the stock exchanges of the ASEAN-5 region (Indonesia, Malaysia, Philippines, Singapore, and Thailand). The sample inlcude 44 companies with a total of 287 observations during the 2018 to 2024 observation period. This study uses a quantitative approach with secondary data. The measurement of qualitative variables was conducted using the content analysis technique. The data analysis technique used is panel data regression, where the Poisson regression model is applied to test the dependent variable of issuance frequency, while the Tobit regression model is applied to test the dependent variable of issuance value. The empirical test results show that the MCA variable has a significant negative effect on both the frequency and value of green bond issuance. This finding indicates managerial financial prudence related to greenwashing risks in immature markets. The moderation variable test results show that GA is unable to moderate the effect of MCA on issuance frequency, but GA is proven to significantly strengthen the effect of MCA on issuance value as a form of funding consolidation strategy. On the other hand, the FMD variable is proven to absolutely strengthen the effect of MCA on both the frequency and value of green bond issuance. Overall, this study concludes that managerial climate awareness requires the support of internal’s actual green projects and the depth of the external financial market ecosystem to realize massive green financing actions in the ASEAN region.

Item Type:	Thesis (Other)
Uncontrolled Keywords:	Green Bond, Green Activities, Managerial Climate Awareness, Pasar Obligasi. ======================================================================================================================== Bond Market, Environmental, Social, and Governance (ESG), Green Activities, Green Bond, Managerial Climate Awareness.
Subjects:	H Social Sciences > HC Economic History and Conditions > HC441 Macroeconomics. H Social Sciences > HC Economic History and Conditions > HC79.E5 Sustainable development. (circular economy) H Social Sciences > HG Finance H Social Sciences > HG Finance > HG4529 Investment analysis
Divisions:	Faculty of Creative Design and Digital Business (CREABIZ) > Business Management > 61205-(S1) Undergraduate Thesis
Depositing User:	Daffana Adiel Hadrian
Date Deposited:	03 Aug 2026 05:47
Last Modified:	03 Aug 2026 05:47
URI:	http://repository.its.ac.id/id/eprint/142171

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