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General description of Research Object

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CHAPTER IV FINDING AND ANALYSIS

A. General description of Research Object

This chapter presents and discusses the finding of the research conducted. The research is a descriptive study of environmental indicators in 42 sustainability reports which are compliant with GRI G3. The cost of capital of the selected companies was compiled from the data from the annual reports of the companies listed in Indonesia Stock Exchange in the year of 2009-2011. The period 2009-2011 is choosen in order to fulfill the requirements of the research method. The hypothesis is tested by the simple regression method. The selection of the sample is chosen by criteria of population that have been explained in research methodology in the previous chapter. 1. Overview of selected companies In 2009-2011, the companies that are listed in Indonesia Stock Exchange are 451 companies. The purposive sampling is used for choosing the samples. From the 451 companies listed, there are only 14 companies which fulfill the criteria in the time series of 3 years. Therefore, in total there are 42 sustainability reports and 42 annual reports of the companies. The reports are taken from the company‘s website. As an independent variable, environment risk management data are the environmental indicators in the sustainability report. The sustainability reports are voluntarily reported by the companies. The 14 companies that present their reports are as follow: 31 Table of 14 selected companies Name of Company Sector PT. Adaro Energy Energy PT. Antam Mining PT. Astra Agro Lestari Agriculture PT. Astra International Automotive PT. Holcim Indonesia Cement PT. Bumi Resource Mining PT. Petrosea Mining PT. Bukit Asam Mining PT. Telekomunikasi Indonesia Telecommunication PT. Timah Mining PT. Bakrie Sumatra Plantations Agriculture PT. Bank Negara Indonesia Bank PT. Perusahaan Gas Negara Energy PT. United Tractors Machinery and mining 2. Overview of business development 14 selected companies The 14 selected companies consist of 6 mining sector companies, 2 agriculture company, 2 energy company, 1 automotive company, 1 cement, 1 bank company and 1 telecommunication company. The reason that most of the companies selected are from the mining sector is because the mining companies have direct contact to the natural resources and care about the environment. Therefore, have a big responsibility to disclosure sustainability report. 32

B. Analysis and Discussion

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