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product strategy X1 has positive influence towards stock price. A regression coefficient PROD amount 11.417 implies every 1 point increase of production
strategy will increase stock price as US 11.417. Since the t test negative 2.713 is more than t table 1.99, while the production
strategy X2 has significance value which is less than p-value 0.008 0.05, therefore variable production strategy X2 has negative influence towards stock
price. A regression coefficient PRDT amount 10.901 indicates every 1 point increase of production strategy will decrease US 10.901.
In addition, since the t test negative 3.767 is more than t table 1.99, while the distributionmarket strategy X3 has significance value which is less than p-value
0.000 0.05, therefore variable distributionmarket strategy X3 has negative influence towards stock price. A regression coefficient DIST amount 19.318 implies
every 1 point increase of distributionmarket strategy will decrease stock price as US 19.318.
On the other hand, since the t test 3.123 is more than t table 1.99, while the promotion strategy X4 has significance value which is less than p-value 0.003
0.05, therefore variable promotion strategy X4 has positive influence towards stock price. A regression coefficient PROM amount 22.879 indicates every 1 point increase
of promotion strategy will increase US 22.879. Of the regression model, it can be concluded that product strategy PROD has
a positive significant relationship with stock price STOCK; production strategy PRDT has a negative significant relationship with stock price STOCK;
distributionmarket strategy DIST has a negative significant relationship with stock
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price STOCK; and promotion strategy PROM has a positive relationship with stock price STOCK.
c. R Square Test
Table 4.10 R Square Test Table
Model Summary
b
Model R
R Square
Adjusted R Square
Std. Error of the Estimate
1 .519
a
.269 .232
35.03889
From the table above, the value of correlation R among product strategy, production strategy, distributionmarket strategy, and promotion strategy which
influence stock price is 0.519. It means that there is a relative strong influence between independent variables and dependent variable.
Based on SPSS output view of model summary, the amount of adjusted R
2
is 0.232, means that 23.2 variation of stock price can be explained by product,
production, distributionmarket, and promotion strategies, while the rest 100 - 23.2 = 76.8 is explained by other factors, such as dividends initiations and
omissions Michaely et al., 1994, company announcements May, 1971, investor sentiment Morck et al., 1990, company earnings, stock buybacks, and the likes.
Meta4forexbroker.com, 210 Furthermore, the value of Standard Error of Estimate SEE is 35.03889. The smaller SEE value, the more correct regression model
predicts dependent variable.
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CHAPTER V CONCLUSION AND IMPLICATION
A. Conclusion
This study results show the profitable relationship between green marketing strategies and stock price. There is an interesting fact that electronics firms that focus
on product, production, distribution, and promotion strategy have a significant influence towards stock price. This obviously may shock boardroom and possibly
encourage marketers to turn their legacy on conventional marketing strategy to a marketing strategy which weighs heavily on environmental issues.
The initiatives of executing green marketing strategy may help companies to avoid the risk of being accused of “greenwashing”. Moreover, electronics sector is
one of the highest energy consumption either in the manufacturing plant or in the product use. Therefore, making green claim on marketing communication cannot
solely do with heralding green buzzword in advertisement, otherwise embracing other stakeholders, primarily non-governmental organizations NGOs that focus on
environmental concerns, so that the claim will not mislead or even injure brand reputation.
Although it is difficult to foster entire firms in electronics industry to go green, mass collaboration with NGOs and quick respond to environmental concern demands
from consumer are an alternative to express the greenness of a firm’s operation as strategic marketing tools. Greenpeace as one of the leading environmentally focused
NGOs assesses and ranks electronics firms towards their policies and practices in
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responding increasingly environmental necessities. The Guide to Greener Electronics helps consumers to voice discontent of producer responsibility and contributes firms’
initiative to implementing green policy. One of the most successful stories of the presence of Guide to Greener Electronics was Apple reaction towards high its
customers demands of greener Apple, which is mediated by Greenpeace. In line with Vaccaro’s 2009 idea, his four green marketing strategies are
examined in this study by matching with criteria in Greenpeace’s Guide to Greener Electronics. The results indicate 22.8 of independent variables, namely product,
production, distribution, and promotion strategies can explain their influence towards stock price, while the rest 77.2 is explained by other factors.
B. Implication of the Study
Results of this study reveal the profitable relationship between green marketing strategies and stock price. Stock price is often assumed as value of a firm.
It indicates that if the implementation of green marketing strategies influence firm’s stock price, so it means that green marketing strategies can leverage value of the firm.
By using the premise above, all stakeholders –either primary or secondary stakeholders- can encourage firms’ management to apply the green marketing policies
and practice in day-to-day operations. This pressure can also enforce firms to act beyond compliance. Rather than apply end-of-pipe solutions, namely compliance, a
firm is fostered to be more proactive in responding the sustainability issues –people, planet, and profit.
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This study also provide insights for students to explore more green marketing matters in relation to other variables, so enabling the extensive empirical evidence in
the field. Besides, this paper may be helpful for other researchers to develop scale or index on green marketing which can ease novel researchers to contribute insights in
marketing discipline.
C. Recommendations
This research is not only limited in organization-wide scale, but also industry- wide ones. Perhaps, other industries can follow the electronics sector lead, so that can
tackle the global climate change issues and other environmental issues. Industry collaboration is necessary to manifest efficient and greener operations with green raw
materials sourcing. Industry collaboration can also helps firms inside the industry to utilize patented technology in purpose of green operations.
In addition, this study suggests firms to report or integrate report of triple bottom line matters –economic, environmental, and social sustainability. One of the
most reliable and widely used framework is Global Reporting Initiative, with more than 1,500 companies have adopted the guide.
Furthermore, it is recommended that more companies should join worldwide index, such as Dow Jones Sustainability Index, KLD Index, Calvert Index, FTSE4
Goods Index, and other similar rating companies. The reason is to leverage a firm’s reputation and value. While there are many stock markets in the world, firms are
