The Impact of Green Product Innovation and Green Process
Innovation on Firm Performance
Refarandira Lukitaruna, Sedianingsih
Department of Accounting, Universitas Airlangga, Surabaya, Indonesia
Keywords: Company’s Performance, Green Process Innovation, Green Product Innovation.
Abstract: The aim of this research is to give empirical evidence regarding the influence of green product innovation
and green process innovation on company performance. The population of this research is 435
manufacturing companies listed in the Indonesian Stock Exchange in 2014-2016. This research chooses
sampling by using a purposive sample with 125 companies’ data. This research uses multiple linear
regression (SPSS 20.0) to investigate the research hypotheses. The results of this research prove that green
product innovation has a negative but not significant influence on the company’s performance, while green
process innovation has a positive and significant influence on the company’s performance.
1. INTRODUCTION
In the era of growing globalization, issues regarding
climate change and global warming have been an
ongoing subject of discussion by all countries
around the world. Countries in different parts of the
world are working hard to reduce activities that can
aggravate environmental degradation. The various
causes of such issues have been controlled by
society in order to remain able to maintain
environmental sustainability, and it is known that
one of the biggest causes is derived from industrial
enterprises. The existence of a company cannot be
detached from the environment in which it is
located. The operating activities of the company are
potentially affecting the environment (Ulfah &
Ikbal, 2012). The company is an organization that is
in daily use of human resources and natural
resources to bring in maximum profit for the sake of
prosperity, which has become a major factor in the
causes of the emergence of environmental damage
(Susilo, 2012).
The company provides many benefits to the
community as it provides jobs and produces
products that meet the daily needs of the community,
which also have a negative impact for society,
especially for the environment. Not only products,
the process to produce such products is also
unfriendly toward the environment. Examples
include the resulting product being unable to be
recycled, the production process causing waste
hazardous to the environment, increased air
pollution, water pollution, and other impacts. The
company is required to provide solutions in dealing
with the various environmental problems that are
popping up (Muslim & Indriani, 2014). The
company is expected to not only think of the
acquisition of business profit but also to consider
environmental impacts that can be caused in the
implementation of operational activities (Ulfah &
Ikbal, 2012).
All over the world, people are trying to find
solutions to prevent occurrences of the impact of
global warming on the environment. The various
efforts undertaken by the community, was no
exception by the company. Some companies around
the world have participated and attempt to mitigate
the effects of global warming. Some Asian
countries, such as China, Japan, Korea, India,
Thailand, Malaysia, and Singapore, are already
much more responsive in addressing environmental
issues. The government in neighboring countries
implement green innovation undertaken by firms
(Muslim & Indriani, 2014). In Indonesia, issues
regarding global warming’s impact on nature have
been known for several years. The public are aware
of the impact of global warming and take into
account the impact on the environment of products
they consume, as well as changing their lifestyles
with a variety of efforts like saving electricity.
Alternatively, they use the ‘reduce, reuse, recycle’
Lukitaruna, R. and Sedianingsih, .
The Impact of Green Product Innovation and Green Process Innovation on Firm Performance.
In Proceedings of the Journal of Contemporary Accounting and Economics Symposium 2018 on Special Session for Indonesian Study (JCAE 2018) - Contemporary Accounting Studies in
Indonesia, pages 207-215
ISBN: 978-989-758-339-1
Copyright © 2018 by SCITEPRESS – Science and Technology Publications, Lda. All rights reserved
207

approach, use eco-friendly products (green products)
in daily activities, and other strategies. Related to the
issue of global warming, companies in Indonesia are
no longer less green aware than foreign companies.
Domestic companies are also actively supporting
lifestyle changes in society through products that
they produce.
Many neighboring countries have implemented
legislation concerning the protection of the
environment to reduce the environmental impact of
industrial companies (Kucukoglu & Pinar, 2015).
The legislation of the Republic of Indonesia No.40
year 2007 regarding the limited liability company is
one form of the government of Indonesia’s efforts to
reduce negative effects resulting from the
operational activities of companies.
Indonesia has been in a phase of globalization
since being a part of the world facing the challenges
of the free market, namely the ASEAN Free Trade
Area (AFTA) and the ASEAN Economic
Community (MEA). The era of globalization has the
meaning of being the era of the creation of a unified
global society as well as interdependence with one
another, so that the boundaries of a country are
becoming increasingly narrow. The era of
globalization is characterized by the existence of
free competition and free trade. This raises concerns
about the fate of the nation of Indonesia in the
future. Minimal preparation in the face of AFTA and
MEA led to the fear that it would result in domestic
products becoming less attractive. Many of the
foreign products that could access free entry to
Indonesia will change people’s interest toward
domestic products. These problems mean that the
products created by companies in the country must
be able to compete with those of companies that are
coming from outside the country, so the products
generated by the companies in the country must be
qualified in order to be able to create competitive
advantage among their competitors.
The task of the company is becoming
challenging as it is required to produce a product
that is able to compete with foreign products as well
as having to look at the environment in order not to
cause a global warming-related impact that is even
worse. The company must create a competitive
advantage compared to foreign companies.
Companies are expected to seek solutions to reduce
raw material use and minimize energy use during the
production process or recycle the materials used as
well as reduce waste after the activity of the
production process (Kucukoglu & Pinar, 2015).
A company will certainly be able to survive if
it is able to have harmonious relationships between
aspects of the economy, the environment, and have
the ability to achieve high innovation. In other
words, a company must be able to read business
opportunity from every challenge that is around.
Environmental issues are currently the main issue
that must be faced by all circles, both among
governments and the community. If the company is
able to provide a solution to the problem of global
warming by creating innovations to reduce
environmental damage, then it is certain that the
company will not only benefit in terms of economic
advantage, but it will also comply with government
regulations, maintaining environmental
sustainability, and enhancing the company’s image
in the eyes of the community.
There is some tendency to innovate. First,
pressure from the public or the consumer who has to
care for the environment, which has an impact on
the activity and being able to change habits for the
sake of the environment. Second, the existence of
environmental problems from pollution, global
warming, climate change and the depletion of the
ozone layer. Third, government regulation
concerning reduction of the carbon footprint
(Qamarullah & Widowati, 2015). The company
hopes that, after making the innovation, it will
achieve a higher profit and gain improved
performance.
The company’s performance is one of the
benchmarks in its success. According to Sucipto
(2003), the performance of the company determines
the specific measurements that can measure the
success a company has achieved in generating
profits. So that it can boost earnings along with the
pressure from several parties, the company needs to
improve its performance by innovating.
The company provides a solution by starting to
make eco-friendly innovations (green innovation).
The application of green innovation can help
increase your company’s competitive advantage in
dealing with the challenges in the global market
(Jipeng et al., 2016). Green innovation can be
categorized into three types in accordance with the
method of application. The first type is green
innovation that lowers the environmental impact of
companies, such as recycling or reuse; both of these
are green innovations that have solved
environmental issues for companies such as a drop
in the use of materials and components that are
harmful to the environment. and the third is a green
innovation (Kucukoglu & Pinar, 2015). Sustainable
innovation can be an important strategy to cope with
the pressure from consumers, competitors and the
government. According to the OECD Oslo Manual
JCAE Symposium 2018 – Journal of Contemporary Accounting and Economics Symposium 2018 on Special Session for Indonesian Study
208

(2005, p. 47), there are four dimensions of
innovation: product innovation, process innovation,
marketing innovation, and organizational
innovation. This special examines the research on
green product innovation and green process
innovation. According to Ar (2012), green
innovation can be done in two ways: the results of
eco-friendly products (green product innovation);
and an environmentally friendly production process
(green process innovation).
Green product innovation is the creation of
new products by companies that consider
environmental aspects throughout the product’s life
cycle, starting from the raw materials used, the
production process, transport, at the moment of use
and up to after the product is no longer in use, so
that minimal impact to the environment is caused
(Pemayun & Suprapti, 2016). To create green
product innovation is not an easy thing, because it
requires research and development aimed at
producing a new product innovation that is
competitive, and the company should be able to
improve the productivity but also must be able to
adjust the purchasing power of the community.
Costs that should be incurred to produce the
company’s green product innovation include costs
for the exploration of the idea of innovation, the cost
to get the raw materials, the cost of the company’s
workers, the cost of safety certification to guarantee
product safety for the consumer, and so on. Thus, it
requires information that is accurate, detailed, and
relevant to the management in terms of taking the
best decision.
Green product innovation can be very
beneficial to the environment, such as by reducing
energy consumption, lowering CO2 emissions, and
enhancing biodiversity, as well as reducing pollution
(Dereli, 2015). Products are designed to minimize
environmental impacts during the life cycle of these
products, such as avoiding materials that contain
chemicals and toxins, the use of minimal resources,
and other factors. When green product innovation
created by the company succeeds in minimizing the
use of resources, then the company can create
efficiency in the allocation of its operating expenses.
The decline in operating expenses would be reduced,
so the company will generate increased profits,
which would be expected to improve the company’s
performance.
According to previous research by Ar (2012),
green product innovation has a positive effect on the
performance of the company. Such research gives
empirical evidence that regulatory policy changes
could affect the company’s green product
innovation, which then impacts on company
performance. Yu Ke (2013) provides empirical
evidence that the relationship between green product
innovation and company performance is non-linear.
The research proves that when a company wanted to
improve its performance with green product
innovation, it should begin by checking the level of
its performance in advance.
Green process innovation is the deployment of
an innovative idea for adoption into the activities of
the production process, as well as the practice of the
company carried out by noting the ecological
environment as well as the economic impact
(Qamarullah & Widowati, 2015). The use of various
technologies on green process innovation makes
firms try to reach the target of lowering pollution,
and managing waste, water and raw materials for
production efficiency.
Green process innovation aimed at reducing
environmental impact with innovation development
is currently achieved by way of adding to the
production facilities or adding some new processes
in the production process (Kucukoglu & Pinar,
2015). Green process innovation is an important
activity of the company, carried out in order to run
the activities of green innovation. Green process
innovation can be said to be successful if, in the
design of the production process, the company takes
into account the environmental aspects
appropriately. Green process innovation is a process
whereby industrial companies have concern for the
environment in the implementation of their
production, as did the energy savings, resources,
waste, as well as the impact of the resulting
ecological (Tzu et al., 2011). When the efforts of
green process innovation are run, this means the
company has to minimize energy use. If energy is
used only a little, then the company has successfully
lowered operating costs so that an increase in profits
and an increase in the company’s performance is
likely.
According to the earlier research of Ikbal Ulfah
(2012), green process innovation has a positive
effect on the company’s performance. Such research
gives empirical evidence that a green process
innovation that puts shades of “green” in the
production process positively influences an
improvement in the performance of the company.
Ching’s (2011) hypotheses on test results provide
empirical evidence that green process innovation has
no effect on the company’s performance. This is
because the resulting product does not look how
businesses companies in the processing of products
by means of green process innovation, so there is no
The Impact of Green Product Innovation and Green Process Innovation on Firm Performance
209

positive relationship between green process
innovation and an improved performance of the
company.
Based on the previous explanation, the
researcher is interested in seeing more about the
influence of green product innovation and green
process innovation as well as its impact on the
company’s performance. The target population of
the research was manufacturing companies listed on
the Indonesian Stock Exchange (IDX) during the
period 2014-2016. The selection of the
manufacturing company as a research target is
because the manufacturing company is a company
producing products that can cause damage to the
environment, as well as a production process to
create products generating waste that has a negative
influence on the environment and society. Therefore,
manufacturing companies are required to create
green product innovation as well as green process
innovation for the sake of maintaining the
sustainability of the environment. The period 2014-
2016 was selected as the observation period because
Indonesia was facing the prospect of free trade in
ASEAN by the year 2015, and this made it easy for
foreign companies to market their products to
Indonesia. The arrival of foreign products to
Indonesia is a threat to domestic companies, which
are not only required to remain superior in
competition but must pay attention to their impact
on the environment.
Based on the introduction above, the questions
in this research are:
1. Does green product innovation have a positive
effect on company performance?
2. Does green process innovation have a positive
effect on company performance?
2 LITERATURE REVIEW
2.1 Legitimacy Theory
According to O’Donovan (2002), “Legitimacy
theory is the idea that in order for an organization to
continue operating successfully, it must act in a
manner that society deems socially acceptable”. The
theory of legitimacy is a theory that explains that
firms should continually ensure that they are
operating within the norms prevailing in society and
ensure that their activities are acceptable to
outsiders.
Deegan (2002) defines the theory of legitimacy
as “a condition or status that exists when the entity
value system is congruent with the wider community
value system in which society becomes its part.
When a difference, whether real or potential, exists
between the two value systems, there will be a threat
to the legitimacy of the company.”
2.2 Stakeholder Theory
According to Freeman (1984), stakeholders are
interpreted as a group of people or individuals who
can affect a company’s activities or can be
influenced by the activities of the company. Gray et
al. (1995) state that the survival of a company
depends on the support from stakeholders, and such
support should be sought; hence, the company’s
activity is to seek that support. The company’s effort
to create green product innovation and green process
innovation is expected to keep the stakeholder’s
interest, so stakeholders will give mutual return to
the company such as buying the product, etc. The
stakeholder support will benefit the company.
2.3 The Influence of Green Product
Innovation and Green Process
Innovation on Company
Performance
Green product innovation created by the company is
expected to be the company’s effort to gain
legitimacy from the community. The company
creates green product innovation as proof to the
public that it has created the product by keeping an
eye on the surrounding environment and is
concerned with its benefits to the community, while
keeping in mind the prevailing norms in society.
Environmental issues, products that are not
environmentally friendly, and pressure from various
parties mean that the company must pay attention to
the interests of stakeholders in its production. In
creating green product innovation, companies must
pay attention and gain support from stakeholders. If
the company creates a green product innovation that
is fully supported by stakeholders, then the
stakeholders will like and buy the product, which
will further benefit the company.
Research by Ar (2012), Ching (2011), Wong
(2012), and Kucukoglu and Pinar (2012) provides
empirical evidence that green product innovation has
a positive effect on the company’s performance,
while Yu and Ke (2013) and Fitriani (2015) provide
empirical evidence that green product innovation
negatively affects the company’s performance.
Green process innovation conducted by the company
is expected to be an effort to get the company’s
legitimacy from the community. The company
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undertakes green process innovation as proof to the
community that it has been operating its production
process while keeping a close eye on the
surrounding environment, and its benefits to the
community, while taking into account the prevailing
norms in the community. These efforts will provide
a positive value of society to the company, so the
company gets the legitimacy of the community.
Environmental issues and pressure from
various parties make the company, in the production
process, pay attention to the interests of
stakeholders, so in green process innovation,
companies must pay attention and get support from
stakeholders. If the company undertakes a green
process innovation that is fully supported by
stakeholders, then in the eyes of stakeholders the
company has got a positive value, and stakeholders
will be interested to buy and use the company’s
products; hence, it will benefit the company.
Research conducted by Wong (2012), Fitriani
(2015), and Kucukoglu and Pinar (2015) provides
empirical evidence that green process innovation has
a positive effect on company performance. In
contrast, research by Ching (2011) provides
empirical evidence that green process innovation
negatively affects the company’s performance.
2.4 Method And Analysis
The type of research used is quantitative with an
explanatory approach. The total population is
manufacturing companies listed on the Indonesian
Stock Exchange in 2014-2016, with data from 435
companies. Sampling uses a purposive sampling
method with sample data from 125 companies.
2.4.1 Definition of operational variables
The performance of the company is a measure of the
success of operational activities and corporate
finances in a certain period. One of the ratios
commonly used as a measure of a company’s
performance is Return on Assets (ROA):
ROA = Net Profit / Total Asset (1)
Green product innovation is a company’s new
product innovation that is safe for the environment
and does not have a negative impact on the
environment, dating from when the product is made,
through when the product is consumed, and until the
product can no longer be used. According to Peters
(2005), the company’s effort to create green product
innovation must see how the company’s ability of
cash availability owned by the company in order to
create a new product innovation. Green product
innovation in this research uses an approach by
Peters (2005) with the following formula:
Green Product Innovation = Operating cash flow (it)
- Operating cash flow (it-1)/Sales(it-1) (2)
Green process innovation is a production
process that seeks to minimize the negative impact
of that process on the environment. According to
Peters (2005), the company’s effort to create green
process innovation can be seen from how the
company performs the efficiency of its operational
process from minimizing the use of operational
expenses such as raw materials and energy load.
Green process innovation in this research uses an
approach by Peters (2005) with the following
formula:
Green Process Innovation = (Energy expense +
material expense)it - (energy expense + material
expense)it - 1 / (sales)it (3)
The age of the company is the time when the
company first started operations until the time of the
research. By knowing the age of the company, we
can know to what extent it can stay afloat.
According to Saputro (2013), the age of the
company is used as a control variable in order to
know how experienced the company is in carrying
out operational activities, so that it understands its
well-being potential, including the company’s
potential to innovate.
The company’s age in this study used an
approach taken by Saputro (2013), which is
calculated from the company’s date of operation
until the end of the research year. Company size is a
measure of assets owned by the company.
According to Fachrudin (2011), company size is
used as a control variable to determine the
company’s ability to use all resources owned to
create new innovations. According to Fachrudin,
company size is calculated using the formula:
Company Size = Ln (Total Asset)
The analysis tool used in this research is
multiple linear regression with the consideration that
this tool can be used as a prediction model to the
dependent variable that is: company performance
with some independent variable that is green product
innovation and green process innovation.
The Impact of Green Product Innovation and Green Process Innovation on Firm Performance
211

3 RESULT
The result of the normality test is that the
Kolmogorov-Smirnov value equals 0.731 with a
significant value of 0.658, so it can be concluded
that residual data for the regression model built has
been normally distributed.
Table 1: Multicollinearity Test Results
Model Collinearity Statistics
Tolerance VIF
Product 0.996 1.004
Process 0.941 1.063
Size 0.991 1.009
Age 0.941 1.063
Source: processed data, 2017
The regression model built does not have
multicollinearity problems. This can be seen from
the tolerance value in Table 3 that is greater than 0.1
and the VIF value less than 10.
Table 2: Heteroscedasticity Test Results
Model Unstandardized
Coefficients
Standardized
Coefficients
t Sig.
B Std.
Error
Beta
(Constant)
-.102 .078 -1.306 .194
Product -.013 .020 -.057 -.642 .522
Process .038 .024 .141 1.546 .125
Size .005 .003 .174 1.952 .053
Age
5.024E-
005
.000 .021 .229 .820
Source: processed data, 2017
The significant value of count (Sig.) of all variables
used in the study showed a value >0.05, so it can be
concluded that the research data did not experience
symptoms of heteroscedasticity.
Multiple linear regression analysis was done to
test the influence of the independent variable, which
is the influence of green product innovation and
green process innovation on company performance.
Table 3 :Results of Multiple Linear Regression Analysis
Model Unstandardize
d Coefficients
Standardize
d
Coefficient
s
t Sig.
B Std.
Error
Beta
(Constant
)
-.139 .129 -1.075 .284
Product -.007 .034 -.019 -.217 .828
Process .086 .040 .192 2.138 .035
Size .006 .005 .112 1.273 .206
Age .001 .000 .135 1.498 .137
Source: processed data, 2017
Based on the result of the multiple linear regression
model test, a regression equation can be compiled as
follows:
ROA = -0.139 – 0.007 PRODUCT + 0.086
PROCESS + 0.006 SIZE + 0.001 AGE + e (4)
The multiple linear regression equation
presents how much each independent variable
influences the company’s performance. The effect of
each variable on the basis of the multiple linear
regression equation can be explained as follows:
a) Constant value of -0.139, indicating that if all
independent variables used did not change,
then the value of ROA will decrease by 0.139
times and impact to decrease company
performance equal to 0.139 times, with the
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assumption that the other independent variables
are considered constant.
b) The value of the green product innovation
regression coefficient of -0.007 indicates that if
green product innovation increased 1%, then
the value of ROA will decrease by 0.007% and
impact to decrease company performance equal
to 0.007%, with the assumption that the other
independent variables are considered constant.
c) The value of the green process innovation
regression coefficient is 0.086. It shows that if
the green process innovation increases 1%,
then ROA will increase by 0.086% and impact
on the company performance improvement by
0.086%, assuming other independent variables
are considered constant.
d) The value of the regression coefficient of
company size is 0.006. This shows that if
company size increases 1%, then ROA value
will increase by 0.006% and impact to increase
company performance equal to 0.006%,
assuming the other independent variables are
considered constant.
e) The value of the regression coefficient of the
company’s age of 0.001. This indicates that if
the age of the firm increased 1%, then the value
of ROA will increase by 0.001% and impact on
the increase in company performance by
0.001%, assuming the other independent
variables are considered constant.
3.1 Coefficient of Determination Test
Results
The influence of each independent variable on the
company performance variable can be shown from
the result of the coefficient determination test. The
coefficient of determination test is seen on the basis
of the adjusted R2 value generated on the regression
model built. The coefficient of determination
(adjusted R2) for the constructed model is 5.5%,
indicating that 5.5% of company performance can be
explained by green product innovation and green
process innovation, while the other 94.5% can be
explained by other variables that are not explored in
this study.
3.2 Verification of Hypothesis
3.2.1 The Influence of Green Product
Innovation on Company Performance
Hypothesis 1 (one) states that green product
innovation has a negative but not significant effect
on the performance of the company. This can be
seen from the significance value count (0.828) >
significant level (0.05). The results showed that the
company’s business innovation through green
product innovation cannot exert influence directly
against an increase in the profit of the company.
This is caused by green product innovation raising
the costs of expenses, resulting in declining
company profits. However, the existence of a green
product innovation gives advantages for companies
to improve their performance. This caused
performance improvements from the increasing
volume of product sales of the new product
produced. The existence of two views associated
with green product innovation in an attempt to
improve the company’s performance resulted in the
absence of a strong influence of green product
innovation against the financial performance.
Based on the theory of legitimacy, the
company must know that the limitations are
emphasized by social norms, which encourages
companies to look at the environment. Green
product innovation is expected to help a company in
its attempts to obtain legitimacy from the
community. The company created green product
innovation as a proof to the people that it has created
products with a consciousness of its surroundings as
well as looking at the benefits to the community by
noting the prevailing norms of society. However,
with products created based on an understanding of
the environment, it takes a long time for people to
feel the positive impact.
The results of this research are consistent with
research conducted by Fitriani (2015), which prove
empirically that green product innovation negatively
affects the company’s performance. Results of the
study prove that the use of environmentally friendly
raw materials for product innovation have no effect
against the increase in the company’s performance.
Along with the research of Fitriani (2015), this
research provides empirical evidence that green
product innovation undertaken by the company
cannot be perceived to benefit the company directly.
This is because it takes a long time for innovation to
be beneficial to the improvement of the performance
of the company.
The Impact of Green Product Innovation and Green Process Innovation on Firm Performance
213

3.2.2 The influence of Green Process Innovation
against the performance of the company
Hypothesis 2 (two) states that green process
innovation has a positive and significant effect on
the performance of the company. This is shown from
the significance value count (0.035) < significant
level (0.05). The results showed that the existence of
a relationship between energy saving as well as raw
materials for the production process turns out to be
able to reduce the burden of the company to the
extent that it can increase the profits of the company.
Green process innovation is the key to improve the
company’s idea of new innovations that can help
improve the performance of the company as well as
helping companies to compete with their
competitors. With the efficiency of the production
costs, companies will then experience a decrease in
load to the production process. With a decrease in
the load, the company will earn high profits, which
will then improve the company’s performance.
This is in line with the results of the research
study conducted by Wong (2012) that prove
empirically that green process innovation has a
positive effect against an increase in the company’s
performance. The study explains that this can give a
good signal to management that innovating a new
production process could raise the company’s
performance.
4 CONCLUSION AND
IMPLICATION
4.1 Conclusion
Empirically, the results of the study prove that:
1. Green product innovation has a negative but
not significant effect on company performance.
Innovation takes a long time to provide
benefits for improving company performance.
2. Green process innovation has a positive and
significant effect on company performance.
The existence of the relationship between
energy savings and raw materials during the
production process was able to reduce the
company’s expenses so as to increase its profit.
4.2 Implication
The following are the implications of this
study:
1. Green product innovation and green process
innovation are important for management as
activities to improve company performance,
but they are not the only activities that could be
used, because this research proves empirically
that green product innovation has a negative
effect on company performance.
2. The creation of green product innovation and
green process innovation will improve the
company’s positive image in the eyes of all
stakeholders, which is expected to be useful to
achieve the company’s goals
.
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