Analysis of Firm Value in Indonesia: The Role of Green Investment, Financial Performance, and Corporate Social Responsibility as Moderation
Abstract
This study aims to analyze the effect of Green Investment, Profitability, and Leverage on Firm Value with Corporate Social Responsibility (CSR) as a moderating variable in energy sector companies listed on the Indonesia Stock Exchange (IDX) for the 2019-2023 period. This study uses quantitative methods with moderated regression analysis (MRA) techniques. The population of this study is an energy sector company listed on the Indonesia Stock Exchange as many as 87 companies, and sampling through purposive sampling method resulted in 10 companies. The results showed that Green Investment can contribute to company value, Profitability can contribute to Company Value, and Leverage has no contribution to Company Value. CSR can strengthen the influence of Green Investment on Firm Value, but is unable to moderate the relationship between Profitability on Firm Value, and unable to moderate the relationship between Leverage on Firm Value. This study provides practical implications for companies to continue to strengthen sustainable investment and Corporate Social Responsibility (CSR) transparency to increase firm value.
Downloads
References
Anggraeni, M. D. P. (2020). Pengaruh Profitabilitas, Likuiditas, dan Leverage Terhadap Nilai Perusahaan dengan Kebijakan Dividen Sebagai Variabel Moderasi (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2016-2018).
Ardian, V., & Wahyudi, I. (2023). Pengaruh Profitabilitas, Likuiditas, Leverage, dan Aktiva Terhadap Nilai Perusahaan yang Dimoderasi Corporate Social Responsibility. Jurnal Mahasiswa, 5(1), 212–236.
Ayu, D. P., & Suarjaya, A. G. (2017). Pengaruh profitabilitas terhadap nilai perusahaan dengan corporate social responsibility sebagai variabel mediasi pada perusahaan pertambangan. E-Jurnal Manajemen Unud 6.
Chen, Z., & Xie, G. (2022). ESG disclosure and financial performance: Moderating role of ESG investors. International Review of Financial Analysis.
Constantinescu, D., & Lungu, C. I. (2021). Environmental, social and governance disclosure associated with the firm value. Evidence from energy industry. Journal of Accounting and Management Information Systems, 20(1/2021), 56–75. https://doi.org/10.24818/jamis.2021.01003
Demirdelen, T., Alıcı, H., Esenboğa, B., & Güldürek, M. (2023). Performance and Economic Analysis of Designed Different Solar Tracking Systems for Mediterranean Climate. Energies, 16(10). https://doi.org/10.3390/en16104197
Dewi, V. S., & Ekadjaja, A. (2020). Pengaruh Profitabilitas, Likuiditas dan Ukuran Perusahaan terhadap Nilai Perusahaan pada Perusahaan Manufaktur. Jurnal Paradigma Akuntansi 2.
Ethika, E., Azwari, M., & Muslim, R. Y. (2019). Analisis Pengaruh Pengungkapan Akuntansi Lingkungan dan Kinerja Lingkungan terhadap Nilai Perusahaan (Studi Empiris pada Perusahaan Indeks LQ-45 yang Terdaftar di BEI). Jurnal Kajian Akuntansi Dan Auditing, 14(2), 122–133. https://doi.org/10.37301/jkaa.v14i2.15
Gallego-Álvarez, I., Segura, L., & Martínez-Ferrero, J. (2015). Carbon emission reduction: The impact on the financial and operational performance of international companies. Journal of Cleaner Production, 103, 149–159. https://doi.org/10.1016/j.jclepro.2014.08.047
Hafidah, A. S. (2017). Pengaruh Profitabilitas Dan Solvabilitas Terhadap Nilai Perusahaan Yang Dimoderasi Corporate Social Responsibility. Jurnal Ilmu Dan Riset Akuntansi, 6(6), 2460–0585.
Hanafi, M. M., & Halim, A. (2016). Analisis Laporan Keuangan. Yogyakarta: Upp Stim Ykpn. https://doi.org/10.1177/1095796015620424
Hermida, L. Y., & Yuniningsih, Y. (2022). Dampak Faktor Fundamental terhadap Nilai Perusahaan dengan Kebijakan Dividen sebagai Variabel Moderasi. Jurnal Ilman: Jurnal Ilmu Manajemen.
Iman, C., Sari, F. N., & Pujiati, N. (2021). Pengaruh Likuiditas dan Profitabilitas Terhadap Nilai Perusahaan. Jurnal Mutiara Ilmu Akuntansi, 2(1), 56–66. https://doi.org/10.55606/jumia.v2i1.2276
Imanullah, W. R., & Syaichu, M. (2023). Analisis Faktor-Faktor Yang Memengaruhi NilaiPerusahaan Pada Perusahaan Sektor Energi YangTerdaftar Di Bei Periode 2015-2019. Diponegoro Journal of Management, 12(4), 2337–3792. http://ejournal-s1.undip.ac.id/index.php/dbr
Indriastuti, M., & Chariri, A. (2021). The role of green investment and corporate social responsibility investment on sustainable performance. Cogent Business and Management, 8(1). https://doi.org/10.1080/23311975.2021.1960120
Jiang, K., Chen, Z., & Chen, F. (2022). Green creates value: evidence from China. Ournal of Asian Economics.
Liu, M., Zhou, C., Lu, F., & Hu, X. (2021). Impact of the implementation of carbon emission trading on corporate financial performance: Evidence from listed companies in China. PLoS ONE, 16(7 July), 1–19. https://doi.org/10.1371/journal.pone.0253460
Lutfi, I. A., & Yudiana, F. E. (2021). Analisis Faktot-Faktor Yang Mempengaruhi Nilai Perusahaan Dengan Kebijakan Deviden Sebagai Variabel Moderasi. El-Jizya : Jurnal Ekonomi Islam, 9(2), 156–170. https://doi.org/10.24090/ej.v9i2.5192
Meidijati, & Augustine, Y. (2020). The Effect of Tax Accounting, Green Accounting, and Carbon Accounting on Environmental, Social, and Governance Performance: Moderated by Green Intellectual Capital. Technium Social Sciences Journal, 6(December), 101–105.
Mentari, N. M. I., & Dewi, K. I. K. (2023). Moderasi CSR Disclosure Terhadap Pengaruh Green Investment Pada Nilai Perusahaan. Jurnal Ilmiah Akuntansi Dan Bisnis, 8(1), 60–71. https://doi.org/10.38043/jiab.v8i1.4663
Murwaningsari, E., & Rachmawati, S. (2023). The Effect of Green Banking and Green Investment on Firm Value with Eco-Efficiency as Moderation. International Journal of Social and Management Studies (Ijosmas), 4(2), 141–150. http://www.ijosmas.org
Ndruru, M., Silaban, P. B., Sihaloho, J., Manurung, K. M., & Sipahutar, T. T. U. (2020). Pengaruh likuiditas, Leverage,Dan profitabilitas terhadap nilai perusahaan pada perusahaan manufaktur tahun 2015-2017. Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi, 4(3), 2621–5306.
Pingkan, A. H., & Pertiwi, T. K. (2022). The Effect of Profitability on Firm Value with Firm Size as a Moderating Variable in the Company Property and Real Estate 2018-2021. Management Studies and Entrepreneurship Journal, 3(6), 3534–3540. http://journal.yrpipku.com/index.php/msej
Pradani, A. P., Nur, D. I., & Wikartika, I. (2021). Analisis Kinerja Keuangan Terhadap Nilai Perusahaan Wholesale. REVITALISASI: Jurnal Ilmu Manajemen, 10(1), 10-19.
Pratama, M. B. A., & Takarini, N. (2021). Analisis Nilai Perusahaan Pada Sektor Basic Industry and Chemicals Yang Terdaftar Di Bursa Efek Indonesia. Fidusia : Jurnal Keuangan Dan Perbankan, 4(2), 124–137. https://doi.org/10.24127/jf.v4i2.631
Ranti, M., & Pertiwi, T. K. (2022). Pengaruh Profitabilitas, Leverage, Dan Risiko Bisnis Terhadap Nilai Perusahaan Otomotif Dan Komponen Bursa Efek Indonesia (Bei). Ecobisma (Jurnal Ekonomi, Bisnis Dan Manajemen), 9(1), 12–20. https://doi.org/10.36987/ecobi.v9i1.2420
Robiyanto, R., Nafiah, I., Harijono, H., & Inggarwati, K. (2020). Pengaruh Profitabilitas Terhadap Nilai Perusahaan Perhotelan Dan Pariwisata Dengan Struktur Modal Sebagai Variabel Intervening. Jurnal Ilmiah Bisnis Dan Ekonomi Asia, 14(1), 46–57. https://doi.org/10.32812/jibeka.v14i1.153
Saputri, I. G., & Anwar, M. (2021). Analisa Nilai Perusahaan Pada Perusahaan Sektor Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Fidusia : Jurnal Keuangan Dan Perbankan, 4(2), 150–158. https://doi.org/10.24127/jf.v4i2.620
Sari, P. A., & Hidayat, I. (2022). Analisis Laporan Keuangan. Eureka Media Aksara, 1(69), 5–24.
Seghini, C. (2024). Climate and Sovereign Debt Sustainability: A Literature Review. SSRN Electronic Journal, 1–48. https://doi.org/10.2139/ssrn.4766658
Sitanggang, E. (2020). Pengaruh Return On Assets, Leverage, dan Corporate Social Responbility terhadap Tax Avoidance di Bursa Efek Indonesia. SELL Journal, 5(1), 55.
Syabilla, D., Wijayanti, A., & Fahria, R. (2021). Pengaruh Investasi Hijau dan Keragaman Dewan Direksi Terhadap Pengungkapan Emisi Karbon. Konferensi Riset Nasional Ekonomi, Manajemen, Dan Akuntansi, 2, 1171–1186. https://conference.upnvj.ac.id/index.php/korelasi/article/view/1236/818
Syaharani, A. F., & Nur, D. I. (2022). Analisis Nilai Perusahaan pada Perusahaan Sub Sektor Makanan dan Minuman : Bukti Empiris di Bursa Efek Indonesia. Jurnal Manajemen, 12(2), 111–123. https://doi.org/10.30656/jm.v12i2.4843
Tarjo, T., Anggono, A., Yuliana, R., Prasetyono, P., Syarif, M., Alkirom Wildan, M., & Syam Kusufi, M. (2022). Corporate social responsibility, financial fraud, and firm’s value in Indonesia and Malaysia. Heliyon, 8(12). https://doi.org/10.1016/j.heliyon.2022.e11907
Utomo, M. N., & Kaujan, D. (2019). Strategi Penciptaan Nilai Perusahaan Melalui Investasi Berbasis Green. Prosiding Jurnal, 49–59.
Utomo, M. N., Rahayu, S., Kaujan, K., & Irwandi, S. A. (2020). Environmental performance, environmental disclosure, and firm value: empirical study of non-financial companies at Indonesia Stock Exchange. Green Finance, 2(1), 100–113. https://doi.org/10.3934/GF.2020006
Winarso, E., & Christina, V. (2019). Corporate social responsibility as an amplifier on the effect of profitability on the company value (study of companies listed in the sri Kehati index from 2012 to 2016). International Journal of Innovation, Creativity and Change, 9(6), 101–115.
Copyright (c) 2025 Ilham Hardi, Dhani Ichsanuddin Nur
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.
