The Influence of Green Innovation on Financial Performance Moderated by Chief Executive Officer Characteristics
Keywords:
Green Innovation, Green Product Innovation, Green Process Innovation, CEO Characteristics, Financial Performance
Abstract
This study aims to analyze the effect of green innovation on financial performance with the characteristics of the Chief Executive Officer (CEO) as a moderating variable in coal companies listed on the Indonesia Stock Exchange (IDX) for the 2019–2024 period. Green innovation in this study consists of green product innovation and green process innovation. The research was conducted on 170 coal companies using a quantitative approach. The results show that both green product innovation and green process innovation have a positive effect on financial performance. However, CEO characteristics demonstrate different moderating roles. CEO education does not moderate the relationship between green product innovation and financial performance but does moderate the relationship between green process innovation and financial performance. Similarly, CEO experience does not moderate the relationship between green product innovation and financial performance but does moderate the relationship between green process innovation and financial performance. These findings emphasize that CEO characteristics, particularly education and experience, play a more significant role in strengthening the impact of green process innovation on improving company financial performance.
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References
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Rahmawati, I., & Juliarto, A. (2024). Pengaruh Keberlanjutan Perusahaan Terhadap Kinerja Perusahaan Dengan Karakteristik CEO Sebagai Variabel Moderasi. Diponegoro Journal of Accounting, 13(1), 1–15.
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Toha, M., Zuana, M. M. M., & Isbahi, M. B. (2024). Acculturation of Mataraman Local Wisdom with Islamic Values: Implications for Social and Economic Development. Danadyaksa: Post Modern Economy Journal, 2(1), 33–47. https://doi.org/10.69965/danadyaksa.v2i1.143
Wedari, L. K., & Alfian, H. (2024). Does Green Innovation Impact on Profitability of Indonesian Consumer Non-Cyclicals Companies? International Journal of Sustainable Development and Planning, 19(7), 2805–2812. https://doi.org/10.18280/ijsdp.190738
Wijaya, F. M., Safitri, R. H., & Yuniartie, E. (2024). Pengaruh Karakteristik CEO terhadap Kinerja Perusahaan pada Perusahaan Sektor Transportasi dan Logistik di Indonesia. Owner, 8(3), 2356–2366. https://doi.org/10.33395/owner.v8i3.2189
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Zhang, C., Li, H., Gou, X., Feng, J., & Gao, X. (2022). CEO educational attainment, green innovation, and enterprise performance: Evidence from China’s heavy-polluting enterprises. Frontiers in Environmental Science, 10(November), 1–17. https://doi.org/10.3389/fenvs.2022.1042400
Zhang, C., Ma, Y., & Zhang, E. (2025). Does green innovation promote financial performance of Chinese listed companies? Journal of Innovation and Knowledge, 10(4), 100740. https://doi.org/10.1016/j.jik.2025.100740
Amalia, E. (2023). Analisis Pengaruh Pengungkapan Inovasi Hijau terhadap Profitabilitas pada Perusahaan Nonkeuangan. ABIS: Accounting and Business Information Systems Journal, 11(3), 285. https://doi.org/10.22146/abis.v11i3.85680
Damayanti, R. W., & Zahara, I. (2025). Green innovation , green accounting , and performance : The moderating role of green intellectual capital. 26(1). https://doi.org/10.18196/jai.v26i1.24362
Dwiastuti, D. A., & Etikariena, A. (2020). Hubungan antara Sikap Kompetitif Berlebihan dan Perilaku Kerja Inovatif. Jurnal Diversita, 6(1), 28–39. https://doi.org/10.31289/diversita.v6i1.2734
Ezekiel, O., Olugbenro, S., Omojola, S., Wright, O., & Aregbesola, O. (2024). Influence of Board Characteristics on Carbon Emission Disclosure: Evidence from the Nigerian Oil and Gas Sector. International Journal of Energy Economics and Policy, 14(5), 582–592. https://doi.org/10.32479/ijeep.16666
Fitriani, N., Putri, S., Dwi, P., Nur, A., & Raharjo, Y. (2024). CEO Characteristics and Green Innovation : A Systematic Literature Review. 9(2), 145–155.
Freshillya, W., & Luayyi, S. (2025). Pengaruh Risiko Litigasi , Intensitas Modal dan Pertumbuhan Penjualan Terhadap Nilai Perusahaan Pada Sektor Telekomunikasi. 9(1). https://doi.org/10.18196/rabin.v9i1.25456
German, J. D., Redi, A. A. N. P., Ong, A. K. S., & Liwanag, J. L. (2023). The impact of green innovation initiatives on competitiveness and financial performance of the land transport industry. Heliyon, 9(8), e19130. https://doi.org/10.1016/j.heliyon.2023.e19130
Hapsari, Denny; Kurnia, Denny; Arifin, W. (2024). Faktor-Faktor Yang Mempengaruhi Kinerja Keuangan: Studi Empiris Pada Perusahaan Di Indonesia. Jurnal Akuntansi, 11(2).
Hazzaa, O. T., Abdullah, D. F., & Sadaa, A. M. (2024). Influence of CEO characteristics and audit committee on financial performance: Evidence from Iraq. Journal of Open Innovation: Technology, Market, and Complexity, 10(2), 100290. https://doi.org/10.1016/j.joitmc.2024.100290
Isbahi, M. B., Zuana, M. M. M. ., & Mariana, E. R. . (2022). The Technology Strategy in Website Communication Media in Improving Business Activities. Majapahit Journal of Islamic Finance and Management, 1(2), 126–138. https://doi.org/10.31538/mjifm.v1i2.17
Isbahi, M. B., Zuana, M. M. M., & Toha, M. (2024). The Multi-Social Relation of the Cattle Industry in the Plaosan Subdistrict Animal Market of Magetan Regency. Malacca: Journal of Management and Business Development , 1(1), 31–46. https://doi.org/10.69965/malacca.v1i1.51
Lestari, K. C., & Soewarno, N. (2024). Does Green Innovation Improve Firm Performance? Testing the Moderating Effect of CEO Tenure. Contemporary Economics, 18(2), 192–209. https://doi.org/10.5709/ce.1897-9254.533
Millenia, A., & Etty Murwaningsari. (2023). Pengaruh Inovasi Produk Hijau Dan Inovasi Proses Hijau Terhadap Keunggulan Kompetitif Hijau Dengan Modal Intelektual Hijau Sebagai Variabel Moderasi. Jurnal Ekonomi Trisakti, 3(2), 2319–2328. https://doi.org/10.25105/jet.v3i2.17046
Noor, D. L. S. (2025). Green Business Inovasi Sumber Daya Berkelanjutan. Cendekia Mulia Mandiri. https://www.google.co.id/books/edition/GREEN_BUSINESS_INOVASI_SUMBER_DAYA_BERKE/xGNQEQAAQBAJ?hl=id&gbpv=1
Nopianti, R., Komarudin, M. F., & Triana, L. (2023). Pengaruh Leverage dan Likuiditas terhadap Nilai Perusahaan dengan Pemoderasi Umur Perusahaan. Owner, 7(3), 2566–2576. https://doi.org/10.33395/owner.v7i3.1607
Nopiawati, N. M. Y., & Prasetiono. (2024). Analisis Pengaruh Implementasi Praktik Berkelanjutan Dengan Basic ESG Terhadap Kinerja Keungan Perusahaan Yang Dimoderasi Oleh Karakteristik CEO (Studi pada Perusahaan Manufaktur Yang Terdaftar di Bursa Efek Indonesia 2018-2022). Diponegoro Journal Of Management, 13(4), 5.
Prayogo, A. (2024). Strategi Pemasaran Teknologi Ramah Lingkungan. Takaza Innovatix Labs. https://www.google.co.id/books/edition/Strategi_Pemasaran_Teknologi_Ramah_Lingk/q7cyEQAAQBAJ?hl=id&gbpv=1
Rahmawati, I., & Juliarto, A. (2024). Pengaruh Keberlanjutan Perusahaan Terhadap Kinerja Perusahaan Dengan Karakteristik CEO Sebagai Variabel Moderasi. Diponegoro Journal of Accounting, 13(1), 1–15.
Sari, N. P., & Handayani, S. (2020). AKUNESA: Jurnal Akuntansi Unesa. Jurnal Akuntansi AKUNESA, 8(2). http://jurnalmahasiswa.unesa.ac.id/index.php/jurnal-akuntansi/
Sari, P. (2024). Green Technology Innovation & Kinerja Keuangan Perusahaan: Mediasi Kinerja Lingkungan. Berkala Akuntansi Dan Keuangan Indonesia, 9(1), 18–48. https://doi.org/10.20473/baki.v9i1.43565
Sudianto, S. (2023). Analisis pengaruh kinerja keuangan dalam memprediksi pertumbuhan laba. JPPI (Jurnal Penelitian Pendidikan Indonesia), 9(2), 748. https://doi.org/10.29210/020231901
Sulaeman, D. (2024). Buku Ajar Perkembangan Peserta Didik. Sonpedia. https://www.google.co.id/books/edition/Buku_Ajar_Perkembangan_Peserta_Didik/1egEEQAAQBAJ?hl=id&gbpv=1
Syahdanti, A. D., & Marietza, F. (2024). The Influence Of Profitability, Company Size, Media Exposure, And Leverage On Carbon Emissions Disclosure. EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi Dan Bisnis, 12(1), 1095–1108. https://doi.org/10.37676/ekombis.v12i1.5304
Toha, M., Zuana, M. M. M., & Isbahi, M. B. (2024). Acculturation of Mataraman Local Wisdom with Islamic Values: Implications for Social and Economic Development. Danadyaksa: Post Modern Economy Journal, 2(1), 33–47. https://doi.org/10.69965/danadyaksa.v2i1.143
Wedari, L. K., & Alfian, H. (2024). Does Green Innovation Impact on Profitability of Indonesian Consumer Non-Cyclicals Companies? International Journal of Sustainable Development and Planning, 19(7), 2805–2812. https://doi.org/10.18280/ijsdp.190738
Wijaya, F. M., Safitri, R. H., & Yuniartie, E. (2024). Pengaruh Karakteristik CEO terhadap Kinerja Perusahaan pada Perusahaan Sektor Transportasi dan Logistik di Indonesia. Owner, 8(3), 2356–2366. https://doi.org/10.33395/owner.v8i3.2189
Yucha, N. (2024). Perilaku Konsumen Terkait Loyalitas Pelanggan. CV. Intelektual Manifes Media. https://www.google.co.id/books/edition/PERILAKU_KONSUMEN_TERKAIT_LOYALITAS_PELA/nf0QEQAAQBAJ?hl=id&gbpv=1
Zamroni, M. A., Toha, M., Zuana, M. M. M., & Baiqun Isbahi, M. (2023). Exploring Zakat Distribution Via Blockchain in Indonesia Perspective of Maslahah Mursalah Wahbah Zuhaili. Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 6(3), 3544-3555. https://doi.org/10.31538/iijse.v7i3.5821
Zhang, C., Li, H., Gou, X., Feng, J., & Gao, X. (2022). CEO educational attainment, green innovation, and enterprise performance: Evidence from China’s heavy-polluting enterprises. Frontiers in Environmental Science, 10(November), 1–17. https://doi.org/10.3389/fenvs.2022.1042400
Zhang, C., Ma, Y., & Zhang, E. (2025). Does green innovation promote financial performance of Chinese listed companies? Journal of Innovation and Knowledge, 10(4), 100740. https://doi.org/10.1016/j.jik.2025.100740
Published
2026-01-17
How to Cite
Putri Nugraheni, D. L. (2026). The Influence of Green Innovation on Financial Performance Moderated by Chief Executive Officer Characteristics. Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 9(1), 2082-2097. https://doi.org/10.31538/iijse.v9i1.8885
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Articles
Copyright (c) 2026 Deya Leony Putri Nugraheni, Dian Indri Purnamasari, Retno Yulianti
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