Pengaruh Green Finance dan ESG Disclosure terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Mediasi: Pendekatan PLS-SEM pada Perusahaan Non-Keuangan yang Terdaftar di BEI
Abstract
Melemahnya kinerja sektor rill berdampak pada penurunan nilai perusahaan non-keuangan di Indonesia, yang tercermin dari rata-rata rasio nilai pasar terhadap nilai aset yang terus menurun dari 1,9214 pada tahun 2021 menjadi 1,6009 pada tahun 2024. Inkonsistensi temuan penelitian terdahulu mengenai pengaruh green finance dan Environmental, Social, and Governance disclosure terhadap nilai perusahaan menjadi masalah utama karena berpotensi menyesatkan investor dan pembuat kebijakan. Kekurangan mendasar dari penelitian sebelumnya adalah pengujian yang hanya berfokus pada pengaruh langsung tanpa mempertimbangkan profitabilitas sebagai mekanisme transmisi, khususnya pada perusahaan non-keuangan di Indonesia. Penelitian ini bertujuan untuk menganalisis pengaruh green finance dan Environmental, Social, and Governance disclosure terhadap nilai perusahaan yang diproksikan dengan Tobin’s Q dengan profitabilitas sebagai variable intervening pada perusahaan non-keuangan yang terdaftar di Bursa Efek Indonesia periode 2021-2024. Sampel terdiri dari 46 perusahaan yang dipilih dengan metode purposive sampling dengan beberapa kriteria yang telah ditentukan. Analisis dilakukan menggunakan pemodelan persamaan structural berbasis partial least squares melalui SmartPLS 3.0 untuk menguji hubungan langsung maupun tidak langsung antar variabel. Hasil penelitian menunjukkan bahwa green finance berpengaruh negatif signifikan terhadap nilai perusahaan (T-statistik 5,53; p=0,000), sedangkan Environmental, Social, and Governance disclosure tidak berpengaruh langsung terhadap nilai perusahaan (p=0,506). Profitabilitas terbukti memediasi secara parsial pengaruh Environmental, Social, and Governance disclosure terhadap nilai perusahaan (T-statistik 2,826; p=0,005), namun tidak memediasi pengaruh green finance (p=0,861). Temuan ini mengidikasikan bahwa investor di pasar modal Indonesia masih membutuhkan konfirmasi melalui kinerja keuangan sebelum mengapresiasi praktik keberlanjutan. Secara teoritis, penelitian ini memperkaya teori sinyal dengan membuktikan profitabilitas sebagai mekanisme transmisi antara praktik keberlanjutan dan nilai perusahaan, serta secara praktis merekomendasikan manajer untuk memprioritaskan peningkatan profitabilitas guna memaksimalkan dampak praktik keberlanjutan terhadap nilai perusahaan.
Keywords:
Green finance; ESG disclosure; Firm value; Profitability; Signaling theory
References
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Angeline, V. C., Malinda, S., & Putri, M. A. (2025a). Green finance and environmental performance on firm value: Mediation role of profitability. International Journal of Management Studies and Social Science Research, 7(6). https://doi.org/10.56293/IJMSSSR.2025.5906
Angeline, V. C., Malinda, S., & Putri, M. A. (2025b). Green finance and environmental performance on firm value: Mediation role of profitability in food and beverage companies listed on the IDX. International Journal of Management Studies and Social Science Research, 7(6). https://doi.org/10.56293/IJMSSSR.2025.5906
Aristiningtyas, T. P., & Fidiana. (2023). Pengaruh kinerja environmental, social, governance (ESG) terhadap risiko investasi. Jurnal Ilmu Dan Riset Akuntansi (JIRA), 12.
Atif, M., & Ali, S. (2021). Environmental, social and governance disclosure and default risk. Business Strategy and the Environment, 30(8), 3937–3959. https://doi.org/10.1002/bse.2850
Azam, I., Guo, Y., & Lau, C. K. M. (2025). Green finance and ESG readiness: Bridging the gaps in sustainability transitions. Corporate Social Responsibility and Environmental Management. https://doi.org/10.1002/csr.70191
Bardos, S. K., Ertugrul, M., & Gao, S. L. (2020). Corporate social responsibility, product market perception, and firm value. Journal of Corporate Finance, 62, 101588. https://doi.org/10.1016/j.jcorpfin.2020.101588
Budianto, E. W. H., & Dewi, N. D. T. (2023). Pemetaan Penelitian Rasio Biaya Operasional terhadap Pendapatan Operasional (BOPO) pada Perbankan Syariah dan Konvensional: Studi Bibliometrik VOSviewer dan Literature Review. JAF (Journal of Accounting and Finance), 7(1), 34–48.
Cheng, R., Kim, H., & Ryu, D. (2024). ESG performance and firm value in the Chinese market. Investment Analysts Journal, 53(1), 1–15. https://doi.org/10.1080/10293523.2023.2218124
Cho, Y. (2022). ESG and firm performance: Focusing on the environmental strategy. Sustainability, 14(13), 7857. https://doi.org/10.3390/su14137857
Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of Management, 37(1), 39–67. https://doi.org/10.1177/0149206310388419
Connelly, B. L., Certo, S. T., Reutzel, C. R., DesJardine, M. R., & Zhou, Y. (2024). Signaling theory: State of the theory and its future. Journal of Management, 51(1), 24–61. https://doi.org/10.1177/01492063241268459
Fambudi, I. N., Aryanti, T., & Mayangsari, S. (2023). Effect of ESG disclosure, accrual quality, and asymmetric information on future stock returns with prudence as a moderator. Journal of Southwest Jiaotong University, 58(5). https://doi.org/10.35741/issn.0258-2724.58.5.38
Fauziah, F., Novita, N., & Fambudi, I. (2024). The role of institutional ownership in moderating ESG disclosure’s impact on firm value. Jurnal Reksa Rekayasa Keuangan Syariah Dan Audit, 11(2), 108–121. https://doi.org/10.12928/jreksa.v11i2.10534
Feng, Z., & Wu, Z. (2023). ESG Disclosure, REIT Debt Financing and Firm Value. Journal of Real Estate Finance and Economics, 67, 388–422. https://doi.org/10.1007/s11146-021-09857-x
Gu, C., Chen, D., & Stan, R. (2021). Investor sentiment and the market reaction to macroeconomic news. Journal of Futures Markets, 41(9), 1412–1426. https://doi.org/10.1002/fut.22219
Habib, A., Khan, M. A., & Tangl, A. (2024). Integration of green finance with ESG compliance to enhance firm value. International Journal of Innovative Research and Scientific Studies, 7(3), 1289–1300. https://doi.org/10.53894/ijirss.v7i3.3290
Ifadhoh, N., & Yuliana, I. (2024). Pengaruh Green Finance, Kinerja Keuangan, dan Kinerja Lingkungan terhadap Nilai Perusahaan. Jurnal Ekonomi Manajemen Sistem Informasi, 6(2), 1073–1080. https://doi.org/10.38035/jemsi.v6i2
Kelly, S. G., & Henny, D. (2023). Pengaruh green accounting dan kinerja lingkungan terhadap nilai perusahaan dengan profitabilitas sebagai variabel moderasi. Jurnal Ekonomi Trisakti, 3(2), 3301–3310.
Lee, M. T., Raschke, R. L., & Krishen, A. S. (2022). Signaling green! Firm ESG signals in an interconnected environment that promote brand valuation. Journal of Business Research, 138, 1–11. https://doi.org/10.1016/j.jbusres.2021.08.061
Lindawati, A., Geraldine, T., Handoko, B., Widuri, R., & Mustapha, M. (2023). Analysis of sustainability performance, green accounting and ESG disclosure on firm valuation. International Journal of Contemporary Accounting, 5(2), 183–198. https://doi.org/10.25105/ijca.v5i2.17745
Melinda, A., & Wardhani, R. (2020). The effect of environmental, social, governance, and controversies on firm value: Evidence from Asia. Studies in Economics and Finance, 27, 147–173. https://doi.org/10.1108/S1571-038620200000027011
Mudzakir, F. U., & Pangestuti, I. R. D. (2023). Pengaruh environmental, social, and governance disclosure terhadap nilai perusahaan dengan ROA dan DER sebagai variabel kontrol (studi pada perusahaan listing di BEI periode 2017-2021). Diponegoro Journal of Management, 12(2). http://ejournal-s1.undip.ac.id/index.php/dbr
Ningsi, E. H., Manurung, L., & Rizki, M. N. (2024). Integrasi green finance terhadap nilai perusahaan: Perspektif sektor perbankan di Indonesia. Jurnal Ekonomi Bisnis Manajemen Prima, 5(2), 1–9. https://issn.brin.go.id/terbit/detail/20190808291482557
Prayogo, E., Handayani, R., & Meitiawati, T. (2023). ESG Disclosure dan Retention Ratio terhadap Nilai Perusahaan dengan Ukuran Perusahaan sebagai Pemoderasi. Reviu Akuntansi Dan Bisnis Indonesia, 7(2), 368–379.
Qodary, H. F., & Tambun, S. (2021). Pengaruh Environmental, Social, Governance (ESG) dan retention ratio terhadap return saham dengan nilai perusahaan sebagai variabel moderating. JUREMI: Jurnal Riset Ekonomi, 1(2), 159–172.
Qurniasih, R., Pramurindra, R., Fakhruddin, I., & Inayati, N. I. (2025). Pengaruh ESG disclosure terhadap Nilai Perusahaan dengan Praktik Good Corporate Governance sebagai Variabel Moderasi. E-Jurnal Akuntansi, 35(2), 301–319. https://doi.org/10.24843/EJA.2025.v35.i02.p01
Rahmadi, I. H., & Mutasowifin, A. (2021). Pengaruh Intellectual Capital terhadap Kinerja Keuangan dan Nilai Perusahaan. INOBIS: Jurnal Inovasi Bisnis Dan Manajemen Indonesia, 4(2), 279–294.
Rahmawati, N. A., Haq, A., & Oktaviani, A. A. (2024). Pengaruh profitabilitas, likuiditas terhadap price book value dengan corporate social responsibility sebagai pemoderasi. YUME: Journal of Management, 7(3), 307–320. https://doi.org/10.37531/yum.v7i3.7129
Rohendi, H., Ghozali, I., & Ratmono, D. (2024). Environmental, social, and governance (ESG) disclosure and firm value: The role of competitive advantage as a mediator. Cogent Business & Management, 11(1). https://doi.org/10.1080/23311975.2023.2297446
Roohanifar, M., Kuivalainen, O., & Pereira, V. (2025). Exploring and investigating the international marketing communication strategies of British digital SMEs: A signalling theory perspective. International Marketing Review, 42(5), 987–1008. https://doi.org/10.1108/IMR-11-2024-0459
Rosanti, P. C. (2025). Peran green finance, nilai perusahaan, dan kinerja lingkungan terhadap keberhasilan finansial perusahaan Indonesia. JIEF – Journal of Islamic Economics and Finance, 5(2), 88–98. https://e-journal.uingusdur.ac.id/jief/index
Saputra, I., Cindiyasari, S. A., & Muhammad, M. (2025). Pengaruh kebijakan green finance terhadap nilai perusahaan dengan profitabilitas sebagai variabel mediasi pada perusahaan manufaktur sektor barang konsumsi yang terdaftar di BEI periode 2022–2024. Jurnal Maksipreneur: Manajemen, Koperasi, Dan Entrepreneurship, 15(1), 402–417. https://doi.org/10.30588/jmp.v15i1.2566
Sari, A. P. (2024). Pengaruh Green Finance terhadap Keputusan Investasi pada Sektor Energi Baru Terbarukan di Bursa Efek Indonesia. J-MAS (Jurnal Manajemen Dan Sains), 9(2), 1568–1575. https://doi.org/10.33087/jmas.v9i2.2076
Silvia, W. I., & Mariana. (2024). Pengaruh green accounting dan kinerja lingkungan terhadap nilai perusahaan melalui profitabilitas sebagai variabel intervening. Departemen Akuntansi, Fakultas Ekonomika Dan Bisnis, Universitas Negeri Surabaya, 2, 67–79.
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Published
2026-04-06
How to Cite
Mularsih, R., & Nilmawati, N. (2026). Pengaruh Green Finance dan ESG Disclosure terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Mediasi: Pendekatan PLS-SEM pada Perusahaan Non-Keuangan yang Terdaftar di BEI. Jesya (Jurnal Ekonomi Dan Ekonomi Syariah), 9(2). https://doi.org/https://doi.org/10.36778/jesya.v9i2.2596
Section
Articles
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