The Effect of Green Investment, Corporate Social Responsibility, and Good Corporate Governance on Green Company Value Mediated by Return on Investment
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Dec 28, 2024
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Abstract
Increasing company value indicates an increase in the company's share price on the stock exchange, which reflects the welfare of investors as company owners and capital owners. This research aims to analyze the influence of green investment, corporate social responsibility and good corporate governance on the green environment. company value with return on investment as a mediating variable (intervention). The research method used is a quantitative method. Data analysis used the path analysis method with E-VIEWS 12 data processing software. The sampling technique used the purposive sampling method. The number (size) of the sample consists of 16 companies (cross-section data) for 4 years (time series data), quarterly from 2020 to 2023. The combination of cross-section and time series data is a type of panel data which produces 192 data.The results of the research show that corporate social responsibility and good corporate governance as measured by independent commissioners, managerial ownership and institutional ownership can have a positive influence on the value of green companies which is mediated by return on investment as an intervening variable, but green investment does not can have a positive influence. The effect on green company value is mediated by return on investment as an intervening variable.
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References
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Chen, Q., Ning, B., Pan,Y., dan Xiao,J. (2021). Green Finance and Outward Foreign Direct Investment: Evidence From A Quasi-Natural Experiment of Green Insurance in China,” Asia Pacific J. Manag., vol. 39, pp. 899–924, 2021. Doi: https://doi.org/10.1007/s10490-021-09792-8.
Effendi, M. E. (2016). The Power Of Good Corporate Governance: Teori Dan Implikasi, 2nd ed. Jakarta Selatan: Salemba Empat.
Febriyanto, E. C., Indawati, R., Mahmudah, Ama, F., & Ashari, F. Y. (2023). Modeling of Maternal Mortality (Mmr) in East Java 2017-2019 Using Panel Regression Approach. Jurnal Biometrika Dan Kependudukan, 12(2), 177–185. https://doi.org/10.20473/jbk.v12i2.2023.177-185
Garini, A. A. dan Lubis, Z. (2023). Effectiveness Of The Implementation Of The Principles Of Good Corporate Governance At BSI KCP Jakarta Efektivitas Penerapan Prinsip Good Corporate Governance Pada BSI KCP Jakarta. Jurnal Ekonomi, Bisnis, dan Perbankan Syariah El -Arbah. DOI: https://doi.org/10.34005/elarbah.v7i2.3122
Gunardi, I.G.N.B., Putra, I. G. C., & Yuliastuti, I. A. N. (2020). The Effects of Profitabilitas and Activity Ratio Toward Firms Value With Stock Price as Intervening Variables. International Journal of Accounting & Finance in Asia Pacific (IJAFAP),3(1), 56-65
Hery. (2017). Kajian Riset Akuntansi. Jakarta: PT Grasindo.
Huang, L. dan Lei, Z. (2021). How Environmental Regulation Affects Corporate Green Investment: Evidence from China. J. Clean. Prod. 279(123560). [Online]. DOI: https://doi.org/10.1016/j.jclepro.2020.123560
Indrarini, S. (2019). Nilai Perusahaan Melalui Kualitas Laba (Good Governance dan Kebijakan Perusahaan). Surabaya: Scopindo.
Indriastuti, M. dan Chariri, A. (2021). The role of Green Investment and Corporate Social Responsibility investment on sustainable performance, Cogent Bus. 8(1). DOI: 10.1080/23311975.2021.1960120.
Kasmir. (2018). Analisis Laporan Keuangan. Edisi Pertama Cetakan Kesebelas. Jakarta: Raja Grafindo Persada.
Khasanah, I., D. dan Sucipto,A. (2020). Pengaruh Corporate Social Responsibility (CSR) dan Good Corporate Governance (GCG) terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Intervening. Jurnal Akuntabel, 17(1), 14–28, [Online]. Available:http://journal.feb.unmul.ac.id/index.php/AKUNTABEL
Mardikanto, T. (2018). CSR Corporate Social Responsibility Tanggung Jawab Sosial Korporasi. Bandung: Alfabeta
Marhawati, Mahmud, R., Nurdiana, Astuty, S., Setyawan, D. A., Prasaja, Fahradina, N., One, L., Faelasofi, R., Widyasari, T., Mawardati, R., Otaya, L. G., & Rahmatina, S. (2022). Statistika terapan. Tahta Media Group.
Munawir. (2019). Analisa Laporan Keuangan. Edisi Keempat. Cetakan Keempat. Yogyakarta: Liberty Yogyakarta.
Putri, R. A. D., & Trisnaningsih, S. (2021). Pengaruh Good Corporate Governance Terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Intervening. Jurnal Risma, 2(2), 67–77.
Napitupulu, dkk. (2021). Pengaruh Good Corporate Governance, Firm Size,. Struktur Modal Terhadap Kinerja Keuangan. Jurnal Bisnis Dan Akuntansi, 22(2), 225-238. DOI: 10.34208/jba.v22i2.727.
Paramita, V. S. dan Ali, A. (2023). Can Profitability Moderate the Impact of Green Investment, Corporate Social Responsibility, and Good Corporate Governance on Company Value on the SRI-KEHATI Index?. Int. J. Financ, 4, (4), 320–338, 2023. DOI: 10.47747/ijfr.v4i4.1604.
Rachman, H. (2018). Arah dan Kebijakan Green Investment. Jakarta: Badan Koordinasi Penanaman Modal.
Ruth Pranadipta, & Natsir, K. (2023). Financial, Non-Financial, and Macro-Economic Factors That Affect the First Day Profit Rate When Conducting Initial Public Offering. International Journal of Application on Economics and Business, 1(2), 276–289. https://doi.org/10.24912/ijaeb.v1i2.276-289
Sari, I.P. (2021). Penerapan Corporate Governance terhadap Kinerja Perusahaan. Jurnal Institusi Politeknik Ganesha Medan, 4(1), 90-97.
Savitri, C., Faddila, S. P., Irmawartini, Iswari, H. R., Anam, C., Syah, S., Mulyani, S. R., Sihombing, P. R., Kismawadi, E. R., Pujianto, A., Mulyati, A., Astuti, Y., Adinugroho, W. C., Imanuddin, R., Kristia, Nuraini, A., & Siregar, M. T. (2021). Statistik Multivariat dalam Riset. Bandung: Widina Bhakti Persada.
Shabbir, M. S. dan Wisdom, O. (2020). The Relationship Between Corporate Social Responsibility, Environmental Investments and Financial Performance: Evidence From Manufacturing Companies. Environ. Sci. Pollut. Res. 27, 39946–39957. [Online]. Available: https://doi.org/10.1007/s11356-020-10217-0.
Tanasya, A. dan Handayani, S. (2019). Green Investment dan Corporate Governance terhadap Nilai Perusahaan: Profitabilitas Sebagai Pemoderasi. Jurnal Bisnis Dan Akuntansi, 22(2), 225-238. DOI: 10.34208/jba.v22i2.727.
Utomo, M. N., dan Kaujan. (2019). Strategi Penciptaan Nilai Perusahaan Melalui Investasi Berbasis Green. Dalam: the 5th Seminar Nasional and Call For Paper. Tarakan. 49-59. ISBN: 978-602-6988-71-3.
Wahyuningsih, M., Sihombing, P., & Gustiah, I. P. (2024). The Impact of Efficiency of Working Capital Management on Company Profitability. Journal of Entrepreneurship and Business Management. 3(1), 34–44.
Wijayanti, A., Wijayanti, A., dan Samrotun, Y. C. (2016). Pengaruh Karakteristik Perusahaan, GCG Dan CSR Terhadap Penghindaran Pajak. Jurnal Penelitian Ekonomi dan Bisnis.
Windhyastuti, I, D. M. Otoxsusilo, C. S. Ratnaningsih, and U. Khouroh. (2023). The Effect of Good Corporate Governance, Corporate Social Responsibility, and Capital Structure on Firm Value with Profitability as an Intervening Variable in Banking Companies, J. Akunt. dan Perpajak, 9(2), 192–216. [Online]. Available: http://jurnal.unmer.ac.id/index.php/ap.
Zhang, Y., & Berhe, H. M. (2022). The Impact Of Green Investment And Green Marketing On Business Performance: The Mediation Role Of Corporate Social Responsibility In Ethiopia’s Chinese Textile Companies. Sustainability (Switzerland), 14(7). DOI: https://doi.org/10.3390/su14073883