Pengaruh Pengungkapan ESG, Green Innovation, dan Kinerja Lingkungan Terhadap Nilai Perusahaan

Reghina, Naura Olivia (2026) Pengaruh Pengungkapan ESG, Green Innovation, dan Kinerja Lingkungan Terhadap Nilai Perusahaan. Sarjana (S1) thesis, Universitas Muhammadiyah Indonesia.

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Abstract

This study aims to examine the effect of Environmental, Social, and Governance (ESG) disclosure, green innovation, and environmental performance on firm value. Firm value is measured using Tobin's Q, while the independent variables consist of ESG disclosure, green innovation, and environmental performance.
This study employs a quantitative research method using panel data regression analysis with EViews 12 software. The population consists of consumer non-cyclicals companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 period. The sampling technique used was purposive sampling, resulting in 46 companies with a total of 138 observations. Research data were obtained from annual reports, sustainability reports, and PROPER ratings issued by the Ministry of Environment and Forestry of Indonesia
The results indicate that ESG disclosure has no effect on firm value. Green innovation also has no effect on firm value. Meanwhile, environmental performance has a positive and significant effect on firm value. These findings suggest that investors place greater consideration on environmental performance, as reflected in PROPER ratings, than on ESG disclosure and green innovation when evaluating firm value. Future studies are recommended to expand the industrial sectors observed, extend the research period, and employ more comprehensive measurements of ESG disclosure and green innovation to provide a more accurate understanding of sustainability factors affecting firm value.
Bibliography : 92 (1968-2025)

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