From Planet to Profit : The Triple Impact of Green Invesment, Environmental Performance, and Financial Performance
DOI:
https://doi.org/10.24256/kharaj.v7i4.8472Keywords:
Green Invesment, Environmental Performance, Profitability, Firm ValueAbstract
The purpose of this research is to examine the influence of green investment, environmental performance, and profitability on firm value. This study applies a quantitative approach using secondary data obtained from annual reports, PROPER reports, and sustainability reports. A purposive sampling technique was used to determine the sample, resulting in 17 companies with a total of 85 observations. The analytical methods employed include classical assumption testing, multiple linear regression analysis, the coefficient of determination, t-tests, and F-tests, all processed using SPSS version 31. The findings reveal that green investment has a positive and significant effect on firm value, environmental performance has no effect on firm value, and profitability has a positive and significant effect on firm value. Furthermore, simultaneous testing shows that green investment, environmental performance, and profitability collectively exert a significant influence on firm value. These results imply that additional factors may also contribute to firm value, emphasizing the need for companies to consider broader aspects of corporate sustainability. Future research is encouraged to incorporate variables such as carbon emission disclosure, institutional ownership, and corporate social responsibility.
References
Aeni, N. A. N. N., & Murwaningsari, E. (2023). Pengaruh Pengungkapan Emisi Karbon Dan Investasi Hijau Terhadap Nilai Perusahaan. Jurnal Ekonomi Trisakti, 3(2), 3135–3148. https://doi.org/10.25105/jet.v3i2.17890
Amalia, A., Windiarti, S., & Kustinah, S. (2025). The Influence Of Intellectual Capital On Financial Performance : Evidence From Finance Companies In The Holding And Invesment Sub-Sectors Listed On The Indonesia Stock Exchange 2019-2023 Period. The Sixth International Research Conference on Management and Business, 1066–1077.
Aswangga, F. B., & Widoretno, A. A. (2025). Penerapan Green Accounting , Profitabilitas , dan Good Corporate Governance Terhadap Nilai Perusahaan ( Studi Kasus Perusahaan Sektor Food and Beverage yang Terdaftar di Bursa Efek Indonesia Tahun 2021-. RATIO: Reviu Akuntansi Kontemporer Indonesia, 6(1), 61–76. https://doi.org/10.30595/ratio.v6i1.23922
Bkpm.go.id. (2025). Komitmen Investasi Hijau Tembus Lebih Dari Rp200 Triliun Selama Gelaran ISF 2025. Kementrian Investasi Dan Hilirisasi. https://bkpm.go.id/id/info/siaran-pers/komitmen-investasi-hijau-tembus-lebih-dari-rp200-triliun-selama-gelaran-isf-2025?utm_source=chatgpt.com
Bon, S. F., & Hartoko, S. (2022). The Effect of Dividend Policy , Investment Decision , Leverage , Profitability , and Firm Size on Firm Value. European Journal of Business and Management Research, 7(3), 7–13. https://doi.org/10.24018/ejbmr.2022.7.3.1405
Budiharjo, R. (2020). Effect of Environmental Performance , Good Corporate Governance and Leverage on Firm Value. American Journal of Humanities and Social Sciences Research (AJHSSR), 4(8), 455–464. www.ajhssr.com
Carrisa, D., & Mutasowifin, A. (2025). Effect of financial and environmental performance on firm value moderated by carbon emission disclosure. BIO Web of Conferences, 186, 1–29. https://doi.org/10.1051/bioconf/202518602006
Debbianita, Prayogo, E., & Hoetama, M. (2024). The Effect Of Green Invesment On Firm Value. Jurnal Ekonomi Akuntansi Dan Manajemen, 23(65), 221–231.
Fadillah, D. A. (2025). Warga Keluhkan Bau Tak Sedap, Begini Penjelasan PT SBI Tuban. Berijatim.Com. https://beritajatim.com/warga-keluhkan-bau-tak-sedap-begini-penjelasan-pt-sbi-tuban
Fasya, A. A., & Inawati, W. A. (2024). The Influence Of Environmental Disclosure, Carbon Emission Disclosure, And Green Accounting On Firm Value (A Study On Basic Materials Sector Companies Listed On The Indonesia Stock Exchange For The Period Of 2020-2023). E-Proceeding of Management, 11(6), 5605–5615.
Febrica, J., & Lekok, W. (2023). Return on Assets, Debt To Equity Ratio, Tax Avoidance Terhadap Nilai Perusahaan. E-Jurnal Akuntansi TSM, 3(3), 1–12. https://doi.org/10.34208/ejatsm.v3i3.2174
Harahap, C. D., Juliana, I., & Lindayani, F. F. (2018). The Impact of Environmental Performance and Profitability on Firm Value. Indonesian Management and Accounting Research, 17(01), 54–70. http://www.trijurnal.lemlit.trisakti.ac.id/index.php/imar
Hasanah, N. L., & Paramita, V. S. (2025). The Influence of Environmental Social Governance, Green Investment, and Profitability on Firm Value: Study on the SRI-KEHATI Index (2019-2023). Sinergi International Journal of Economics, 3(1), 1–18. https://doi.org/10.61194/economics.v3i1.408
Khanifah, K., Udin, U., Hadi, N., & Alfiana, F. (2020). Environmental Performance and Firm Value : Testing the Role of Firm Reputation in Emerging Countries. International Journal of Energy Economics and Policy, 10(1), 96–103. https://doi.org/https://doi.org/10.32479/ijeep.8490
Kharisma, P., & Priyadi, M. P. (2023). Pengaruh Profitabilitas Dan Ukuran Perusahaan Terhadap Nilai Perusahaan Dengan Corporate Social Responsibility Sebagai Variabel Moderasi. Jurnal Ilmiah Akuntansi Dan Keuangan (JIAKu), 2(3), 258–274. https://doi.org/10.24034/jiaku.v2i3.6048
Kontan.co.id. (2024). Kesadaran Investor Terhadap Reksadana ESG Dinilai Masih Rendah. Kontan.Co.Id. https://investasi.kontan.co.id/news/kesadaran-investor-terhadap-reksadana-esg-dinilai-masih-rendah
Krismawati, R. G., & Sofia, W. (2025). The Impact Of Corporate Social Responsibility And Environmental Performance On Financial Performance:Empirical Study Of Palm Oil Plantation Companies Listed On The Indonesian Stock Exchange. The Sixth International Research Conference on Management and Business, 370–382.
Kustinah, S., Mariani, N., & Winarso, E. (2025). The Influence Of Eco-Efficiency, Carbon Emission Disclosure, And Green Innovation On Company Value Sub-Sector Basic Material Company. The Sixth International Research Conference on Management and Business, 1438–1460.
Maharani, A., Agustia, D., & Qomariyah, A. (2024). The Impacts of Green Investment and Firm Value: Exploring from the Mediation Role of Sustainability Performance. Research Square, 1–24. https://doi.org/https://doi.org/10.21203/rs.3.rs-5243226/v1
Mubarok, D. S., Hikmah, M., & Oktaviani, Y. (2025). Influence of Green Investment and Firm Size on Firm Value of Sector Energy Firm Listed on Idx 2018-2022. The Iqtishaduna International Conference 2024, 40–45. https://doi.org/10.54783/wp25c635
Muqorobin, M. M., & Simamora, A. J. (2025). The Effect of Environmental Performance on Firm Value: Role of Profitability. Journal of Trends Economics and Accounting Research, 5(4), 507–515. https://doi.org/10.47065/jtear.v5i4.1925
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
Nurjanah, T. S., & Mulyandini, V. C. (2024). Carbon Emission Disclosure in Indonesia’s Energy Sector: The Role of Environmental Performance and Media Exposure. Jurnal Akuntansi, 16(1), 77–90. https://doi.org/10.28932/jam.v16i1.8241
Nurjannah, S., Indriyani, R., & Sari, F. (2025). Pengaruh Green Investment, Pengungkapan Emisi Karbon, Green Innovation Terhadap Nilai Perusahaan. PERMANA: Jurnal Perpajakan, Manajemen, Dan Akuntansi. https://doi.org/10.24905/permana.v17i3.1089
Prasetio, D., & Prijanto, B. (2024). Pengaruh Kinerja Lingkungan Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Moderasi Pada Perusahaan Sub Sektor Industri Dasar Dan Kimia Yang Terdaftar Di Bursa Efek Indonesia Periode 2019-2022. FINANCIAL: Jurnal Akuntansi, 10(September), 294–303. https://financial.ac.id/index.php/financial%0A
Putri, S. A., & Rahmah, N. A. (2025). The Effect Of Carbon Emisiion Disclosure, Green Innovation And Intelectual Capital On Firm Value. The Sixth International Research Conference on Management and Business, 1401–1413.
Ramdani, K. E., & Nugraha, A. A. (2024). The Effect Of Carbon Emission Disclosure and Environmental Performance on Firm Value (Study on Energy Sector Companies Listed on the IDX Period 2020-2022). Indonesian Accounting Literacy Journal, 4(3), 215–225. https://doi.org/10.35313/ialj.v4i3.5872
Rosmegawati, Tobing, S. M. L., Suhikmat, Tasrif, M. J., & Tambunan, H. M. S. (2023). The Effect Of Profitability Ratios And Capital Structure On Firm Value In Industrial Sector Manufacturing Companies Listed On The Indonesia Stock Exchange. Jurnal Akuntansi Dan Pajak, 24(01), 1–7. http://jurnal.stie-aas.ac.id/index.php/jap
Safitri, L., Nuha, G. A., & Afroh, I. K. F. (2025). Pengaruh Kinerja Lingkungan Terhadap Nilai Perusahaan Pada Perusahaan Pertambangan Batu Bara Yang Terdaftar di Bursa Efek Indonesia Tahun 2022-2024. Jurnal Ekonomi, Manajemen Dan Bisnis (JUEMA), 6(3), 1–8. https://doi.org/https://doi.org/10.53697/emak.v613.2758
Sandy, N. C., & Arieftiara, D. (2024). Analisis Profitabilitas dan Leverage Terhadap Nilai Perusahaan: Dampak Moderasi Corporate Social Responsibility. Reviu Akuntansi Dan Bisnis Indonesia, 8(3), 383–401. https://doi.org/10.18196/rabin.v8i3.22773
Santoso, A., & Nurhidayati. (2022). Ownership of Management as a Moderating of Impact Profitability to Firm Value. Jurnal Konsep Bisnis Dan Manajemen, 9(1), 67–77. https://doi.org/10.31289/jkbm.v9i1.8314
Sapulette, S. G., & Limba, F. B. (2021). Pengaruh Penerapan Green Accounting dan Kinerja Lingkungan terhadap Nilai Perusahaan Manufaktur yang terdaftar di BEI tahun 2018-2020. Kupna Akuntansi: Kumpulan Artikel Akuntansi, 2(1), 31–43. https://doi.org/10.30598/kupna.v2.i1.p31-43
Setiawanta, Y., Utomo, D., Pamungkas, I. D., Jumanto, & Ifada, L. M. (2021). The Impact of Profitability on Firm Value: Does Environmental Performance Play a Mediation Role? Journal of Hunan University（Natural Sciences), 48(7), 220–228. www.idx.co.id
Sugiyono. (2023). Metode Penelitian Kuantitatif Kualitatif dan R&D (Sutopo (ed.); 2nd ed.). Alfabeta.
Tanasya, A., & Handayani, S. (2020). Green Investment Dan Corporate Governance Terhadap Nilai Perusahaan: Profitabilitas Sebagai Pemediasi. Jurnal Bisnis Dan Akuntansi, 22(2), 225–238. https://doi.org/10.34208/jba.v22i2.727
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). https://doi.org/10.3390/su14073883
Downloads
Published
How to Cite
Issue
Section
Citation Check
License
Copyright (c) 2025 Sahira Pebrianti, Vita Cita Mulyandini
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-ShareAlike 4.0 International License. In line with the license, authors are allowed to share and adapt the material. In addition, the material must be given appropriate credit, provided with a link to the license, and indicated if changes were made. If authors remix, transform or build upon the material, authors must distribute their contributions under the same license as the original.
