Pengaruh ESG dan Green Innovation terhadap Nilai Perusahaan: Analisis Data Panel dengan Peran Mediasi Kinerja Keuangan pada Sektor Energi

Jean Stevany Matitaputty; Gracella  Theotama; Alvina  Damayanti

doi:10.33395/owner.v10i3.3417

Authors

Jean Stevany Matitaputty
✉ Corresponding author: jean.matitaputty@uksw.edu Universitas Kristen Satya Wacana, Indonesia
Gracella Theotama Universitas Kristen Satya Wacana, Indonesia
Alvina Damayanti Universitas Kristen Satya Wacana, Indonesia

DOI:

https://doi.org/10.33395/owner.v10i3.3417

Abstract

This study examines the effect of ESG and green innovation on firm value, with financial performance as a mediating variable in the energy sector companies. The increasing global focus on sustainability has encouraged firms to adopt ESG practices and green innovation strategies to enchance competitiveness and attract investors. However, previous studies have reported inconsistent findings regarding the impact of ESG and green innovation on firm value, particularly in the energy sector. Therefore, this study aims to provide empirical evidence on the direct and indirect relationships among these variables. This study employs a quantitive approach using panel data with 358 samples from energy sector companies during the 2021-2024 period. The analysis applies panel data regression using the Common Effect Model to test the proposed relationships. The results show that ESG disclosure has a positive effect on firm value, indicating that investors perceive strong sustainability practices as a positive signal of long-term corporate prospects and effective risk management. In contrast, green innovation does not significantly affect firm value, suggesting that the market may not immediately recognize the economic benefits of environmentally oriented innovation activities. Furthermore, financial performance is not found to mediate the relationship beetwen ESG and firm value. This study provides implications for energy sector firms to prioritize ESG implementations as a strategy to enchance firm value.

Downloads

Download data is not yet available.

References

Albuquerque, R., Koskinen, Y., & Zhang, C. (2018). Corporate Social Responsibility and Firm Risk: Theory and Empirical Evidence. Forthcoming in Management Science, 1–19. https://doi.org/10.1287/mnsc.2018.3043

Altarawneh, H. Y., Al-Hajaya, K., Ahmed, E., Alrawashdeh, W., & Sawan, N. (2025). Green accounting disclosure and firm market value: evidence from Jordan. Management & Sustainability: An Arab Review, Altarawneh, H.Y., Al?Hajaya, K., Eltweri, A., Alra. https://doi.org/https://doi.org/10.1108/MSAR-11-2024-0210

Amalo, F., & Husen, G. N. (2024). The Role of Financial Performance in Mediating the Relationship Between Green Innovation and Eco-Efficiency on Company Value. Management Studies and Entrepreneurship Journal (MSEJ), 5(2), 3939–3945.

Angela, T., & Sari, N. (2023). The Effect of Environmental, Social, and Governance Disclosure on Firm Value. The 5th International Conference of Biospheric Harmony Advanced Research (ICOBAR 2023), 426. https://doi.org/https://doi.org/10.1051/e3sconf/202342601078

Anthony, P., Behnoee, B., Hassanpour, M., & Pamucar, D. (2019). Financial Performance Evaluation Of Seven Indian Chemical Companies. Decision Making: Applications in Management and Engineering, 2(2), 81–99. https://doi.org/https://doi.org/10.31181/dmame1902021a

Apriandi, D., & Lastanti, H. S. (2023). Apakah Kinerja Lingkungan dan Kinerja Keuangan Dapat Mempengaruhi Nilai Perusahaan? Jurnal Ekonomi Trisakti, 3(1), 1219–1228. https://doi.org/10.25105/jet.v3i1.16058

Asni, N., & Agustia, D. (2022). The mediating role of financial performance in the relationship between green innovation and firm value: evidence from ASEAN countries. European Journal of Innovation Management, 25(5), 1328–1347. https://doi.org/https://doi.org/10.1108/EJIM-11-2020-0459

Aydo?mu?, M., Gülay, G., & Ergun, K. (2022). Impact of ESG performance on firm value and profitability. Borsa Instanbul Review, 22, S119 – S127. https://doi.org/https://doi.org/10.1016/j.bir.2022.11.006

Ba?ci, E. S. (2019). Firm Valuation Concept And Discounted Cash Flow Method: A Comparison Of Stock Markets. Annals of Spiru Haret University. Economic Series, 19(2), 51–60. https://doi.org/https://doi.org/10.26458/1922

Brigham, E. F., & Ehrhardt, M. C. (2017). Financial Management Theory & Practice. Cengage Learning.

Brighi, P., Bina, A. C. F. Della, & Venturelli, V. (2025). Firm value and risk: how relevant are ESG factors and ESG controversies? Journal of Financial Reporting and Accounting, 1985–2517. https://doi.org/10.1108/JFRA-12-2024-0953

Cunha, Í. G. F. da, Policarpo, R. V. S., Oliveira, P. C. S. de, Abdala, E. C., & Rebelatto, D. A. do N. (2025). A systematic review of ESG indicators and corporate performance: proposal for a conceptual framework. Future Business Journal, 11(106), 1–25. https://doi.org/10.1186/s43093-025-00539-1

Dai, D., & Xue, Y. (2022). The Impact of Green Innovation on a Firm’s Value from the Perspective of Enterprise Life Cycles. Sustainability, 14(3), 1226. https://doi.org/https://doi.org/10.3390/su14031226

Darniaty, W. A., & Murwaningsari, E. (2020). Pengaruh Pengungkapan Risiko Terhadap Nilai Perusahaan Dengan Corporate Governance Sebagai Moderating. Jurnal Ekonomi, Manajemen Dan Perbankan (Journal of Economics, Management and Banking), 6(1), 38–45. https://doi.org/https://doi.org/10.35384/jemp.v6i1.232

Debnath, P., Chellasamy, & N, M. J. (2024). Identifying and Overcoming Obstacles to ESG Integration in Indian Companies: An Exploratory Study. Jurnal Multidisiplin Madani, 4(4), 501–507. https://doi.org/https://doi.org/10.55927/mudima.v4i4.4043

Dewi, K. Y., & Rahyuda, H. (2020). Pengaruh Profitabilitas, Likuiditas dan Kebijakan Dividen Terhadap Nilai Perusahaan Sektor Industri Barang Konsumsi di BEI. E-Jurnal Manajemen, 9(4), 1252–1272. https://doi.org/10.24843/EJMUNUD.2020.v09.i04.p02

Diana, L., & Osesoga, M. S. (2020). Pengaruh Likuiditas, Solvabilitas, Manajemen Aset dan Ukuran Perusahaan Terhadap Kinerja Keuangan. Jurnal Akuntansi Kontemporer, 12(1), 20–34. https://doi.org/10.33508/jako.v12i1.2282

Donaldson, T., & Preston, L. E. (1995). The Stakeholder Theory of the Corporation?: Concepts, Evidence, and Implications. Academy Of Management Review, 20(1), 65–91. https://doi.org/https://doi.org/10.2307/258887

Fabiola, V. P., & Khusnah, H. (2022). Pengaruh Green Innovation dan Kinerja Keuangan Pada Copetitive Advantage dan Nilai Perusahaan Tahun 2015-2020. Media Mahardika, 20(2), 295–304. https://doi.org/https://doi.org/10.29062/mahardika.v20i2.346

Faradila, S., & Effendi, K. A. (2023). Analysis Of Financial Performance And Macroeconomic On Firm Value. Jurnal Manajemen, 27(02), 276–296. https://doi.org/http://dx.doi.org/10.24912/jm.v27i2.1255

Farawansyah, N. I., Rahayu, S. I., & Zhafiraah, N. R. (2024). Do Financial Performance and Corporate Governance Effect on Firm Value: Evidence from Manufacturing Sector. Research of Business and Management, 2(1), 29–40. https://doi.org/https://doi.org/10.58777/rbm.v2i1.184

Fu, T., & Li, J. (2023). An empirical analysis of the impact of ESG on financial performance: the moderating role of digital transformation. Frontiers in Environmental Science, 1–11. https://doi.org/10.3389/fenvs.2023.1256052

Garcia, A., Mendes-da-silva, W., & Orsato, R. J. (2017). Sensitive industries produce better ESG performance: Evidence from emerging markets. Journal of Cleaner Production, 150, 135–147. https://doi.org/10.1016/j.jclepro.2017.02.180

Haisyah, S., & Wendy, G. (2025). Pengaruh Kinerja ESG, Green Innovation, dan Struktur Modal Terhadap Nilai Perusahaan: Peran Mediasi Kinerja Keuangan: Studi Empiris pada Perusahaan yang Terdaftar di Indeks Kompas 100 Periode 2020-2022. Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah, 7(8), 2771–2794. https://doi.org/10.47467/alkharaj.v7i8.7961

Handayani, R. (2020). Effects of Tax Avoidance and Financial Performance on Firm Value. International Journal of Management Studies and Social Science Research, 2(5), 159–168.

Harahap, I. M., Septiani, I., & Endri, E. (2020). Effect of financial performance on firms ’ value of cable companies in Indonesia. Research of Business and Management, 6(6), 1103–1110. https://doi.org/10.5267/j.ac.2020.7.008

Hastalona, D., & Sadalia, I. (2025). The Influence of ESG and Investment on Equity Ratio on Firm Value in the ASEAN Mining Sector. Jurnal Ilmiah Akuntansi Kesatuan, 13(5), 1165–1174. https://doi.org/10.37641/jiakes.v13i5.3692

Horisch, J., Schaltegger, S., & Freeman, R. E. (2020). Integrating stakeholder theory and sustainability accounting?: A conceptual synthesis. Journal of Cleaner P, 275. https://doi.org/10.1016/j.jclepro.2020.124097

Huang, D. Z.-X. (2021). Environmental, social and governance factors and assessing firm value: valuation, signalling and stakeholder perspectives. Accounting & Finance, 62(S1), 1983–2010. https://doi.org/https://doi.org/10.1111/acfi.12849Digital Object Identifier (DOI)

Husada, E. V., & Handayani, S. (2021). Pengaruh Pengungkapan Esg Terhadap Kinerja Keuangan Perusahaan (Studi Empiris Pada Perusahaan Sektor Keuangan Yang Terdaftar Di Bei Periode 2017-2019) Era. Jurnal Bina Akuntansi, 8(2), 122–144. https://doi.org/https://doi.org/10.52859/jba.v8i2.173

Istikomah, Rahmawati, & Amperawati, E. D. (2023). The Impact of ESG Risk Scores on Firm Value: Foreign Ownership as A Moderating Role. Accounting and Financial Review, 6(1), 139–147. https://doi.org/https://doi.org/10.26905/afr.v6i1.10109

Jeanice, & Kim, S. S. (2023). Pengaruh Penerapan Environmentan, Social, and Governance Terhadap Nilai Perusahaan di Indonesia. Owner: Riset & Jurnal Akuntansi, 7(2), 1646–1653. https://doi.org/https://doi.org/10.33395/owner.v7i2.1338 Pengaruh

Khanra, S., Kaur, P., Joseph, R. P., Malik, A., & Dhir, A. (2022). A resource-based view of green innovation as a strategic firm resource: present status and future directions. Business Strategy and the Environment, 31(4), 1395–1413. https://doi.org/10.1002/bse.2961

Kurniawan, M. Z. (2021). Analisis Kinerja Rasio Profitabilitas PT Gudang Garam Tbk. Jurnal Ilmu-Ilmu Ekonomi, 14(1), 22–30. https://doi.org/https://doi.org/10.35457/akuntabilitas.v13i1.1514

Listyawati, R., & Wicaksana, F. G. (2023). Investment Decisions, Funding Decisions and Activity Ratios on Firm Value in Indonesia. Kajian Bisnis Sekolah Tinggi Ilmu Ekonomi Widya Wiwaha, 31(1), 65–80. https://doi.org/https://doi.org/10.32477/jkb.v31i1.597

Liu, R., Rahman, M. R. C. A., & Jamil, A. H. (2025). Leveraging Environmental Regulation: How Green Innovation Moderates the Relationship Between Carbon Information Disclosure and Firm Value. Sustainability, 17(2597), 1–34. https://doi.org/https://doi.org/10.3390/ su17062597

Lumbanrau, R. E. (2021). “Di mana ada tambang di situ ada penderitaan dan kerusakan lingkungan”, nelangsa warga dan alam di lingkar tambang. Bbc.Com. https://www.bbc.com/indonesia/indonesia-57346840

Machfudt, Y., & BZ, F. S. (2023). Kinerja Keuangan Dalam Perspektif Lingkungan?: Studi Pada Perusahaan Manufaktur Indonesia. Jurnal Ilmiah Mahasiswa Ekonomi Akuntansi (JIMEKA), 8(2), 158–168. https://doi.org/https://dx.doi.org/10.24815/jimeka.v8i2.21063

Mahmood, A., Mehmood, A., Terzani, S., Luca, F. De, & Djajadikerta, H. G. (2025). ESG Performance and Firm Value: Evidence from EU-listed Firms.

Makpotche, M., Bouslah, K., & M’Zali, B. (2024). Corporate governance and green innovation: international evidence. Review of Accounting and Finance, 23(2), 280–309. https://doi.org/https://doi.org/10.1108/RAF-04-2023-0137

Mariani, C., Caccialanza, A., Bugar?i?, M., Slavkovic, M., & Mancini, M. (2025). Enhancing project-based organization performance through ESG practices?: the role of organizational agility. March. https://doi.org/10.1108/MD-04-2024-0967

Meilani, S. E. R., & Sukmawati, R. A. (2023). Peran Green Innovation dan Environmental Responsibility Terhadap Nilai Perusahaan Sektor Manufaktur di Indonesia. Jurnal Riset Akuntansi Dan Keuangan, 11(3), 605–620. https://doi.org/https://doi.org/10.17509/jrak.v11i3.60311

Miksza, P., Shaw, J. T., Richerme, L. K., Hash, P. M., Hodges, D. A., & Parker, E. C. (2023). Descriptive Statistics. In Music Education Research: An Introduction. Oxford University Press. https://doi.org/https://doi.org/10.1093/oso/9780197639757.003.0016

Mobonggi, I. D., Achmad, N., Resmawan, & Hasan, I. K. (2022). Analisis Regresi Data Panel Dengan Pendekatan Common Effect Model and Fixed Effect Model pada Kasus Produksi Tanaman Jagung. INNTERVAL: Jurnal Ilmiah Matematika, 2(2), 52–67. https://doi.org/10.33751/interval.v2i2.6516

Mulyadi, R., & Maulana, R. (2022). Pengaruh Green Innovation terhadap Firm Value dengan Environmental Management Accounting sebagai Variabel Intervening. Accounting and Management Journal, 6(2), 1–12. https://doi.org/https://doi.org/10.33086/amj.v6i2.3325

Murwaningsari, E., Rachmawati, S., & Deli, M. M. (2025). Information Asymmetry Mderates the Impact of Green Intellectual Capital and Real Earnings Management on Future Stock Returns. Journal of Applied Business and Technology, 6(2), 102–113. https://doi.org/https://doi.org/10.35145/jabt.v6i2.200

Naeem, M., Mehboob, A., Shaikh, M. R., & Rehman, A. (2024). Does Green Innovation Linked between Environmental Governance and Firm Performance? A System of Generalised Method of Moments in Pakistan. Global Management Journal for Academic & Corporate Studies, 14(2), 58–78. https://doi.org/10.59263/gmjacs.14.002.2024.396

Nareswari, N., ?uniewska, M. T., & Hashfi, R. U. Al. (2023). Analysis of Enironmental, Social, and Governance Performance in Indonesia: Role of ESG on Corporate Performance. Procedia Computer Science, 225, 1748–1756. https://doi.org/10.1016/j.procs.2023.10.164

Ngamtampong, N., & Sukprasert, A. (2025). Evaluating the impact of ESG performance on firm value: the moderating role of ownership type in Thailand. Asian Review of Accounting. https://doi.org/https://doi.org/10.1108/ARA-07-2024-0246

Nur’aeni, & Sari, W. (2023). The Effect of Environmental , Social and Governance (ESG) on Firm Value in Companies Listed on the Indonesia Stock Exchange. Indonesian Journal of Economics and Management, 4(1), 129–139. https://doi.org/https://doi.org/10.35313/ijem.v4i1.5479

Paramitha, I. A. P. C., & Devi, S. (2024). Pengaruh Enviromental Social Governance (ESG) Score dan Struktur Modal Terhadap Nilai Perusahaan. Jurnal Ilmiah Mahasiswa Akuntansi, 15(1), 166–173.

Postiglione, M., Carini, C., & Falini, A. (2024). ESG and firm value: A hybrid literature review on cost of capital implications from Scopus database. Corporate Social Responsibility and Environmental Management, 31(6), 6457–6480. https://doi.org/https://doi.org/10.1002/csr.2940

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. https://doi.org/10.18196/rabin.v7i2.18212

Quintiliani, A. (2022). ESG and Firm Value. Accounting and Finance Research, 11(4), 37–47. https://doi.org/10.5430/afr.v11n4p37

Rambe, N. U., & Kharismar, E. (2024). Faktor Yang Mempengaruhi Nilai Perusahaan Sektor Property Dan Real Estate Periode 2012-2022. E-Jurnal Manajemen TSM, 4(1), 39–50. https://doi.org/https://doi.org/10.34208/ejmtsm.v4i1.2419

Rizki, T., & Hartanti, D. (2021). Environmental Responsibility, Green Innovation, Firm Value: Asean-5. Journal of International Conference Proceedings (JICP), 4(3), 464–476. https://doi.org/https://doi.org/10.32535/jicp.v4i3.1349

Rubiyani, D., & Yuniati, T. (2016). Pengaruh Profitabilitas Terhadap Firm Value Dengan Capital Structure Sebagai Variabel Intervening. Jurnal Ilmu Dan Riset Manajemen, 5(4), 1–17.

Sabatini, S. Z., & Utama, C. A. (2024). ESG Performance and Firm Value – Do Busy Directors Help? International Research Journal of Business Studies, 16(2), 151–162. https://doi.org/https://doi.org/10.21632/irjbs

Saputra, A. D., Suranta, E., & Puspita, L. M. N. (2024). The Impact Of Esg On Firm Value With Audit Committee As Vaariable Moderating. Jambura Economic Education Journal, 6(1), 17–37.

Sari, B. R., Abbas, D. S., Sulaecha, H. E., & Kismanah, I. (2022). Pengaruh Likuiditas, Sales Growth dan Ukuran Perusahaan Terhadap Financial Distress. Digital Bisnis: Jurnal Publikasi Ilmu Manajemen Dan E-Commerce, 1(3), 70–80. https://doi.org/https://doi.org/10.30640/digital.v1i3.428

Setiawan, B., Basyith, A., & Hidayat, R. (2022). Company’s Financial Performance Before and During the Covid-19 Pandemic on the Indonesia Stock Exchange. International Journal of Finance Research, 3(3), 187–200. https://doi.org/https://doi.org/10.47747/ijfr.v3i3.725

Shakil, M. H., Mahmood, N., Tasnia, M., & Munim, Z. H. (2019). Do environmental, social and governance performance affect the financial performance of banks? A cross-country study of emerging market banks. Management of Environmental Quality: An International Journal, 30(6), 1331–1344. https://doi.org/10.1108/MEQ-08-2018-0155

Shan, X., Song, Y., & Song, P. (2024). How ESG performance impacts corporate financial performance: a DuPont analysis approach. International Journal of Climate Change Strategies and Management, 17. https://doi.org/10.1108/IJCCSM-07-2024-0125

Srivastava, A., & Anand. (2023). Esg Performance And Firm Value: The Moderating Role Of Ownership Concentration. Corporate Ownership and Control, 20(3), 169–179. https://doi.org/10.22495/cocv20i3art11

Sumarno, D. C., Andayani, W., & Prihatiningtias, Y. W. (2023). The Effect of Environmental , Social and Governance (ESG) Assessment on Firm Value with Profitability as a Mediating Variable. Asia-Pacific Management and Business Application, 12(1), 55–64. https://doi.org/10.21776/ub.apmba.2023.012.01.4

Suteja, J., Gunardi, A., Alghifari, E. S., Susiadi, A. A., Yulianti, A. S., & Lestari, A. (2023). Investment Decision and Firm Value?: Moderating Effects of Corporate Social Responsibility and Profitability of Non-Financial Sector Companies on the Indonesia Stock Exchange. Journal of Risk and Financial Management, 16(1), 40. https://doi.org/https://doi.org/10.3390/jrfm16010040

Tonay, C., & Murwaningsari, E. (2022). Pengaruh Green Innovation Dan Green Intellectual Capital Terhadap Nilai Perusahaan Dengan Ukuran Perusahaan Sebagai Moderasi. Jurnal Bisnis Dan Akuntansi, 24(2), 283–294. https://doi.org/https://doi.org/10.34208/jba.v24i2.1484

Truant, E., Borlatto, E., Crocco, E., & Sahore, N. (2024). Environmental, social and governance issues in supply chains. A systematic review for strategic performance. Journal of Cleaner Production, 434(October 2023), 140024. https://doi.org/10.1016/j.jclepro.2023.140024

Tunggal, A., & Prathivi, R. (2025). Analisis Perbandingan Metode ARIMA Dan LSTM Untuk Prediksi Penjualan Harga Saham BNI. KESATRIA: Jurnal Penerapan Sistem Informasi (Komputer & Manajemen), 6(1), 158–164. https://doi.org/https://doi.org/10.30645/kesatria.v6i1.557

Wu, S., Li, X., Du, X., & Li, Z. (2022). The Impact of ESG Performance on Firm Value?: The Moderating Role of Ownership Structure. Sustainability, 14, 1–22. https://doi.org/https://doi.org/ 10.3390/su142114507 Academic

Xie, X., Huo, J., & Zou, H. (2019). Green process innovation, green product innovation, and corporate financial performance: A content analysis method. Journal of Business Research, 101, 697–706. https://doi.org/10.1016/j.jbusres.2019.01.010

Xie, Z., Wang, J., & Zhao, G. (2022). Impact of Green Innovation on Firm Value: Evidence From Listed Companies in China’s Heavy Pollution Industries. Frontiers in Energy Research, 9, 1–17. https://doi.org/10.3389/fenrg.2021.806926

Yoon, B., Lee, J. H., & Byun, R. (2018). Does ESG Performance Enhance Firm Value? Evidence from Korea. Sustainability, 10(10), 3635. https://doi.org/10.3390/su10103635

Yuniarti, R., Soewarno, N., & Isnalita. (2022). Green Innovation on Firm Value With Financal Performance as Mediating Variable: Evidence of The Mining Industry. Asian Academy of Management Journal, 27(2), 41–58. https://doi.org/https://doi.org/10.21315/aamj2022.27.2.3

Zhang, C., Ma, Y., & Zhang, E. (2025). Does green innovation promote financial performance of Chinese listed companies? Journal of Innovation & Knowledge, 10(4), 100740. https://doi.org/10.1016/j.jik.2025.100740

Zhou, J., Sharpe, W. H., Halabi, A. K., Song, H., & Colombage, S. (2025). Unlock Your Firm Value with ESG Performance?? Evidence from ASX-Listed Companies. Risk and Financial Management, 18(5), 247. https://doi.org/https://doi.org/10.3390/jrfm18050247