Dampak Penerbitan Green Bonds dan Green Innovation terhadap Nilai Perusahaan di Indonesia

Edwin  Hendrawan; Dewi  Rahmayanti

doi:10.33395/owner.v10i4.3712

Authors

Edwin Hendrawan
✉ Corresponding author: edwnhndrwn@gmail.com Department of Management, Faculty of Economics and Business-University of Bengkulu
Dewi Rahmayanti DDepartment of Management, Faculty of Economics and Business-University of Bengkulu

DOI:

https://doi.org/10.33395/owner.v10i4.3712

Keywords:

Firm value; Green bonds; Green innovation; Sustainability; Tobin's Q

Abstract

This study aims to examine the effect of Green Bonds and Green Innovation on Firm Value among public companies in Indonesia during the 2019-2024 period. The research employs a quantitative approach using secondary data obtained from annual reports, sustainability reports, and other supporting sources. The sample was selected using purposive sampling, resulting in 28 companies with 168 observations. Green Bonds are measured using a dummy variable, while Green Innovation is measured through a disclosure index based on GRI 302, GRI 303, GRI 305, and GRI 306. Firm Value is proxied by Tobin’s Q. Data analysis was conducted using panel data regression with the Random Effect Model (REM), which was selected based on panel model testing. The results show that Green Bonds do not have a significant effect on Firm Value. Similarly, Green Innovation does not significantly affect Firm Value. These findings indicate that green financing instruments and environmental disclosure practices have not yet become major considerations for investors in assessing company value in the Indonesian capital market. The results also suggest that investors tend to place greater emphasis on financial performance and other fundamental factors when making investment decisions. Furthermore, the low coefficient of determination indicates that Firm Value is influenced by many factors beyond those included in this study. This research contributes to the sustainable finance literature by providing empirical evidence that the implementation of green financing and environmental sustainability practices does not necessarily generate a direct positive market response in developing countries.

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