Pengaruh Green Finance, Green Investment, dan Green Innovation terhadap Company Value pada Perusahaan Sektor Pertambangan yang Terdaftar di Bursa Efek Indonesia Tahun 2021–2024

Abstract

Abstract

This study aims to examine the effect of green finance, green investment, and green innovation on company value in mining sector companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. This research employed a quantitative approach with a causal associative research design. The data used were secondary data obtained from annual reports, sustainability reports, financial statements, and other supporting documents. The sample was selected using a purposive sampling technique, resulting in 19 companies with a total of 76 observations. Data were analyzed using multiple linear regression analysis with the assistance of SPSS version 27 after all classical assumption tests had been fulfilled.The results indicate that green finance has no significant effect on company value, green investment has a negative and significant effect on company value, while green innovation has a positive and significant effect on company value. These findings suggest that the implementation of green innovation enhances company value by improving operational efficiency, competitiveness, and investor confidence. In contrast, green investment has a negative impact on company value because it requires substantial investment costs, while its economic benefits tend to be realized over the long term, resulting in a less favorable response from investors. Meanwhile, green finance has not been able to directly enhance company value, indicating that the implementation and disclosure of sustainable finance practices in mining companies are still not optimal. This study is expected to serve as a reference for companies, investors, and future researchers in understanding the role of sustainable business practices in enhancing company value.

Keywords: Green Finance, Green Investment, Green Innovation, Company Value, Mining Companies.