Peningkatan Nilai Perusahaan Melalui Green Practices: Peran Komisaris Independen sebagai Moderasi
DOI:
https://doi.org/10.38035/jafm.v7i2.3296Keywords:
Green CSR, Green Accounting, Green Innovation, Komisaris Independen, Firm ValueAbstract
Adanya tuntutan penerapan praktik bisnis berkelanjutan yang semakin meningkat, penelitian ini bertujuan untuk menganalisis pengaruh praktik hijau terhadap nilai perusahaan, dengan komisaris independen sebagai pemoderasi. Data penelitian diperoleh dari 66 laporan tahunan dan laporan keberlanjutan perusahaan sektor energi yang terdaftar di Bursa Efek Indonesia periode 2022-2024. Hasil penelitian menunjukkan bahwa Green CSR berpengaruh negatif dan signifikan terhadap nilai perusahaan, Green Accounting dan Green Process Innovation tidak menunjukkan pengaruh yang signifikan, sedangkan Green Product Innovation berpengaruh positif dan signifikan terhadap nilai perusahaan. Komisaris Independen memperkuat hubungan antara GCSR dan nilai perusahaan dan memperlemah hubungan antara Green Product Innovation dan nilai perusahaan, namun tidak mampu memoderasi pengaruh Green Accounting maupun Green Process Innovation terhadap Nilai Perusahaan. Secara teoritis, penelitian ini memberikan kontribusi pada penguatan Stakeholder Theory dengan mengungkap bahwa pasar merespons secara berbeda setiap jenis inisiatif hijau. Secara praktis, hasil ini mengungkapkan bahwa manajemen perlu memprioritaskan inovasi produk ramah lingkungan dan mengoptimalkan fungsi pengawasan komisaris untuk memastikan praktik keberlanjutan selaras dengan peningkatan nilai ekonomi perusahaan.
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