GREEN INNOVATION, RISK MANAGEMENT, CSR, AND GCiG IMPACT ON FIRM VALUE

Penulis

  • Mochammad Rofiq Alieffudin Universitas Pembangunan Nasional Veteran Jawa Timur image/svg+xml
  • Tantina Haryati Universitas Pembangunan Nasional Veteran Jawa Timur image/svg+xml

DOI:

https://doi.org/10.31000/competitive.v10i1.15175

Kata Kunci:

Green Innovation, Risk Management, Corporate Social Responsibility, Good Corporate Governance, Firm Value

Abstrak

This study examines the effect of green innovation, risk management, and corporate social responsibility (CSR) on firm value, with good corporate governance (GCG) as a moderating variable in manufacturing companies within the consumer non-cyclicals sub-sector listed on the Indonesia Stock Exchange from 2021 to 2023. Using purposive sampling, 31 companies (93 observations) were analyzed through multiple linear regression and Moderated Regression Analysis (MRA). The results reveal that green innovation significantly and positively affects firm value (β = 0.141, p = 0.022), while risk management (β = -1.127, p < 0.001) and CSR (β = -0.270, p = 0.017) demonstrate significant negative effects. The moderation analysis indicates that institutional ownership successfully moderates the green innovation-firm value relationship (β = 0.210, p = 0.038), while independent commissioners fail to moderate any relationships (p > 0.05). Audit committee effectively moderates all three relationships: strengthening green innovation (β = 0.012, p = 0.005) and risk management effects (β = 2.034, p < 0.001), while amplifying CSR's negative impact (β = -2.699, p < 0.001). The model demonstrates strong fitness (F = 66.465, p < 0.001; R² = 0.811), explaining 81.1% of firm value variation. These findings reveal that sustainability practices require effective governance validation—audit committees with financial expertise prove most critical, while structural board independence alone proves insufficient in emerging market contexts where governance implementation remains weak.

Unduhan

Data unduhan tidak tersedia.

Referensi

M. Spence, “Job Market Signaling,†1973.

Freeman R. E, Strategic Management: A Stakeholder Approach. 1984.

R. Dewi and A. Rahmianingsih, “MENINGKATKAN NILAI PERUSAHAAN MELALUI GREEN INNOVATION DAN ECO-EFFISIENSI,†Ekspansi: Jurnal Ekonomi, Keuangan, Perbankan dan Akuntansi, vol. 12, no. 2, pp. 225–243, Nov. 2020, doi: 10.35313/ekspansi.v12i2.2241.

D. Damas, R. EL Maghviroh, and M. Meidiyah, “Pengaruh Eco-Effiency, Green Innovation dan Carbon Emission Disclosure Terhadap Nilai Perusahaan Dengan Kinerja Lingkungan Sebagai Moderasi,†Jurnal Magister Akuntansi Trisakti, vol. 8, no. 2, pp. 85–108, Sep. 2021, doi: 10.25105/jmat.v8i2.9742.

L. Liu, “Green innovation, firm performance, and risk mitigation: evidence from the USA,†Environ Dev Sustain, vol. 26, no. 9, pp. 24009–24030, Sep. 2024, doi: 10.1007/s10668-023-03632-z.

P. Ramadhan, P. Rani, and E. S. Wahyuni, “Disclosure of Carbon Emissions, Covid-19, Green Innovations, Financial Performance, and Firm Value,†Jurnal Akuntansi dan Keuangan, vol. 25, no. 1, pp. 1–16, Apr. 2023, doi: 10.9744/jak.25.1.1-16.

Samhadi, Roekhudin, and Syaiful Iqbal, “The Moderating Role Of Good Corporate Governance In The Relationship Between Green Innovation, Environmental Disclosure And Firm Value,†Jurnal Reviu Akuntansi dan Keuangan, vol. 14, no. 3, pp. 553–569, Sep. 2024, doi: 10.22219/jrak.v14i3.33925.

Y. I. A. Kristiani and B. Hadiprajitno, “The Effect of Enterprise Risk Management (ERM) Disclosure on Firm Value Mediated by Profitability: Empirical Study on Banks Listed on the IDX 2018-2020,†Jurnal Maksipreneur: Manajemen, Koperasi, dan Entrepreneurship, vol. 13, no. 1, p. 167, Dec. 2023, doi: 10.30588/jmp.v13i1.1521.

C. Cristofel and K. Kurniawati, “PENGARUH ENTERPRISE RISK MANAGEMENT, CORPORATE SOCIAL RESPONSIBILTY DAN KEPEMILIKAN INSTITUSIONAL TERHADAP NILAI PERUSAHAAN,†Jurnal Akuntansi Bisnis, vol. 14, no. 1, Feb. 2021, doi: 10.30813/jab.v14i1.2468.

R. P. Sari and A. Witjaksono, “The Effect of Enterprise Risk Management, Firm Size, Profitability, and Leverage on Firm Value,†EAJ (Economic and Accounting Journal, vol. 4, no. 1, 2021, Accessed: Nov. 22, 2025. [Online]. Available: http://openjournal.unpam.ac.id/index.php/EAJ

H. D. Putri and H. Agustin, “Apakah Inovasi Hijau Dan Pengungkapan Emisi Karbon Dapat Mempengaruhi Nilai Perusahaan Pada Perusahaan Manufaktur?,†Jurnal Akademi Akuntansi, vol. 6, no. 1, pp. 107–124, Feb. 2023, doi: 10.22219/jaa.v6i1.22814.

M. Rosyid, F. Saraswati, and E. Ghofar, “Firm Value: Csr Disclosure, Risk Management And Good Corporate Governance Dimensions,†Article Process Jurnal Reviu Akuntansi dan Keuangan, vol. 12, no. 1, pp. 186–209, 2022, doi: 10.22219/jrak.v11i3.20367.

N. Afifah, S. W. W. Astuti, and D. Irawan, “PENGARUH CORPORATE SOCIAL RESPONSIBILITY (CSR) DAN REPUTASI PERUSAHAAN TERHADAP NILAI PERUSAHAAN,†EKUITAS (Jurnal Ekonomi dan Keuangan), vol. 5, no. 3, Sep. 2021, doi: 10.24034/j25485024.y2021.v5.i3.4644.

N. Kwok and A. G. Kwok, “ANALISIS PENGARUH CORPORATE SOCIAL RESPONSIBILITY, TAX AVOIDANCE TERHADAP NILAI PERUSAHAAN DENGAN KEPEMILIKAN ASING SEBAGAI VARIABEL MODERASI PADA PERUSAHAAN MANUFAKTUR DI BEI PERIODE 2016 - 2018,†Jurnal Akuntansi Bisnis, vol. 13, no. 1, Feb. 2020, doi: 10.30813/jab.v13i1.1976.

Y. Prasetiyo, “Moderasi Leverage dan Profitability Terhadap Dampak Corporate Social Responsibility (CSR) pada Nilai Perusahaan,†Owner, vol. 8, no. 4, pp. 4757–4766, Oct. 2024, doi: 10.33395/owner.v8i4.2494.

I. N. Imam, M. Nindito, and Gurendrawati Etty, “Pengaruh Green Competitive Advantage, Green Innovation dan Ukuran Perusahaan Terhadap Nilai Perusahaan,†Jurnal Wahana Akuntansi, vol. 19, no. 1, pp. 1–17, Jul. 2024, doi: 10.21009/wahana.19.011.

R. N. Putri and M. Makaryanawati, “Enterprise Risk Management, Board Financial Qualification, and Firm Value,†Accounting Analysis Journal, pp. 149–157, 2023.

Unduhan

Diterbitkan

2026-01-21

Terbitan

Vol 10 No 1 (2026): Competitive Jurnal Akuntansi dan Keuangan

Bagian

Articles

Lisensi

Copyright Notice

Authors who publish in Competitive Jurnal Akuntansi dan Keuangan agree to the following terms:

  1. Authors retain the copyright of their work and grant the journal the right of first publication. The published work is simultaneously licensed under a Creative Commons Attribution License (CC BY-SA) or its equivalent, allowing others to share, distribute, adapt, and reuse the work with proper acknowledgment of the original authorship and initial publication in this journal.

  2. Authors may enter into separate, additional contractual arrangements for the non-exclusive distribution of the published version of the work, such as depositing it in institutional repositories, personal websites, academic social networks, or publishing it as part of a book, provided that acknowledgment is given to its initial publication in this journal.

  3. Authors are permitted and encouraged to post their manuscripts online, both before and during the submission process, including in institutional repositories or personal websites. This practice can facilitate academic exchange, increase visibility, and potentially enhance citation impact.

  4. Competitive Jurnal Akuntansi dan Keuangan adopts the CC BY-SA license as the preferred license for the publication, dissemination, use, and reuse of scholarly works in support of open-access academic communication.

  5. In developing publication strategies and editorial policies, Competitive Jurnal Akuntansi dan Keuangan recognizes that open and unrestricted access to scientific knowledge is essential for advancing global scholarship. Therefore, the journal supports wider accessibility, transparency, and responsible knowledge sharing in accordance with international open-access principles.

  6. All published articles are freely accessible to readers worldwide without subscription or payment barriers, supporting broader dissemination of scientific knowledge and academic collaboration.

Cara Mengutip

[1]
M. R. Alieffudin dan T. Haryati, “GREEN INNOVATION, RISK MANAGEMENT, CSR, AND GCiG IMPACT ON FIRM VALUE”, COMPETITIVE, vol. 10, no. 1, Jan 2026, doi: 10.31000/competitive.v10i1.15175.