Environmental Performance and Good Corporate Governance on Firm Value with Firm Size Moderation

Ahdiat Furqan; Sahdan Saputra; Susilo Talidobel; Wira Hendri; Restu Alpiansah

doi:10.31004/riggs.v5i2.12864

Authors

Ahdiat Furqan Universitas Bumigora
Sahdan Saputra Universitas Bumigora
Susilo Talidobel Universitas Bumigora
Wira Hendri Universitas Bumigora
Restu Alpiansah Universitas Bumigora

DOI:

https://doi.org/10.31004/riggs.v5i2.12864

Keywords:

Environmental performance, Good corporate Governance, Firm value, Firm size, Moderated Regression Analysis

Abstract

Firm value merupakan indikator penting yang mencerminkan persepsi investor terhadap prospek perusahaan. Peningkatan perhatian terhadap praktik keberlanjutan mendorong perusahaan menerapkan environmental performance dan good corporate governance (GCG) untuk meningkatkan nilai perusahaan. Namun, hasil penelitian terdahulu mengenai pengaruh kedua variabel tersebut terhadap firm value masih menunjukkan inkonsistensi sehingga diperlukan penelitian lanjutan dengan mempertimbangkan firm size sebagai variabel moderasi. Penelitian ini bertujuan menganalisis pengaruh environmental performance dan good corporate governance terhadap firm value, serta menguji peran firm size dalam memoderasi hubungan tersebut pada perusahaan subsektor Food & Beverage yang terdaftar di Bursa Efek Indonesia periode 2021–2024. Penelitian menggunakan pendekatan kuantitatif dengan data sekunder yang diperoleh dari laporan tahunan, laporan PROPER Kementerian Lingkungan Hidup dan Kehutanan, serta publikasi Bursa Efek Indonesia. Sampel terdiri atas 28 perusahaan dengan 112 observasi yang dipilih menggunakan purposive sampling. Analisis data dilakukan menggunakan regresi data panel dengan pendekatan Moderated Regression Analysis (MRA). Hasil penelitian menunjukkan bahwa environmental performance tidak berpengaruh signifikan terhadap firm value, sedangkan good corporate governance berpengaruh positif dan signifikan. Firm size tidak memoderasi pengaruh environmental performance, tetapi mampu memoderasi hubungan good corporate governance terhadap firm value, sehingga tata kelola perusahaan menjadi faktor yang lebih menentukan dalam meningkatkan kepercayaan investor dan nilai perusahaan.

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