Do Green Innovation, Carbon Emission Disks Affect Company Value with Environmental Performance as A Moderator?


This research is a quantitative study that aims to determine the effect of green innovation as measured by four indicators of disclosure items and carbon emission disclosure on company value, moderated by environmental performance. The sample of this research was taken from manufacturing sector companies listed on the Indonesia Stock Exchange in the 2020-2022 period, which were selected based on the purposive sampling method. Data were obtained from 37 companies, with a total sample size of 111. The results of the test indicate that (1) Green innovation does not have a significant influence on company value. (2) Carbon emission disclosure does not have a significant influence on company value. (3) Environmental performance does not strengthen the relationship between green innovation and company value, and (4) Environmental performance does not strengthen the relationship between carbon emission disclosure and company value. According to the results, it can be observed that these variables are less effective in influencing company value, suggesting the need for further research.

Keywords: company value, green innovation, carbon emission disclosure, environmental performance

[1] Agustia D, Sawarjuwono T, Dianawati W. Pengaruh mediasi akuntansi manajemen lingkungan terhadap hubungan inovasi hijau-nilai perusahaan. Jurnal Internasional Ekonomi dan Kebijakan Energi 2019;9(2):299-306.

[2] Dewantari NLS, Cipta W, Susila GPAJ. Pengaruh Ukuran Perusahaan Dan Leverage Serta Profitabilitas Terhadap Nilai Perusahaan Pada Perusahaan Food And Beverages Di BEI. Prospek Jurnal Manajemen dan Bisnis 2020;1(2)

[3] Hart SL, Dowell G. Invited Editorial: A natural-resource-based view of the firm. Journal of Management 2011;37(5):1464–1479

[4] Kemp R. Pearson P. MEI project about measuring eco-innovation, Final report, Maastricht, 2008.

[5] Zuhrufiyah D, Anggraeni DY. Pengungkapan Emisi Karbon dan Nilai Perusahaan (Studi Kasus pada Perusahaan di Kawasan Asia Tenggara). Jurnal Manajemen Teknologi 2019;18(2):80-106.

[6] Andani WOP, Dewi RR. Pengaruh manajemen kualitas terhadap inovasi hijau dengan intensitas penelitian dan pengembangan sebagai variabel moderasi. Nilai Wajar: Jurnal Ilmiah Akuntansi dan Keuangan 2022;5(3):1470-1479.

[7] Dewi R, Rahmianingsih A. Meningkatkan nilai perusahaan melalui inovasi hijau dan eko-effisiensi. Ekspansi: Jurnal Ekonomi, Keuangan, Perbankan, dan Akuntansi 2020; 12(2): 225-243.

[8] Tonay C, Murwaningsari E. Pengaruh Green Innovation dan Green Intellectual Capital terhadap Nilai Perusahaan dengan Ukuran Perusahaan sebagai Moderasi. Jurnal Bisnis dan Akuntansi 2022; 24(2):283-294.

[9] Anggraeni DY. Pengungkapan emisi gas rumah kaca, kinerja lingkungan, dan nilai perusahaan. Jurnal Akuntansi dan Keuangan Indonesia 2015;12(2):5.

[10] Gabrielle, Toly AA. The effect of greenhouse gas emissions disclosure and environmental performance on firm value: Indonesia evidence. Jurnal Ilmiah Akuntansi dan Bisnis 2019;14:106-119

[11] Matsumura EM, Prakash R, Vera-Mu noz SC. Firm-value effects of carbon emissions and carbon disclosures. Accounting Review 2014;89:695-724

[12] Rahmanita SA. Pengaruh Carbon Emission Disclosure Terhadap Nilai Perusahaan Dengan Kinerja Lingkungan Sebagai Variabel Pemoderasi. Akuntansi: Jurnal Akuntansi Integratif 2020;6(1):54-70.

[13] Mariani D, Suryani S. Pengaruh enterprise risk management disclosure, intellectual capital disclosure dan corporate social responsibility disclosure Terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Pemoderasi (Studi Empiris Pada Perusahaan Sektor Industri Baran. Jurnal Akuntansi Dan Keuangan 2018;2(7):119– 138.

[14] Connelly BL, Certo ST, Ireland RD, Reutzel CR. Signaling theory: A review and assessment. Journal of Management 2011;37(1):39-67.

[15] Daniels L, Minot NW. An introduction to statistics and data analysis using Stata. Sage Publications, Inc, 2019.

[16] Husnaini W, Tjahjadi B. Quality management, green innovation and firm value: Evidence from Indonesia. International Journal of Energy Economics and Policy 2021;11(1):255-262.

[17] Saka C, Oshika T. Disclosure effects, carbon emissions and corporate value. Sustainability Accounting Management and Policy Journal 2014;5(1)

[18] Asnita A, Wahidahwati. 2019. Pengaruh Kinerja Lingkungan Terhadap, Nilai Perusahaan dengan Pengungkapan Informasi Lingkungan Sebagai Variabel Intervening. Jurnal Ilmu dan Riset Akuntansi 2019; 8(7):1-19