Exploring green finance, intellectual capital, and firm size's impact on firm value
Keywords:
Financial Performance, Firm Size, Firm Value, Green Finance, Intellectual CapitalAbstract
This study aims to examine the impact of green finance, intellectual capital, and firm size on corporate value, utilizing financial performance as a mediating variable. The research is centered on companies listed in the Kompas 100 Index from 2020 to 2023, involving a sample of 50 firms. The analytical approach employed is panel data regression using the Random Effect Model, supplemented by the Sobel test to evaluate mediation effects. The results indicate that green finance, intellectual capital, and firm size positively and significantly affect financial performance. Furthermore, both green finance and intellectual capital significantly influence firm value, although green finance demonstrates a negative coefficient. The size of the firm and its financial results do not significantly impact its overall value. The Sobel test demonstrates that financial performance serves as a significant mediating factor in the relationship between the three independent variables and the firm's value. In summary, the research model explains 19.8% of the variation in firm value. These findings have important implications for developing corporate strategies aimed at increasing firm value through the cohesive management of environmental factors, intellectual capital, and financial performance.
References
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Sherlianti, M., & Suhendro, S. (2023). The Effect of Intellectual Capital on Firm Value with Financial Performance as A Mediating Variable Pengaruh Modal Intelektual Terhadap Nilai Perusahaan Dengan Kinerja Keuangan Sebagai Variabel Mediasi. Jurnal Ekonomi Dan Perbankan, 8(2), 217–234. http://e-journal.stie-aub.ac.id/index.php/probank
Sudimas, M. R., Ramdany, R., & Ispriyahadi, H. (2023). Does Financial Performance Mediate the Impact of Green Accounting and Environmental Performance on Firm Value? Journal of Governance Risk Management Compliance and Sustainability, 3(1), 58–73. https://doi.org/10.31098/jgrcs.v3i1.1487
Afifah, Listiana, E., Wendy, Mustaruddin, & Giriati. (2023). The impact of green finance on profitability with credit risk as an intervening variable. Ijafibs, 11(3), 564–576. www.ijafibs.pelnus.ac.id
Bany, S. B. (2023). Pengaruh Implementasi Green Finance Terhadap Nilai Perusahaan Pada Industri Perbankan di Indonesia.
Farihah, S. M., & Setiawan, S. (2020). Determinan Intellectual Capital terhadap Profitabilitas di Bank Syariah: Pengujian Mediasi Kinerja Keuangan dan Kinerja Non Keuangan. Jurnal Samudra Ekonomi Dan Bisnis, 11(2), 151–165. https://doi.org/10.33059/jseb.v11i2.1996
Kurniawan, R., & Putri, N. E. (2023). Pengaruh Intellectual Capital, Leverage, Managerial Ownership, Dan Institutional Ownership Terhadap Nilai Perusahaan (Studi Pada Top 100 World’s Best Airlines Versi Skytrax.Com Periode Tahun 2016-2020). Jaakfe Untan (Jurnal Audit Dan Akuntansi Fakultas Ekonomi Universitas Tanjungpura), 12(3), 278. https://doi.org/10.26418/jaakfe.v12i3.69528
Malini, H. (2021). Islamic Bank Sustainability in Indonesia: Value and Financial Performances Based on Social Responsibility and Green Finance. Cepalo, 5(2), 93–106. https://doi.org/10.25041/cepalo.v5no2.2360
Savira, N. P., & Mahirun. (2024). The relationship of company size, sales growth, and capital structure with firm value: Mediated by profitability. Journal of Management Science (JMAS), 7(4), 589–598. www.exsys.iocspublisher.org/index.php/JMAS
Wendy, W. (2021). Efek Interaksi Literasi Keuangan Dalam Keputusan Investasi: Pengujian Bias-Bias Psikologi. Jurnal Ekonomi Bisnis Dan Kewirausahaan, 10(1), 36. https://doi.org/10.26418/jebik.v10i1.43403
Alfarizi, M., Hanum, R. K., Firmansyah, A. A., & Kurniasari, R. (2023). Implikasi Komitmen Kepemimpinan Islam dan Dimensi Green Finance Dalam Mendorong Kinerja Berkelanjutan Perbankan Syariah Indonesia. Jurnal Ekonomi Dan Perbankan Syariah, Vol.10 No.2. https://doi.org/10.1905/iqtishadia.v10i2.7164
Annisa, M. L. (2019). Pengaruh Intellectual Capital Terhadap Kinerja Keuangan Perusahaan. Jurnal Profita, 12(3), 433. https://doi.org/10.22441/profita.2019.v12.03.006
Asma, M. (2021). Sharia Compliance, Islamic Corporate Governance, Intellectual Capital, and Earning Management toward Financial Performance in Indonesia Islamic Banks. IQTISHADIA, 14(2), 251. https://doi.org/10.21043/iqtishadia.v14i2.10152
Dandy, P. M. P. S., & Nugroho, I. P. (2020). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan dengan Corporate Governance Sebagai Variabel Moderasi. International Journal of Social Science and Business, 4(2), 189–196. https://ejournal.undiksha.ac.id/index.php/IJSSB/index
Djashan, I. A., & Agustinus, Y. (2020). The Effect of Firm Size, Profitability, Audit Committee, and Other Factors to Firm Value. Accounting and Finance Review, 5(1), 22–27. https://doi.org/10.35609/afr.2020.5.1(3)
Fitriasari, N. M. A. D., & Sari, R. M. M. (2019). Pengaruh Intellectual Capital Pada Nilai Perusahaan Dengan Kinerja Keuangan Sebagai Variabel Intervening. E-Jurnal Akuntansi Universitas Udayana, Vol.26.3., 1717. https://doi.org/10.24843/eja.2019.v26.i03.p02
Furniawan. (2022). Tinjauan Kinerja Keuangan: Analisis Current Ratio dan Debt to Equity Ratio Terhadap Return on Equity dalam Industri Tekstil dan Garmen di Bursa Efek Indonesia (BEI). The Asia Pacific Journal of Management Studies, Vol. 9 No. 1.
Gujarati, D. N. (2003). Basic Econometrics Fourth Edition (Lucille Sutton & Aric Bright, Eds.; Fourth Edition). GaryBurke. www.mhhe.com
Hapsoro, D., & Falih, Z. N. (2020). The Effect of Firm Size, Profitability, and Liquidity on The Firm Value Moderated by Carbon Emission Disclosure. Journal of Accounting and Investment, 21(2). https://doi.org/10.18196/jai.2102147
Harliani, D. (2024). Pengaruh Green Finance Dan Kinerja Lingkungan Terhadap Nilai Perusahaan Melalui Kinerja Keuangan Pada Sektor Consumer Non-Cyclicals Yang Terdaftar Di Bursa Efek Indonesia Periode 2020-2022. Fakultas Ekonomi Dan Bisnis Universitas Jambi. https://repository.unja.ac.id/id/eprint/62792
Harsono, A., Ary, D., & Pamungkas, S. (2020). Pengaruh Struktur Modal, Likuiditas Dan Ukuran Perusahaan Terhadap Kinerja Keuangan Perusahaan. Jurnal Manajerial Dan Kewirausahaan, Volume II No. 4.
Hasanah, N., & Hariyono, S. (2022). Analisis Implementasi Green Financing Dan Kinerja Keuangan Terhadap Profitabilitas Perbankan Umum Di Indonesia. Jurnal Ekobis: Ekonomi, Bisnis & Manajemen, 12(1). http://ejournal.stiemj.ac.id/index.php/ekobis
Jaya, S. (2020). Pengaruh Ukuran Perusahaan (Firm Size) dan Profitabilitas (ROA) Terhadap Nilai Perusahaan (Firm Value) Pada Perusahaan Sub Sektor Property dan Real Estate di Bursa Efek Indonesia (BEI). Jurnal Manajemen Motivasi, 16(1), 38. https://doi.org/10.29406/jmm.v16i1.2136
Jumiari, N. K. V., & Julianto, I. P. (2020). Pengaruh Intellectual Capital, Kebijakan Keuangan, dan Kinerja Keuangan terhadap Nilai Perusahaan (Tobin’s Q) (Studi pada Perusahaan Jasa yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2017-2019). Jurnal Ilmiah Akuntansi Dan Humanika, Vol. 10 No. 3.
Junaedi, R. A., Nuraina, E., Nur, D., & Sulistyowati, W. (2020). Does The Value of the Company Affected Intellectual Capital with Financial Performance as Interesting Variables? Ilomata International Journal of Tax & Accounting, 1(2), 115–121. https://www.ilomata.org/index.php/
Meliani, L. A., & Ariyanto, D. (2021). Kinerja Keuangan Memediasi Pengaruh Modal Intelektual dan Struktur Modal pada Nilai Perusahaan di Masa Pandemi Covid-19. E-Jurnal Akuntansi, 31(10), 2503. https://doi.org/10.24843/eja.2021.v31.i10.p08
Oktaviani, M., Rosmaniar, A., & Hadi, S. (2019). Pengaruh Ukuran Perusahaan (Size) Dan Struktur Modal Terhadap Nilai Perusahaan. Jurnal Balance, XVI No.1.
Ousama, A. A., Al-Mutairi, M. T., & Fatima, A. H. (2020). The relationship between intellectual capital information and firms’ market value: a study from an emerging economy. Measuring Business Excellence, 24(1), 39–51. https://doi.org/10.1108/MBE-01-2019-0002
Putri, A. A. (2022). Pengaruh Intellectual Capital terhadap Nilai Perusahaan pada Perusahaan Manufaktur Sub Sektor Otomotif dan Komponen Terdaftar BEI 2019-2021. Jurnal Pendidikan Tambusai, Volume 6 Nomor 2, 15795–15764.
Salsabila, A., & Widiatmoko, J. (2022). Pengaruh Green Accounting terhadap Nilai Perusahaan dengan Kinerja Keuangan Sebagai Variabel Mediasi pada Perusahaan Manufaktur Yang Terdaftar di BEI Tahun 2018-2021. Jurnal Mirai Manajemen (Vol. 7, Issue 1).
Sherlianti, M., & Suhendro, S. (2023). The Effect of Intellectual Capital on Firm Value with Financial Performance as A Mediating Variable Pengaruh Modal Intelektual Terhadap Nilai Perusahaan Dengan Kinerja Keuangan Sebagai Variabel Mediasi. Jurnal Ekonomi Dan Perbankan, 8(2), 217–234. http://e-journal.stie-aub.ac.id/index.php/probank
Sudimas, M. R., Ramdany, R., & Ispriyahadi, H. (2023). Does Financial Performance Mediate the Impact of Green Accounting and Environmental Performance on Firm Value? Journal of Governance Risk Management Compliance and Sustainability, 3(1), 58–73. https://doi.org/10.31098/jgrcs.v3i1.1487
Afifah, Listiana, E., Wendy, Mustaruddin, & Giriati. (2023). The impact of green finance on profitability with credit risk as an intervening variable. Ijafibs, 11(3), 564–576. www.ijafibs.pelnus.ac.id
Bany, S. B. (2023). Pengaruh Implementasi Green Finance Terhadap Nilai Perusahaan Pada Industri Perbankan di Indonesia.
Farihah, S. M., & Setiawan, S. (2020). Determinan Intellectual Capital terhadap Profitabilitas di Bank Syariah: Pengujian Mediasi Kinerja Keuangan dan Kinerja Non Keuangan. Jurnal Samudra Ekonomi Dan Bisnis, 11(2), 151–165. https://doi.org/10.33059/jseb.v11i2.1996
Kurniawan, R., & Putri, N. E. (2023). Pengaruh Intellectual Capital, Leverage, Managerial Ownership, Dan Institutional Ownership Terhadap Nilai Perusahaan (Studi Pada Top 100 World’s Best Airlines Versi Skytrax.Com Periode Tahun 2016-2020). Jaakfe Untan (Jurnal Audit Dan Akuntansi Fakultas Ekonomi Universitas Tanjungpura), 12(3), 278. https://doi.org/10.26418/jaakfe.v12i3.69528
Malini, H. (2021). Islamic Bank Sustainability in Indonesia: Value and Financial Performances Based on Social Responsibility and Green Finance. Cepalo, 5(2), 93–106. https://doi.org/10.25041/cepalo.v5no2.2360
Savira, N. P., & Mahirun. (2024). The relationship of company size, sales growth, and capital structure with firm value: Mediated by profitability. Journal of Management Science (JMAS), 7(4), 589–598. www.exsys.iocspublisher.org/index.php/JMAS
Wendy, W. (2021). Efek Interaksi Literasi Keuangan Dalam Keputusan Investasi: Pengujian Bias-Bias Psikologi. Jurnal Ekonomi Bisnis Dan Kewirausahaan, 10(1), 36. https://doi.org/10.26418/jebik.v10i1.43403
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Published
2025-01-10
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Agustina, D. ., Ramadania, R., Wendy, W., Giriati, G., & Mustaruddin, M. (2025). Exploring green finance, intellectual capital, and firm size’s impact on firm value . Journal of Management Science (JMAS), 8(1), 225–232. Retrieved from https://exsys.iocspublisher.org/index.php/JMAS/article/view/598
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