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Submitted
Aug 16, 2025
Published
Aug 16, 2025
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Abstract

This study aims to analyze the effect of Environmental Social Governance (ESG) and Green Innovation on firm value with financial performance as a moderating variable. Using a sample of 15 mining companies assessed by Bloomberg for ESG scores from 2021 to 2023, the study applies moderating regression analysis. The findings show that ESG does not significantly affect firm value, while Green Innovation has a significant positive impact. Furthermore, financial performance does not moderate the relationship between ESG and firm value, but it weakens the influence of Green Innovation on firm value. These results indicate that although sustainable practices like ESG and Green Innovation are increasingly emphasized, financial performance plays a complex role in enhancing or diminishing their impact on firm value. The study contributes to the growing discourse on sustainability and corporate value in emerging markets

Keywords

Environmental Social Governance (ESG) Green Innovation Nilai Perusahaan Kinerja Keuangan Regresi Moderasi

Article Details

References

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