PENGARUH PENGUNGKAPAN ECO EFFICIENCY DAN GREEN INNOVATION TERHADAP NILAI PERUSAHAAN DENGAN KINERJA KEBERLANJUTAN SEBAGAI VARIABEL MODERASI

Abstract

This study aims to examine the effect of eco-efficiency and green innovation on firm value, with sustainability performance serving as a moderating variable in basic materials manufacturing companies listed on the Indonesia Stock Exchange during the 2022–2024 period. The study employed a quantitative approach using an explanatory research method. The sample was selected through purposive sampling, resulting in 20 companies with a total of 60 observations. Secondary data were obtained from annual reports and sustainability reports published by the companies. Data analysis was conducted using multiple linear regression and Moderated Regression Analysis (MRA) with the assistance of IBM SPSS Statistics software.The results reveal that eco-efficiency has a negative and significant effect on firm value, while green innovation has a positive and significant effect on firm value. Sustainability performance was proven to act as a moderating variable with different outcomes: it weakens the effect of eco-efficiency on firm value but strengthens the effect of green innovation on firm value. These findings support signaling theory, which explains how company management provides information to investors to reduce information asymmetry and influence investment decisions. The implication of this study is that the integration of green innovation within a sustainability framework is a more effective strategy for enhancing firm value.