Pengaruh Profitabilitas terhadap Nilai Perusahaan dengan Green finance sebagai Variabel Moderasi pada Perusahaan Manufaktur Subsektor Makanan dan Minuman
DOI:
https://doi.org/10.61132/jeap.v3i4.2757Keywords:
Firm Value, Green Finance, Green Investment, Moderation Analysis, ProfitabilityAbstract
Firm value in the food and beverage subsector showed an upward trend during the 2022–2024 period, while profitability remained unstable and the implementation of green finance was uneven. This study aims to analyze the effect of profitability on firm value and examine the role of green finance as a moderating variable in food and beverage companies listed on the Indonesia Stock Exchange. This study used a quantitative approach with secondary data obtained from annual reports and sustainability reports. Purposive sampling resulted in 21 companies observed over a three-year period, yielding 63 observations. Firm value was measured using Price to Book Value (PBV), profitability was measured using Return on Assets (ROA), and green finance was measured through green investment based on the ratio of environmental costs to total assets. The data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) with SmartPLS 3. The results show that profitability has a positive and significant effect on firm value, with a t-statistic of 2.327 and a p-value of 0.020. Green finance also has a positive and significant effect on firm value, with a t-statistic of 2.079 and a p-value of 0.038. The moderation test produced a coefficient of 0.270, a t-statistic of 1.683, and a p-value of 0.093, indicating that the moderating role of green finance in the relationship between profitability and firm value was not statistically significant during the study period.
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