Pengaruh Green Investment dan Good Corporate Governance terhadap Nilai Perusahaan (Studi pada Indeks ESG Quality 45 KEHATI Tahun 2021–2024)

Abstract

Perusahaan menghadapi tekanan untuk menyeimbangkan kinerja keuangan dan keberlanjutan melalui green investment dan good corporate governance (GCG). Penelitian ini menganalisis pengaruh green investment dan GCG terhadap nilai perusahaan, dengan green investment diukur melalui skor PROPER dan GCG diproksikan oleh kepemilikan manajerial, kepemilikan institusional, ukuran komite audit, serta proporsi komisaris independen. Penelitian dilaksanakan sejak Maret 2025 hingga Agustus 2025. Analisis regresi data panel dilakukan pada 10 perusahaan anggota Indeks ESG Quality 45 KEHATI periode 2021–2024. Hasil menunjukkan bahwa secara parsial seluruh variabel independen tidak berpengaruh signifikan terhadap nilai perusahaan, namun secara simultan keduanya berpengaruh signifikan. Hal ini menegaskan bahwa kontribusi kolektif green investment dan GCG lebih menentukan dibandingkan pengaruh masing-masing variabel. Implikasi penelitian ini menekankan pentingnya integrasi keberlanjutan dan tata kelola dalam meningkatkan nilai jangka panjang perusahaan.

Companies faced increasing pressure to balance financial performance and sustainability through green investment and good corporate governance (GCG). This study analyzed the effect of green investment and GCG on firm value, with green investment measured using the PROPER score and GCG proxied by managerial ownership, institutional ownership, audit committee size, and the proportion of independent commissioners. The research was conducted from March to August 2025. Panel data regression analysis was conducted on 10 companies listed in the ESG Quality 45 KEHATI Index during the 2021–2024 period. The results showed that individually none of the independent variables significantly affected firm value; however, jointly green investment and GCG had a significant effect. These findings confirmed that the collective contribution of green investment and GCG was more influential than the effect of each variable separately. The implications emphasized the importance of integrating sustainability and governance practices to enhance long-term firm value.