The Effect Of Green Finance On Firm Value With Financial Performance And Capital Structure As Mediators: A Study On Electronic Retail Companies Listed On The Indonesia Stock Exchange
DOI:
https://doi.org/10.55927/marcopolo.v3i12.183Keywords:
Green Finance, ROE, DAR, Company Values, Random Effect ModelAbstract
This research aims to analyze the influence of Green Finance, financial performance, and capital structure on firm value, and to examine the moderating effects of the interactions between Green Finance with Return on Equity (ROE) and Debt to Asset Ratio (DAR) in electronic retail companies listed on the Indonesia Stock Exchange. The study utilizes panel data analysis and employs panel regression techniques. Model selection is carried out through the Chow and Hausman tests, which ultimately indicate that the Random Effect Model is the most appropriate for explaining the relationships among variables. The results show that Green Finance does not have a direct significant influence on firm value, suggesting that market recognition of sustainability-oriented investments may require time. ROE exhibits a significant positive effect on firm value, indicating that profitability remains a dominant consideration for investors. DAR does not significantly affect firm value, suggesting that leverage is not a key determinant in this sector. The interaction between Green Finance and ROE significantly enhances firm value, while the interaction between Green Finance and DAR does not.
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