Impact Of Disclosure Green Intellectual Capital, Green Innovation, And Corporate Social Responsibility On Firm Value With Financial Performance And Environmental Performance As Intervening Variables: A Study On Companies Food And Beverage On The Indonesian Stock Exchange
Affiliation Details
- Riandi Fiyelex: University of August 17, 1945 Surabaya
- Hwihanus: Universitas 17 Agustus 1945 Surabaya
- Maria Yovita R. Pandin R. Pandin: Universitas 17 Agustus 1945 Surabaya
Abstract
The research method uses a quantitative approach with secondary data from annual reports and sustainability reports. The research population is companies in food and beverage listed on the IDX and PROPER for the 2021-2023 period. The research sample consisted of 9 companies with a total of 27 observations over three years. The data analysis technique used Structural Equation Modeling with Partial Least Square (PLS-SEM) version 2.0 M3 to test 18 research hypotheses. The results of the study showed that green intellectual capital does not have a significant effect on firm value, financial performance, and environmental performance. Green Innovation Significant effect on firm value, but no significant effect on financial performance and environmental performance. Corporate social responsibility has a significant effect on financial performance, environmental performance, and firm value. Financial performance has a significant effect on firm value, while environmental performance does not have a significant effect on financial performance and firm value. The results of the mediation test indicate that financial performance and environmental performance are not proven to be mediating variables in the relationship between independent variables and firm value. This study contributes to the literature on green business practices and corporate value in the context of the Indonesian food and beverage industry.
Author Biographies
Riandi Fiyelex
University of August 17, 1945 Surabaya
Master of Management Study Program, Faculty of Economics and Business, Universitas 17 Agustus 1945 Surabaya., Surabaya City, East Java Province, Indonesia.
Hwihanus
Universitas 17 Agustus 1945 Surabaya
Master of Management Study Program, Faculty of Economics and Business, Universitas 17 Agustus 1945 Surabaya. Surabaya City, East Java Province, Indonesia.
Maria Yovita R. Pandin R. Pandin
Universitas 17 Agustus 1945 Surabaya
Master of Management Study Program, Faculty of Economics and Business, Universitas 17 Agustus 1945 Surabaya. Surabaya City, East Java Province, Indonesia.
Article Identifiers
- Article Title: Impact Of Disclosure Green Intellectual Capital, Green Innovation, And Corporate Social Responsibility On Firm Value With Financial Performance And Environmental Performance As Intervening Variables: A Study On Companies Food And Beverage On The Indonesian Stock Exchange
- DOI: 10.59431/ijer.v5i2.576
- Publication Date: 2025-10-10
- Journal: Indonesian Journal Economic Review (IJER)
- Volume: 5
- Issue: 2
- Pages: 132-141
References
-
Albertini, E. (2016). Environmental performance. Sage. https://doi.org/10.4135/9781483376493
-
Anggraini, A. D., Nugroho, W. S., & Susanto, B. (2024). The effect of intellectual capital disclosure, good corporate governance, and green accounting on company value with profitability as a moderating variable. UMMagelang Conference Series, 10–24. https://doi.org/10.31603/conference.11862
-
Cahyaningtyas, S. R., Ekonomi, F., & Mataram, U. (2022). Green corporate social responsibility towards company values: Green innovation as a mediation variable. Abstract, 6(2), 87–108. https://doi.org/10.29303/jaa.v6i2.137
-
Damas, D., Maghviroh, R. E. L., & Meidiyah, M. (2021). The effect of eco-efficiency, green innovation, and carbon emission disclosure on company value with environmental performance as moderation. Trisakti Accounting Masters Journal, 8(2), 85–108. https://doi.org/10.25105/jmat.v8i2.9742
-
Fajarini, I., & Riza, F. (2012). The influence of intellectual capital on company financial performance (Empirical study of LQ 45 company). Journal of Accounting Dynamics, 4(1), 1–12.
-
Fiqran Pratama, R., & Alhadi, I. (2025). Pengaruh Kenerja Keuangan dan Strategi Manajemen Laba dalam Meningkatkan Nilai Perusahaan (Analisis Empiris Kinerja Perusahaan Manufaktur Terdaftar di Bursa Efek Indonesia: Perspektif 2019-2023). Jurnal Manajemen Dan Teknologi, 2(1), 1-17. https://doi.org/10.63447/jmt.v2i1.1374
-
Inayah, Z. (2022). Analysis of capital structure, profitability, and financial performance on company value (Financial management literature review research). Journal of Educational Management and Social Sciences, 3(2), 788–795. https://doi.org/10.38035/jmpis.v3i2.1141
-
Intari, A. P. N., & Khusnah, H. (2023). The effect of green innovation on financial performance with environmental performance as a mediator. Scientific Journal of Accounting and Finance, 12(2), 149–160. https://doi.org/10.32639/jiak.v12i2.805
-
Lastanti, H. S., & Salim, H. (2018). The effect of corporate social responsibility disclosure, good corporate governance, and financial performance on company value. MDP Student Conference, 5(2), 100–107. https://doi.org/10.35957/mdp-sc.v2i2.3958
-
Pertiwi, T. K. (2012). The influence of financial performance, good corporate governance on the value of food and beverage companies.
-
Putri Fabiola, V., & Khusnah, H. (2022). The influence of green innovation and financial performance on competitive advantage and company value in 2015-2020. Mahardhika Media, 20(2), 295–303. https://doi.org/10.29062/mahardika.v20i2.346
-
Putuhena, H., Fauzan, R., & Zalni. (2023). Environmental performance, disclosure of corporate social responsibility (CSR), and dividend payout ratio to company value. Cita Ekonomika Journal of Economics, 18(1), 26–33. https://doi.org/10.51125/citaekonomika.v18i1.11625
-
Rahmawati, A., & Suryaningrum, D. H. (2024). The role of CSR on environmental performance with environmental strategy as a mediating variable. Distribusi - Journal of Management and Business, 12(1), 93–102. https://distribusi.unram.ac.id/index.php/distribusi/article/view/427
-
Rosidah, E., Almunawwaroh, M., & Marliana, R. (2017). Management accounting. Media Nusa Creative, August, 1–189. https://books.google.com/books?hl=en&lr=&id=qUAKEAAAQBAJ&oi=fnd&pg=PA1&dq=akuntansi&ots=GaCzhpaorV&sig=sXZlH3QP0hySct3THV3NyKsV-q8
-
Sa’Adah, S., Hari, K. K., & Ningsih, N. lHutami. (2019). Management accounting compiled by.
-
Sari, W. (2019). Financial performance. Sustainability (Switzerland), 11(1), 114.
-
Subaida, I., Nurkholis, & Mardiati, E. (2018). Intellectual capital disclosure on firm value. Journal of Applied Management (JAM), 16(36), 125–135.
-
Supadi, Y. M., & Sudana, I. P. (2018). The effect of environmental performance and corporate social responsibility disclosure on financial performance. Faculty of Economics and Business, Udayana University, Bali, Indonesia, 4, 1165–1192.
-
Taufiq, A. R., & Silaturahmi, G. (2022). Environmental and social accounting textbook. www.kwu.unipma.ac.id
-
(2025). The effect of green intellectual capital on environmental performance: The mediation role of green human resource management in hotels. 8(2), 17–23.
Additional Information
Supplementary content
How to Cite
Issue Information
Section
License
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
