Pengaruh Green Investment dan Leverage terhadap Nilai Perusahaan pada Perusahaan Sektor Energi yang Terdaftar di Bursa Efek Indonesia Periode 2020–2024

Afifah Nida Suhailah Boru Dalimunthe; Fikri Al Kautsar; Kevin Valensius Siahaan; Ovan Krisadelman Zebua; Saidun Hutasuhut

doi:10.37481/sjr.v9i4.1614

Authors

Afifah Nida Suhailah Boru Dalimunthe Universitas Negeri Medan
Fikri Al Kautsar Universitas Negeri Medan
Kevin Valensius Siahaan Universitas Negeri Medan
Ovan Krisadelman Zebua Universitas Negeri Medan
Saidun Hutasuhut Universitas Negeri Medan

DOI:

https://doi.org/10.37481/sjr.v9i4.1614

Keywords:

Green Investment, Leverage, Firm Value, Sector Energy, Indonesia Stock Exchange

Abstract

The growing global emphasis on environmental sustainability has encouraged companies, particularly those in the energy sector, to adopt green investment practices while maintaining sound financial structures to enhance firm value. As the energy sector plays a strategic role in economic development and contributes significantly to environmental issues, understanding whether green investment and leverage influence firm value has become increasingly important. However, empirical evidence on these relationships in emerging markets, including Indonesia, remains inconclusive. Therefore, this study aims to examine the effects of green investment and leverage on firm value in energy sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. This study employs a quantitative research approach using panel data regression. The sample consists of 20 companies selected through purposive sampling, resulting in 100 firm-year observations. Firm value is measured using Tobin’s Q, green investment is proxied by the environmental expenditure ratio, and leverage is measured using the Debt-to-Equity Ratio (DER). The Random Effects Model (REM) is used for data analysis. The results indicate that green investment has a positive but statistically insignificant effect on firm value (p = 0.3211), while leverage has a negative and statistically insignificant effect (p = 0.8772). Simultaneously, both variables do not significantly affect firm value (Prob(F) = 0.6063), with an R² of only 0.85%. These findings suggest that investors in Indonesia’s energy sector place greater emphasis on fundamental financial performance than on green investment and leverage when assessing firm value.

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