The influence of environmental performance and good corporate governance on firm value with financial performance as a mediating variable
DOI:
https://doi.org/10.55324/ijoms.v4i4.1062Keywords:
environmental performance, financial performance, firm value, good corporate governanceAbstract
This study aims to analyze the effect of environmental performance and good corporate governance on firm value with financial performance as a mediating variable in basic material sector companies listed on the Indonesia Stock Exchange (IDX) for the period 2018-2022. This type of research is quantitative using purposive sampling method so that a sample of 19 companies is obtained. The data analysis technique used is the dynamic panel data regression method with the system generalized method of moments (GMMsystem ) approach using the RStudio application and the sobel test. This research found that environmental performance and GCG as measured by the independent board of commissioners have a significant positive effect on financial performance. Environmental performance, GCG as measured by the audit committee and financial performance have a significant positive effect on firm value. Financial performance is able to mediate the effect of environmental performance and GCG as measured by the independent board of commissioners on firm value. GCG as measured by the audit committee has a significant negative effect on financial performance, GCG as measured by the independent board of commissioners has a significant negative effect on firm value and financial performance is able to mediate the effect of the audit committee on firm value in a negative direction. Company management is advised to improve environmental performance management, GCG as measured by the independent board of commissioners, audit committee, and financial performance in order to increase company value.
References
Agatha, B. R., Nurlaela, S., & Samrotun, Y. C. (2020). Kepemilikan Manajerial, Institusional, Dewan Komisaris Independen, Komite Audit dan Kinerja Keuangan Perusahaan Food and Beverage. E-Jurnal Akuntansi, 30(7),1811-1826. https://doi.org/10.24843/eja.2020.v30.i07.p15
Aini, N., & Faisal, N. T. (2021). The Effect Of Environmental Performance On Firm Value Using Financial Performance As Mediator Variable. International Journal of Entrepreneurship and Business Development, 04(03), 390–395.
Astuti, T., Amyulianthy, R., & Kaniati, R. (2022). Green Accounting, Financial Performance toward Firm Value. Asian Journal of Accounting and Finance.4(1).1-12. https://doi.org/10.55057/ajafin.2022.4.1.1
Asyifa, D. A., & Burhany, D. I. (2022). Carbon Emission Disclosure and Environmental Performance Effect on Firm Value. International Journal of Arts and Social Science, 5(7).193-203.
Baltagi, B. H. (2005). Econometric Analysis of Panel Data (3rd ed.). John Wiley & Sons, Inc.
Brigham, E. F., & Daves, P. R. (2019). Intermediate financial management (13th ed.). Cengage Learning.
Darniaty, W. A., Aprilly, R. V. D., Nurhayati, W. T., Adzani, S. A., & Novita, S. (2023). Pengaruh Good Corporate Governance terhadap Nilai Perusahaan dengan Performa Keuangan sebagai Variabel Mediasi. Jurnal Keuangan Dan Perbankan, 19(02), 95–104.
Farida, F., Ramadhan, A., & Wijayanti, R. (2019). The Influence of Good Corporate Governance and Corporate Social Responsibility on Firm Value: Evidence from Indonesia. International Journal of Economics and Financial Research, 5(7), 177-183. https://doi.org/10.32861/ijefr.57.177.183
Fauzi, H. T. (2022). The Effect of Environmental Performance on Firm Value with Mediating Role of Financial Performance in Manufacturing Companies in Indonesia. Academic Journal of Interdisciplinary Studies, 11(3), 256–265.
Febrianti, K., & Dewi, N. H. U. (2019). The Effect of Corporate Governance on Company Value (Empirical Study of LQ 45 Companies Listed on the Indonesia Stock Exchange period 2015-2017). The Indonesian Accounting Review, 9(2), 155–168.
Firdarini, K. C. (2023). Pengaruh Komite audit dan kualitas audit terhadap nilai perusahaan: Studi Kasus Pada Perusahaan Food And Beverage Di BEI Periode 2018-2022. Jurnal Riset Akuntansi Dan Bisnis Indonesia, 3(3).879-897.
Fitriasih, R. N., Prihatini, A. E., & Ngatno, N. (2024). Pengaruh Good Corporate Governance dan Struktur Modal Terhadap Nilai Perusahaan Melalui Kinerja Keuangan Sebagai Variabel Mediasi (Studi Pada Perusahaan Farmasi Yang Listing di BEI Periode 2018–2022). Jurnal Ilmu Administrasi Bisnis, 13(3).777-788.
Gomes, A. S., & Simatupang, F. S. (2024). Pengaruh Good Corporate Governance dan Corporate Social Responsibility terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Intervening (Studi Empiris pada Perusahaan Industri Batu Bara yang terdaftar dalam Bursa Efek Indonesia (BEI) Periode 2019-2022). J-MAS (Jurnal Manajemen Dan Sains), 9(1), 351-360. https://doi.org/10.33087/jmas.v9i1.1635
Harinurdin, E., & Safitri, K. A. (2023). Tata Kelola Perusahaan Tercatat di Indonesia. Jurnal Vokasi Indonesia, 10(1), 46–56.
Harningsih, H. A., & Angelina. (2019). Pengaruh kinerja keuangan terhadap nilai perusahaan dengan pengungkapan CSR dan kebijakan dividen sebagai variabel moderasi. Journal of Multidisciplinary Research and Development, 1(2), 199–209.
Hasian, G. M., & Suputra, I. D. G. D. (2021). The Effect of Profitability and Environmental Performance on Firm Value in Consumer Goods Sector Listed on Indonesian Stock Exchange 2017-2019. American Journal of Humanities and Social Sciences Research, 5(4).60-64.
Hasibuan, M. E., & Wirawati, N. G. P. (2020). The Effect of Financial Performance, Good Corporate Governance, Corporate Social Responsibility on Company Value (Empirical Study on Food and Beverage Companies Listed on the Indonesia Stock Exchange 2017-2019). American Journal of Humanities and Social Sciences Research, 5(1).391-397.
Hermawati, M. I., & Triyono. (2022). The Effect of Good Corporate Governance, Management Quality, Company Size and the Covid Pandemic on Corporate Value with Financial Performance as a Mediating Variable. The International Journal of Business Management and Technology, 6(6), 231–243.
Hidayah, I., & Oktafiyani, M. (2023). PERAN GOOD CORPORATE GOVERNANCE DALAM MENINGKATKAN KINERJA KEUANGAN PERUSAHAAN SEKTOR PERTAMBANGAN YANG TERDAFTAR DI BEI TAHUN 2017-2019. JAKA (Jurnal Akuntansi, Keuangan, Dan Auditing), 4(1). 105-116. https://doi.org/10.56696/jaka.v4i1.8288
https://proper.menlhk.go.id diakses tanggal 25 oktober 2023
Huang, P., Lu, Y., & Wee, M. (2020). Corporate governance analysts and firm value: Australian evidence. Pacific Basin Finance Journal, 63. https://doi.org/10.1016/j.pacfin.2020.101430
Jamaluddin, J., Hermanto, S. B., & Fidiana, F. (2020). Mekanisme Corporate Governance Terhadap Nilai Perusahaan Dengan Enterprise Risk Management Sebagai Variabel Intervening. Wahana: Jurnal Ekonomi, Manajemen Dan Akuntansi, 23(1).59-80. https://doi.org/10.35591/wahana.v23i1.185
Jannah, S. M., & Sartika, F. (2022). The effect of good corporate governance and company size on firm value. International Journal of Research in Business and Social Science, 11(2), 241–251.
Khairiyani, Mubyarto, N., Mutia, A., Zahara, A. E., & Habibah G.W.I Awal. (2019). Kinerja Lingkungan Terhadap Kinerja Keuangan Serta Implikasinya Terhadap Nilai Perusahaan. Iltizam Journal Of Shariah Economic Research, 3(1), 41–62.
Khanifah, K., Udin, U., Hadi, N., & Alfiana, F. (2020). Environmental Performance And Firm Value: Testing the Role of Firm Reputation in Emerging Countries. International Journal of Energy Economics and Policy, 10(1), 96–103.
Kurniati, S. (2019). Stock returns and financial performance as mediation variables in the influence of good corporate governance on corporate value. Emerald Publishing Limited, 19(6). 1289-1309. https://doi.org/10.1108/CG-10-2018-0308
Kurniawan, A., Wahidahwati, & Mildawati, T. (2023). The Effect Of Good Corporate Governance On Firm Value With Financial Performance As An Intervening Variable. Lead Journal of Economy and Administration, 2(1). 58-71. https://doi.org/10.56403/lejea.v2i1.119
Kusumaningrum, D. P., & Iswara, U. S. (2022). PENGARUH PROFITABILITAS, LEVERAGE, DAN UKURAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN (Studi Kasus Pada Perusahaan Food And Beverage Yang Terdaftar Di Bursa Efek Indonesia). Jurnal Ilmiah Akuntansi Dan Keuangan (JIAKu), 1(3), 295–312. https://doi.org/10.24034/jiaku.v1i3.5509
Manrique, S., & Martí-Ballester, C. P. (2017). Analyzing the effect of corporate environmental performance on corporate financial performance in developed and developing countries. Sustainability (Switzerland), 9(11).1-30. https://doi.org/10.3390/su9111957
Marantika, A. (2012). Nilai Perusahaan (Firm Value): Konsep dan Implikasi. Anugrah Utama Raharja.
Maryanti, E., & Fithri, W. N. (2017). Corporate Social Responsibilty, Good Corporate Governance, Kinerja Lingkungan Terhadap Kinerja Keuangan Dan Pengaruhnya Pada Nilai Perusahaan. Journal Of Accounting Science, 1(1), 21–37.
Neliana, T., & Destiana, R. (2021). Determinan Nilai Perusahaan dengan Kinerja Keuangan sebagai Variabel Intervening. Jurnal Akuntansi Syariah, 5(2), 173–190.
Ningrum, E. P. (2021). Nilai Perusahaan (Konsep dan Aplikasi). Penerbit Adab.
Nurkholis, M., & Damayanti, D. (2020). The Effect of Good Corporate Governance on Financial Performance in LQ45 Companies Listed in Indonesian Stock Exchange. Economics and Business Solutions Journal, 4(2).1-16. https://doi.org/10.26623/ebsj.v4i2.2789
Pedoman Umum Good Corporate Governance Indonesia tahun 2006
Peraturan Otoritas Jasa Keuangan nomor 57/POJK.04/2017
Peraturan Pemerintah Nomor 78 Tahun 2010
Permatasari, K. I., & Musmini, L. S. (2023). Pengaruh Good Corporate Governance terhadap Nilai Perusahaan dengan Ukuran Perusahaan sebagai Variabel Moderasi. Jurnal Ilmiah Akuntansi Dan Humanika, 13(3), 407–417. https://doi.org/10.23887/jiah.v13i3.64351
Pratama, E. S. P., & Ghozali, I. (2022). Pengaruh Kinerja Lingkungan, Kinerja Keuangan, dan Karakteristik Perusahaan Terhadap Pengungkapan Corporate Social Responsibility (CSR). Diponegoro Journal Of Accounting, 11(4). 1-12.
Pratiwi, N. P. P. D., & Sisdyani, E. A. (2023). Financial performance and corporate social responsibility disclosure mediate environmental performance on firm value. World Journal of Advanced Research and Reviews, 20(3).657- 671. https://doi.org/10.30574/wjarr.2023.20.3.2503
Purwohandoko, P. (2017). The Influence of Firm’s Size, Growth, and Profitability on Firm Value with Capital Structure as the Mediator: A Study on the Agricultural Firms Listed in the Indonesian Stock Exchange. International Journal of Economics and Finance, 9(8).103-110. https://doi.org/10.5539/ijef.v9n8p103
Putra, G. M. P. D., & Wirawati, N. G. P. (2020). Pengaruh Good Corporate Governance pada Nilai Perusahaan dengan Kinerja Keuangan sebagai Variabel Mediasi. E-Jurnal Akuntansi, 30(2), 388–402.
Rahman, A., & Asyik, N. F. (2021). Pengaruh Corporate Social Responsibility dan Good Corporate Governance terhadap Nilai Perusahaan Melalui Kinerja Keuangan. Jurnal Ilmu Dan Riset Akuntansi, 10(8).1-26.
Ratnasari, D., Chomsatu, Y., & Wijayanti, A. (2018). Effect of Financial Performance and Good Corporate Governance on Value of Company. Jurnal EBA, 4(1).10-21.
Ryando, R. (2022). PENGARUH PROFITABILITAS TERHADAP NILAI PERUSAHAAN DENGAN STRUKTUR MODAL SEBAGAI VARIABLE INTERVENING (PADA PERUSAHAAN TAMBANG PT. ADARO ENERGY PERIODE 2015 – 2019). Jurnal Ilmiah M-Progress, 12(2). 95-101. https://doi.org/10.35968/m-pu.v12i2.903
Sejati, B. P., & Prastiwi, A. (2015). Pengaruh Pengungkapan Sustainability Report Terhadap Kinerja Dan Nilai Perusahaan. Diponegoro Journal of Accounting, 4(1).1-12.
Sembiring, Y. C. Br., & Saragih, A. E. (2019). Pengaruh Komisaris Independen Dan Komite Audit Terhadap Kinerja Keuangan Pada Perusahaan Perbankan Yang Terdaftar Di Bursa Efek Indonesia. JRAK, 5(2), 229–242.
Setiadi, I., Rahmawati, Suhardjanto, D., & Djuminah. (2017). Board Independence, Environmental Disclosure, and Firm Value. Review of Integrative Business and Economics Research, 6(4). 409-417.
Solikhah, H., & Suryandani, W. (2022). PENGARUH KOMITE AUDIT, DEWAN KOMISARIS INDEPENDEN, KEPEMILIKAN INSTITUSIONAL DAN UKURAN PERUSAHAAN TERHADAP KINERJA KEUANGAN (Studi Kasus pada Perusahaan Food and Beverage yang Terdaftar di BEI Tahun 2016-2020). Journal of Global Business and Management Review, 4(1). 109-125. https://doi.org/10.37253/jgbmr.v4i1.6693
Sulistiono, & Nur, B. (2024). The Impact of Implementing Green Accounting, Environmental Performance and Corporate Governance on Company Value with Company Size as a Moderation Variable in Mining Sector Companies Listed on the Indonesian Stock Exchange for the Period of 2017-2022. COSTING:Journal of Economic, Business and Accounting,7(5), 4853- 4874.
Suryani. (2017). Faktor Keuangan dan Non-Keuangan sebagai Determinan Nilai Perusahaan dengan Good Corporate Governance Sebagai Variabel Pemoderasi. Jurnal Akuntansi Dan Keuangan, 6(2).201-220.
Susanti, Y., Mintarti, S., & Asmapane, S. (2018). Pengaruh struktur modal, kinerja keuangan perusahaan, ukuran perusahaan dan kualitas auditor eksternal terhadap nilai perusahaan pada perusahaan manufaktur yang terdaftar di bursa efek indonesia. AKUNTABEL, 15(1).1-11. https://doi.org/10.29264/jakt.v15i1.1924
Syofyan, E. (2021). Good Corporate Governance (GCG). Unisma Press.
Tjahjono, A. (2017). Pengaruh Good Corporate Governance terhadap Nilai Perusahaan dengan Variabel Intervening Profitabilitas (Studi Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2010-2014. Jurnal Kajian Bisnis, 25(1), 1–27.
Tjua, S. M., & Masdjojo, G. N. (2022). Pengaruh Good Corporate Governance terhadap kinerja keuangan perusahaan perbankan yang terdaftar di Bursa Efek Indonesia Pada Periode 2017-2021. Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan, 5(2).1147-1158. https://doi.org/10.32670/fairvalue.v5i2.2410
Undang-Undang Nomor 32 Tahun 2009
Wahidahwati, W., & Ardini, L. (2021). Corporate Governance and Environmental Performance: How They Affect Firm Value. Journal of Asian Finance, Economics and Business, 8(2). 953-962. https://doi.org/10.13106/jafeb.2021.vol8.no2.0953
Wardani, D. D., & Sa’adah, L. (2020). Pengaruh Kinerja Lingkungan Terhadap Nilai Perusahaan Dengan Kinerja Keuangan Sebagai Variabel Intervening. Aktiva: Jurnal Akuntansi Dan Investasi, 5(1), 15–28.
Wardhani, I. A. (2019). Peran Kinerja Keuangan dalam Memoderasi Good Corporate Governance Terhadap Nilai Perusahaan Pada Sektor Perbankan Yang Terdaftar di Bursa Efek Indonesia. Akurasi?: Jurnal Studi Akuntansi Dan Keuangan, 2(2).91-108. https://doi.org/10.29303/akurasi.v2i2.17
Widiyantara, I. G. A., Pradnyani, N. L. P. S. P., & Wasita, P. A. A. (2024). The Effect of Corporate Social Responcibility, and Good Corporate Governance on The Financial Performance of The Health Sector Listed on The Indonesia Stock Exchange in 2019-2022. International Journal of Pertapsi, 2(1), 29–39. https://doi.org/10.9744/ijp.2.1.29-39
www.idx.co.id
Yadav, P. L., Han, S. H., & Rho, J. J. (2015). Impact of Environmental Performance on Firm Value for Sustainable Investment: Evidence from Large US Firms. Business Strategy and the Environment. https://doi.org/10.1002/bse.1883
Zulhilmi, Z., & Tarmizi, H. B. (2022). Effects of Good Corporate Governance and Financial Performance on Firm Value with Corporate Social Responsibility as a Moderating Variable in the Manufacturing Companies Listed on Indonesia Stock Exchange from 2014 to 2019. International Journal of Research and Review, 9(1). https://doi.org/10.52403/ijrr.20220179
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Karlina Mechtildis Sindu, Henny Rahyuda

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-ShareAlike 4.0 International (CC-BY-SA). that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.