THE IMPACT OF ECONOMIC PERFORMANCE AND ENVIRONMENTAL PERFORMANCE ON FIRM VALUE
DOI:
https://doi.org/10.30871/jama.v9i2.10091Keywords:
Sustainability Report, Economic Value Added (EVA), ESG Index, Firm Value, LeverageAbstract
This study explores the relationship between economic and environmental performance and firm value in the consumer non-cyclical sector listed on the Indonesia Stock Exchange during 2020–2023. The sample consists of companies that consistently published sustainability reports. Economic performance is measured using Economic Value Added (EVA) is a comprehensive and to reflect long-term value creation, Meanwhile, environmental performance is evaluated based on ESG ratings published by the BGK Foundation. To determine firm value, Tobin’s Q is used as the main indicator, with leverage introduced as a control factor to account for capital structure influence. A quantitative method is employed, utilizing secondary data. A total of 18 companies were purposively selected, resulting in 72 observations over four years. The analysis uses panel data regression, beginning with descriptive statistics, followed by model selection, classical assumption tests, and hypothesis testing. The findings indicate that EVA has a significant positive effect on firm value, suggesting that strong economic performance enhances market valuation. In contrast, ESG scores are found to negatively influence firm value, implying that higher environmental disclosures may not align with investor expectations in this context. Simultaneous testing confirms the overall significance of the independent variables, while leverage does not show a notable impact.
Downloads
References
Abdi, Y., Li, X., & Càmara-Turull, X. (2020). Impact of sustainability on firm value and financial performance in the air transport industry. Sustainability (Switzerland), 12(23), 1–22. https://doi.org/10.3390/su12239957
Adyaksana, R. I., Umam, M. S., Adhivinna, V. V., & Dinakesuma, T. (2024). Pengaruh Kinerja Keuangan dan Kinerja Lingkungan Terhadap Nilai Perusahaan. UPY Business and Management Journal (UMBJ), 3(1), 1–10. https://doi.org/10.31316/ubmj.v3i1.5236
Afifah, N., Astuti, S. W. W., & Irawan, D. (2021). Pengaruh Corporate Social Responsibility (CSR) Dan Reputasi Perusahaan Terhadap Nilai Perusahaan. EKUITAS (Jurnal Ekonomi Dan Keuangan), 5(3), 346–364. https://doi.org/10.24034/j25485024.y2021.v5.i3.4644
Bahadır, O., & Akarsu, S. (2024). Does Company Information Environment Affect ESG–Financial Performance Relationship? Evidence from European Markets. Sustainability (Switzerland) , 16(7). https://doi.org/10.3390/su16072701
Baltagi, B. H. (2005). Econometric Analysis of Panel Data. In John Wiley & Sons (Ed.), British Library (Third). Chichester: British Library. https://doi.org/10.1016/j
Basuki, A. T. (2021). Analisis Data Panel Dalam Penelitian Ekonomi dan Bisnis (Dilengkapi dengan Penggunaan Eviews). In PT Rajagrafindo Persada (Pertama). Yogyakarta.
Bukit, P., & Adisetiawan, R. (2023). Pengaruh Economic Value Added dan Market Value Added terhadap Tobin’s Q dan Dampaknya terhadap Harga Saham pada Subsektor Industri Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Periode 2017 – 2021. Jurnal Ilmiah Universitas Batanghari Jambi, 23(2), 2380. https://doi.org/10.33087/jiubj.v23i2.4261
Davies, P. (2024). The Global ESG Handbook: A Guide for Practitioners (P. Davies, ed.). Surrey, UK: Globe Law and Business Ltd.
Dobrowolski, Z., Drozdowski, G., Panait, M., & Babczuk, A. (2022). Can the Economic Value Added Be Used as the Universal Financial Metric? Sustainability (Switzerland), 14(5), 1–14. https://doi.org/10.3390/su14052967
Feliyanti, C. (2022). Analisis Penilaian Materialitas Laporan Keberlanjutan Pada 15 Perusahaan Multifinance. Jurnal Akuntansi, 11(1), 40–52. https://doi.org/10.46806/ja.v11i1.814
Firmanda, A. A., & Wahyuni, N. (2024). Pengaruh Kinerja Keuangan Dan Kinerja Lingkungan Terhadap Nilai Perusahaan Dengan Kepemilikan Manajerial Sebagai Variabel Moderasi. Jurnal Riset Akuntansi Politala, 7(2), 355–366. Retrieved from https://jra.politala.ac.id/index.php/JRA/index
Freeman, R. E., & McVea, J. (2002). A Stakeholder Approach to Strategic Management. In Darden Graduate School of Business Administration (Vol. 77). https://doi.org/10.1002/jctb.619
Giannopoulos, G., Fagernes, R. V. K., Elmarzouky, M., & Hossain, K. A. B. M. A. (2022). The ESG Disclosure and the Financial Performance of Norwegian Listed Firms. Journal of Risk and Financial Management, 15(6). https://doi.org/10.3390/JRFM15060237
Gujarati, D. N. (2004). Basic Econometrics, Fourth Edition. In The McGraw-Hill Companies (Fourth). The McGraw-Hill Companies.
Komarudin, M. (2020). Buku Seri Manajemen Keuangan Mengukur Nilai Perusahaan (Pertama). Serang: CV. AA RIZKY.
Kurniasari, W., & Wibowo, B. J. (2017). Manajeme Pembiayaan dan Ekuitas (W. Kurniasari, ed.). Semarang: Universitas Katolik Soegijapranata.
Larasati, R. A., & Mawardi, W. (2024). PENGARUH STRATEGI BISNIS DAN KINERJA ESG (ENVIRONMENTAL, SOCIAL, AND GOVERNANCE) TERHADAP RISIKO FINANCIAL DISTRESS (Studi pada Perusahaan Manufaktur yang Terdaftar di BEI Periode 2018-2022). Diponegoro Journal of Management, 13(4), 1–13.
Margana, N. R. R., & Wiagustini, N. L. P. (2024). Pengaruh Environmental, Social dan Governance (ESG) Disclosure terhadap Firm Value pada Perusahaan Terindex IDX30. E-JURNAL EKONOMI DAN BISNIS UNIVERSITAS UDAYANA, 13(8), 1647–1656. https://doi.org/10.24843/EEB.2024.v13.i08.p10
Napitupulu, R. B., Simanjuntak, T. P., Hutabarat, L., Damanik, H., Harianja, H., Sirait, R. T. M., & Tobing, C. E. R. L. (2021). Penelitian Bisnis : Teknik dan Analisa Data dengan SPSS - STATA - EVIEWS. In Madenatera (Vol. 1). Medan: Madenatera.
Nurangraini, I., Astuti, B., Ranidiah, F., & Pertiwi, D. E. (2022). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Dengan Corporate Social Responsibility Sebagai Variabel Moderating (Studi Empiris pada Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia Periode 2018-2020). Jurnal Ekombis Review – Jurnal Ilmiah Ekonomi Dan Bisnis, 10(14), 281–298. https://doi.org/10.37676/ekombis.v10iS1
Perdana, M., Salim, U., Ratna, K., & Rofiq, A. (2023). The Effect of Environmental Social Governance (ESG) Performance and Financial Performance on Firm Value: Evidence from the Banking Sector in ASEAN. Atlantis Press, Part of Springer Nature, 183–193. Malang: Atlantis Press International. https://doi.org/10.2991/978-94-6463-214-9_20
Qurniasih, R., Pramurindra, R., Fakhruddin, I., & Inayati, N. I. (2025). Pengaruh Pengungkapan ESG Terhadap Nilai Perusahaan Dengan Praktik Good Corporate Governance Sebagai Variabel Moderasi. E-Jurnal Akuntansi, 35(2), 301–319. https://doi.org/10.25105/jipak.v6i2.4486
Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics Oxford University Press, 87(3), 355–374. https://doi.org/10.2307/1882010
Subroto, Vi. K., & Endaryanti, E. (2024). Kumpulan Teori Akuntansi. In I. Yunianto (Ed.), Yayasan Prima Agus Teknik. Semarang: Yayasan Prima Agus Teknik. Retrieved from http://scioteca.caf.com/
Sugiyono. (2023). Metode Penlitian Kuantitatif, Kualitatif, dan R&D. In Dr. Ir. Sutopo. S.Pd (Ed.), Penerbit Alfabeta Bandung (Kedua, Vol. 2). Bandung: Alfabeta. Retrieved from http://scioteca.caf.com/
Susanto, J. B., & Salim, S. (2021). Pengaruh Environmental Performance, Earning Persistence, Dan Economic Value Added Terhadap Firm Value. Jurnal Paradigma Akuntansi, 3(3), 993–1000. https://doi.org/10.24912/jpa.v3i3.14881
Tarumingkeng, R. C. (2024). Sustainable Finance and ESG Integration. In RUDYCT e-PRESS. Bogor: RUDYCT e-PRESS.
Tobing, R. T. L., Prasetyo, T. J., & Azhar, R. (2022). Pengaruh Economic Value Added, Leverage dan Profitabilitas terhadap Nilai Perusahaan Food dan Beverage. E-Journal Field of Economics, Business and Entrepreneurship, 1(3), 327–333. https://doi.org/10.23960/efebe.v1i3.46
Toro, A. A. L., Teba, E. M. S., Márquez, M. D. B., & Fernández, M. R. (2021). Influence of ESGC indicators on financial performance of listed pharmaceutical companies alberto. International Journal of Environmental Research and Public Health, 18(9). https://doi.org/10.3390/ijerph18094556
Wibowo, D. R. P., Relawati, R., & Shodiq, W. M. (2022). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Perusahaan Pertanian Di Bei Tahun 2018. Surplus: Jurnal Riset Mahasiswa Ekonomi, Manajemen, Dan Akuntansi, 1(2), 106–117. https://doi.org/10.35449/surplus.v1i2.390
Wooldridge, J. M. (2010). Econometric Analysis of Cross Section and Panel Data. In The MIT Press Cambridge (Vol. 50). London: The MIT Press Cambridge. https://doi.org/10.1007/978-3-319-60783-2_6
Wu, Q., & Satjawathee, T. (2024). The Real Value of CSR Performance in the NEV Industry : Evidence from China. International Journal of Financial Studies, 12(106), 1–19. https://doi.org//10.3390/ ijfs12040106
Yasah, A. D., Ajuj, S. S., Fardani, L. K. A., Hidayat, R., & Ikaningtyas, M. (2024). Keterlibatan Pemangku Kepentingan dalam Perencanaan dan Pengembangan Bisnis Berkelanjutan. JURNAL MEDIA AKADEMIK (JMA), 2(4), 1–16. https://doi.org/10.62281
Yastami, K. C., & Dewi, P. E. D. M. (2022). Pengaruh Pengungkapan Sustainability Report, Earning Per Share, Dan Return on Equity Terhadap Return Saham. Vokasi : Jurnal Riset Akuntansi, 11(02), 159–169. https://doi.org/10.23887/vjra.v11i02.48652
Yu, X., & Xiao, K. (2022). Does ESG Performance Affect Firm Value? Evidence from a New ESG-Scoring Approach for Chinese Enterprises. Sustainability (Switzerland), 14(24), 1–40. https://doi.org/10.3390/su142416940
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Mutiara Zahrani, Arif Darmawan
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
