Penerapan green finance dan pelaporan keberlanjutan pada nilai perusahaan sektor properti di bursa efek Indonesia tahun 2021-2024

Abstract

This study aims to examine the effect of green finance and sustainability reporting on firm value in property and real estate companies listed on the Indonesia Stock Exchange during the 2021–2024 period. The background of this research is driven by the increasing demand for sustainable business practices, particularly in the property sector, which significantly contributes to global energy consumption and carbon emissions. Although sustainable finance has become a regulatory priority, previous studies have shown inconsistent findings regarding its impact on firm value. This research employs a quantitative approach using panel data regression analysis. The sample was selected through purposive sampling, resulting in 58 companies with a total of 232 observations. Based on the Chow, Hausman, and Lagrange Multiplier tests, the Random Effect Model (REM) was determined as the most appropriate model. Firm value was measured using Tobin’s Q ratio, green finance was measured using a green finance disclosure index, and sustainability reporting was measured using the Sustainability Report Disclosure Index (SRDI) based on GRI Standards. The results indicate that partially, green finance does not have a significant effect on firm value, while sustainability reporting has a positive and significant effect on firm value. Simultaneously, green finance and sustainability reporting significantly influence firm value, with a coefficient of determination of 76%. The findings suggest that sustainability disclosure transparency is more appreciated by the market compared to the direct implementation of green financing in enhancing firm value in the property sector.