The Influence of Environmental Performance and Profitability on Company Value (An Empirical Study of the Energy Sector Listed on the Indonesia Stock Exchange (IDX) for the 2020-2024 Period)

Aura Putri Azzahra; Rendi Kusuma Natita

doi:10.55681/economina.v5i7.3042

Authors

Aura Putri Azzahra Universitas Jenderal Achmad Yani Cimahi, Indonesia
Rendi Kusuma Natita Universitas Jenderal Achmad Yani Cimahi, Indonesia

DOI:

https://doi.org/10.55681/economina.v5i7.3042

Keywords:

Environmental Performance, Profitability, Firm Value

Abstract

The value of companies in the energy sector during the 2020– 2024 period showed fluctuating conditions even though some companies obtained good environmental performance ratings and relatively high levels of profitability. This condition indicates that improvements in environmental performance and profitability have not always been followed by an increase in company value, thus creating uncertainty regarding the influence of these two variables on company value. This researcher aims to determine and analyze the influence of Environmental Performance and Profitability on Company Value. The objects of this study are Energy companies listed on the Indonesia Stock Exchange (IDX) for the 2020–2024 period. Environmental Performance in this study was measured using the company performance rating program in environmental management (PROPER), Profitability was measured using Return On Assets (ROA). Company Value was measured using Tobin's Q. The data collection method used purposive sampling . The research sample was 10 companies with 50 sample data. The data analysis technique used was Multiple Linear Regression using IBM SPSS version 27. The results of this study indicate that Environmental Performance has no positive effect on Company Value, Profitability has a positive effect on Company Value, Environmental Performance and Profitability simultaneously affect Company Value.

Downloads

Download data is not yet available.

References

Anggreni, S. M., Sisdiyani, E. A., & Badera, I. D. N. (2025). Enhancing firm value through green accounting and environmental performance: The mediating effect of profitability. Jurnal Dinamika Akuntansi, 17(1), 50–64. https://doi.org/10.15294/JDA.V17I1.10242

Angraeni, S., Situmorang, M., & Fadilah, H. (2020). Pengaruh environmental performance, environmental cost dan environmental disclosure terhadap nilai perusahaan. Jurnal Online Mahasiswa Bidang Akuntansi, 7(4), 14–21.

Arofah, A. A., & Maharani, D. A. (2021). Determinasi implementasi akuntansi lingkungan dan kinerja lingkungan terhadap nilai perusahaan melalui pengungkapan informasi lingkungan. Jurnal E-Bis (Ekonomi-Bisnis), 5(2), 365–379. https://doi.org/10.37339/E-BIS.V5I2.697

Aswangga, F. B., & Widoretno, A. A. (2025). Penerapan green accounting, profitabilitas, dan good corporate governance terhadap nilai perusahaan (Studi kasus perusahaan sektor food and beverage yang terdaftar di Bursa Efek Indonesia tahun 2021–2023). Ratio: Reviu Akuntansi Kontemporer Indonesia, 6(1). https://doi.org/10.30595/RATIO.V6I1.23922

Azahra, R., & Sulistyowati, E. (2025). Pengaruh profitabilitas dan kinerja lingkungan terhadap nilai perusahaan: Studi pada perusahaan sub sektor food and beverage. Equilibrium: Jurnal Ilmiah Ekonomi, Manajemen dan Akuntansi, 14(2).

Cahyani, N. K. S. I., Pradnyani, N. L. P. S. P., & Artaningrum, R. G. (2023). The effect of profitability, liquidity, and company size on company value in the banking subsector. International Journal of Pertapsi, 1(1), 32–40. https://doi.org/10.9744/IJP.1.1.32-40

Cahyanto, B. D., & Budiman, A. I. (2025). The influence of environmental performance, green accounting, and profitability on firm value: A study on energy and basic materials companies listed on the IDX and PROPER (2019–2023).

Amalia, D. A., Mulyandini, C. V., Ekonomi dan Bisnis, F., & Jenderal Achmad Yani, U. (2024). Pengaruh kepemilikan institusional dan kinerja lingkungan terhadap financial distress (Studi kasus pada perusahaan sektor basic material periode 2018-2022). 08(01). https://doi.org/10.29040/jie.v8i1.12243

Fayza, A. N., & Hartikayanti, H. N. (2026). Profitabilitas, leverage, dan slack resources terhadap corporate social responsibility (CSR) perusahaan energi terdaftar di Bursa Efek Indonesia periode 2019–2023. Ekonomis: Journal of Economics and Business, 10(1), 672-679.

Fristianti, E., Novi, & Komara, A. (2023). The effect of environmental costs, environmental disclosure, environmental performance, and profitability on firm value. Journal of Research in Social Science, Economics and Management, 3(8). https://doi.org/10.59141/JRSSEM.V3I08.559

Ghozali, I. (2021). Aplikasi analisis multivariate dengan program IBM SPSS 26 (10th ed.). Badan Penerbit Universitas Diponegoro.

Gunawan, B., & Berliyanda, K. L. (2024). Pengaruh green accounting, pengungkapan emisi karbon, dan kinerja lingkungan terhadap nilai perusahaan. Reviu Akuntansi dan Bisnis Indonesia, 8(1), 33–50. https://doi.org/10.18196/RABIN.V8I1.22027

Herawantho, M. M. P., & Yuyetta, E. N. A. (2025). Peran biaya lingkungan dan profitabilitas terhadap nilai perusahaan dengan kinerja lingkungan sebagai variabel mediasi (Studi empiris pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia 2021–2024). Diponegoro Journal of Accounting, 14(4), 1–14.

Kustinah, S. (2019). Pengaruh profitabilitas, likuiditas, leverage dan ukuran perusahaan terhadap price earning ratio. Jurnal Ilmu Sosial, 2(2).

https://doi.org/10.54783/jk.v2i2.489

Lestari, R., Ramdani, B. R., Purnamasari, P., & Nurfahmiyati, N. (2023). The impact of environmental performance on economic growth: A study of ASEAN countries. International Journal of Energy Economics and Policy, 13(5), 132–138. https://doi.org/10.32479/IJEEP.14508

Luthfiyah, S. H., & Mardiana. (2024). Pengaruh pertumbuhan perusahaan, profitabilitas, dan kinerja lingkungan terhadap nilai perusahaan pada perusahaan sektor barang baku. Indonesian Journal Accounting (IJAcc). https://doi.org/10.33050/IJACC.V5I1.3105

Muqorobin, M. M., & Simamora, A. J. (2025). Effect of environmental performance on firm value in Indonesian stock exchange: Intervening role of profitability. Journal of Trends Economics and Accounting Research, 5(4), 507–515. https://doi.org/10.47065/JTEAR.V5I4.1925

Pertiwi, R. A., & Januarti, I. (2025). Kinerja lingkungan dan biaya lingkungan: Faktor penentu nilai perusahaan di era keberlanjutan. Owner, 9(2). https://doi.org/10.33395/OWNER.V9I2.2668

Pratama, H. N., & Fitriah, E. (2024). Penerapan kinerja lingkungan terhadap kinerja perusahaan di PT XYZ Tbk. Jurnal Riset Akuntansi, 37–42. https://doi.org/10.29313/JRA.V4I1.3809

Pratami, Y., & Jamil, P. C. (2023). Pengaruh profitabilitas dan struktur modal terhadap nilai perusahaan pada Bursa Efek Indonesia. Jurnal Ekonomi KIAT, 34(2).

Putri, A. N. A., & Fitriah, E. (2025). Pengaruh kinerja lingkungan terhadap nilai perusahaan. Jurnal Riset Akuntansi, 59–64. https://doi.org/10.29313/JRA.V5I1.6592

Putri, M. K., & Susanti, E. (2023). Kinerja lingkungan, biaya lingkungan dan nilai perusahaan dengan profitabilitas sebagai variabel moderating. E-Jurnal Akuntansi, 33(2), 541–556. https://doi.org/10.24843/EJA.2023.V33.I02.P18

Putri, S. F., & Windiarti, S. (2026). Profitabilitas memoderasi akuntansi hijau dan pengungkapan emisi karbon terhadap nilai perusahaan. Akuntansi Bisnis & Manajemen (ABM), 33(1), 15–31. https://doi.org/10.35606/JABM.V33I1.1741

Romli, & Zaputra, A. R. R. (2021). Pengaruh implementasi green banking, corporate social responsibility terhadap nilai perusahaan pada perusahaan perbankan yang terdaftar di BEI. Portofolio: Jurnal Ekonomi, Bisnis, Manajemen dan Akuntansi, 18(2). https://doi.org/10.26874/portofolio.v18i2.214

Silvia, W. I., & Mariana. (2025). Pengaruh green accounting dan kinerja lingkungan terhadap nilai perusahaan melalui profitabilitas sebagai variabel intervening. https://doi.org/10.21927/IJMA.2025.6(1).67-79

Sugiyono. (2023). Metode penelitian kuantitatif, kualitatif, dan R&D. Alfabeta.

Suzan, L., & Ramadhani, N. I. (2023). Firm value factors: The effect of intellectual capital, managerial ownership, and profitability. Jurnal Akuntansi, 27(3), 401–420. https://doi.org/10.24912/JA.V27I3.1487

Tiara, C., & Jayanti, D. (2022). Pengaruh Green Banking, Firm Age dan Firm Size terhdap Nilai Perusahaan. Retrieved from Jurnal Pendidikan Akuntansi dan Keuangan: https://doi.org/10.17509/jpak.v10i2.44526