KnE Social Sciences

Published date: Sep 17 2025

Journal Title: KnE Social Sciences

Issue title: The Mercu Buana Ecobiz Energy International Conference: Innovation and Operational Efficiency in Energy Business

Pages: 103 - 115

DOI: 10.18502/kss.v10i22.19741

Riska Rosdianariska.rosdiana@mercubuana.ac.idUniversitas Mercu Buana, Jakarta

Irvan HermalaUniversitas Mercu Buana, Jakarta

Iwan FirdausUniversitas Mercu Buana, Jakarta

Fathihani FathihaniUniversitas Dian Nusantara, Jakarta

Leni Nur PratiwiUniversitas Widyatama, Bandung

This study examines how green finance, environmental performance, and corporate social responsibility disclosure influence firm value via financial performance within the Sri-Kehati index from 2018 to 2022. Using a purposive sampling technique, the research included seven out of 15 companies listed in the index. Secondary data from annual and sustainability reports was analyzed using a panel data regression model in E-Views 10 software. The findings indicate that green finance has a negative and insignificant effect on both financial performance and firm value. Conversely, environmental performance shows a positive and significant impact on both financial performance and firm value. Additionally, economic performance has a positive and significant impact on firm value. When considering financial performance as a moderating variable, green finance has a negligible negative effect on company value, while environmental performance, acting as a mediating variable, has a significant, negative impact on company value through financial performance.

Keywords: green finance, environmental performance, firm value, financial performance, Sri-Kehati

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