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All Journal Inspirasi Manajemen Pendidikan Transformasi Journal of Accounting Science Jurnal Ilmiah Kesehatan Diagnosis Construction and Material Journal Juminten : Jurnal Manajemen Industri dan Teknologi Jurnal Ilmu Komunikasi Dan Media JUSTER: Jurnal Sains dan Terapan Chalim Journal of Teaching and Learning TAKSONOMI Jurnal Riset dan Aplikasi: Akuntansi dan Manajemen MULTIPLE: Journal of Global and Multidisciplinary Journal of Innovative and Creativity Journal of International Multidisciplinary Research Celebes Journal of Community Services Andragogi Jurnal Pendidikan dan Pembelajaran Hikamatzu Journal of Multidisciplinary Research Jurnal Manajemen dan Akuntansi (JAME)
Ardianto
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Journal : Journal of Accounting Science

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How Green Investment Affects Stock Returns: Exploring the Role of Financial Performance Putrika, Uun; Ardianto
Journal of Accounting Science Vol. 9 No. 1 (2025): January
Publisher : Universitas Muhammadiyah Sidoarjo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21070/jas.v9i1.1938

Abstract

General Background: Green investment is increasingly recognized as a key driver of financial and environmental sustainability. Specific Background: While prior research has examined its impact on stock returns, limited studies focus on emerging markets and the moderating role of financial performance. Knowledge Gap: The relationship between green investment and stock returns remains unclear, particularly regarding the influence of Return on Assets (ROA). Aims: This study investigates the effect of green investment on stock returns and examines whether ROA moderates this relationship. Methods: A quantitative approach was applied to panel data from 10 SRI KEHATI-listed companies (2019–2023). Green investment was measured using the PROPER rating system, and panel regression analysis was conducted. Results: Findings indicate that green investment positively influences stock returns, with ROA strengthening this effect. Novelty: This study extends the literature by focusing on an emerging market and integrating ROA as a moderating factor. The use of PROPER ratings adds a novel environmental performance metric. Implications: The results highlight the need for firms to align green investment strategies with financial efficiency, offering insights for investors and policymakers to promote sustainability-driven financial growth
Co-Authors Abdul Halik Agung, Putera Ahmad Muktamar B Akmal Suryadi Ambo Dalle Andi Fitriani Djollong Arisqi, Novia Khansa Putri Ariswanto Azhima, Sheva Nuura Badri, Juarsa Candra Dinarta Darmawati Ega Saiful Subhan Gunawan HARTATI Hermansyah Ilwan Ira Rismayana ISHAK Kadir, Adriani Komariah Kori Limbong La Gufran LATIFAH Madkan Maswati Muhammad Ilyas Munawir Saharuddin Nehru Nikman Azmin Putrika, Uun Ratna Ratna Rizki Andita Noviar Sholihah, Maidatus Siti Badria Asikin Sukarni Usman, Muhammad Umair Khan Wa Aua Yusdi