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All Journal Owner : Riset dan Jurnal Akuntansi Jurnal ULTIMA Accounting
Freshtriana, Freshtriana
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Economics, Econometrics & Finance

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The Effect of Greenwashing on Company Value Freshtriana, Freshtriana; Kim, Sung Suk
Owner : Riset dan Jurnal Akuntansi Vol. 9 No. 1 (2025): Artikel Riset Periode Januari 2025
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v9i1.2511

Abstract

Comparing manufacturing companies in LQ45, this research examines the effect of greenwashing on company value. For the past few decades, environmental issues have become a major concern for investors, the public, and other stakeholders. This has encouraged businesses to implement stricter environmental responsibility practices. To find the appropriate regression model, the study used the Hausman and LM tests. The results indicate that the random effects model is more suitable. With a coefficient of 0.0163, the regression analysis shows that greenwashing has a significant positive effect on company value. In addition, control variables such as the use of debt funds, age, and investment in fixed assets increase the value of the company, while the LIK and GROWTH variables decrease it. This finding indicates that the market tends to respond to greenwashing in company assessments, and emphasizes that businesses should optimize their investments in sustainable projects to enhance their overall value. This research enhances our understanding of the relationship between greenwashing practices and company value, as well as the effect of greenwashing practices on sustainable business strategies.
THE IMPACT OF GREENWASHING ON FIRM VALUE DURING THE PERIOD BEFORE AND DURING THE COVID-19 CRISIS IN INDONESIA Freshtriana, Freshtriana; Kim, Sung Suk
Ultimaccounting Jurnal Ilmu Akuntansi Vol 17 No 1 (2025): Ultima Accounting : Jurnal Ilmu Akuntansi 
Publisher : Universitas Multimedia Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31937/akuntansi.v17i1.4127

Abstract

Abstract - This study examines the effect of greenwashing on firm valuation in Indonesia using panel data from 2018 to 2022. The research aims to determine whether greenwashing negatively impacts firm value, particularly during times of crisis. The results indicate a significant negative relationship between greenwashing practices and firm value, especially during crisis periods such as the COVID-19 pandemic. These findings underscore the importance of transparency in sustainability reporting and suggest that investors are becoming more critical of greenwashing claims. This study contributes to the growing body of literature on corporate sustainability and greenwashing, offering valuable insights into how misleading environmental claims can affect firm performance. It also has important implications for policymakers, investors, and companies in encouraging genuine sustainability efforts. Firms are urged to adopt authentic and verifiable sustainability practices, as failure to do so may erode investor trust and firm value. Overall, the study emphasizes the risks associated with deceptive sustainability reporting in a more environmentally conscious market. Keywords: Greenwashing; Firm Value; Crisis; ESG; Statistical Analysis 
Co-Authors Sung Suk Kim