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All Journal Jurnal Management Risiko dan Keuangan
Azizah, Zelfi Nur
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Decision Sciences, Operations Research & Management

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Green Innovation, Environmental Management Accounting, and Environmental Performance: Their Impact on Firm Value Azizah, Zelfi Nur; Wijayanti, Risna
Jurnal Management Risiko dan Keuangan Vol. 4 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

Purpose – This study aims to analyze the relationships between green innovation, Environmental Management Accounting (EMA), and firm value, with environmental performance as a mediating variable.   Design/methodology/approach –  This research uses a quantitative approach with purposive sampling. The sample consists of 38 energy-sector companies listed on the Indonesia Stock Exchange during 2019–2022. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4 to examine direct and indirect relationships among variables.   Findings – The results show that green innovation and EMA significantly affect firm performance. Green innovation also has a significant effect on environmental performance. However, environmental performance does not mediate the relationship between green innovation, EMA, and firm value.   Originality/value – This study contributes to sustainability and corporate finance literature by providing evidence that environmental performance does not necessarily act as a mediating mechanism in linking green practices to firm value in the energy sector.
Co-Authors Wijayanti, Risna