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All Journal BAKI (Berkala Akuntansi dan Keuangan Indonesia)
Vanisa Ratna Sari
Unknown Affiliation
Humanities Economics, Econometrics & Finance Education Social Sciences

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MEDIA EXPOSURE AS A GAME CHANGER: PANEL DATA ANALYSIS OF SUSTAINABILITY IMPACT ON FIRM VALUATION Vanisa Ratna Sari; Hanifah, Umi; Suhatmi, Erna Chotidjah
Berkala Akuntansi dan Keuangan Indonesia Vol. 10 No. 2 (2025): Berkala Akuntansi dan Keuangan Indonesia
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/baki.v10i2.74142

Abstract

This study analyzes the impact of Carbon Emission Disclosure (CED), Carbon Performance (CP), and Green Intellectual Capital (GIC) on firm value, with Media Exposure (ME) acting as a moderating variable. The research focuses on energy companies listed on the Indonesia Stock Exchange (IDX) during the 2021-2024 period. Using panel data analysis, the Random Effect Model (REM) was identified as the most appropriate model after conducting Chow, Hausman, and Lagrange Multiplier tests, as well as classical assumption tests (normality, multicollinearity, heteroscedasticity, and autocorrelation). The findings indicate that CED, CP, and GIC significantly influence firm value. However, Moderated Regression Analysis (MRA) revealed that ME only moderates the relationship between GIC and firm value, failing to moderate the effects of CED and CP. This suggests that media coverage concerning a company's green innovations and sustainability practices effectively enhances investor visibility and understanding of intangible assets, thereby contributing to positive perception and increased confidence.
Co-Authors Suhatmi, Erna Chotidjah Umi Hanifah