Pengaruh Carbon Emission Disclosure, Green Innovation, dan CSR terhadap Nilai Perusahaan: Profitabilitas Sebagai Variabel Moderasi - Putri Wahyuning Tyas; Susi Handayani (Balance : Jurnal Akuntansi dan Manajemen, 2026)
Penelitian ini bertujuan untuk menganalisis pengaruh carbon emission disclosure, green innovation, dan CSR terhadap nilai perusahaan dengan profitabilitas sebagai variabel moderating. Penelitian menggunakan pendekatan kuantitatif dengan data sekunder berupa laporan tahunan dan laporan keberlanjutan perusahaan sektor pertambangan yang terdaftar di Bursa Efek Indonesia periode 2021–2024. Sampel penelitian diperoleh melalui teknik purposive sampling sehingga menghasilkan 26 perusahaan dengan total 104 observasi. Metode analisis yang digunakan meliputi statistik deskriptif, uji asumsi klasik, regresi linier berganda, serta moderated regression analysis (MRA). Hasil penelitian menunjukkan bahwa carbon emission disclosure, green innovation, dan CSR berpengaruh negatif terhadap nilai perusahaan. Temuan ini mengindikasikan bahwa pasar masih memandang praktik keberlanjutan sebagai biaya jangka pendek yang berpotensi menekan profitabilitas dan arus kas perusahaan. Namun demikian, profitabilitas terbukti mampu memperkuat pengaruh carbon emission disclosure dan green innovation terhadap nilai perusahaan, meskipun memperlemah pengaruh CSR. Penelitian ini memberikan kontribusi dalam pengembangan teori legitimasi dan teori sinyal melalui penjelasan bahwa efektivitas praktik keberlanjutan terhadap nilai perusahaan sangat dipengaruhi oleh kemampuan perusahaan menghasilkan laba.   This study aims to analyze the effect of carbon emission disclosure, green innovation, and CSR on firm value with profitability as a moderating variable. This study employed a quantitative approach using secondary data derived from annual reports and sustainability reports of mining companies listed on the Indonesia Stock Exchange during 2021–2024. The sample was selected using purposive sampling, resulting in 26 companies with 104 observations. The analysis methods used include descriptive statistics, classical assumption tests, multiple linear regression, and moderated regression analysis (MRA). The findings reveal that carbon emission disclosure, green innovation, and CSR negatively affect firm value. These results indicate that the market still perceives sustainability practices as short-term costs that may reduce profitability and corporate cash flow. However, profitability was proven to strengthen the relationship between carbon emission disclosure and green innovation on firm value, although it weakened the relationship between CSR and firm value. This study contributes to the development of legitimacy theory and signaling theory by demonstrating that the effectiveness of sustainability practices in increasing firm value is strongly influenced by the company’s ability to generate profits.