Peran Family Ownership dalam Memoderasi Hubungan Antara Green Inovation Terhadap Nilai Perusahaan pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia

Empiricism Journal
Vol. 7 No. 1: March 2026

Penelitian ini bertujuan untuk menguji pengaruh green innovation terhadap nilai perusahaan serta menganalisis peran family ownership sebagai variabel moderasi pada perusahaan pertambangan yang terdaftar di Bursa Efek Indonesia periode 2020–2023. Populasi penelitian mencakup 91 perusahaan, dengan sampel sebanyak 31 perusahaan yang dipilih menggunakan teknik purposive sampling, sehingga diperoleh 124 observasi data panel. Data yang digunakan merupakan data sekunder yang diperoleh dari laporan tahunan dan laporan keuangan perusahaan. Analisis data dilakukan menggunakan regresi data panel dengan pendekatan Moderated Regression Analysis (MRA) dan diolah menggunakan aplikasi EViews 13, dengan model terpilih yaitu Random Effect Model (REM). Variabel green innovation diukur menggunakan metode skoring berbasis indikator inovasi ramah lingkungan yang diungkapkan dalam laporan perusahaan dengan rentang nilai 0,25–1,00. Family ownership diukur berdasarkan persentase kepemilikan saham oleh keluarga terhadap total saham beredar, sedangkan nilai perusahaan diproksikan dengan Tobin’s Q. Hasil penelitian menunjukkan bahwa green innovation berpengaruh positif dan signifikan terhadap nilai perusahaan (β = 1,2809; p < 0,05). Family ownership secara langsung berpengaruh negatif namun tidak signifikan terhadap nilai perusahaan (β = -1,4352; p > 0,05). Sementara itu, interaksi antara green innovation dan family ownership berpengaruh positif dan signifikan (β = 7,0163; p < 0,05), yang menunjukkan bahwa family ownership memperkuat pengaruh green innovation terhadap nilai perusahaan. Nilai koefisien determinasi (Adjusted R²) sebesar 0,03 menunjukkan bahwa kemampuan model dalam menjelaskan variasi nilai perusahaan masih terbatas. Temuan ini mengindikasikan bahwa penerapan inovasi ramah lingkungan mampu meningkatkan nilai perusahaan, terutama pada perusahaan dengan kepemilikan keluarga yang lebih tinggi. Namun demikian, hasil penelitian perlu diinterpretasikan secara hati-hati mengingat keterbatasan model dan potensi bias pengukuran variabel. The Role of Family Ownership in Moderating the Relationship Between Green Innovation and Corporate Value in Mining Companies Listed on the Indonesia Stock Exchange Abstract This study aims to examine the effect of green innovation on firm value and to analyze the role of family ownership as a moderating variable in mining companies listed on the Indonesia Stock Exchange during the 2020–2023 period. The population consists of 91 companies, with a sample of 31 companies selected using purposive sampling, resulting in 124 panel data observations. The data used are secondary data obtained from annual reports and financial statements. Data analysis was conducted using panel data regression with the Moderated Regression Analysis (MRA) approach and processed using EViews 13, with the selected model being the Random Effect Model (REM). Green innovation is measured using a scoring method based on indicators of environmentally friendly innovation disclosed in company reports, with a value range of 0.25–1.00. Family ownership is measured by the percentage of family shareholding relative to total outstanding shares, while firm value is proxied by Tobin’s Q. The results show that green innovation has a positive and significant effect on firm value (β = 1.2809; p < 0.05). Family ownership has a negative but insignificant direct effect on firm value (β = -1.4352; p > 0.05). Meanwhile, the interaction between green innovation and family ownership has a positive and significant effect (β = 7.0163; p < 0.05), indicating that family ownership strengthens the effect of green innovation on firm value. The coefficient of determination (Adjusted R²) is 0.03, indicating that the model has limited explanatory power in explaining variations in firm value. These findings suggest that the implementation of green innovation can enhance firm value, particularly in companies with higher family ownership. However, the results should be interpreted with caution due to model limitations and potential measurement bias in the variables.