When Does Media Exposure Matter for Firm Value? A Johnson-Neyman Analysis of Green Innovation and Environmental Performance

Nur Prasetyo Aji (Faculty of Economics and Business, Universitas Muhammadiyah Surakarta)
Ovi Itsnaini Ulynnuha (Faculty of Economics and Business, Universitas Muhammadiyah Surakarta)
Ainun Fadhila Azzahra (Faculty of Economics and Business, Universitas Muhammadiyah Surakarta)
Nurlita Arum S (Faculty of Economics and Business, Universitas Muhammadiyah Surakarta)
Abdul Conteh (Obasanjo Skills Acquisition and Youth Transformation College)

Riset Akuntansi dan Keuangan Indonesia
Vol. 11 No. 2 (2026): Riset Akuntansi dan Keuangan Indonesia

This study investigates the effects of green innovation and environmental performance on firm value and examines the moderating role of media exposure. Using 417 firm-year observations, data were analyzed using moderated regression with SPSS PROCESS Macro Model 1 and the Johnson-Neyman technique. Results show that green innovation negatively affects firm value, while environmental performance has no significant effect. Media exposure significantly weakens the negative effect of green innovation, whereas it does not moderate the relationship between environmental performance and firm value. The Johnson-Neyman analysis confirms that the negative effect of green innovation becomes insignificant at higher levels of media exposure.