MEDIASI PROFITABILITAS PADA PENGARUH GREEN FINANCE TERHADAP NILAI PERUSAHAAN SEKTOR PERBANKAN DI INDEKS SRI KEHATI

Zulfikar Ramadhan (Universitas Muhammadiyah Jakarta)
Azizatul Munawaroh (Universitas Muhammadiyah Jakarta)
Eloh Bahiroh (Universitas Muhammadiyah Jakarta)
Cut Aldira Bunga Nanggro (Universitas Muhammadiyah Jakarta)

Media Ekonomi
Vol. 33 No. 2 (2025): Oktober

This study examines the effect of green finance on firm value and the mediating role of profitability among Indonesian banks included in the SRI-KEHATI Index. This study uses panel data from banks included in the SRI-KEHATI Index for the period 2018–2025. The data used are secondary data obtained from annual reports, sustainability reports, and the companies’ financial statements. Data analysis was conducted using path analysis with the assistance of EViews 13. The results of the study indicate that green finance has a positive but insignificant effect on firm value and profitability. Profitability also has a positive but insignificant effect on firm value. Furthermore, the results of the Sobel test indicate that profitability does not mediate the effect of green finance on firm value. These findings suggest that the implementation of green finance in the Indonesian banking sector has not yet been able to significantly improve financial performance or firm value during the study period; thus, the economic benefits of green finance tend to be long-term in nature and are not yet fully reflected in profitability or market valuation.