Impact of Green Investment and ESG Disclosure on Firm Value in the Mining Sector 2020-2024
Keywords:
Green Investment, Mining SECTOR, ESG Disclosure, Tobin’s Q, PROPERAbstract
This study aims to analyze the effect of green investment, ESG disclosure, and firm size as moderating variables on firm value in the mining sector listed on the Indonesia Stock Exchange during the 2020–2024 period. This study employs a quantitative approach using panel data regression via Moderated Regression Analysis (MRA). The sample consists of mining sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period, totaling 65 observations. The results of this study indicate that green investment, proxied by PROPER, does not have a significant effect on firm value, as it reflects compliance with regulations rather than sustainability strategies valued by the market. ESG disclosure has a significant effect on firm value, but the coefficient is negative. Furthermore, firm size does not moderate the relationship between green investment and ESG disclosure on firm value. However, green investment, ESG disclosure, and firm size collectively have a significant effect. This study is expected to provide implications for company management, regulators, and investors to improve the quality of implementation and the transparency of sustainability and governance practices, thereby providing relevant positive signals that enhance the firm’s long-term value.
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