Holiawati, Dwi Siska Yulianti, Nofryanti

Pengaruh Green Accounting Dan Free Cash Flow Terhadap Nilai Perusahaan Dengan Green Intellectual Capital Sebagai Variabel Moderasi

Introduction

Pengaruh green accounting dan free cash flow terhadap nilai perusahaan dengan green intellectual capital sebagai variabel moderasi. Teliti Green Accounting & Free Cash Flow terhadap Nilai Perusahaan, dimoderasi Green Intellectual Capital. Akuntansi hijau positif tingkatkan nilai perusahaan di IDX.

Abstract

Firm value is an important indicator of corporate performance, particularly in the consumer non-cyclical sector, which is considered defensive yet remains under pressure from environmental and sustainability issues. This study aims to analyze the effect of Green accounting and Free cash flow on firm value with Green intellectual capital as a moderating variable. The research focused on 53 consumer non-cyclical companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2023 period, resulting in 159 data observations. The study employed a quantitative approach with purposive sampling, panel data regression analysis, and Moderated Regression Analysis (MRA). The findings reveal that Green accounting has a positive and significant effect on firm value, confirming that environmentally friendly accounting practices provide positive signals to investors and enhance market confidence. In contrast, Free cash flow shows a negative and insignificant effect on firm value, indicating that cash flow flexibility is not considered a key determinant of firm value. Furthermore, Green intellectual capital does not moderate the relationship between Green accounting and firm value, and even weakens the effect of Free Cash Flow. These results highlight that firm value is more strongly influenced by sustainability strategies through Green accounting, while the utilization of Free cash flow requires better governance to optimize its role in supporting long-term value creation. Keywords: Green accounting, Free Cash Flow, Green intellectual capital, Firm Value

Review

This study provides a timely and relevant analysis of factors influencing firm value within Indonesia's consumer non-cyclical sector, a segment facing increasing pressure regarding environmental and sustainability issues. Focusing on Green accounting, Free cash flow, and Green intellectual capital, the research employs a robust quantitative approach, utilizing panel data regression and Moderated Regression Analysis on a significant dataset of 159 observations over three years. The clear objective to assess direct and moderating effects contributes meaningfully to the ongoing discourse on corporate sustainability and financial performance in emerging markets. The findings offer several critical insights. Notably, Green accounting demonstrates a positive and significant impact on firm value, affirming the importance of environmentally friendly practices in signaling corporate responsibility and boosting investor confidence. Conversely, the negative and insignificant effect of Free cash flow on firm value, along with Green intellectual capital's unexpected weakening moderation, suggests that the mere presence of cash flow flexibility is insufficient without strategic governance. This highlights a crucial distinction: while sustainability strategies through Green accounting are potent value drivers, the utilization of Free cash flow requires deliberate management to contribute positively to long-term value creation. While the study effectively addresses its objectives and provides valuable quantitative evidence, the nuanced findings regarding Free cash flow and Green intellectual capital invite further exploration. The abstract hints at a need for "better governance" for Free cash flow, suggesting that future research could delve into the specific mechanisms or governance structures that could optimize its role in creating value, particularly in the context of sustainability initiatives. Similarly, a deeper investigation into the conceptualization and measurement of Green intellectual capital might shed light on why it did not moderate the Green accounting-firm value relationship and how it specifically weakens the Free cash flow effect, potentially revealing unique dynamics within the Indonesian corporate landscape.

Full Text

Comments

You need to be logged in to post a comment.