Peran Kinerja Keuangan dalam Memediasi Kinerja Lingkungan, Kepemilikan Institusional, dan Modal Intelektual terhadap Nilai Perusahaan

Vikananda Dwi Lestari; Mar'a Elthaf Ilahiyah

doi:10.70716/emis.v4i3.860

Authors

Vikananda Dwi Lestari Program Studi Magister Akuntansi, Sekolah Tinggi Ilmu Ekonomi Surabaya (STIESIA), Indonesia Author
Mar'a Elthaf Ilahiyah Program Studi Magister Akuntansi, Sekolah Tinggi Ilmu Ekonomi Surabaya (STIESIA), Indonesia Author

DOI:

https://doi.org/10.70716/emis.v4i3.860

Keywords:

environmental performance, institutional ownership, intellectual capital, financial performance, firm value

Abstract

Increasing firm value is one of the primary objectives of companies in facing increasingly competitive business conditions. This study aims to analyze the role of financial performance in mediating the effects of environmental performance, institutional ownership, and intellectual capital on firm value among manufacturing companies listed on the Indonesia Stock Exchange during the 2021–2024 period. This study employs a quantitative approach involving a sample of 33 companies with 132 observations selected based on predetermined criteria. Data were analyzed using multiple linear regression and the Sobel test to examine both direct and indirect relationships among the variables. The results indicate that environmental performance and intellectual capital have a positive and significant effect on firm value and financial performance. In contrast, institutional ownership has no significant effect on either firm value or financial performance. Financial performance is proven to mediate the effects of environmental performance and intellectual capital on firm value, but it does not mediate the effect of institutional ownership. These findings highlight the importance of managing environmental aspects and intellectual capital to improve financial performance and enhance firm value sustainably.

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