Pengaruh Profitabilitas, Growth Opportunity, Struktur Modal, dan Green Innovation terhadap Nilai Perusahaan: Studi pada Perusahaan Sektor Energi di Bursa Efek Indonesia Periode 2019-2023

Rachel Dian Permata Lumowa; Ni Putu Santi Suryantini

doi:10.55606/jimek.v5i3.8018

Authors

Rachel Dian Permata Lumowa Universitas Udayana
Ni Putu Santi Suryantini Universitas Udayana

DOI:

https://doi.org/10.55606/jimek.v5i3.8018

Keywords:

Capital Structure, Firm Value, Green Innovation, Growth Opportunity, Profitability

Abstract

The energy sector has been one of the most dominant sectors on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. This is evident in the high trading activity in terms of both volume and value of stock transactions of companies operating in the energy sector, such as coal mining, oil and gas, and new and renewable energy. However, amidst these achievements, the energy sector also faces significant challenges. Fluctuations in global commodity prices, dependence on fossil fuels, changes in government policies, and demands for a transition to renewable energy have put significant pressure on the stability of financial performance and the value of companies in this sector. Furthermore, pressure from stakeholders regarding curiosity and environmental issues has encouraged companies to focus not only on financial aspects but also on social and environmental aspects, one of which is through green innovation. Company value, as a key indicator in attracting investors, is an important measure for assessing how the market views a company's performance and long-term prospects. This study aims to examine the effect of profitability, growth opportunities, capital structure, and green innovation on company value in energy sector companies listed on the IDX during the 2019–2023 period. Firm value is measured using the Tobin's Q ratio, which reflects the market's assessment of the firm's overall asset value. The supporting method used is a quantitative method with a descriptive and verification approach, and multiple linear regression analysis with SPSS software. The sample in this study consisted of 25 companies selected using a purposive sampling technique based on certain criteria. The results show that the four independent variables—profitability, growth opportunities, capital structure, and green innovation—have a positive and significant influence on firm value.

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