Strategi Hijau untuk Nilai Perusahaan yang Lebih Tinggi: Analisis Green Investment, Green Innovation, dan Reputasi ESG Perusahaan di Sektor Energi
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Abstract
Penelitian ini menelaah keterkaitan antara green investment, green innovation, dan reputasi berbasis ESG dengan nilai perusahaan pada sektor energi di Indonesia, di tengah meningkatnya perhatian terhadap isu keberlanjutan sebagai sumber penciptaan nilai. Menggunakan data perusahaan publik, studi ini berangkat dari pertanyaan sederhana: apakah strategi keberlanjutan benar-benar dibaca pasar sebagai sesuatu yang bernilai. Hasil penelitian menunjukkan bahwa green investment tidak berpengaruh signifikan terhadap nilai perusahaan yang mengindikasikan bahwa pasar belum sepenuhnya memandang investasi hijau sebagai sinyal nilai ekonomi yang kuat. Green innovation menunjukkan potensi untuk meningkatkan nilai perusahaan, tetapi pengaruh tersebut sangat bergantung pada kondisi tertentu, terutama kesiapan kapabilitas internal, dukungan teknologi, dan keselarasan dengan arah transisi energi jangka panjang. Sementara itu, reputasi berbasis ESG tidak terbukti berpengaruh terhadap nilai perusahaan, mencerminkan bahwa investor masih lebih menekankan indikator finansial tradisional dibandingkan reputasi non-keuangan. Temuan ini menegaskan bahwa keberlanjutan bukanlah jalan pintas menuju peningkatan nilai perusahaan, melainkan proses jangka panjang yang manfaat ekonominya baru terasa ketika strategi, kapabilitas, dan konteks pasar saling mendukung.
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