PERAN KINERJA KEUANGAN DALAM MEMODERASI PENGARUH STRUKTUR MODAL DAN GREEN ACCOUNTING TERHADAP NILAI PERUSAHAAN

Abstract

This study endeavors to rigorously scrutinize the moderating capacity of financial performance in shaping the nexus between capital structure, green accounting practices, and firm value. Anchored within a quantitative research paradigm, the study capitalizes on secondary data procured from the Indonesia Stock Exchange (IDX) as well as the official digital repositories of the respective corporations under examination, with the empirical strategy operationalized through panel data regression analysis executed via EViews version 13, thereby enabling a robust longitudinal and cross-sectional assessment. The analytical corpus comprises firms enumerated within the Investor33 index, selected through a purposive sampling framework predicated upon predefined eligibility criteria, yielding a total of 95 observational units distilled from 19 firms over the temporal horizon spanning 2020 to 2024. The empirical findings reveal that, in a joint or serempakeous specification, capital structure and green accounting exert a statistically significant influence on firm value; however, a disaggregated (partial) examination elucidates that capital structure manifests a negative and statistically significant effect on firm value, whereas green accounting does not exhibit a statistically discernible impact. Moreover, financial performance demonstrably functions as a moderating variable in the relationship between capital structure and firm value, amplifying or attenuating its effect contingent upon performance levels; conversely, it fails to exhibit a moderating role in the linkage between green accounting and firm value, suggesting a limited contingent interaction within this specific relational pathway.