Peran Inovasi Hijau dan Transparansi Lingkungan dalam Kinerja Keuangan Sektor Energi

Angel Fernindhia, Clara Susilawati, Clara Susilawati

Abstract


Tujuan Penelitian: Penelitian ini bertujuan untuk mengeksplorasi Pengaruh Green Product Innovation, Green Process Innovation, dan Environmental Disclosure terhadap Kinerja Keuangan Perusahaan Energi di Indonesia. 

Metode Penelitian: Penelitian ini mengunakan pendekatan kuantitatif. Populasi yang diteliti yaitu perusahaan energi yang terdaftar di BEI pada periode tahun 2022-2024. Untuk menentukan sampek mengunakan Teknik purposive sampling dengan memberikan beberapa kriteria pada penelitian, pada akhirnya menghasilkan 66 sampel. Penelitian ini mengunakan data sekunder yang diambil dari laporan keberlanjutan dan laporan tahunan perushaan energi yang secara resti diterbitkan BEI. Data kemudian dioleh megunakan bantuan software IBM SPSS versi 27

Originalitas/Novelty: Kebaruan penelitian ini terletak pada objek penelitian (sektor energi Indonesia), model integratif tiga variabel keberlanjutan, serta temuan empiris yang membedakan peran inovasi proses dan produk hijau terhadap kinerja keuangan.

Hasil Penelitian: Penelitian ini menunjukkan bahwa Green Process Innovation dan Environmental Disclosure berpengaruh positif signifikan terhadap ROA, sedangkan Green Product Innovation tidak berpengaruh signifikan karena manfaatnya bersifat jangka panjang pada sektor energi.

Implikasi: Perusahaan energi perlu memfokuskan strategi keberlanjutan pada efisiensi proses dan keterbukaan lingkungan karena keduanya terbukti meningkatkan kinerja keuangan, sementara inovasi produk hijau lebih tepat diposisikan sebagai strategi jangka panjang. Dan juga secara teoritis, penelitian ini memperkuat perspektif NRBV dengan menunjukan bahwa tidak seluruh bentuk inovasi hijau memberikan dampak finansial secara langsung, dan juga menegaskan pentingnya perbedaan anatara inovasi proses dan produk dalam menjelaskan kinerja keuangan perusahaan.

 

Research Objectives: This study aims to examine the effects of Green Product Innovation, Green Process Innovation, and Environmental Disclosure on the financial performance of energy companies in Indonesia.

Research Method: This study employs a quantitative approach. The population consists of energy companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 period. The sample was selected using a purposive sampling technique based on specific criteria, resulting in 66 observations. The study uses secondary data obtained from the sustainability reports and annual reports of energy companies officially published by the IDX. The data were then analyzed using IBM SPSS version 27.

Originality/Novelty: The novelty of this study lies in its research focus on the Indonesian energy sector, the integrative model of three sustainability variables, and the empirical findings that distinguish the roles of green process innovation and green product innovation in influencing financial performance.

Research Results: This study shows that Green Process Innovation and Environmental Disclosure have a positive and significant effect on ROA, while Green Product Innovation has no significant effect because its benefits are long-term in nature within the energy sector

Implications: Energy companies should focus their sustainability strategies on process efficiency and environmental disclosure, as both have been shown to enhance financial performance, while green product innovation is more appropriately positioned as a long-term strategy. From a theoretical perspective, this study strengthens the Natural Resource-Based View (NRBV) by demonstrating that not all forms of green innovation generate immediate financial benefits and by emphasizing the importance of distinguishing between process and product innovations in explaining firms’ financial performance.


Full Text:

PDF

References


Agustia, D., Sawarjuwono, T., & Dianawati, W. (2019). The mediating effect of environmental management accounting on green innovation - Firm value relationship. International Journal of Energy Economics and Policy, 9(2), 299–306. https://doi.org/10.32479/ijeep.7438

Dangelico, R. M., & Pujari, D. (2010). Mainstreaming Green Product Innovation: Why and How Companies Integrate Environmental Sustainability. Journal of Business Ethics, 95(3), 471–486. https://doi.org/10.1007/s10551-010-0434-0

Deswanto, R. B., & Siregar, S. V. (2018a). The associations between environmental disclosures with financial performance, environmental performance, and firm value. Social Responsibility Journal, 14(1), 180–193. https://doi.org/10.1108/SRJ-01-2017-0005

Deswanto, R. B., & Siregar, S. V. (2018b). The associations between environmental disclosures with financial performance, environmental performance, and firm value. Social Responsibility Journal, 14(1), 180–193. https://doi.org/10.1108/SRJ-01-2017-0005

Duque‐Grisales, E., Aguilera‐Caracuel, J., Guerrero‐Villegas, J., & García‐Sánchez, E. (2020). Does green innovation affect the financial performance of Multilatinas? The moderating role of ISO 14001 and R&D investment. Business Strategy and the Environment, 29(8), 3286–3302. https://doi.org/10.1002/bse.2572

Fauzi Asila, N. (n.d.). Pengungkapan Lingkungan, Inovasi Teknologi Ramah Lingkungan dan Kinerja Keuangan Perusahaan Manufaktur di Indonesia Environmental Disclosure, Green Technology Innovation, and Financial Performance of Manufacturing Companies in Indonesia.

Hart, S. L., & Dowell, G. (2011). Invited Editorial: A Natural-Resource-Based View of the Firm. Journal of Management, 37(5), 1464–1479. https://doi.org/10.1177/0149206310390219

Ji, H., Zhou, S., Wan, J., & Lan, C. (2024). Can green innovation promote the financial performance of SMEs ? Empirical evidence from China. Corporate Social Responsibility and Environmental Management, 31(2), 1288–1302. https://doi.org/10.1002/csr.2633

Jia, G., & Kassim, A. A. M. (2024). The Effect of Green Innovation on Corporate Financial Performance: A Literature Review. Journal of Theory and Practice of Management Science, 4(05), 13–20. https://doi.org/10.53469/jtpms.2024.04(05).02

Kusmayadi, D., & Firmansyah, I. (2023). Environmental Disclosure and Efficiency Performance of Energy Company: Case Study of Indonesia. International Journal of Energy Economics and Policy, 13(1), 374–381. https://doi.org/10.32479/ijeep.13836

Lu, Z., & Li, H. (2023). Does environmental information disclosure affect green innovation? Economic Analysis and Policy, 80, 47–59. https://doi.org/10.1016/j.eap.2023.07.011

Pangestu, S. P., & Wijayanto, A. (2020). Pengaruh Return On Assets (ROA), Return On Equity (ROE), Earning Per Share (EPS), Price Earning Ratio (PER), dan Debt To Equity Ratio (DER) Terhadap Return Saham. Jurnal Ilmu Administrasi Bisnis, 9(1), 63–71. https://doi.org/10.14710/jiab.2020.26220

Pertiwi, R. A., & Januarti, I. (2025). Kinerja Lingkungan dan Biaya Lingkungan: Faktor Penentu Nilai Perusahaan di Era Keberlanjutan. Owner, 9(2). https://doi.org/10.33395/owner.v9i2.2668

Putri, H. D., & Agustin, H. (2023). Apakah Inovasi Hijau Dan Pengungkapan Emisi Karbon Dapat Mempengaruhi Nilai Perusahaan Pada Perusahaan Manufaktur? Jurnal Akademi Akuntansi, 6(1), 107–124. https://doi.org/10.22219/jaa.v6i1.22814

Qiu, Y., Shaukat, A., & Tharyan, R. (2016). Environmental and social disclosures: Link with corporate financial performance. The British Accounting Review, 48(1), 102–116. https://doi.org/10.1016/j.bar.2014.10.007

Ramadhan, P., Iranti, R., Dohan, D., Purnama, Y., & Riduan Nazir, W. (2022). COVID-19, Green Innovation and Their Impacts on Financial Performance. E-Jurnal Akuntansi, 32(12), 3658. https://doi.org/10.24843/EJA.2022.v32.i12.p13

Sari, N. P., Handayani, S., Akuntansi, J., & Ekonomi, F. (2020). AKUNESA: Jurnal Akuntansi Unesa (Vol. 09, Issue 01). http://journal.unesa.ac.id/index.php/akunesa

Simmou, W., Govindan, K., Sameer, I., Hussainey, K., & Simmou, S. (2023). Doing good to be green and live clean! - Linking corporate social responsibility strategy, green innovation, and environmental performance: Evidence from Maldivian and Moroccan small and medium-sized enterprises. Journal of Cleaner Production, 384, 135265. https://doi.org/10.1016/j.jclepro.2022.135265

Sulistiyani, N. (2025). Pengaruh Green Process, Green Product, Green Image, dan Environmental Cost Terhadap Nilai Perusahaan. 6, 1640.

Venita, W. (n.d.). Pengaruh Green Process Innovation dan Green Product Innovation Terhadap Kinerja Keuangan Perusahaan.

Wahdah, A. N., & Jayanti, D. (2023). Pengaruh Environmental Disclosure dan Environmental Management System Terhadap Kinerja Keuangan. Jurnal Simki Economic, 6(1), 234–245. https://doi.org/10.29407/jse.v6i1.344

Wahyuningrum, I. F. S., Amal, M. I., & Sularsih, S. (2021). The Effect of Environmental Disclosure and Performance on Profitability in the Companies Listed on the Stock Exchange of Thailand (SET). Jurnal Ilmu Lingkungan, 19(1), 66–72. https://doi.org/10.14710/jil.19.1.66-72

Wati, H. D. (2025). Pengaruh Green Product dan Green Innovation Terhadap Kinerja Organisasi Dimediasi Lingkungan Bisnis Pada Pariwisata Hijau. Jurnal Manajerial, 12(03), 469–497. https://doi.org/10.30587/jurnalmanajerial.v12i03.10576

Xie, X., Hoang, T. T., & Zhu, Q. (2022). Green process innovation and financial performance: The role of green social capital and customers’ tacit green needs. Journal of Innovation & Knowledge, 7(1), 100165. https://doi.org/10.1016/j.jik.2022.100165

Xie, X., Huo, J., & Zou, H. (2019a). Green process innovation, green product innovation, and corporate financial performance: A content analysis method. Journal of Business Research, 101, 697–706. https://doi.org/10.1016/j.jbusres.2019.01.010

Xie, X., Huo, J., & Zou, H. (2019b). Green process innovation, green product innovation, and corporate financial performance: A content analysis method. Journal of Business Research, 101, 697–706. https://doi.org/10.1016/j.jbusres.2019.01.010

Yasya, N., & Muchlis, M. (2024). PENGARUH GREEN INNOVATION DAN KINERJA KEUANGAN TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN SUB SEKTOR MAKANAN DAN MINUMAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2017-2021. Journal of Accounting, Management and Islamic Economics, 2(1), 103–122. https://doi.org/10.35384/jamie.v2i1.551

Zhang, D., Rong, Z., & Ji, Q. (2019). Green innovation and firm performance: Evidence from listed companies in China. Resources, Conservation and Recycling, 144, 48–55. https://doi.org/10.1016/j.resconrec.2019.01.023

Zhang, Z., Altalbawy, F. M. A., Al-Bahrani, M., & Riadi, Y. (2023). Regret-based multi-objective optimization of carbon capture facility in CHP-based microgrid with carbon dioxide cycling. Journal of Cleaner Production, 384, 135632. https://doi.org/10.1016/j.jclepro.2022.135632




DOI: https://doi.org/10.30596/jakk.v8i2.28531

Refbacks

  • There are currently no refbacks.


Jurnal Akuntansi dan Keuangan Kontemporer (JAKK) is abstracting & indexing in the following databases:

Google Scholar Garuda SINTA 4 BASE Dimensions Crossref OneSearch