Ekspektasi Pasar versus Realitas Keberlanjutan: Dampak Kinerja Keuangan dan Green Technology Innovation terhadap Nilai Perusahaan

<jats:p>Nilai perusahaan merupakan indikator penting yang mencerminkan persepsi investor terhadap prospek perusahaan. Meskipun berbagai penelitian telah mengkaji pengaruh kinerja keuangan terhadap nilai perusahaan, hasil penelitian mengenai peran green technology innovation (GTI) dan ukuran perusahaan sebagai variabel moderasi masih menunjukkan inkonsistensi. Penelitian ini bertujuan menganalisis pengaruh profitabilitas (ROA), likuiditas (CR), leverage (DER), aktivitas (TATO), market value (PER), dan green technology innovation terhadap nilai perusahaan dengan ukuran perusahaan sebagai variabel moderasi. Penelitian menggunakan pendekatan kuantitatif dengan data panel pada 28 perusahaan yang secara konsisten tergabung dalam indeks LQ45 Bursa Efek Indonesia selama periode 2020–2024, sehingga diperoleh 140 observasi. Sampel ditentukan menggunakan teknik purposive sampling. Analisis data dilakukan menggunakan regresi data panel dengan Fixed Effect Model (FEM) yang dipilih berdasarkan uji Chow dan uji Hausman, serta pengujian moderasi melalui variabel interaksi. Hasil penelitian menunjukkan bahwa profitabilitas (β = 0,7998; p &lt; 0,001) dan market value (β = 0,1274; p &lt; 0,001) berpengaruh positif signifikan terhadap nilai perusahaan, sedangkan leverage (β = –0,0230; p = 0,0154) dan ukuran perusahaan (β = –0,0777; p = 0,0094) berpengaruh negatif signifikan. Likuiditas, aktivitas, dan green technology innovation tidak menunjukkan pengaruh yang signifikan terhadap nilai perusahaan (p &gt; 0,05). Selain itu, ukuran perusahaan terbukti memoderasi pengaruh profitabilitas, leverage, dan market value, namun tidak memoderasi pengaruh likuiditas, aktivitas, maupun green technology innovation. Temuan penelitian ini menunjukkan bahwa nilai perusahaan lebih dipengaruhi oleh kinerja laba, struktur pendanaan, dan persepsi pasar, sedangkan penelitian ini belum memperoleh bukti statistik bahwa green technology innovation berhubungan dengan nilai perusahaan selama periode observasi. Ketidaksignifikanan tersebut perlu diinterpretasikan secara hati-hati mengingat variasi nilai GTI dalam sampel relatif rendah. Abstract Firm value is an important indicator reflecting investors' perceptions of a company's future prospects. Although numerous studies have examined the effect of financial performance on firm value, empirical findings regarding the role of Green Technology Innovation (GTI) and firm size as a moderating variable remain inconclusive. This study aims to analyze the effects of profitability (ROA), liquidity (CR), leverage (DER), activity (TATO), market value (PER), and Green Technology Innovation on firm value, with firm size serving as a moderating variable. This research employed a quantitative approach using panel data from 28 companies consistently listed in the LQ45 Index of the Indonesia Stock Exchange during the 2020–2024 period, resulting in 140 firm-year observations. The sample was selected using a purposive sampling technique. Data were analyzed using the Fixed Effect Model (FEM), selected based on the Chow and Hausman tests, while the moderating effect was examined through interaction terms. The results indicate that profitability (β = 0.7998; p &lt; 0.001) and market value (β = 0.1274; p &lt; 0.001) have a positive and significant effect on firm value, whereas leverage (β = −0.0230; p = 0.0154) and firm size (β = −0.0777; p = 0.0094) have a negative and significant effect. Liquidity, activity, and Green Technology Innovation do not have a statistically significant effect on firm value (p &gt; 0.05). Furthermore, firm size moderates the effects of profitability, leverage, and market value on firm value but does not moderate the effects of liquidity, activity, or Green Technology Innovation. These findings suggest that firm value is primarily influenced by profitability, capital structure, and market perception. However, this study does not provide statistical evidence of a significant relationship between Green Technology Innovation and firm value during the observation period. This non-significant finding should be interpreted with caution, considering the relatively low variation in the GTI variable across the sample.</jats:p>