Pengaruh Greenwashing Terhadap Profitabilitas Dan Nilai Perusahaan Dengan Leverage Sebagai Variabel Moderasi Pada Perusahaan Pertambangan Di Bursa Efek Indonesia Periode 2021-2024

Dyah Ayu Mutiara; Tri Gunarsih

doi:10.31004/koloni.v5i3.1367

Authors

Dyah Ayu Mutiara Fakultas Bisnis Dan Humaniora, Universitas Teknologi Yogyakarta
Tri Gunarsih Fakultas Bisnis Dan Humaniora, Universitas Teknologi Yogyakarta

DOI:

https://doi.org/10.31004/koloni.v5i3.1367

Keywords:

Greenwashing, Profitability, Firm Value, Leverage, ESG

Abstract

This study aims to analyze the effect of greenwashing on profitability and firm value, and to examine the moderating role of leverage in mining companies listed on the Indonesia Stock Exchange from 2021 to 2024. Profitability is measured by Return on Assets (ROA), while firm value is proxied by Tobin’s Q. Greenwashing is assessed using a decoupling approach, defined as the gap between symbolic Environmental, Social, and Governance (ESG) disclosures and substantive ESG actions. Firm size and growth are included as control variables. Using purposive sampling, this study obtained 28 companies with 112 firm-year observations. Secondary data were collected from annual reports and sustainability reports. The data were analyzed using panel data regression and Moderated Regression Analysis (MRA). The results show that greenwashing has a positive and significant effect on ROA (coefficient = 1.194083, p = 0.0451) and on Tobin’s Q (coefficient = 0.530769, p = 0.0013). Leverage does not moderate the effect of greenwashing on either ROA or Tobin’s Q, with interaction probability values of 0.4203 and 0.5743, respectively. These findings indicate that, during the observation period, greenwashing remains associated with higher profitability and firm value, while leverage has not become a determining factor in these relationships.

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