Pengaruh Biaya Lingkungan Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Mediasi

Abstract

This research aims to analyze environmental costs on firm value, with profitability as an intermediary. The focus of the study was food and beverage companies listed on the Indonesia Stock Exchange (IDX) during 2021-2023. The method used was quantitative, with a sample of 24 companies and a total of 72 observational data. The analysis technique used Partial Least Squares (PLS-SEM)-based structural equation modeling. The results showed that environmental costs have a negative effect on profitability, while environmental costs have no effect on firm value and profitability has no effect on firm value. Profitability is not able to mediate the relationship between environmental costs and firm value. The four hypotheses proposed cannot be accepted, although most of them show the direction of the relationship in accordance with theoretical predictions. This study provides a practical contribution for companies to develop more effective strategies in managing environmental investments in order to provide long-term economic benefits.