PENGARUH GREEN ACCOUNTING DAN FREE CASH FLOW TERHADAP NILAI PERUSAHAAN DENGAN GREEN INTELLECTUAL CAPITAL SEBAGAI VARIABEL MODERASI

Holiawati; Dwi Siska  Yulianti; Nofryanti

doi:10.30656/jak.v13i1.11404

Authors

Dr. Hj. Holiawati, S.E., M.Si Universitas Pamulang
Dwi Siska Yulianti, SE Universitas Pamulang
Dr. Nofryanti, S.E., M.Akt Universitas Pamulang

DOI:

https://doi.org/10.30656/jak.v13i1.11404

Abstract

Firm value is an important indicator of corporate performance, particularly in the consumer non-cyclical sector, which is considered defensive yet remains under pressure from environmental and sustainability issues. This study aims to analyze the effect of Green accounting and Free cash flow on firm value with Green intellectual capital as a moderating variable. The research focused on 53 consumer non-cyclical companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2023 period, resulting in 159 data observations. The study employed a quantitative approach with purposive sampling, panel data regression analysis, and Moderated Regression Analysis (MRA). The findings reveal that Green accounting has a positive and significant effect on firm value, confirming that environmentally friendly accounting practices provide positive signals to investors and enhance market confidence. In contrast, Free cash flow shows a negative and insignificant effect on firm value, indicating that cash flow flexibility is not considered a key determinant of firm value. Furthermore, Green intellectual capital does not moderate the relationship between Green accounting and firm value, and even weakens the effect of Free Cash Flow. These results highlight that firm value is more strongly influenced by sustainability strategies through Green accounting, while the utilization of Free cash flow requires better governance to optimize its role in supporting long-term value creation.

Keywords: Green accounting, Free Cash Flow, Green intellectual capital, Firm Value

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