Pengaruh Climate Change Disclosure dan Green Intellectual Capital terhadap Nilai Perusahaan dengan Moderasi Kepemilikan Institusional

Abstract

This study examines the effects of Climate Change Disclosure (CCD) and Green Intellectual Capital (GIC) on firm value, as well as the role of institutional ownership as a moderating variable, among companies in the basic materials sector listed on the Indonesia Stock Exchange during the 2021 to 2025 period. This study employs a quantitative approach based on secondary data and utilizes a purposive sampling technique for sample selection. A total of 105 observations were collected and analyzed using moderation regression analysis with EViews 14. The analysis results indicate that CCD does not have a significant effect on firm value, whereas GIC exhibits a significant negative effect. Furthermore, the role of institutional ownership does not strengthen the effect of CCD on firm value but significantly enhances the effect of GIC. The results of this study reinforce agency theory through the role of institutional ownership in optimizing the management of Green Intellectual Capital, and provide policy implications for regulators and management of companies in the basic materials sector to tighten TCFD-based climate disclosure standards in order to enhance corporate value sustainably. The novelty of this study lies in the use of keywords as a measure of Green Intellectual Capital and the role of institutional ownership as a moderating variable in companies in the basic materials sector.