NILAI PERUSAHAAN DI TENGAH ISU KEBERLANJUTAN: PERAN CORPORATE GOVERNANCE DALAM HUBUNGAN KINERJA LINGKUNGAN DAN KINERJA KEUANGAN

Abstract

This research evaluates how environmental and financial outcomes dictate the market valuation of mining firms on the Indonesia Stock Exchange (2020-2024). Utilizing Moderated Regression Analysis (MRA) on a 17-company sample, the study examines the interaction between PROPER ratings, Return on Assets (ROA), and Tobin’s Q, with audit committee size serving as a moderator. The empirical results reveal that while profit-driven metrics (ROA) significantly boost firm value, ecological achievements (PROPER) fail to influence investor perception. Notably, corporate governance acts as a "double-edged" moderator: it intensifies the positive impact of financial health on valuation but diminishes the relevance of environmental performance. These insights suggest that Indonesian investors remain focused on bottom-line profitability. While robust governance enhances financial transparency, it has yet to successfully integrate sustainability as a strategic driver for shareholder wealth in the high-risk extractive industry.