Citation:

Anti Heryanti, Cicely Delfina Harahap. "The Effect of Environmental Performance and Environmental Costs on Financial Performance with Good Corporate Governance as a Moderating Variable" International Research Journal of Economics and Management Studies, Vol. 4, No. 7, pp. 118-124, 2025.

Abstract:

This study aims to analyze the effect of environmental performance and environmental costs on financial performance, with good corporate governance (GCG) as a moderating variable. A quantitative approach is employed using secondary data obtained from annual reports, sustainability reports, and PROPER ratings issued by the Indonesian Ministry of Environment and Forestry. The research focuses on manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the period from 2021 to 2023. Panel data regression is applied using the Fixed Effect Model (FEM). The results show that both environmental performance and environmental costs have a significant positive effect on financial performance. However, GCG does not moderate the relationship between either environmental performance or environmental costs and financial performance. These findings support legitimacy and stakeholder theories, indicating that strong environmental responsibility enhances investor confidence. This study provides practical implications for companies and regulators in promoting sustainability disclosures and environmental investments.

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Keywords:

Environmental Performance; Environmental Costs; Financial Performance; Good Corporate Governance; Manufacturing Companies.