PENGARUH ESG DAN GREEN INNOVATION TERHADAP NILAI PERUSAHAAN DENGAN GCG SEBAGAI VARIABEL MODERASI (STUDI PADA PERUSAHAAN MANUFAKTUR SEKTOR CONSUMER NON-CYCLICALS DI BEI TAHUN 2021-2024)

This study aims to analyze the effect of ESG and Green Innovation (GI) on firm value with corporate governance (GCG) as a moderating variable in manufacturing companies in the consumer non-cyclicals sector listed on the Indonesia Stock Exchange during the 2021–2024 period. This research employs a quantitative approach using secondary data obtained from annual reports and sustainability reports. The sample was determined through purposive sampling, resulting in 67 companies with 268 observations. Data were analyzed using panel data regression with the Random Effect Model and Moderated Regression Analysis. The results show that ESG and Green Innovation have a significant negative effect on firm value. Corporate governance is unable to moderate the relationship between ESG and firm value, but it strengthens the effect of Green Innovation on firm value. These findings indicate that sustainability practices are not always translated into economic value in the short term, while strong governance plays an important role in enhancing the effectiveness of green innovation. This study concludes that the success of corporate sustainability strategies depends heavily on the quality of governance in integrating green innovation into sustainable firm value.