THE EFFECT OF CSR AND FINANCIAL CONSTRAINTS ON FIRM VALUE THROUGH GREEN INNOVATION IN THE ENERGY SECTOR

Sabela Ayu Fatwa, Anny Widiasmara, Richo Diana Aviyanti

Abstract


This study examines the effect of Corporate Social Responsibility (CSR) on Firm Value, directly and through Green Innovation as a mediator, and the role of Financial Constraints as a moderator, based on Stakeholder Theory. Using an explanatory quantitative approach, panel data from energy sector companies listed on the Indonesia Stock Exchange (2020–2024) were analyzed; the sample of 42 companies (210 observations) was determined through purposive sampling and analyzed using Hayes’ PROCESS Macro (Model 1, 4, 7). Results show CSR has a positive significant effect on Green Innovation, but not on Firm Value either directly or through mediation, and Financial Constraints do not moderate the CSR-Green Innovation relationship. Future research should extend the model and object to other sectors; energy companies are advised to keep translating CSR commitments into concrete green innovation.

Keywords: Corporate Social Responsibility, Green Innovation, Financial Constraints, Firm Value


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