THE IMPACT OF GREEN INNOVATION AND INTELLECTUAL CAPITAL ON FINANCIAL PERFORMANCE

Melyana Desitasari, Anny Widiasmara, Richo Diana Aviyanti

Abstract


This study aims to examine the effects of green innovation and intellectual capital on financial performance. The study was conducted on companies in the non-cyclical consumer sector that published annual reports, sustainability reports, and financial statements on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. This study employs a quantitative approach, with data analyzed using SPSS 25. The sample was selected using purposive sampling. The study included 63 companies. Multiple linear regression analysis was used. The results indicate that green innovation has a positive effect on financial performance, while intellectual capital has a negative effect on financial performance.

Keywords: green innovation, intellectual capital, financial performance


Full Text:

PDF

References


Agusalim, Kontesa, I., & Feonagea. (2025). Systematic Literatur Review: Pengaruh Kinerja Lingkungan Terhadap Nilai Perusahaan dengan Kinerja Keuangan Sebagai Variabel Mediasi. Journal of Creative Student Research, 3(6), 63–76. https://doi.org/https://doi.org/10.55606/jcsr-politama.v3i6.5778

Agustia, D., Sawarjuwono, T., & Dianawati, W. (2019). The Mediating Effect of Environmental Management Accounting on Green Innovation - Firm Value Relationship. International Journal of Energy Economics and Policy, 9(2), 299–306.

Fitriana, A. I., Febrianto, H. G., Negara, A. K., Pambudi, J. E., & Kartaloglu, M. (2025). Environmental Management Accounting and Green Innovation on Financial Performance: The Moderating Role of Regulatory Pressure. Riset Akuntansi Dan Keuangan Indonesia, 10(3), 302–313.

Gani, P. (2022). Pengaruh Intellectual Capital Terhadap Kinerja Keuangan dan Nilai Perusahaan. Owner: Riset & Jurnal Akuntansi, 6(1), 518–529. https://doi.org/https://doi.org/10.33395/owner.v6i1.613 berkelanjutan.

Hamamah, C. U., & Juanda, A. (2025). The influence of green board, board size, ROA, and leverage ratio on green innovation. 29(2).

Ichsan, H., Am, A. M., Novitasari, E., & Aulia, A. (2025). The Effect of Transfer Funds and Intellectual Capital on Local Government Financial Sustainability. Owner: Riset & Jurnal Akuntansi, 9(1), 326–336. https://doi.org/https://doi.org/10.33395/owner.v9i1.2523 The

Kontan. (2021). Sektor Consumer Non-Cyclicals Tertekan Sejak Awal Tahun, Ini Pemberatnya. https://investasi.kontan.co.id/news/sektor-consumer-non-cyclicals-tertekan-sejak-awal-tahun-ini-pemberatnya?

Kontan. (2024). Penjualan Melorot, Laba Bersih Unilever (UNVR) Merosot 28,15%. https://insight.kontan.co.id/news/penjualan-melorot-laba-bersih-unilever-unvr-merosot-2815?

Kurniawati, H., Rasyid, R., & Setiawan, F. A. (2020). Pengaruh Intellectual Capital dan Ukuran Perusahaan Terhadap Kinerja Keuangan Perusahaan. Jurnal Muara Ilmu Ekonomi Dan Bisnis, 4(1), 64–76. https://doi.org/64 https://doi.org/10.24912/jmieb.v4i1.7497

Mahanani, R. S., Galushasti, A., Kurniawan, B. P. Y., & Hidayat, T. (2023). Keunggulan Bersaing Berkelanjutan Dalam Pengembangan Model Teoritik Kinerja Bisnis Industri Beras Indonesia Di Jawa Timur. Ekuitas: Jurnal Ekonomi Dan Keuangan, 7(2), 254–280. https://doi.org/10.24034/j25485024.y2023.v7.i2.5414

Molthar, D. M., & Indarti, N. (2021). Do All Intellectual Capital Dimension Affects Innovation Capability (Evidence from Indonesian Food and Beverage Industry). Kinerja, 25(1), 121–141. https://doi.org/10.24002/kinerja.v25i1.4208

Mursidah, Yunina, & Rahma, F. (2023). Pengaruh Free Cash Flow, Pertumbuhan Penjualan dan Likuiditas Terhadap Kinerja Keuangan Perusahaan Pada Perusahaan Manufaktur Sub Sektor Aneka Industri Yang Terdaftar di Bursa Efek Indonesia Periode 2019-2021. Jurnal Akuntansi Dan Keuangan (JAK), 11(1), 89–100. https://doi.org/https://doi.org/10.29103/jak.v11i1.10331

Novitasari, M., & Agustia, D. (2022). The role of green supply chain management and green innovation in the effect of corporate social responsibility on firm performance. Gestão & Produção, 1–19. https://doi.org/http://doi.org/10.1590/1806-9649-2022v29e117

Polii, H. R. L., Soewignyo, F., Sumanti, E. R., & Mandagi, D. W. (2023). Predictive Ability of Financial and Non-Financial Performance For Financial Statement Publication Time Frame: Moderating Role of Covid-19 Pandemic. 1–22.

Rahmadini, S., & Hartanti, D. (2025). ESG, Financial Performance, and the Moderating Role of ESG Controversies. Jurnal Dinamika Akuntansi, 17(1), 34–49.

Rahmaningtyas, R. P., & Aryani, Y. A. (2022). Pengaruh Pengungkapan CSR Mikro Terhadap Kinerja Keuangan Pada Perusahaan Sektor Pelayanan Kesehatan dan Teknologi Kesehatan Di Asean. Jurnal Akuntansi Dan Bisnis, 22(1), 82–93.

Ramadhan, P., Rani, P., & Wahyuni, E. S. (2023). Disclosure of Carbon Emissions , Covid-19 , Green Innovations , Financial Performance , and Firm Value. 25(1), 1–16.

Rismayanti, M., Daryanti, A., & Fadjar, A. (2023). Apakah Profitabilitas Dapat Memediasi Modal Intelektual dan Nilai Perusahaan? Jurnal Akuntansi Multiparadigma, 14(204), 577–590.

Rustiarini, N. W., Bhegawati, D. A. S., & Mendra, N. P. Y. (2022). Does Green Innovation Improve SME Performance ? 10(316).

Suriadi, H. (2025). Intellectual Capital, Corporate Social Responsibility and Financial Performance: Evidence from Indonesian Banks. Journal of Emerging Economics and Business, 1(1), 1–18.

Wahyuni, E. D., Leniwati, D., & Salsabila, N. (2024). Akuntansi Manajemen Lingkungan, Inovasi Hijau, dan Dampaknya Terhadap Kinerja Manajerial. 14(02), 429–441. https://doi.org/10.22219/jrak.v14i2.32141

Widoretno, E. P., Choirunnisa, A., & Fajri, M. A. N. (2025). How ESG Performance Influences Financial Performanace in Europe: The Mediation Effect of Green Innovation. Jurnal Akuntansi Dan Keuangan Indonesia, 22(2), 1–13. https://doi.org/10.7454/jaki.v22i2.2031


Refbacks

  • There are currently no refbacks.


 

 

 

 

 

 

 

Editorial Office:

Universitas PGRI Madiun

Kampus 3 Lantai 2

Fakultas Ekonomi dan Bisnis

Jl. Auri no. 14-16 Madiun