Abstract
Environmental degradation and escalating carbon emissions have significantly shifted public perceptions regarding corporate sustainability. Consequently, this study investigates the impact of Greenhouse Gas and Green Innovation on Firm Value, examining Social Performance as a moderating variable. Focusing on the energy sector, the population comprises companies listed on the Indonesia Stock Exchange during the years 2020 - 2024. This research adopts an explanatory quantitative approach, utilizing secondary data extracted from annual and sustainability reports. Through purposive sampling, a final sample of 23 companies was established, yielding exactly 115 separate observations across five years. Data analysis employed Panel Data Regression, specifically the Random Effect Model, alongside Moderated Regression Analysis processed via Stata. The empirical results reveal that, partially, both Greenhouse Gas and Social Performance exert no significant effect on Firm Value. Conversely, Green Innovation demonstrates a robust positive impact on Firm Value. Furthermore, the Moderated Regression Analysis findings indicate that Social Performance fails to moderate the relationship between Greenhouse Gas and Firm Value, classifying it solely as a Homologizer Moderator. However, Social Performance is proven to significantly moderate the relationship by weakening the positive effect of Green Innovation on Firm Value, ultimately acting as a Pure Moderator.