Received: 0 2 July 2025 Revised: 1 5 J u l y 2025 Accepted: 2 0 July 2025 Published: 1 0 October 2025 E-ISSN: 2986-478X.
P-ISSN: 2986-1535 DOI: 10.
59431/ijer.
RESEARCH ARTICLE
Impact Of Disclosure Green Intellectual Capital.
Green Innovation.
And Corporate Social Responsibility On Firm Value With Financial Performance And Environmental Performance As Intervening Variables: A Study On Companies Food And Beverage On The Indonesian Stock Exchange Riandi Fiyelex 1* Hwihanus 2
1*, 2,3
Master of Management Study Program.
Faculty of Economics and Business.
Universitas 17 Agustus 1945 Surabaya.
Surabaya City.
East Java Province.
Indonesia.
Correspondence Master of Management Study Program.
Faculty of Economics and Business.
Universitas 17 Agustus 1945 Surabaya.
Surabaya City.
East Java Province.
Indonesia.
Email: 1262300056@surel.
untag-sby.
hwihanus@untag-sby.
id, yovita_87@untagsby.
Funding information Universitas 17 Agustus 1945 Surabaya.
Maria Yovita R.
Pandin 3 Abstract The research method uses a quantitative approach with secondary data from annual reports and sustainability reports.
The research population is companies in food and beverage listed on the IDX and PROPER for the 20212023 period.
The research sample consisted of 9 companies with a total of 27 observations over three years.
The data analysis technique used Structural Equation Modeling with Partial Least Square (PLS-SEM) version 2.
0 M3 to test 18 research hypotheses.
The results of the study showed that green intellectual capital does not have a significant effect on firm value, financial performance, and environmental performance.
Green Innovation Significant effect on firm value, but no significant effect on financial performance and environmental Corporate social responsibility has a significant effect on financial performance, environmental performance, and firm value.
Financial performance has a significant effect on firm value, while environmental performance does not have a significant effect on financial performance and firm value.
The results of the mediation test indicate that financial performance and environmental performance are not proven to be mediating variables in the relationship between independent variables and firm value.
This study contributes to the literature on green business practices and corporate value in the context of the Indonesian food and beverage industry.
Keywords Green Intellectual Capital.
Green Innovation.
Corporate Social Responsibility.
Firm Value.
Financial Performance.
Environmental Performance.
Food and Beverage.
Indonesia.
Indonesian Journal Economic Review (IJER).
Vol.
No.
October, 2025, pp.
132Ae141.
DOI: https://doi.
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59431/ijer.
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| INTRODUCTION
The food and beverage industry is one of the main pillars of the Indonesian economy that shows high resilience to economic shocks.
This sector managed to contribute 34% of the total GDP of the processing industry in the second quarter of 2023 and recorded export performance reaching USD 48.
6 billion, with market penetration extending to the Middle East.
North Africa, and neighboring countries.
Despite facing a slowdown in growth from 4.
9% to 4.
39% in the third quarter of 2023 due to reduced consumer purchasing power, disruption of global distribution, and the impact of geopolitical conflicts, optimism towards this sector remains maintained with a projected growth of 5-7%.
The government has placed this industry as a priority in the "Making Indonesia 4.
0" roadmap with a target of increasing productivity by up to 30% through the adoption of Industry 4.
0 technology (Mekari.
May 22, 2.
Increasing the company's value is the main goal of every company.
High company value can indicate good company performance and can increase market confidence in the company's future prospects.
There are several factors that can affect the company's value, including green intellectual capital, green innovation, and corporate social responsibility (CSR).
Green intellectual capital includes investment in the development of environmental knowledge and expertise, the effectiveness of green knowledge management systems, and research capabilities for sustainable solutions.
Green innovation influences corporate value through the launch of environmentally friendly products, increasing the efficiency of sustainable production processes, success in reducing carbon footprints, adopting clean technologies, and implementing innovative circular business models.
Meanwhile.
CSR contributes through the quality of environmental policies, transparency of sustainability reporting, engagement with local communities, and compliance with environmental Research shows that green intellectual capital can influence company value through increasing continuous innovation and operational efficiency.
Green innovation can also impact company value through product differentiation and reduced operating costs.
Corporate social responsibility, which is reflected in sustainability programs, is an important indicator in assessing a company's value in the modern era.
This study aims to analyze the influence of disclosure of green intellectual capital, green innovation, and corporate social responsibility on company value with financial performance and environmental performance as mediating variables in the company food and beverage listed on the Indonesia Stock Exchange.
| BACKGROUND THEORY
Management Accounting Decision-making is the heart of management practice.
It involves selecting the best option from several available To choose correctly, managers need complete and accurate information.
Every company, whether manufacturing, service, or trading, needs to make strategic decisions in its operations.
In this case, management accounting becomes very important because it provides information that is broader than just financial statements.
This information includes financial and non-financial data that helps managers make the right decisions that are profitable for the company.
The purpose of management accounting is to operate with more adaptive characteristics, not bound by formal criteria in defining its processes, inputs, or outputs.
The flexibility of its system is based on the varying needs and objectives of management.
In general, management accounting systems are designed to meet three main objectives.
Provides information necessary for calculating the costs of products, services, or other objects of management .
Produce information that supports planning, control, evaluation and continuous improvement functions.
Presenting information that forms the basis for strategic and operational decision-making processes.
These three dimensions of objectives emphasize the importance of accessibility of management accounting information for managers and other users, as well as an understanding of its use.
With the support of management accounting information, they can identify problems, formulate solutions, and evaluate performance comprehensively.
The contribution of accounting information is integrated into all stages of management, including planning, controlling, and decision-making.
The significance of this information is not only relevant for manufacturing companies but also encompasses trading entities, services, and non-profit organizations in carrying out their activities (Sa'Adah et al.
, 2.
Environmental Accounting Environmental accounting refers to an approach that integrates environmental cost components into accounting systems, both in the context of corporations and government institutions.
The environmental cost aspect includes financial and non-financial consequences that arise as implications of activities that have an impact on environmental conditions.
The implementation of environmental accounting methodology provides a strategic framework for business entities to deal with the complexity of environmental issues more effectively.
Currently, leading corporations in the manufacturing Indonesian Journal Economic Review (IJER).
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ET and service sectors have adopted this paradigm as an instrument to optimize the efficiency of environmental management.
This approach allows for a comprehensive evaluation of environmental initiatives by considering cost-benefit analysis and the resulting impacts.
Through the implementation of environmental accounting, companies can increase their capacity to address various environmental challenges they face while maintaining alignment between business objectives and commitment to environmental sustainability.
(Taufiq & Silaturahmi, 2.
Capital Structure and Financial Resilience of Banking Capital structure is a strategic combination of debt and equity that banks use to fund long-term operations and investments, which directly affects the financial stability and resilience of banking institutions (Weston & Copeland, 2.
This concept reflects an optimal balance between the use of debt and own capital in financing that aims to maximize the value of the company while minimizing capital costs and financial risks (Brigham & Houston, 2.
An effective capital structure allows banks to increase competitiveness through optimization of capital costs, increased financial flexibility, and reduced risk of bankruptcy (Horne & Wachowicz, 2.
The measurement of capital structure is carried out through several key indicators such as Debt to Equity Ratio (DER).
Debt to Asset Ratio (DAR), and Long-termDebttoEquityRatio which provides a comprehensive overview of the bank's funding composition (Kasmir, 2.
Banking financial resilience (FinancialResilienc.
is defined as the capacity of a bank to maintain operational stability amid economic pressures, market uncertainty, and various financial risks without experiencing significant disruption (Rose & Hudgins, 2.
This concept includes the ability of banks to maintain solvency, liquidity, and profitability through the implementation of effective risk management (Mishkin, 2.
Indicators of banking financial resilience include CapitalAdequacyRatio (CAR) which measures the adequacy of capital.
Non-Performing Loan (NPL) Ratio to assess the quality of the assets.
Liquidity Coverage Ratio (LCR) to measure short-term liquidity capability.
Return on Assets (ROA) then Return on Equity (ROE) as an indicator of profitability, and Net Stable Funding Ratio (NSFR) to evaluate long-term funding stability (Basel Committee on Banking Supervision, 2.
Solid financial resilience provides strategic benefits in the form of minimizing the risk of bankruptcy, strengthening stakeholder confidence, and the ability of banks to continue to contribute to economic growth even in crisis conditions (Freixas & Rochet, 2.
Firm Value Firm value is the performance achievement that can be seen from the performance of the shares issued.
Investors analyze a company before deciding to invest.
this is done to get an idea of whether the shares owned by the company are worthy of being an investment option.
The results of the analysis can also describe the internal characteristics and quality of the company and its management performance, as well as the company's prospects in the future.
The better and higher the firm value, the more interested investors will be and have a good view of the company (Tandelilin, 2017:.
Stock valuation groups three types of values, which are divided into .
Book value is the value calculated based on the accounting information of the company issuing the shares .
Market value is the value of shares on the market, which is indicated by the share price on the market.
Intrinsic value, also called theoretical value, is the actual value of shares or the value that should occur (Tandelilin, 2017:.
Mark companies can be measured using price-to-book value (PBV).
Tobin's Q and Price-Earnings Ratio (PER) Green Intellectual Capital Green intellectual capital was first proposed by Chen in 2008, which is a combination of intellectual capital and the concept of the environment in compensating for problems, deficiencies, and negative impacts that occur in the Green intellectual capital is a reflection of the intangible assets owned by the company, namely related to knowledge, research, wisdom, experience, and innovation in the field of environmental protection.
Green intellectual capital enables companies to comply with international environmental regulations and meet the increasing environmental awareness of customers and ultimately create value for the company (Widyastuti.
Parianom, and Permana, 2.
Green intellectual capital can be measured using 3 components, namely human capital, structural capital, and relational capital.
Green Innovation Green innovation is the development or modification of processes, technologies, systems, and products designed to minimize negative impacts on the environment.
This concept encompasses various aspects of innovation that focus on sustainability and environmental protection.
According to Chen, green innovations are hardware and software innovations related to environmentally friendly processes and products.
The scope of green innovation includes the development of sustainable technology, energy-saving efforts, pollution control systems, waste recycling programs, green product design, and the implementation of effective corporate environmental management (Cahyaningtyas et al.
, 2.
The following parameters are applied in the analysis, including .
The production process uses new technology to reduce energy, water, and waste .
The product uses fewer non-polluting or hazardous substances .
nvironmentally friendly material.
Uses environmentally friendly product packaging .
, paper and plasti.
, and components or materials in the production process can be recycled or reconditioned.
(Damas et al.
, 2.
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ET Corporate Social Responsibility Corporate Social Responsibility (CSR) is a concept of a company's obligation to be responsible for social and environmental impacts on various stakeholders and the wider community.
CSR has developed into an important strategy implemented by many companies in various forms of activities, not only to increase profits but also to create a more sustainable business model through community programs and partnerships with non-governmental organizations.
As a form of organizational appreciation for the interests of the community.
CSR is realized through the company's commitment to taking responsibility for the impact of its activities on customers, employees, shareholders, communities, and the environment throughout its operational areas (Rosidah et al.
, 2.
Disclosure Corporate Social Responsibility (CSR) is analyzed through three main dimensions: economic CSR, environmental CSR, and social CSR.
Referring to the Global Reporting Initiative (GRI) standard version G4, there are a total of 91 indicators used as assessment parameters, with details of 9 indicators for the economic dimension, 34 indicators for the environmental dimension, and 48 indicators for the social dimension.
Financial performance Financial performance reflects the financial condition of a company that is evaluated through various financial analysis instruments.
This evaluation process allows the identification of the strengths and weaknesses of the financial aspects of the organization, which ultimately represent the operational effectiveness and strategic achievements of the The company's financial performance is a barometer of the success of the management team in managing the financial aspects of the organization, which has a significant impact on the company's valuation as reflected in the movement of its stock prices.
In the contemporary business landscape, corporate entities from various industrial sectors are involved in competition to offer optimal stock values to their investors.
(Sari W, 2.
Financial performance can be measured using return on assets (LONG), return on equity (ROE), and and Net Profit Margin.
Environmental Performance Environmental performance includes improving the company's financial performance through proactive environmental strategies, providing competitive advantages through reduced production costs, leading positions in the green product market, and the ability to influence environmental regulations (Daromes, 2.
In addition, environmental performance is also useful for increasing the company's legitimacy and "license to operate," helping with reputational risk management, supporting the development of dynamic and non-imitable organizational capabilities, helping to identify "green" opportunities, and contributing to the company's global performance in the context of integrated reporting.
Overall, environmental performance measurement is a multidimensional concept that includes managerial and measurement aspects, with the main objective of converting large amounts of data into information that is useful for management (Albertini, 2.
Environmental performance can be measured using PROPER and ISO 14001.
HYPOTHESIS
H1: Green intellectual capital has a significant influence on firm value.
H2: Green intellectual capital has a significant impact on financial performance.
H3: Green intellectual capital has a significant impact on environmental performance.
H4: Green innovation has a significant influence on firm value.
H5: Green innovation has a significant impact on financial performance.
H6: Green innovation has a significant impact on environmental performance.
H7: Corporate social responsibility has a significant impact on financial performance.
H8: Corporate social responsibility has a significant impact on environmental performance.
H9: Corporate social responsibility has a significant influence on firm value.
H10: Environmental performance has a significant effect on financial performance.
H11: Financial performance has a significant effect on firm value.
H12: Environmental performance has a significant effect on firm value.
H13: Financial performance mediates the influence of green intellectual capital on firm value.
H14: Environmental performance mediates the influence of green intellectual capital on firm value.
H15: Financial performance mediates the influence of green innovation on firm value.
H16: Environmental performance mediates the influence Green Innovation Towards firm Value H17: Financial performance mediates the influence of corporate social responsibility on firm value.
H18: Environmental performance mediates the influence of corporate social responsibility on firm value.
Indonesian Journal Economic Review (IJER).
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DOI: https://doi.
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| METHOD
This study uses a research design with a quantitative approach.
The data used are secondary data collected from annual reports on sustainability from the food and beverage companies listed on the Indonesia Stock Exchange (IDX) in 2021-2023 through the official website w.
id and relevant journals.
The population of this study is all food and beverage companies listed on the IDX in 2021-2023, while the sample is 9 food and beverage companies selected using the purposive sampling method.
The collected data will then be processed using SMART-PLS software to test the model, structure, and hypothesis.
Variables Green Intellectual Capital Green Innovation Corporate Social Responsibility Company Values Financial performance Environmental Performance Table 1 Research Variables Indicator Human Capital Structural Capital Relational Kapital The production process uses new technologies to reduce energy, water and Products use less non-polluting or hazardous substances .
co-friendly material.
Using environmentally friendly product packaging .
paper and plasti.
, and components or materials in the production process that can be recycled or reconditioned Environment Social
Price to Book Value Price Earning Ratio
TobinsAoQ
Return On Assets Return On Equity Net Profit Margin
PROPER
ISO 14001
| RESULTS AND DISCUSSION
1 Results In this study, the researcher set a minimum Cronbach Alpha value of 0.
5 as a criterion for determining acceptable instrument reliability.
This means that research instruments that have a Cronbach alpha value of less than 0.
5 will be eliminated from further analysis while still considering the results of the outer loadings as a consideration.
The stages carried out to analyze company data that have gone through the tabulation and testing process using SmartPLS software are as follows.
Figure 1 Model calculated results before dropping Indonesian Journal Economic Review (IJER).
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ET Figure 2 Model calculated results After dropping Table 2.
Bootstrapping Results Variable Relationship
CSR -> Financial Performance Original Sample (O) Standard Deviation (STDEV) Standard Error
(STERR)
T Statistics (|O/ STERR|) -0,020 CSR -> Environmental Performance CSR -> Firm Value Green Innovation -> Financial Performance Green Innovation -> Environmental Performance Green Innovation -> Firm Value Green Intellectual Capital -> Financial Performance Green Intellectual Capital -> Environmental Performance Green Intellectual Capital -> Firm Value Financial Performance -> Firm Value Environmental Performance -> Financial Performance Environmental Performance -> Corporate Value GIC-> Financial Performance-> Firm Value GIC->Environmental performance-> Firm Value Green innovation-> Financial Performance-> Firm Value Green innovation-> Environmental performance-> Firm Value CSR-> financial performance-> Firm Value CSR->environmental performance-> Firm Value Hypothesis 1 tests the relationship between Green Intellectual Capital and firm value and shows the original sample value (Original Sampl.
039 and t-statistic 0.
The measurement results show t-statistic < t-table .
ignificance level 5% = 1.
then the first hypothesis in this study was rejected.
Indonesian Journal Economic Review (IJER).
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ET Hypothesis 2 tests the relationship between Green Intellectual Capital and Financial Performance, showing the original sample value (Original Sampl.
077 and t-statistic 0.
The measurement results show t-statistic < t-table .
ignificance level 5% = 1.
then the second hypothesis in this study was rejected.
Hypothesis 3 tests the relationship between Green Intellectual Capital and Environmental Performance, showing the original sample value (Original Sampl.
098 and t-statistic 0.
The measurement results show that the t-statistic < t-table .
ignificance level 5% = 1.
then the third hypothesis in this study was rejected.
Hypothesis 4 tests the relationship between green innovation and firm value, showing the original sample value .
riginal sampl.
823 and t-statistic 16,339.
The measurement results show t-statistic < t-table .
ignificance level 5% = 1.
then the fourth hypothesis in this study was accepted.
Hypothesis 5 tests the relationship between green innovation and financial performance, showing the original sample value .
riginal sampl.
143 and t-statistic 0.
The measurement results show t-statistic < t-table .
ignificance level 5% = 1.
then the fifth hypothesis in this study was rejected.
Hypothesis 6 tests the relationship between green innovation and environmental performance, showing the original sample value .
riginal sampl.
020 and t-statistic 0.
The measurement results show t-statistic < t-table .
ignificance level 5% = 1.
then the sixth hypothesis in this study was rejected.
Hypothesis 7 tests the relationship between corporate social responsibility and financial performance, showing the original sample value .
riginal sampl.
525 and t-statistic 5,739.
The measurement results show t-statistic < t-table .
ignificance level 5% = 1.
then the seventh hypothesis in this study is accepted.
Hypothesis 8 tests the relationship between corporate social responsibility and environmental performance, showing the original sample value .
riginal sampl.
298 and t-statistic 2,390.
The measurement results show t-statistic < t-table .
ignificance level 5% = 1.
then the eighth hypothesis in this study was accepted.
Hypothesis 9 tests the relationship between corporate social responsibility and firm value, showing the original sample value .
riginal sampl.
317 and t-statistic 6,490.
The measurement results show that the t-statistic < t-table .
ignificance level 5% = 1.
, then the ninth hypothesis in this study was accepted.
Hypothesis 10 tests the relationship between environmental performance and financial performance, showing the original sample value .
riginal sampl.
008 and t-statistic of 0.
The measurement results show t-statistic < t-table .
ignificance level 5% = 1.
then the tenth hypothesis in this study was rejected.
Hypothesis 11 tests the relationship between financial performance and firm value, showing the original sample value .
riginal sampl.
159 and t-statistic 2,242.
The measurement results show t-statistic < t-table .
ignificance level 5% = 1.
then the eleventh hypothesis in this study is accepted.
Hypothesis 12 tests the relationship between environmental performance and financial performance, showing the original sample value .
riginal sampl.
030 and t-statistic 0.
The measurement results show t-statistic < t-table .
ignificance level 5% = 1.
then the twelfth hypothesis in this study was rejected.
Hypothesis 13 tests the indirect relationship between Green Intellectual Capital and firm value, mediated by Financial Performance, and shows the original sample value (Original Sampl.
012 and t-statistic of 0.
The measurement results show that the t-statistic < t-table .
ignificance level 5% = 1.
then the thirteenth hypothesis in this study was Hypothesis 14 tests the indirect relationship between Green Intellectual Capital and firm value, mediated by Environmental Performance, and shows the original sample value (Original Sampl.
003 and t-statistic 0.
The measurement results show t-statistic < t-table .
ignificance level 5% = 1.
then the fourteenth hypothesis in this study was rejected.
Hypothesis 15 tests the indirect relationship between green innovation and firm value, mediated by financial performance, and shows the original sample value .
riginal sampl.
023 and t-statistic of 0.
The measurement results show t-statistic < t-table .
ignificance level 5% = 1.
then the fifteenth hypothesis in this study was rejected.
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ET Hypothesis 16 tests the indirect relationship between Green Innovations firm value, mediated by Environmental Performance, and shows the original sample value (Original Sampl.
001 and t-statistic 0.
The measurement results show t-statistic < t-table .
ignificance level 5% = 1.
then the sixteenth hypothesis in this study was rejected.
Hypothesis 17 tests the indirect relationship between corporate social responsibility and firm value, mediated by financial performance, and shows the original sample value .
riginal sampl.
084 and t-statistic of 0.
The measurement results show t-statistic < t-table .
ignificance level 5% = 1.
then the seventeenth hypothesis in this study was rejected.
Hypothesis 18 tests the indirect relationship between corporate social responsibility and firm value, mediated by environmental performance, and shows the original sample value .
riginal sampl.
009 and t-statistic 0.
The measurement results show t-statistic < t-table .
ignificance level 5% = 1.
then the eighteenth hypothesis in this study was rejected.
2 Discussion The findings of this study reveal that GIC disclosure has no significant effect on firm value, financial and environmental performance.
These results are consistent with Albertini .
, who argued that even if GIC supports the management of environmental-related knowledge, its influence on the company performance in the short run does not appear to be yet well defined.
On the other hand, green innovation has a most significant impact on firm value, while its influence on financial and environmental performance is not as great.
Our results are in line with the results of Cahyaningtyas et al.
, who argue that sustainability-related innovation may enhance firm competitiveness, but their impact on other company facets such as financial or environmental performance might not be immediate.
On another note.
CSR on the whole has significant effects on FP.
EP and firm value.
This is consistent with the suggestion by Putuhena et al.
who posited that good CSR practices lead to enhancement of a firmAos reputation and subsequently boarder the firm The firm value is also greatly affected by the financial performance.
As this research also showed, financial performance is an important benchmark for evaluating a firmAos value and sustainability .
ari, 2.
Financial performance and environmental performance, on the other hand, did not serve as prominent mediators in the relations between these variables and firm value.
This is consistent with Inayah .
who stated that financial performance can influence firm value and both financial and environmental performance could be mediators, but accept their role as mediators is not too strong to make the company more competitive in the future.
Hence, while CSR has an instant and materiality impact on firm value, green intellectual capital and green innovation still need to be further improved to get a greater impact on general performance.
Really looking forward, some areas could concentrate on green innovation to see how such innovations can create value to the firm in industry that currently has a higher demand for sustainability aids (Cahyaningtyas et al.
| CONCLUSIONS AND FUTURE WORK
The results of this study reveal that the implementation of sustainability practices in the industrial food and beverage sector has not fully produced the expected impact on the firm value.
Green intellectual capital does not have a significant impact on firm value, financial performance, or environmental performance.
Green Innovation Only has a significant effect on firm value, while financial performance and environmental performance do not have a significant effect.
Corporate social responsibility Shows the most consistent results by giving a significant influence on financial performance, environmental performance, and firm value.
Financial performance is proven to have a significant influence on firm value, while environmental performance does not have a significant influence.
Another important finding is the absence of a mediating role from either financial performance or environmental performance in the relationship between sustainability practices of green intellectual capital and green innovation.
And corporate social responsibility towards firm value.
Indonesian Journal Economic Review (IJER).
Vol.
No.
October, 2025, pp.
132Ae141.
DOI: https://doi.
org/10.
59431/ijer.
Page 139 of 10 Riandi Fiyelex.
REFERENCES