Pengaruh Stakeholder Pressure dan Green Governance terhadap Company Value Melalui Mediasi Sustainability Commitment dan Sustainability Report Assurance di Bursa Efek Indonesia

Abstract

The global environmental crisis and increasing demands for sustainable development have compelled companies to prioritize aspects of green governance and stakeholder pressure in creating company value. This study aims to analyze the influence of stakeholder pressure and green governance on company value, with sustainability commitment and sustainability report Assurance serving as mediating variables. Employing a quantitative approach, the research utilizes secondary data from publicly listed companies on the Indonesia Stock Exchange spanning the 2014-2024 period. The data includes both time series and cross-sectional data (pooled data). The sample comprises 43 companies consistently publishing sustainability reports throughout the eleven-year period. Partial least squares structural equation modeling (PLS-SEM) is the analytical technique applied. Findings indicate that stakeholder pressure and green governance significantly positively affect sustainability commitment and company value. Green governance is also proven to enhance the quality of sustainability reports. Sustainability commitment emerges as a stronger mediator than sustainability report assurance in the relationships among green governance, stakeholder pressure, and company value. It mediates the relationship between green governance and company value, whereas sustainability report assurance does not mediate the relationships between stakeholder pressure or green governance and company value. These results affirm the importance of implementing sustainable governance to enhance corporate reputation and competitiveness in the long term. Effective management of sustainability can drive sustainable growth in company value. Furthermore, the integration of social and environmental aspects within corporate governance supports the attainment of sustainable company value.