Pengaruh Green Bond, Kredit Perbankan, Biaya Modal, Insentif Pajak dan Kontrol Pemegang Saham terhadap Efisiensi Investasi Energi Terbarukan pada Perusahaan Energi Terbarukan di BEI Tahun 2020-2023

Abstract

The Indonesian government has set a renewable energy mix target of 23% by 2025, yet by 2023, the actual achievement stands at only 13.09%. This study aims to examine the effect of green bond, bank credit, cost of capital, tax incentive, and shareholder control on the renewable energy investment efficiency of renewable energy companies listed on the Indonesia Stock Exchange (IDX) from 2020 to 2023. Based on 44 research observations, it was found that 70% of renewable energy companies are classified as underinvestment, while 30% are classified as overinvestment. The study employs multiple linear regression analysis using SPSS. Renewable energy investment efficiency is measured using the residual model from Richardson (2006). Partially, green bond and bank credit do not have a significant effect on renewable energy investment efficiency, while the cost of capital and shareholder control have a significantly positive effect. On the other hand, tax incentive have a significantly negative effect on renewable energy investment efficiency. Simultaneously, green bond, bank credit, cost of capital, tax incentive, and shareholder control have a significant impact on renewable energy investment efficiency.