PENGARUH GREEN INTELLECTUAL CAPITAL DAN GOOD CORPORATE GOVERNANCE TERHADAP KINERJA KEBERLANJUTAN DENGAN ECO-EFFICIENCY SEBAGAI PEMODERASI PADA PERUSAHAAN SEKTOR ENERGI DI BURSA EFEK INDONESIA

Rahmat Fauzi; Dian Widiyati; Iin Rosini

doi:10.31539/kgda2851

Authors

Rahmat Fauzi Universitas Pamulang
Dian Widiyati Universitas Pamulang
Iin Rosini Universitas Pamulang

DOI:

https://doi.org/10.31539/kgda2851

Abstract

Penelitian ini menguji pengaruh Green Intellectual Capital (GIC) dan dua mekanisme Good Corporate Governance — proporsi Dewan Komisaris Independen dan ukuran Komite Audit — terhadap Kinerja Keberlanjutan perusahaan, sekaligus menguji peran Eco-Efficiency yang diproksikan melalui kepemilikan sertifikat ISO 14001 sebagai variabel pemoderasi. Riset ini dilatarbelakangi oleh semakin ketatnya tekanan regulasi keberlanjutan di Indonesia (POJK No. 51/2017 dan POJK No. 18/2023) serta standar internasional IFRS S1 dan S2, yang menjadikan sektor energi sebagai konteks pengamatan yang relevan mengingat eksternalitas lingkungannya yang tinggi. Penelitian dirancang secara kuantitatif-asosiatif dengan data panel seimbang dari 16 perusahaan sektor energi yang tercatat di Bursa Efek Indonesia selama periode 2019–2024, menghasilkan 96 unit amatan firm-year yang diperoleh melalui purposive sampling. Data diestimasi menggunakan regresi data panel Cross-Section Random Effects (estimator Swamy-Arora) yang diperluas dengan Moderated Regression Analysis (MRA) berbantuan EViews 12. Hasil pengujian menunjukkan bahwa Dewan Komisaris Independen berpengaruh positif dan signifikan terhadap Kinerja Keberlanjutan (β = 0,471; p = 0,026), sementara GIC, Komite Audit, dan Eco-Efficiency tidak menunjukkan pengaruh langsung yang signifikan pada model utama. Pada model moderasi, Eco-Efficiency justru memperlemah pengaruh GIC terhadap Kinerja Keberlanjutan secara signifikan (β = -0,036; p = 0,017), mengindikasikan adanya relasi substitutif antara kapabilitas pengetahuan hijau dan sistem manajemen lingkungan formal. Adjusted R² meningkat dari 7,55% menjadi 15,43% setelah interaksi dimasukkan ke dalam model. Temuan ini memperkaya diskursus Resource-Based View, Teori Legitimasi, dan Teori Keagenan dalam literatur akuntansi keberlanjutan, serta memberikan masukan praktis bagi manajemen perusahaan energi, investor berorientasi ESG, dan regulator pasar modal.

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