Pengaruh Tata Kelola Hijau Terhadap Nilai Perusahaan Pada Perusahaan Sektor Consumer Non-Cyclical Yang Terdaftar Di Bursa Efek Indonesia Periode 2023-2024

This study aims to analyze the effect of green governance, proxied by board size, board independence, and chief sustainability officer, on firm value in consumer non-cyclicals companies listed on the Indonesia Stock Exchange during the 2023–2024 period. This research employs a quantitative approach using the SEM-PLS method, involving 80 companies with a total of 160 observations. The results indicate that partially, board size, board independence, and chief sustainability officer show a positive relationship with firm value, but the effects are not statistically significant. Simultaneously, green governance also does not have a significant effect on firm value. The R-Square value of 0.029 suggests that the model has low explanatory power in explaining the dependent variable. These findings imply that sustainability-based governance mechanisms have not yet become a primary determinant in enhancing firm value in the observed sector. This study contributes empirical evidence regarding the limited role of green governance and suggests future research to extend the observation period and incorporate mediating or moderating variables to develop a more comprehensive model.