MEMBEDAH NILAI PERUSAHAAN MANUFAKTUR BEI 2021-2024: DAMPAK BIAYA LINGKUNGAN TERHADAP KINERJA KEUANGAN

Abstract

The increasing global awareness of Environmental, Social, and Governance risks requires businesses to allocate environmental costs as part of their operational activities. However, many manufacturing companies still neglect environmental sustainability, which may reduce investor interest due to the potential decline in corporate value and financial performance. The novelty of this study lies in its focus on manufacturing companies, one of the largest contributors to waste and emissions, as well as the use of the latest observation period (2021–2024), which reflects the post-pandemic era of strengthened Environmental, Social and Governance regulations in Indonesia. This study aims to examine the influence of environmental costs and financial performance on firm value. A descriptive and verificative research method was employed using multiple linear regression analysis and Pearson correlation tests. The findings indicate that environmental costs and Financial Performance have a positive and significant effect on firm value, suggesting that higher environmental expenditures and Financial Performance are associated with higher firm value, and vice versa. The implications of this study suggest that management should view environmental cost allocation not merely as an expense that reduces profit, but as a strategic investment capable of enhancing corporate image, public trust, and long-term firm value.