GREENWASHING DAN KINERJA KEUANGAN: PERAN MODERASI LIPUTAN MEDIA DI BURSA EFEK INDONESIA

Uli Hidayati, Diah Hari Suryaningrum

Abstract


ABSTRAK

Praktik greenwashing, yakni ketika perusahaan mengkomunikasikan kinerja lingkungan melebihi praktik aktualnya, semakin meluas seiring meningkatnya tuntutan keberlanjutan dari pemangku kepentingan. Meski demikian, dampak finansial greenwashing serta peran moderasi liputan media masih relatif jarang diuji secara empiris, khususnya di pasar modal berkembang yang dicirikan oleh asimetri informasi tinggi dan penegakan regulasi ESG yang belum memadai. Penelitian ini bertujuan menguji pengaruh greenwashing terhadap kinerja keuangan dan peran liputan media sebagai moderator. Regresi data panel dilakukan pada 31 perusahaan yang terdaftar di Bursa Efek Indonesia periode 2020–2024. Greenwashing diukur menggunakan greenwashing index, kinerja keuangan diproksikan dengan return on assets, dan liputan media dioperasionalkan menggunakan Janis-Fadner coefficient. Hasil menunjukkan bahwa greenwashing berpengaruh positif terhadap kinerja keuangan, sementara liputan media tidak terbukti memoderasi hubungan tersebut. Temuan ini mengindikasikan bahwa greenwashing yang tidak terdeteksi masih berfungsi sebagai sinyal legitimasi yang efektif dalam meningkatkan kinerja keuangan perusahaan

ABSTRACT

Greenwashing, whereby companies communicate environmental performance beyond their actual practices, has grown alongside rising stakeholder demands for sustainability. The financial ramifications of greenwashing and the mediating influence of media coverage are still empirically underexamined, especially in emerging capital markets marked by significant information asymmetry and inadequate ESG regulatory enforcement. This study examines the impact of greenwashing on financial performance and assesses whether media coverage moderates this relationship. Panel data regression was performed on 31 companies listed on the Indonesia Stock Exchange from 2020 to 2024. Greenwashing was measured using a greenwashing index, financial performance was proxied by return on assets, and media coverage was operationalized using the Janis-Fadner coefficient. Results indicate that greenwashing positively affects financial performance, while media coverage does not moderate this relationship. These findings suggest that undetected greenwashing still serves as an effective signal of legitimacy in improving a company’s financial performance

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DOI: http://dx.doi.org/10.35906/jep.v12i1.2857

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