BLUE EXPENSE DALAM PERSPEKTIF BLUE ACCOUNTING : PERAN KINERJA KEUANGAN TERHADAP NILAI PERUSAHAAN MARITIM
Abstract
Penelitian ini bertujuan untuk menganalisis pengaruh Blue Expense dalam perspektif Blue Accounting terhadap kinerja keuangan dan nilai perusahaan maritim di Indonesia. Sampel penelitian mencakup 10 perusahaan sektor maritim yang terdaftar di Bursa Efek Indonesia selama periode 2020–2024, dengan total 50 observasi data panel. Metode yang digunakan adalah regresi data panel dengan pendekatan Random Effect Model (REM) serta uji mediasi Sobel. Hasil penelitian menunjukkan bahwa Blue Expense berpengaruh positif dan signifikan terhadap kinerja keuangan yang diproksikan dengan ROA. Namun, kinerja keuangan tidak terbukti berpengaruh signifikan terhadap nilai perusahaan, sehingga tidak berperan sebagai mediator dalam hubungan antara Blue Expense dan nilai perusahaan. Hasil ini mengindikasikan bahwa meskipun pengeluaran untuk keberlanjutan laut (Blue Expense) mampu meningkatkan kinerja keuangan, namun dampaknya belum tercermin pada nilai perusahaan yang diproksikan dengan Tobin’s Q. Penelitian ini memberikan implikasi bahwa manajemen perusahaan maritim perlu menekankan komunikasi strategis kepada investor agar investasi keberlanjutan dapat dipersepsikan sebagai penciptaan nilai jangka panjang.
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