Determinan Nilai Perusahaan di Era Ekonomi Hijau dan Transformasi Digital

Abstrak

Firm value is increasingly shaped by non-financial information, particularly sustainability-related signals and the credibility of corporate reporting, as climate transition risks become more financially material and digital transformation accelerates information production and dissemination. This study synthesizes empirical evidence on the determinants of firm value in the green–digital era and maps how digital capabilities and accounting information system (AIS) quality interact with “green” determinants in explaining market valuation. We conduct a Systematic Literature Review (SLR) reported in accordance with PRISMA 2020. The search covers publications from 2020–2025 using core databases (Scopus and ScienceDirect), complemented by an additional search to capture Indonesian context (journal articles in Garuda/SINTA). Records were deduplicated, screened at title–abstract level, assessed in full text, and appraised using a structured quality checklist. The final sample comprises 42 included studies, which were synthesized using descriptive profiling and thematic/narrative synthesis. Findings indicate that green determinants (e.g., environmental/carbon disclosure, ESG performance, and green investment/innovation) tend to be associated with firm value when supported by information credibility mechanisms, notably governance and reporting integrity. Within the green–digital framework, digital transformation and AIS quality emerge as influential factors that may affect firm value directly and/or strengthen green–value links as moderators or mediators by reducing information asymmetry, improving data traceability, and enhancing the reliability of sustainability disclosure. This review contributes a taxonomy of green–digital firm value determinants, maps dominant firm-value proxies and research designs, and provides an evidence map with a replicable research agenda for emerging markets. Practical implications highlight the need to strengthen governance, AIS, and assurance/standardized reporting to increase verifiability of sustainability signals and mitigate greenwashing risk.

ABSTRAK

Nilai perusahaan semakin dipengaruhi oleh faktor nonkeuangan, terutama isu keberlanjutan dan kredibilitas pelaporan, seiring meningkatnya materialitas risiko iklim dan percepatan transformasi digital. Studi ini bertujuan menyintesis bukti empiris mengenai determinan nilai perusahaan pada era ekonomi hijau–digital serta memetakan peran kapabilitas digital dan kualitas Sistem Informasi Akuntansi (SIA) dalam memperkuat hubungan determinan hijau terhadap nilai perusahaan. Metode yang digunakan adalah Systematic Literature Review (SLR) dengan pedoman PRISMA 2020. Pencarian literatur dilakukan pada periode publikasi 2020–2025 melalui basis data utama (Scopus dan ScienceDirect) serta penelusuran tambahan untuk konteks Indonesia (jurnal pada Garuda/SINTA), diikuti proses deduplikasi, penyaringan judul–abstrak, penilaian kelayakan teks penuh, dan quality appraisal. Hasil seleksi menghasilkan 42 studi terinklusi yang kemudian disintesis secara deskriptif dan tematik/naratif. Temuan menunjukkan bahwa determinan hijau (misalnya pengungkapan lingkungan/emisi, kinerja ESG, serta investasi/inovasi hijau) cenderung berkaitan dengan nilai perusahaan ketika didukung mekanisme kredibilitas informasi, terutama tata kelola dan integritas pelaporan. Dalam kerangka hijau–digital, kapabilitas digital dan kualitas SIA muncul sebagai determinan yang berpotensi memengaruhi nilai perusahaan secara langsung maupun sebagai mekanisme penguat (moderator/mediator) melalui penurunan asimetri informasi, peningkatan keterlacakan data, dan penguatan reliabilitas pengungkapan keberlanjutan. Kontribusi studi ini adalah penyusunan taksonomi determinan nilai perusahaan era hijau–digital, pemetaan proksi nilai perusahaan serta rancangan penelitian dominan, dan penyajian evidence map serta agenda riset yang replikatif untuk pasar berkembang. Implikasi praktis menekankan pentingnya penguatan tata kelola, SIA, dan praktik assurance/standardisasi pelaporan agar sinyal keberlanjutan lebih dapat diverifikasi dan mengurangi risiko greenwashing.