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This is a Quantitative Research study (also classified as: Observational, Structural Equation Modeling).

The Effect of Green Investment, Green Innovation, and Environmental Performance on Firm Value through Profitability as an Intervening Variable (LQ45 Category Mining Sector Companies Listed on the Indonesia Stock Exchange for the Period 2020-2024)

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Quantitative analysis shows no significant link between profitability and firm value in LQ45 companies, suggesting re-evaluation of green strategies.

Green innovation significantly enhances profitability, but does not boost firm value.
The study analyzed data from 9 mining companies listed on the LQ45 index over 4 years.
Using structural equation modeling, the research found no substantial impact of environmental performance on profitability.
Overall, green investment and environmental performance are ineffective at driving firm value through profitability.

Dearani et al. (2025) studied this question.

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Quantitative analysis shows no significant link between profitability and firm value in LQ45 companies, suggesting re-evaluation of green strategies.