This research aims to analyze the effect of green investment on firm value, with profitability as a moderating variable. Using a quantitative approach, the study involved 88 food and beverage sector companies listed on the Indonesia Stock Exchange (IDX) during the 2021-2023 period. The collected data were analyzed using the Moderation Regression Analysis (MRA) method with IBM SPSS 25 software. Based on the research findings and data analysis using the MRA method, the results are as follows: (1) Green investment has no effect on firm value, (2) Profitability has a significant positive effect on firm value, and (3) Profitability strengthens the relationship between green investment and firm value. The implications of this study emphasize that profitability is an essential factor for investors, reflecting the company's efficiency and influencing firm value.
Maylia et al. (Tue,) studied this question.