MENGUNGKAP "BLACK BOX" STRATEGI HIJAU: PERAN MEDIASI SENTIMEN INVESTOR DALAM MENGHUBUNGKAN STRATEGI KORPORASI DENGAN KINERJA PASAR SAHAM
DOI:
https://doi.org/10.70248/jmie.v3i4.4260Keywords:
Green Capex; Managerial Overconfidence; Green Equity Financing; Sentimen Investor; Kinerja PasarAbstract
Penelitian ini meninjau secara sistematis hubungan antara strategi keberlanjutan perusahaan dengan kinerja pasar saham. Meskipun keuangan berkelanjutan menjadi sangat penting, temuan empiris masih menunjukkan ketidakkonsistenan. Artikel ini mengusulkan model mediasi tunggal di mana Sentimen Investor bertindak sebagai mekanisme kritis yang menghubungkan Determinan Strategis Hijau—khususnya Green Capex, Managerial Overconfidence, dan Green Equity Financing—terhadap Kinerja Pasar dan Risiko Saham. Dengan menyintesis teori keuangan perilaku, teori pemangku kepentingan, dan teori eselon atas, penelitian ini mengungkap bagaimana psikologi pasar memfilter sinyal hijau korporasi yang sering kali menyebabkan distorsi valuasi. Kerangka kerja ini memberikan wawasan bagi investor dan regulator untuk memahami dampak tidak linier dari inisiatif hijau terhadap dinamika pasar.
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