The Effect of Financial Digitalization and Institutional Ownership on Company Value with Green Finance as a Mediating

This study aims to analyze the effect of financial digitalization and institutional ownership on firm value, with green finance as a mediating variable, in fintech startups in Indonesia. The research population includes all fintech startup companies listed on the Indonesia Stock Exchange during the period from 2021 to 2024. Based on purposive sampling criteria, the number of firms that met the requirements and were used as the research sample was ten fintech companies. Data collection was conducted using secondary data obtained from annual financial statements, sustainability reports, and official publications of the Indonesia Stock Exchange. This study employs a quantitative approach using descriptive statistical analysis, panel data regression, and the Sobel test to examine the mediating role of green finance. The results indicate that financial digitalization has no effect on firm value, while institutional ownership has a positive effect on firm value. Financial digitalization affects green finance, whereas institutional ownership has no effect on green finance. Green finance also has no effect on firm value and cannot mediate the relationships among variables. The implications highlight the importance of strengthening ownership structure and corporate governance rather than emphasizing symbolic sustainability practices. These findings contribute academically and inform strategic decisions for stakeholders.