The Role of Fintech in Moderating the Impact of Green Finance on Green Innovation in Manufacturing Companies in Indonesia
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Abstract
This study aims to analyze the effect of green finance on green innovation with fintech acting as a moderating variable in manufacturing companies in Indonesia. A quantitative approach was used with a causal design and panel data on 12 companies during the 2017–2024 period (96 observations). The analysis was conducted using the Random Effect Model and Moderated Regression Analysis (MRA). The results indicate that green finance does not have a significant effect on green innovation, as proxied by ISO 14001 certification. Meanwhile, fintech was found to have a positive and significant effect on green innovation; however, fintech does not act as a moderating variable in the relationship between green finance and green innovation. These findings confirm that fintech acts as a direct determinant, not as an enhancer of the green finance relationship.
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References
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