Green Finance and Hospital Value: The Moderating Role of Good Hospital Governance: A Study of Fully Accredited Hospitals in Lamongan Regency, East Java, Indonesia

HRMARS - This study asks whether green finance raises hospital value and, crucially, whether the quality of hospital governance changes how strongly it does so. Drawing on the Resource-Based View and Value-Based Health Care, it positions green finance as a strategic resource, hospital value as a multidimensional outcome, and Good Hospital Governance (GHG) as a moderating boundary condition. Data were collected from fully accredited (Paripurna) hospitals in Lamongan Regency, East Java, Indonesia, yielding 322 valid responses from hospital directors, finance managers, and unit heads selected through purposive sampling. The analysis used PLS-SEM in SmartPLS with 5,000 bootstrap subsamples. The measurement model met all adequacy criteria: outer loadings exceeded 0.70, composite reliability ranged from 0.898 to 0.917, and AVE exceeded 0.50 for every construct. Green finance had a positive and significant direct effect on hospital value (? = 0.129; t = 2.670; p = 0.004), though the coefficient was modest. The structural model explained a substantial share of the variance in hospital value (R² = 0.794). The moderation test indicates that GHG conditions the green finance–hospital value relationship: where governance is stronger, the conversion of green financial investment into institutional value is more complete. What the findings make clear is that green financing does not raise institutional value on its own; it depends on whether the hospital has the governance capacity to allocate, monitor, and account for that investment. The results are grounded in a specific regional context in Indonesia; generalization to other healthcare systems requires further study.