THE EFFECT OF CARBON EMISSION DISCLOSURE ON FIRM VALUE WITH ENVIRONMENTAL AWARD AS A MODERATING VARIABLE

Senja Puspa Iva Wanthi, Anny Widiasmara, Sendy Dwi Haryanto

Abstract


Firm value can be shaped by numerous factors, one of which is how openly a company reports the carbon emissions generated by its operations. This study was designed to measure the strength of the link between such disclosure and firm value, while treating environmental award as a factor that may determine how strong or weak that link becomes. Built on a quantitative, secondary-data approach, the research draws on annual and sustainability reports published by energy-sector firms traded on the Indonesia Stock Exchange from 2020 through 2025. Out of 76 firms forming the original population, a purposive screening process left 46 firms eligible for study, contributing 276 data points in total; this figure fell to 253 once the data were transformed and outlying values were removed. Multiple linear regression together with Moderated Regression Analysis (MRA), run through IBM SPSS Statistics version 25, was used to process the data. What emerged was a positive but statistically weak link between carbon emission disclosure and firm value. Environmental award likewise failed to meaningfully strengthen or weaken that connection. Still, once carbon emission disclosure was tested together with the control variables leverage, firm size, and return on assets, its combined influence on firm value did turn out to be significant.

Keywords: Carbon Emission Disclosure, Environmental Award, Firm Value, Energy Sector

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References


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