Corporate Governance Mechanisms and Carbon Emission Disclosure

Ferina Khusumadewi Yasa; I Putu Sudana

doi:10.24843/EJA.2025.v35.i12.p17

Authors

Ferina Khusumadewi Yasa Faculty of Economics and Business, Universitas Udayana, Indonesia
I Putu Sudana Faculty of Economics and Business, Universitas Udayana, Indonesia

DOI:

https://doi.org/10.24843/EJA.2025.v35.i12.p17

Keywords:

Carbon Emission Diclosure, Corporate Governance Mechanisms, Agency Theory, Corporate Governance

Abstract

Carbon emission disclosure is one of the material topics in sustainability report. The research was conducted to determine the impact of corporate governance mechanisms on carbon emission disclosure among energy sector companies listed on the Indonesia Stock Exchange. The analysis is based on 183 sustainability reports from the 2020–2023 period. Data were collected using the documentation method, and multiple linear regression analysis was conducted using SPSS software. The findings indicate that board size and audit committee have a positive influence on carbon emission disclosure, aligning with agency theory and corporate governance principles. Conversely, institutional ownership, managerial ownership, and the proportion of independent commissioners do not exhibit a significant effect on carbon emission disclosure.

References

Akbaş, H. E., & Canikli, S. (2019). Determinants of Voluntary Greenhouse Gas Emission Disclosure: An Empirical Investigation on Turkish Firms. Sustainability, 11(1), 1–24. https://doi.org/10.3390/su11010107

Amaliyah, I., & Solikhah, B. (2019). Pengaruh Kinerja Lingkungan dan Karakteristik Corporate Governance Terhadap Pengungkapan Emisi Karbon. Journal of Economic, Management, Accounting and Technology, 2(2), 129–141. https://doi.org/10.32500/jematech.v2i2.720

Andrian, T., & Kevin. (2021). Determinant Factors of Carbon Emission Disclosure in Indonesia. Journal of Southwest Jiaotong University, 56(1), 345–351. https://doi.org/10.35741/issn.0258-2724.56.1.32

Angelina., & Handoko, J. (2023). Pengaruh Institutional ownership, Audit committee, dan Kinerja Lingkungan terhadap Pengungkapan Emisi Karbon. KOMPARTEMEN: Jurnal Ilmiah Akuntansi, 21(1), 49–68. https://doi.org/10.30595/kompartemen.v21i1.15834

Aryni, W., Ketut, G., Ulupui, A., & Fauzi, A. (2021). Pengaruh Eksposur Media, Kinerja Proper dan Karakteristik Perusahaan Terhadap Pengungkapan Emisi Karbon. Jurnal Akuntansi, Perpajakan dan Auditing, 2(1), 1–23. https://doi.org/10.21009/japa.0201.01

Bae Choi, B., Lee, D., & Psaros, J. (2013). An Analysis of Australian Company Carbon Emission Disclosures. Pacific Accounting Review, 25(1), 58–79. https://doi.org/10.1108/01140581311318968

Budiharta, P., Kacaribu, B. (2020). The Influence of Board of Directors, Managerial Ownership, and Audit Committee on Carbon Emission Disclosure: A Study of Non-Financial Companies Listed on BEI. Review of Integrative Business and Economics Research, 9(3), 75–87.

Bushee, B. J., & Noe, C. F. (2000). Corporate Disclosure Practices, Institutional Investors, and Stock Return Volatility. Journal of Accounting Research, 38, 171–202. http://dx.doi.org/10.2307/2672914

CDP. (2022). Corporate Contributions to Achieving Indonesia’s Sustainable Development Goals and Commitments.

Dewi, N.K.R.S., Sudana, I.P. (2024). Mekanisme Corporate Governance pada Sustaianability Reporting. E-Jurnal Akuntansi, 34(3), 639–658. https://doi.org/10.24843/EJA.2024.v34.i03.p07

Elsayih, J., Tang, Q., & Lan, Y. C. (2018). Corporate Governance and Carbon Transparency: Australian Experience. Accounting Research Journal, 31(3), 405–422. https://doi.org/10.1108/ARJ-12-2015-0153

Field, A. (2009). Discovering Statistic Using SPSS. London: Sage Publication Ltd.

Giannarakis, G., Konteos, G., Sariannidis, N., & Chaitidis, G. (2017). The Relation Between Voluntary Carbon Disclosure and Environmental Performance: The Case of S&P 500. International Journal of Law and Management, 59(6), 784–803. https://doi.org/10.1108/IJLMA-05-2016-0049

Gitman, L. J. (2007). Principles of Managerial (10th ed.). Massachusett: Addison Wesley.

Grediani, E., Hanny Yustrianthe, R., & Niandari, N. (2020). Pengaruh Corporate Governance terhadap Pengungkapan Emisi Gas Rumah Kaca dengan Peran Audit Internal sebagai Pemoderasi. Jurnal Ilmiah Akuntansi, 5(2), 285–307. https://doi.org/10.23887/jia.v5i2.28371

Global Reporting Initiative. (2016). GRI 305: Emisi. https://www.globalreporting.org.

GRI ASEAN & Centre for Governance and Sustainability. (2022). Climate Reporting in ASEAN State of Corporate Practices.

Healy, P. M., & Palepu, K. G. (2001). Information Asymmetry, Corporate Disclosure, and The Capital Markets: A Review of The Empirical Disclosure Literature. Journal of Accounting and Economics, 31, 405–440. https://doi.org/10.1016/S0165-4101(01)00018-0

Izzania, M., Hardianingsih, A., & Nurzanah, E., Janiman. (2024). Carbon Emission Disclosure in Indonesia: Perspective of Stakeholder Theory. Soedirman Accounting Review (SAR): Journal of Accounting and Business, 9(1), 88–98. https://doi.org/10.32424/1.sar.2024.9.01.11827

Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 305-360.

Karim, A. E., Albitar, K., & Elmarzouky, M. (2021). A Novel Measure of Corporate Carbon Emission Disclosure, The Effect of Capital Expenditures and Corporate Governance. Journal of Environmental Management, 290, 1–8. https://doi.org/10.1016/j.jenvman.2021.112581

Kılıç, M., & Kuzey, C. (2019). The Effect of Corporate Governance on Carbon Emission Disclosures: Evidence from Turkey. International Journal of Climate Change Strategies and Management, 11(1), 35–53. https://doi.org/10.1108/IJCCSM-07-2017-0144

Komite Nasional Kebijakan Governance. (2006). Pedoman Umum Good Corporate Governance Indonesia. Komite Nasional Kebijakan Governance.

Krisna, A.D., & Suhardianto, N. (2016). Faktor-Faktor yang Mempengaruhi Pengungkapan Tanggung Jawab Sosial. JAK: Jurnal Akuntansi dan Keuangan, 18(2). https://doi.org/10.9744/jak.18.2.119-128

Kusumaputri, N., & Mimba, N. (2021). Ukuran Perusahaan, Good Corporate Governance, Eco-Control dan Luas Pengungkapan Corporate Social Responsibilty. E-Jurnal Akuntansi, 31(7), 1798-1812. doi:10.24843/EJA.2021.v31.i07.p15

Kuswanto, R. (2019). Penerapan Standar GRI dalam Laporan Keberlanjutan di Indonesia: Sebuah Evaluasi. Jurnal Bina Akuntansi, 6(2), 1-21. https://doi.org/10.52859/jba.v6i2.59

Ladista, R. D., Lindrianasari, L., & Syaipudin, U. (2023). Determinan Pengungkapan Emisi Karbon dan Pengaruhnya Terhadap Kinerja Keuangan. Owner Riset & Jurnal Akuntansi, 7(3), 2262–2283. https://doi.org/10.33395/owner.v7i3.1535

Lastanti. 2004. Pengaruh Corporate Social Resposibility Terhadap Nilai Perusahaan dengan Prosentase Kepemilikan Manajemen Sebagai Variabel Moderating. Simposium Nasional Akuntansi XI. Pontianak.

Madona, M. A., & Khafid, M. (2020). Pengaruh Good Corporate Governance terhadap Pengungkapan Sustainability Report dengan Ukuran Perusahaan sebagai Pemoderasi. Jurnal Optimasi Sistem Industri, 19(1), 22-32. https://doi.org/10.25077/josi.v19.n1.p22-32.2020

Mahrani, M., & Soewarno, N. (2018). The Effect of Good Corporate Governance Mechanism and Corporate Social Responsibility on Financial Performance with Earnings Management as Mediating Variable. Asian Journal of Accounting Research, 3(1), 41–60. https://doi.org/10.1108/ajar-06-2018-0008

Muuna, A.N., Elvy, P., Anna, N.L., Muna, W.S., Ardyan, F.M. (2023). Asimetri Informasi dan Teori Keagenan pada Pengungkapan Laporan Keuangan. Jurnal Akuntansi dan Pajak, 23(2), 1–8. https://doi.org/10.29040/jap.v23i2.7116

Nantari, N. M. S. D., & Sudana, I. P. (2024). Good Corporate Governance dan Corporate Social Responsibility Disclosure: Sebelum dan pada Masa Pandemi Covid-19. E-Jurnal Akuntansi, 34(4), 919–934. https://doi.org/10.24843/EJA.2024.v34.i04.p07

Nurleni, N., Bandang, A., Darmawati, D., & Amiruddin, A. (2018). The Effect of Managerial and Institutional Ownership on Corporate Social Responsibility Disclosure. International Journal of Law and Management, 60(4), 979–987. https://doi.org/10.1108/ijlma-03-2017- 0078

Otoritas Jasa Keuangan. (2014). POJK No. 33/POJK.04/2014 Tentang Direksi dan Dewan Komisaris Emiten atau Perusahaan Publik.

Otoritas Jasa Keuangan. (2017). POJK No. 51/POJK.03/2017 Tentang Penerapan Keuangan Berkelanjutan Bagi Lembaga Jasa Keuangan, Emiten, dan Perusahaan Publik.

Pramuditya, I. D. G., & Budiasih, I. G. A. N. (2020). Dampak Mekanisme Good Corporate Governance pada Carbon Emission Disclosure. E-Jurnal Akuntansi, 30(12), 3052–3065. https://doi.org/10.24843/eja.2020.v30.i12.p05

Puspita, M. E., Ratmono, D., Tantri, M., Julianto, Y., & Ridhasyah, R. (2024). Carbon Emissions Accounting Disclosure: An Empirical Analysis during the Covid-19 Pandemic Period in a Developing Country. International Journal of Energy Economics and Policy, 14(2), 37–45. https://doi.org/10.32479/ijeep.15377

Rohmah, D. F., & Nazir, N. (2022). Pengaruh Kinerja Keuangan, Kinerja Lingkungan, Sistem Manajemen Lingkungan, Managerial ownership dan Reputasi KAP Terhadap Carbon Emission Disclosure. Jurnal Ekonomi Trisakti, 2(2), 749–762. http://dx.doi.org/10.25105/jet.v2i2.14485

Rudyanto, A., & Siregar, S. V. (2018). The Effect of Stakeholder Pressure and Corporate Governance on the Quality of Sustainability Report. International Journal of Ethics and Systems, 34(2), 233–249. https://doi.org/10.1108/IJOES-05-2017-0071

Salsabilla, C., Adrianto, F., & Alfarisi, M. F. (2024). Carbon Emissions Disclosure: Study of Companies Classified as Carbon-Intensive Industries on the Indonesian Stock Exchange. Jurnal Informatika Ekonomi Bisnis, 388–393. https://doi.org/10.37034/infeb.v6i2.874

Saptiwi, N. W. T. (2019). Pengungkapan Emisi Karbon: Menguji Peranan Tipe Industri, Kinerja Lingkungan, Karakteristik Perusahaan dan Audit committee. Jurnal Akuntansi Bisnis, 17(2), 227–240.

Sari, K. H. V., & Budiasih, I. G. A. N. (2022). Carbon Emission Disclosure dan Nilai Perusahaan. E-Jurnal Akuntansi, 32(1), 222–228. https://doi.org/10.24843/eja.2022.v32.i01.p16

Shen, H., Zheng, S., Adams, J., & Jaggi, B. (2020). The Effect Stakeholders Have on Voluntary Carbon Disclosure Within Chinese Business Organizations. Carbon Management, 11(5), 455–472. https://doi.org/10.1080/17583004.2020.1805555

Smith, M.P. (1996). Shareholder Activism by Institutional Investors: Evidence from CalPRES. The Journal of Finance, 51(1), 227-252. https://doi.org/10.1111/j.1540-6261.1996.tb05208.x

Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung: Alfabeta.

Sukmawati, I., & Henny, D. (2024). Pengungkapan Emisi Karbon yang Dipengaruhi oleh Kinerja Lingkungan, Kepemilikan Manajemen, dan Leverage dalam Suatu Perusahaan. Jurnal Ekonomi Trisakti, 4(2), 825–834. https://doi.org/10.25105/jet.v4i2.20959

Tila, S.M., Augustine, Y. (2019). The Effect of Corporate Governance, Green Strategy and Carbon Risk Management Toward Carbon Emission Disclosure (Listed Company in and Out on Calculation Indeks Sri Kehati in IDX Periode 2016-2017). European Journal of Business and Management, 11(23), 41–51. https://doi.org/10.7176/EJBM

Triyuwono, E. (2018). Proses Kontrak, Teori Agensi, dan Corporate Governance. https://www.researchgate.net/publication/322487689

Trufvisa, U. S., & Ardiyanto, M. D. (2019). Pengaruh Karakteristik Dewan Komisaris Terhadap Pengungkapan Emisi Karbon. Diponegoro Journal of Accounting, 8(1), 1–11. http://ejournal-s1.undip.ac.id/index.php/accounting

Wiransyah, A., Husni, T., & Alfarisi, M. F. (2024). Pengaruh Independent commissioner, Board size, dan Institutional ownership Terhadap Pengungkapan Emisi Karbon Dimoderasi Kinerja Lingkungan Pada Perusahaan Sektor Energi di BEI Tahun 2019-2023. COSTING: Journal of Economic, Business and Accounting, 7(5), 4735–4749. https://doi.org/10.31539/costing.v7i5.12387

Zada, Q. A., & Sari, S. P. (2024). Dampak Mekanisme Good Corporate Governance Pada Carbon Emission Disclosure. Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi), 8(2), 1986–2006. https://doi.org/10.31955/mea.v8i2.4274