Carbon Emissions Disclosure Mediates the Effect of Environmental Performance on Firm Value

Ni Kadek Piena Jayanthi Putri; Made Gede Wirakusuma

Authors

Ni Kadek Piena Jayanthi Putri Faculty of Economics and Business, Universitas Udayana, Indonesia
Made Gede Wirakusuma Faculty of Economics and Business, Universitas Udayana, Indonesia

Keywords:

Firm Value, Environmental Performance, Carbon Emissions Disclosure, Profitability, Firm Size

Abstract

This research aims to obtain empirical evidence of the influence of environmental performance on firm value with carbon emissions disclosure as a mediation variable. This research was conducted on all companies listed on the IDX and participated in the PROPER program in 2021-2022. The sampling method used nonprobability sampling and obtained samples of 75 companies. The data analysis techniques used path analysis test and sobel test with SPSS. The results of this study show that environmental performance does not affect firm value. However, environmental performance has a positive effect on the carbon emissions disclosure, carbon emissions disclosure has a positive effect on firm value, and carbon emissions disclosure can mediate the effect of environmental performance on firm value.

References

Adnyani, I. G. N. Si., & Suaryana, I. G. N. A. (2020). The Effect of Company Sizes, Sales Growth, And ProfitabilityOn Firm Values. In American Journal of Humanities and Social Sciences Research (Issue 6). www.ajhssr.com

Anggraeni, D. Y. (2015). PENGUNGKAPAN EMISI GAS RUMAH KACA, KINERJA LINGKUNGAN, DAN NILAI PERUSAHAAN. Jurnal Akuntansi Dan Keuangan Indonesia, 12(2), 188–209. https://doi.org/10.21002/jaki.2015.11

Anqi, C., & San, O. T. (2022). Environmental Performance, Corporate Governance and Financial Performance of Chinese Heavy Polluted Industries. International Journal of Energy Economics and Policy, 12(3), 460–469. https://doi.org/10.32479/ijeep.13002

Astuti, C. D., Yanti, H. B., & Itqoni, A. M. (2023). The effect of external assurance of sustainability report and carbon emissions disclosure on firm value. AIP Conference Proceedings, 2706(1).

Fauzi, T. H. (2022). The Effect of Environmental Performance on Firm Value with Mediating Role of Financial Performance in Manufacturing Companies in Indonesia. Academic Journal of Interdisciplinary Studies, 11(3), 256–265. https://doi.org/10.36941/ajis-2022-0081

Gabrielle, G., & Toly, A. A. (2019). The Effect Of Greenhouse Gas Emissions Disclosure And Environmental Performance On Firm Value: Indonesia Evidence. Jurnal Ilmiah Akuntansi Dan Bisnis. https://doi.org/10.24843/jiab.2019.v14.i01.p10

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

Han, Y. G., Huang, H. W., Liu, W. P., & Hsu, Y. L. (2023). Firm-Value Effects of Carbon Emissions and Carbon Disclosures: Evidence from Taiwan. Accounting Horizons, 37(3), 171–191. https://doi.org/10.2308/HORIZONS-18-164R

Hardiyansah, M., Agustini, A. T., & Purnamawati, I. (2021). The Effect of Carbon Emission Disclosure on Firm Value: Environmental Performance and Industrial Type. Journal of Asian Finance, Economics and Business, 8(1), 123–133. https://doi.org/10.13106/jafeb.2021.vol8.no1.123

Ika, S. R., Puisi, P. U. I. S. I., Vitaningsih, C. W., Ducati, D., & Widagdo, A. K. (2024). Carbon emission disclosure in the agriculture industry in Indonesia: The determinant factors. IOP Conference Series: Earth and Environmental Science, 1290(1). https://doi.org/10.1088/1755-1315/1290/1/012033

Indriastuti, M., & Chariri, A. (2021). Integrating Corporate Social Responsibility Disclosure and Environmental Performance for Firm Value: An Indonesia Study. Lecture Notes in Networks and Systems, 278, 435–445. https://doi.org/10.1007/978-3-030-79725-6_43

Jannah, A. N. K., & Narsa, I. M. (2020). Factors That Can Be Predictors of Carbon Emissions Disclosure. Jurnal Akuntansi, 24(2), 70–84. https://doi.org/10.24912/ja.v24i2.699

Khansa, S., & Prasetyo, A. B. (2022). PENGARUH EMISI GAS RUMAH KACA SEBAGAI INDIKATOR KINERJA LINGKUNGAN DAN PENGUNGKAPAN LINGKUNGAN TERHADAP NILAI PERUSAHAAN. DIPONEGORO JOURNAL OF ACCOUNTING, 11(1), 1–13. http://ejournal-s1.undip.ac.id/index.php/accounting

Krisnawanto, K., & Solikhah, B. (2019). The Determinants of Carbon Emission Disclosure Moderated by Institutional Ownership ARTICLE INFO ABSTRACT. Accounting Analysis Journal, 8(2), 135–142. https://doi.org/10.15294/aaj.v8i2.32347

Kurnia, P., Emrinaldi Nur, D. P., & Putra, A. A. (2021). Carbon emission disclosure and firm value: A study of manufacturing firms in Indonesia and Australia. International Journal of Energy Economics and Policy, 11(2), 83–87. https://doi.org/10.32479/ijeep.10730

Lee, J. H., & Cho, J. H. (2021). Firm-value effects of carbon emissions and carbon disclosures—evidence from korea. International Journal of Environmental Research and Public Health, 18(22). https://doi.org/10.3390/ijerph182212166

Listyaningsih, E., & Natalina. (2020). Factors Influencing the Greenhouse Gas Emission Disclosure on Manufacturing Firms in Indonesia. IOP Conference Series: Materials Science and Engineering, 807(1). https://doi.org/10.1088/1757-899X/807/1/012005

Mardiana, I. A., & Wuryani, E. (2019). Pengaruh kinerja lingkungan terhadap nilai perusahaan dengan profitabilitas sebagai variabel pemoderasi. Jurnal Akuntansi Unesa, 8(1), 1–8.

Nazwa, N., & Fitri, F. A. (2022). Can Carbon Emission Disclosure, Environmental Performance, and Corporate Social Responsibility Improve Firm Value in Indonesia? 2022 International Conference on Decision Aid Sciences and Applications (DASA), 1163–1167.

Prafitri, A., & Zulaikha. (2016). ANALISIS PENGUNGKAPAN EMISI GAS RUMAH KACA. In Jurnal Akuntansi & Auditing (Vol. 13, Issue 2).

Pramitha, I. A. Y., & Sudana, I. P. (2021). Pengungkapan Corporate Social Responsibility, Kinerja Lingkungan dan Nilai Perusahaan. E-Jurnal Akuntansi, 31(3), 615. https://doi.org/10.24843/eja.2021.v31.i03.p08

Prasetya, R. A., & Yulianto, A. (2018). Analysis of Factors Affecting the Disclosure of Corporate Carbon Emission In Indonesia. Jurnal Dinamika Akuntansi, 10(1), 71–81.

Putri, A. B., Budianto, J. T., & Esa, A. O. (2020). Determination of Carbon Emissions Disclosure of Non Service Company. ATESTASI: Jurnal Ilmiah Akuntansi, 3(1), 39–49.

Putri, M. K., & Susanti, E. (2023). Kinerja Lingkungan, Biaya Lingkungan dan Nilai Perusahaan dengan Profitabilitas sebagai Variabel Moderating. E-Jurnal Akuntansi, 33(2), 541. https://doi.org/10.24843/eja.2023.v33.i02.p18

Rahmanita, S. A. (2020). Pengaruh Carbon Emission Disclosure Terhadap Nilai Perusahaan Dengan Kinerja Lingkungan Sebagai Variabel Pemoderasi. Akuntansi: Jurnal Akuntansi Integratif, 6(1), 54–70.

Rismayanti, I. A. W., & Putri, I. G. A. M. A. D. (2021). Leverage, Kepemilikan Manajerial, Kinerja Lingkungan dan Nilai Perusahaan: Studi Empiris pada Perusahaan Manufaktur di Indonesia. E-Jurnal Akuntansi, 31(7), 1667. https://doi.org/10.24843/eja.2021.v31.i07.p05

Rusmana, O., & Purnaman, S. M. N. (2020). Rusmana (Pengaruh Pengungkapan Emisi Karbon dan Kinerja Lingkungan terhadap Nilai Perusahaan). Jurnal Ekonomi, Bisnis Dan Akuntansi (JEBA), 22, 42–52.

Sari, K. H. V., & Budiasih, I. G. A. N. (2022). Carbon Emission Disclosure dan Nilai Perusahaan. E-Jurnal Akuntansi, 32(1), 3535. https://doi.org/10.24843/eja.2022.v32.i01.p16

Sari, N. M., & Sulfitri, V. (2023). The Effect of Media Exposure, Environmental Performance, and ISO 14001 Certification on Carbon Emission Disclosure. Journal of Economics, Finance and Management Studies , 06(08 August 2023), 3662–3671. https://doi.org/10.47191/jefms/v6-i8-13

Selviana, S., & Ratmono, D. (2019). Pengaruh Kinerja Karbon, Karakteristik Perusahaan dan Kinerja Lingkungan Terhadap Pengungkapan Emisi Karbon. Diponegoro Journal of Accounting, 8(3).

Setiawan, P., & Iswati, S. (2019). Carbon Emissions Disclosure, Environmental Management System, and Environmental Performance: Evidence from the Plantation Industries in Indonesia. Indonesian Journal of Sustainability Accounting and Management, 3(2), 215. https://doi.org/10.28992/ijsam.v3i2.99

Suniantari, I. G. A. P., & Yasa, G. W. (2022). Kinerja Lingkungan, Kepemilikan Manajerial dan Nilai Perusahaan. E-Jurnal Akuntansi, 32(2), 3847. https://doi.org/10.24843/eja.2022.v32.i02.p19

Wahidahwati, W., & Ardini, L. (2021). Corporate Governance and Environmental Performance: How They Affect Firm Value. Journal of Asian Finance, Economics and Business, 8(2), 953–962. https://doi.org/10.13106/jafeb.2021.vol8.no2.0953

Widianto, I., & Sari, D. P. (2020). The effect of environmental performance, leverage and company size towards carbon emission disclosure on rated proper company in 2015–2018. Journal of Accounting, Entrepreneurship, and Financial Technology, 1(02), 97–118.

Wirawati, N. G. P., Dwija Putri, I. G. A. M. A., & Badera, I. D. N. (2020). Pengaruh Ukuran Perusahaan, Leverage, Pengungkapan Lingkungan, dan Kinerja Lingkungan pada Nilai Perusahaan. E-Jurnal Akuntansi, 30(9), 2417. https://doi.org/10.24843/eja.2020.v30.i09.p19

Yanto, H., Hasan, I., Fam, S.-F., & Raeni, R. (2017). Strengthening PROPER Implementation to Improve Transparency in Managing Carbon Emission among Indonesian Manufacturing Companies. International Journal of Business & Management Science, 7(2).

Yanto, H., Rofiah, A., & Bahlawan, Z. A. S. (2019). Environmental Performance and Carbon Emission Disclosures: A case of Indonesian Manufacturing Companies. Journal of Physics: Conference Series, 1387(1). https://doi.org/10.1088/1742-6596/1387/1/012005