Main Article Content

Amrie Firmansyah
Pramuji Handra Jadi
Wahyudi Febrian
Eta Fasita


Positive responses from investors indicate the company's success in providing information to the public. It reflects the stock prices increase in the capital market. Information that is responded to positively provides investor confidence that it contains decision-making usefulness, and managers can ensure its sustainability in the future. This study aims to examine the association of carbon emissions disclosure with firm value in Indonesia. In addition, this study also examines the role of corporate governance in the association between carbon emissions disclosure and firm value. This study employs secondary data sourced from financial statements available at and stock price data from The sample employed in this study is a manufacturing company from 2016 to 2019. By using purposive sampling, the sample obtained in the study is 260 observations. The data were analyzed using multiple linear regression for panel data. This study concludes that the carbon emissions disclosure is negatively associated with firm value. In addition, corporate governance has not succeeded in strengthening the positive effect of carbon emission disclosures on firm value. This study suggests that the Indonesia Financial Services Authority (OJK) should re-examine the regulation on sustainability disclosure, which includes carbon emissions, which is one of the current dynamic issues in the world. In addition, companies need to improve the quality of disclosure of information related to sustainability to the public.


Download data is not yet available.

Plum Analytics

Article Details

Author Biographies

Amrie Firmansyah, Scopus ID [57209009510], Politeknik Keuangan Negara STAN

Politeknik Keuangan Negara STAN

Pramuji Handra Jadi, Direktorat Jenderal Pajak

Direktorat Jenderal Pajak

Wahyudi Febrian, Direktorat Jenderal Pajak

Direktorat Jenderal Pajak


Alsaifi, K., Elnahass, M., & Salama, A. (2020). Market responses to firms’ voluntary carbon disclosure: empirical evidence from the United Kingdom. Journal of Cleaner Production, 262, 1-11.

Anggraeni, S. B., Paramita, P. D., & Oemar, A. (2018). Pengaruh free cash flow, risiko bisnis dan investment opportunity set terhadap nilai perusahaan dengan kebijakan hutang sebagai variabel intervening. Journal of Accounting, 4(4), 1-18.

Apriliyanti, V., Hermi, & Herawaty, V. (2019). Pengaruh kebijakan hutang, kebijakan dividen, profitabilitas, pertumbuhan penjualan dan kesempatan investasi terhadap nilai perusahaan dengan ukuran perusahaan sebagai variabel moderasi. Jurnal Magister Akuntansi Trisakti, 6(2), 201-224.

Ararat, M., Black, B. S., & Yurtoglu, B. B. (2017). The effect of corporate governance on firm value and profitability: time-series evidence from Turkey. Emerging Markets Review, 30, 113-132.

Arizki, A., Masdupi, E., & Zulvia, Y. (2019). Pengaruh keputusan investasi, keputusan pendanaan dan kebijakan dividen terhadap nilai perusahaan pada perusahaan manufaktur. Jurnal Kajian Manajemen dan Wirausaha, 1(1), 73-82.

Bahrun, M. F., Tifah, T., & Firmansyah, A. (2020). Pengaruh keputusan pendanaan, keputusan investasi, kebijakan dividen, dan arus kas bebas terhadap nilai perusahaan. Jurnal Ilmiah Akuntansi Kesatuan, 8(3), 263-276.

Buchanan, B., Cao, C. X., & Chen, C. (2018). Corporate social responsibility, firm value, and influential institutional ownership. Journal of Corporate Finance, 52, 73–95.

Budiharta, P., & Kacaribu, H. E. P. 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, Supplementary Issue 3, 75-87.

Budiyono, & Wulansari, F. A. (2018). Good corporate governance management on corporate values (empirical study on chemical companies listed on the Indonesia Stock Exchange Period 2013-2015). International Journal of Economics, Business and Accounting Research (IJEBAR), 2(1), 45-56.

Cheryta, A. M., Moeljadi, & Indrawati, N. K. (2018). Leverage, asymmetric information, firm value, and cash holdings in Indonesia. Jurnal Keuangan dan Perbankan, 22(1), 83-93.

Christiani, L., & Herawaty, V. (2019). Pengaruh kepemilikan manajerial, komite audit, leverage, profitabilitas, dan ukuran perusahaan terhadap nilai perusahaan dengan manajemen laba sebagai variabel moderasi. Prosiding Seminar Nasional Cendekiawan, 2-35.

Clarkson, P. M., Fang, X., Li, Y., & Richardson, G. (2013). The relevance of environmental disclosures: Are such disclosures incrementally informative? Journal of Accounting and Public Policy, 32(5), 410– 431.

Damayanti, N., & Firmansyah, A. (2021). Peran Tata Kelola Perusahaan Dalam Kinerja Operasional dan Kinerja Pasar Di Indonesia. Jurnal Ekonomi, 26 (2), 196-212.

Dewi, D. K., Tanjung, A. R., & Indrawati, N. (2018). Analisis pengaruh free cash flow, investment opportunity set, ukuran perusahaan dan kepemilikan manajerial terhadap nilai perusahaan dengan kebijakan hutang sebagai variabel moderating (studi pada perusahaan manufaktur yang listing di Bursa Efek Indonesia Periode 2012-2016). Jurnal Ekonomi, 26(2), 101-121.

Fahmi, R., Hadjaat, M., & Yudaruddin, R. (2019). Pengaruh tipe industri dan asimetri informasi serta kapitalisasi pasar terhadap intellectual capital disclosure pada perusahaan sektor industri dasar dan kimia yang terdaftar di bursa efek indonesia. Jurnal Manajemen, 11(1), 16-23.

Fatimah, Mardani, R. M., & Wahono, B. (2019). Pengaruh good corporate governance terhadap nilai perusahaan dengan kinerja keuangan sebagai variabel intervening (studi kasus pada perusahaan manufaktur subsektor barang. Jurnal Ilmiah Riset Manajemen, 8(15), 51-69.

Firmansyah, A. (2017). Pengaruh income smoothing dan real earnings management terhadap keinformatifan laba. Jurnal Online Insan Akuntan, 2(2), 175-188.

Firmansyah, A., & Herawaty, V. (2016). Pengaruh income smoothing, kebijakan deviden, leverage dan ukuran perusahaan terhadap earnings response coefficient dan future earnings response coefficient. Jurnal Informasi, Perpajakan, Akuntansi, Dan Keuangan Publik, 11(1), 31-48.

Firmansyah, A., & Purnama, E. D. B. (2020). Do derivatives instruments ownership decrease firm value in Indonesia? Riset Akuntansi dan Keuangan Indonesia, 5(1), 1-9.

Firmansyah, A., & Herawaty, V. (2019). Do Artificial And Real Income Smoothing Increase Earnings Informativeness Equivalently In Indonesia? South East Asian Journal Of Contemporary Business, Economics And Law (SEAJBEL), 18(5), 95-101.

Firmansyah, A., & Estutik, R. S. (2020). Environmental responsibility performance, corporate social responsibility disclosure, tax aggressiveness: does corporate governance have a role? Journal of Governance and Regulation, 9(4), 8-24.

Firmansyah, A., & Triastie, G. A. (2020). The role of corporate governance in emerging market: Tax avoidance, corporate social responsibility disclosures, risk disclosures, and investment efficiency. Journal of Governance and Regulation, 9(3), 8-26.

Firmansyah, A., Setiawan, T. A., & Fathurahman, F. (2020a). Nilai perusahaan: kebijakan utang, good corporate governance, cash holding. Jurnal Akuntansi dan Bisnis, 20 (2), 237-254

Firmansyah, A., Utami, W., Umar, H., & Mulyani, S. D. (2020b). The role of derivative instruments on risk relevance from emerging market non-financial companies. Journal of Governance and Regulation, 9(2), 45-63.

Firmansyah, A., Qadri, R. A., & Arfiansyah, Z. (2021a). The green supply chain and sustainability performance in emerging country. Journal of Governance and Regulation, 10(1), 139-152.

Firmansyah, A., Husna, M. C., & Putri, M. A. (2021b). Corporate Social Responsibility Disclosure, Corporate Governance Disclosures, and Firm Value in Indonesia Chemical, Plastic, and Packaging Sub-Sector Companies. Accounting Analysis Journal, 10(1), 9-17.

Gonzalez-Gonzalez, J.M., & Ramírez, C.Z. (2016). Voluntary carbon disclosure by Spanish companies: an empirical analysis. International Journal of Climate Change Strategies and Management, 8(1), 57-79.

Hapsoro, D., & Ambarwati, A. (2018). Antecedents and consequences of carbon emissions’ disclosure: case study of oil, gas and coal companies in Non-annex 1 member countries. Journal of Indonesian Economy and Business, 33(2), 2018, 99 – 111.

Hardiyan, Y. (2020). Kenapa Harga Saham Turun atau Naik?

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.

Haryono, S. A., Fitriany, F., & Fatima, E. (2017). Pengaruh struktur modal dan struktur kepemilikan terhadap kinerja perusahaan. Jurnal Akuntansi dan Keuangan Indonesia, 14(2), 119-141.

Hestanto. (2020, December 30). Teori Keagenan (Agency Theory).

Hollindale, J., Kent, P., Routledge, J., & Chapple, L. (2017). Women on boards and greenhouse gas emission disclosures. Accounting and Finance, 1-32.

Huang, P., Lu, Y., & Wee, M. (2020). Corporate governance analysts and firm value: Australian evidence. Pacific Basin Finance Journal, 63(July), 101430.

Irawan, F., & Turwanto, T. (2020). The effect of tax avoidance on firm value with tax risk as moderating variable. Test Engineering & Management 83, 9696 – 9707.

Irwhantoko, I., & Basuki, B. (2016). Carbon emission disclosure: studi pada perusahaan manufaktur Indonesia. Jurnal Akuntansi dan Keuangan, 18(2), 92-104.

Jensen, M. C., & Meckling, W.H. (1976). Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–60.

Kilic, 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

Kurnia, P., Darlis, E., & Putra, A. A. (2020). Carbon emission disclosure, good corporate governance, financial performance, and firm value. Journal of Asian Finance, Economics and Business, 7(12), 223–231.

Languju, O. (2016). Pengaruh return on equity, ukuran perusahaan, price earning ratio dan struktur modal terhadap nilai perusahaan property and real estate terdaftar di Bursa Efek Indonesia. Jurnal Berkala Ilmiah Efisiensi, 16(2), 387-398.

Lee, K.-H. (2015). Does size matter? Evaluating corporate environmental disclosure in the Australian mining and metal industry: a combined approach of quantity and quality measurement. Business Strategy and the Environment, 26(2), 209–223.

Lee, S.Y., Park, Y.S., & Klassen, R.D. (2015). Market responses to firms’ voluntary climate change information disclosure and carbon communication. Corporate Social Responsibility and Environmental Management, 22(1), 1-12.

Lembong, E. F., Tinangon, J., & Tirayoh V. (2018). Penentuan Keputusan Investasi dengan Menggunakan Informasi Akuntansi Diferensial Pada CV. Nyiur Trans Kawanua Manado. Jurnal Riset Akuntansi Going Concern, 13(2), 503-511.

Mabruroh, V., Riswan, & Lestari, S. (2015). Pengaruh price earning ratio, leverage, dividend payout ratio, profitabilitas dan cash holdings terhadap nilai perusahaan pada perusahaan non-keuangan yang terdaftar dalam indeks LQ45. Monex: Journal Research Accounting Politeknik Tegal, 4(1), 82-90.

Matsumura, E. M., Prakash, R., & Vera-Muñoz, S. C. (2014). Firm-Value Effects of Carbon Emissions and Carbon Disclosures. The Accounting Review, 89(2), 695–724.

Mudjijah, S., Khalid, Z., & Astuti, D. A. S. (2019). Pengaruh kinerja keuangan dan struktur modal terhadap nilai perusahaan yang dimoderasi variabel ukuran perusahaan. Jurnal Akuntansi dan Keuangan, 8(1), 41-56.

Muhammad, G. I, & Aryani, Y. A. (2021). The impact of carbon disclosure on firm value with foreign ownership as a moderating variable. Jurnal Dinamika Akuntansi dan Bisnis, 8(1), 1-14.

Novianti, T., & Firmansyah, A. (2020). The effect of tax risk, hedging, income smoothing, and volatility cash flows on firm value. Test Engineering and Management, 83, 9675 – 9686.

Nugroho, W., & Agustia, D. (2017). Tax avoidance, corporate governance, and firm value. AFEBI Accounting Review, 02(2), 15–29.

Nugroho, D. S., & Pertiwi, MI (2021). Stock price reaction when covid-19 exist: moderating by firm's operating cash flow. Jurnal Ekonomi Malaysia, 55(1), 1-16.

Nurkhin, A., Wahyudin, A., & Fajriah, A. S. A. (2017). Relevansi struktur kepemilikan terhadap profitabilitas dan nilai perusahaan barang konsumsi. Jurnal Akuntansi Multiparadigma, 8(1), 35-46.

Pakekong, M. I., Murni, S., & Rate, P. Van. (2019). Pengaruh struktur kepemilikan, kebijakan dividen dan kebijakan hutang terhadap nilai perusahaan pada perusahaan asuransi yang terdaftar Di BEI periode 2012-2016. Jurnal EMBA, 7(1).

Pocius, V., Stunguriene, S., & Paškevicius, A. (2014). The factors of the attractiveness of the capital market of Lithuania. Procedia-Social and Behavoal Sciences, 110, 1052-1062.

Pramana, I. G. N. A. D., & Mustanda, I. K. (2016). Pengaruh profitabilitas dan size terhadap nilai perusahaan dengan csr sebagai variabel pemoderasi. E-Jurnal Manajemen Unud, 5(1), 561–594.

Putri, A. P., & Aryani, Y. A. (2016). Pengaruh pengungkapan karbon terhadap nilai perusahaan pada perusahaan yang terdaftar di bursa efek indonesia tahun 2013-2015. Universitas Sebelas Maret

Putri, E.A., Nuraina, E., & Styaningrum, F. (2018). Pengaruh kebijakan dividen, kebijakan hutang dan profitabilitas terhadap nilai perusahaan manufaktur yang terdaftar di bursa efek Indonesia. In FIPA: Forum Ilmiah Pendidikan Akuntansi, 6(2), 1-10.

Putri, V.R., & Rachmawati, A. (2018). The effect of profitability, dividend policy, debt policy, dan firm age on firm value in the non-bank financial Industry. Jurnal Ilmu Manajemen & Ekonomika, 10(1), 14-21.

Putri, W.W.R., & Tartilla, N. (2018). Pengaruh intellectual capital terhadap nilai perusahaan dengan operating cash flow sebagai variabel moderating. Jurnal Ilmiah Ilmu Ekonomi (Jurnal Akuntansi, Pajak dan Manajemen), 7(13), 1-12.

Putri, M.M., Firmansyah, A., & Labadia, D. (2020). Corporate social responsibility disclosure, good corporate governance, firm value: evidence from Indonesia's food and beverage companies. The Accounting Journal of Binaniaga, 5(2), 113-122.

Rahardjo, B.T., & Murdani, R. (2016). Pengaruh kinerja keuangan dan pengungkapan corporate social responsibility terhadap nilai perusahaan (studi kasus pada perusahaan bumn yang terdaftar di BEI tahun 2010-2014). Jurnal Akuntansi dan Bisnis Krisnadwipayana, 3(1), 1-9.

Rahman, A. (2019). Pengaruh pertumbuhan perusahaan, risiko bisnis terhadap struktur modal dan nilai perusahaan pada industri perbankan di Bursa Efek Indonesia sebelum dan sesudah krisis global. Jurnal Manajemen Dan Akuntansi, 25(1), 114-129.

Rjiba, H., Jahmane, A., & Abid, I. (2020). Corporate social responsibility and firm value: guiding through economic policy uncertainty. Finance Research Letters, 35, 101553.

Ronald, S., Ng, S., & Daromes, F. E. (2019). Corporate Social responsibility as economic mechanism for creating firm value. Indonesian Journal of Sustainability Accounting and Management, 3(1), 22–36.

Saka, C., & Oshika, T. (2014). Disclosure effects, carbon emissions and corporate value. Sustainability Accounting, Management and Policy Journal, 5(1), 22–45.

Santa, S. L. L., & Rezende, A. J. (2016). Corporate tax avoidance and firm value: evidence from Brazil. Revista Contemporânea de Contabilidade, 13(30), 114.

Scott, W. R. (2015). Financial accounting theory. Seventh Edition. Toronto: Pearson Canada Inc.

Sirojudin, G. A., & Nazaruddin, I. (2016). Pengaruh modal intelektual dan pengungkapannya terhadap nilai dan kinerja perusahaan. Journal of Accounting and Investment, 15(2), 77-89.

Spence, M. (1973). Job market signalling. Quarterly Journal of Economics, 87(3). 355-374.

Suastini, N. M., Purbawangsa, I. B. A., Rahyuda, H. (2016). Pengaruh kepemilikan manajerial dan pertumbuhan perusahaan terhadap nilai perusahaan pada perusahaan manufaktur di Bursa Efek Indonesia (struktur modal sebagai variabel moderasi). E-Jurnal ekonomi dan bisnis Universitas Udayana, 5(1), 143-172.

Sucipto, E., & Sudiyatno, B. (2018). Profitabilitas, kebijakan dividen, dan kebijakan hutang terhadap nilai perusahaan pada perusahaan manufaktur yang listed di Bursa Efek Indonesia. Dinamika Akuntansi Keuangan dan Perbankan, 7(2), 163-172.

Suranto, V. A. H. M., & Walandouw, S. K. (2017). Analisis pengaruh struktur modal dan kinerja keuangan terhadap nilai perusahaan pada perusahaan perbankan di Bursa Efek Indonesia. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis dan Akuntansi, 5(2), 1031-1040.

Suwardika, I. N. A., & Mustanda, I. K. (2017). Pengaruh leverage, ukuran perusahaan, pertumbuhan perusahaan, dan profitabilitas terhadap nilai perusahaan pada perusahaan properti. E-jurnal Manajemen, 6(3), 1248-1277.

Toly, A.A., Claudya, C., Santoso, R., & Grace, F. (2019). Analisa pengaruh corporate governance, ownership structure, dan cash on hand terhadap nilai perusahaan. Jurnal Riset Keuangan Dan Akuntansi, 5(2), 31-51.

Wardani, D. K., & Juliani. (2018). Pengaruh tax avoidance terhadap nilai perusahaan dengan corporate governance sebagai variabel pemoderasi. Nominal: Baromter Riset Akuntansi dan Manajemen, 7(2), 47-61.

Yee, C. S., Sapiei, N. S., & Abdullah, M. (2018). Tax avoidance, corporate governance and firm value in the digital era. Journal of Accounting and Investment, 19(2).

Yunus, S., Evangeline, E.T., & Abhayawansa, S. (2016). Determinants of carbon management strategy adoption: evidence from Australia’s top 200 publicly listed firms. Managerial Auditing Journal, 31(2), 156-179.