BRIDGING THE GREEN GAP: DOES AUDIT COMMITTEE EFFECTIVENESS MODERATE THE IMPACT OF CARBON EMISSION DISCLOSURE ON FIRM VALUE?

Tita Nurvita, Maria Evy Purwitasari

Abstract


This study aims to analyze the effect of carbon disclosure on firm value, moderated by the role of the audit committee. The sample consists of energy sector issuers listed on the Indonesia Stock Exchange. The sampling period is 2021–2023. The sampling method used is purposive sampling. Data was obtained from idx.co.id and ESGI. The dependent variable in this study is firm value (FV), proxied by TobbinsQ; the independent variable is carbon disclosure (CED). The control variables are ROA and DER. The moderating variable is the audit committee (AC), proxied by the number of meetings attended by the Audit Committee Chair. Data was analyzed using OLS multiple regression. Model 1 shows that CED has a significant positive effect on firm value with a p-value of 0.04 < 0.05. The same was found for both ROA and DER, where there was a negative effect on firm value with p-values of 0.00 and 0.004, respectively. Model 2 shows that the audit committee fails to moderate the relationship between CED and firm value.

Keywords: audit committee, firm value, carbon emission disclosure, carbon, sustainability reporting


Full Text:

PDF

References


Asrorudin, A., Rosini, I., & Suripto. (2024). The impact of carbon emission disclosure and environmental performance on firm value with good corporate governance as a moderator. Indonesia Accounting Research Journal, 11(4), 215–229. https://journals.iarn.or.id/index.php/Accounting/article/view/288

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

Bedi, A., & Singh, B. (2024). Exploring the impact of carbon emission disclosure on firm financial performance: moderating role of firm size. Management Research Review, 47(11), 1705–1721. https://doi.org/10.1108/MRR-01-2023-0015

Blesia, J. U., Trapen, E., & Arunglamba, R. S. (2023). The Moderate Effect of Good Corporate Governance on Carbon Emission Disclosure and Company Value. THEINDONESIANJOURNALOFACCOUNTINGRESEARCH, 26(1), 151–182. https://doi.org/10.33312/ijar.663

Budiman, L. S., Yadiati, W., & Hasyir, D. A. (2024). Uji Teori Institusional: Pengungkapan Emisi Karbon, Leverage, Profitabilitas, dan Nilai Perusahaan (Test of Institutional Theory: Carbon Emissions Disclosure, Leverage, Profitability, and Firm Value). Jurnal Akuntansi, Keuangan, Dan Manajemen (JAKMAN), 5(4), 383–399. https://doi.org/https://doi.org/10.35912/jakman.v5i4.3432

Eccles, R. G., Serafeim, G., & Krzus, M. P. (2011). Market Interest in Nonfinancial Information. Journal of Applied Corporate Finance, 23(4), 113–127.

Freeman, R. E., & Reed, D. L. (1983). Stockholders and Stakeholders: A New Perspective on Corporate Governance. California Management Review, 25(3), 88–106. https://doi.org/10.2307/41165018

Gerged, A. M. (2020). Factors affecting corporate environmental disclosure in emerging economies –the role of corporate governance structures. Business Strategy and the Environment, In Press, 30(1), 609–629. https://doi.org/https://doi.org/10.1002/bse.2642Digital Object Identifier (DOI)

GS Sustain. (2009). Change is coming: A framework for climate change – a defining issue of the 21st century.

Haji, A. (2015). The role of audit committee attributes in intellectual capital disclosures. Managerial Auditing Journal, 30(8–9), 756–784. https://doi.org/https://doi.org/10.1108/MAJ-07-2015-1221

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

Hidayati, A., & Rosidi, R. (2024). Pengaruh Green Accounting, Corporate Social Responsibility (CSR), Dan Reputasi Perusahaan Terhadap Kinerja Keuangan. Aksioma: Jurnal Riset Akuntansi, 23(1), 78–90. https://doi.org/gan. Juhttps://doi.org/10.29303/aksioma.v23i1.297

Hirdinis. (2019). Capital Structure and Firm Size on Firm Value Moderated by Profitability. International Journal of Economics & Business Administration (IJEBA), 7(1), 174–191. https://doi.org/10.35808/ijeba/204

IEA. (2025). Global CO2 emissions from energy combustion and industrial processes and their annual change, 1900-2023. Global Energy Review 2025. https://www.iea.org/data-and-statistics/

Imansyah, A., Dirgantari, N., Pratama, B. C., & Wirnarni, D. (2025). Analisis Determinan Nilai Perusahaan Sektor Energi dengan Kepemilikan Manajerial sebagai Pemoderasi. Jurnal Ekonomi & Ekonomi Syariah, 8(1), 215–231. https://doi.org/10.36778/jesya.v8i1.1869

Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm : Managerial Behavior , Agency Costs and Ownership Structure Theory of the Firm : Managerial Behavior , Agency Costs and Ownership Structure. Journal Of Financial Economics, 3(4), 305–360.

Jiang, Y., Luo, L., Xu, J., & Shao, X. (2021). The Value Relevance of Corporate Voluntary Carbon Disclosure: Evidence from the United States and BRIC Countries. Journal of Contemporary Accounting & Economics, 17, 100279. https://doi.org/https://doi.org/10.1016/j.jcae.2021.100279

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. https://doi.org/10.13106/JAFEB.2020.VOL7.NO12.223

KURNIA, P., Nur, D. P. E., & PUTRA, A. A. (2020). Carbon emission disclosure and firm value: A study of manufacturing firms in Indonesia and Australia. International Journal of Energy Economics AndPolicy, 11(2), 83–87. https://doi.org/https://doi.org/10.32479/ijeep.10730

Ladista, R. D., Lindrianasari, & Syaipudin, U. (2023). Determinan Pengungkapan Emisi Karbon dan Pengaruhnya Terhadap Kinerja Keuangan. Owner: Riset & Jurnal Akuntansi, 7(3), 2548–7507. https://doi.org/https://doi.org/10.33395/owner.v7i3.1535

Lee, S.-Y. (2012). Corporate Carbon Strategies in Responding to Climate Change. Business Strategy and the Environment, 21(1), 33–48. https://doi.org/10.1002/BSE.711

Lina, F. A. (2024). The influence of carbon emission disclosure on financial performance: Do firm characteristics matter? Jurnal Akuntansi Dan Auditing Indonesia, 28(2), 164–177. https://doi.org/https://doi.org/10.20885/jaai.vol28.iss2.art7

Lunawat, R. M., Elmarzouky, M., & Shohaieb, D. (2025). Integrating Environmental, Social, and Governance (ESG) Factors into the Investment Returns of American Companies. Sustainability, 17(19), 8522. https://doi.org/10.3390/su17198522

Maryanti, E., Biduri, S., & Sari, H. M. K. (2025). Carbon Emission Disclosure, Green Intellectual Capital Terhadap Kinerja. Owner: Riset & Jurnal Akuntansi, 9(1), 290–302. https://doi.org/https://doi.org/10.33395/owner.v9i1.2484

Nazwa, N., & Fitri, F. A. (2022). Can Carbon Emission Disclosure, Environmental Performance, and Corporate Social Responsibility Improve Firm Value in Indonesia? International Conference on Decision Aid Sciences and Applications (DASA), 1163–1167. https://doi.org/10.1109/DASA54658.2022.9765049

Noor, A., & Ginting, Y. L. (2022). INFLUENCE OF CARBON EMISSION DISCLOSURE ON FIRM VALUE OF INDUSTRIAL FIRMS IN INDONESIA. International Journal of Contemporary Accounting, 4(2), 151–168.

Nugroho, A. (2025). Sektor Kehutanan Penyumbang Terbesar Emisi di Indonesia. Universitas Gajah Mada. https://ugm.ac.id/id/berita/sektor-kehutanan-penyumbang-terbesar-emisi-di-indonesia/

Nurvita, T. (2025). The Effect of Carbon Accounting Disclosure and Environmental Performance on Firm Value. Prosiding KIA XII & 2nd International Conference, 138.

Rachmadiansyah, I. A., Puspawati, D., & Permatasari, W. D. (2025). Peran Mediasi Pengungkapan Environmental, Social dan Governance Dalam Pengaruh Audit Committee dan Financial Performance Terhadap Nilai Perusahaan: Studi Pada Perusahaan BEI Database Thomson Reuters (2020-2022). Journal of Accounting and Finance Management, 6(1), 158–175. https://doi.org/DOI: https://doi.org/10.38035/jafm.v6i1.1655

Saka, C., & Oshika, T. (2014). Disclosure effects, carbon emissions and corporate value. Sustainability Accounting, Management and Policy Journal, 5(1), 22–45. https://doi.org/10.1108/SAMPJ-09-2012-0030

Simnett, R., Vanstraelen, & Chua, wai F. (2009). Assurance on sustainability reports: An international comparison. The Accounting Review, 83(3), 937–967. https://doi.org/10.2308/accr.2009.84.3.937

Spence, M. (1973). JOB MARKET SIGNALING. The Quarterly Journal Of Economics, 87(3), 355–374.

Sun, Z. Y., Wang, S. N., & Li, D. (2022). The impacts of carbon emissions and voluntary carbon disclosure on firm value. Environmental Science and Pollution Research, 29(40), 60189–60197. https://doi.org/10.1007/s11356-022-20006-6

World Bank. (2024). State and Trends Carbon Pricing 2024. World Bank Publications. https://openknowledge.worldbank.org./handle/10986/41530

Ziegler, A., Busch, T., & Hoffmann, V. H. (2011). Disclosed corporate responses to climate change and stock performance: An international empirical analysis. Energy Economics, 33(6), 1283–1294. https://doi.org/10.1016/j.eneco.2011.03.007




DOI: https://doi.org/10.31326/tabr.v7i1.2858

Refbacks

  • There are currently no refbacks.


View My Stats