Selfi Andina Putri, Dewi Pebriyani

Pengaruh Carbon Emission Disclosure, Eco-Efficiency, dan Environmental Cost terhadap Nilai Perusahaan: Studi Empiris pada Perusahaan yang Terdaftar di Bursa Efek Indonesia Tahun 2020–2024

Introduction

Pengaruh carbon emission disclosure, eco-efficiency, dan environmental cost terhadap nilai perusahaan: studi empiris pada perusahaan yang terdaftar di bursa efek indonesia tahun 2020–2024. Analisis empiris pengaruh carbon emission disclosure, eco-efficiency, dan environmental cost pada nilai perusahaan di IDX (2020-2024). Hasil: tidak ada pengaruh signifikan.

Abstract

This study aims to analyze the effect of carbon emission disclosure, eco-efficiency, and environmental cost on firm value. The type of research used is quantitative research with secondary data, in the form of financial reports, annual reports, and sustainability reports obtained from the official website of the Indonesia Stock Exchange. The population used consists of companies listed on the Indonesia Stock Exchange during the period 2020–2024. The sampling method used is purposive sampling, resulting in 220 samples comprising 44 companies. Data analysis techniques utilize panel data regression analysis using Eviews 12 software. The research findings indicate that carbon emission disclosure, eco-efficiency, and environmental costs do not influence firm value.

Review

This study investigates the influence of carbon emission disclosure, eco-efficiency, and environmental costs on firm value among companies listed on the Indonesia Stock Exchange (IDX) between 2020 and 2024. Employing a quantitative approach with secondary data drawn from financial, annual, and sustainability reports, the research utilized panel data regression analysis on a sample of 220 observations from 44 companies. The stated objective is clear, addressing a pertinent topic in sustainability accounting and finance within an emerging market context. However, the core finding—that none of the three environmental variables significantly impact firm value—presents a noteworthy, albeit counterintuitive, conclusion. While the methodological approach of panel data regression is appropriate for this type of analysis, certain aspects warrant further consideration. The sample size of 44 companies, while yielding 220 observations over a five-year period, might still be limited, especially if the population of IDX-listed companies with adequate sustainability reporting is substantially larger. The abstract does not detail the specific criteria for the purposive sampling, which is crucial for assessing the representativeness and generalizability of the findings. Furthermore, the robust and consistent finding of no influence across all three variables for an entire five-year period, including years marked by increasing global environmental awareness, is quite striking and calls for a deeper contextualization or exploration of potential moderating factors that might be at play in the Indonesian market. The finding of no significant influence of carbon emission disclosure, eco-efficiency, and environmental costs on firm value is highly intriguing and challenges conventional wisdom in sustainability finance, particularly in an emerging market context like Indonesia. This result prompts several questions: Does the market not value these aspects, or is their disclosure and reporting still too nascent or insufficiently standardized to be effectively priced by investors? Future research could benefit from exploring potential moderating variables such as industry type, firm size, investor sophistication, or regulatory pressures, which might influence how these environmental factors are perceived and incorporated into firm valuation. Additionally, a qualitative dimension exploring the perceptions of investors or financial analysts in Indonesia regarding environmental performance could provide valuable insights to complement these quantitative findings.

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