Determinants of Firm Value: An Analysis of Green Accounting and Carbon Emission Disclosure with Firm Size as a Moderating Variable
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Abstract
Climate change and growing demands for environmental transparency have encouraged companies to integrate environmental responsibility into business practices and reporting, yet evidence linking these activities to firm value remains inconsistent. This study examined the associations of green accounting and carbon emission disclosure with firm value and assessed whether firm size moderated these relationships. A quantitative associative design employed secondary data from annual reports, sustainability reports, and financial information for 19 energy-sector companies listed on the Indonesia Stock Exchange during 2020–2024, yielding 95 firm-year observations. Data were analyzed using multiple linear regression and moderated regression analysis. Green accounting was not significantly associated with firm value, whereas carbon emission disclosure showed a positive and significant association in the main analysis. The analysis did not support a moderating role for firm size in either relationship, although firm size exhibited a direct negative association with firm value. These findings indicate the relevance of carbon emission disclosure to firm valuation within the sampled companies, while providing no statistically significant evidence for the proposed green accounting relationship or moderation effects. The study contributes contextual evidence on environmental reporting and firm valuation in Indonesia’s energy sector and highlights the importance of clear, measurable, and comparable carbon emission disclosures for corporate management and investors evaluating environmental accountability and investment prospects.
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