DOES SUSTAINABILITY DISCLOSURE CREATE FIRM VALUE?  THE ROLE OF CORPORATE SOCIAL RESPONSIBILITY AND CARBON EMISSIONS DISCLOSURE IN INDONESIA’S ENERGY SECTOR: DOES SUSTAINABILITY DISCLOSURE CREATE FIRM VALUE?  THE ROLE OF CORPORATE SOCIAL RESPONSIBILITY AND CARBON EMISSIONS DISCLOSURE IN INDONESIA’S ENERGY SECTOR

Asepma Hygi Prihastuti; Eka Putri Gus  Safrianti; Novian Novian

doi:10.56107/penanomics.v5i2.329

Authors

Asepma Hygi Prihastuti Universitas Persada Bunda Indonesia
Eka Putri Gus Safrianti Universitas Persada Bunda Indonesia
Novian Novian Universitas Riau

DOI:

https://doi.org/10.56107/penanomics.v5i2.329

Keywords:

Corporate Social Responsibility, Carbon Emissions Disclosure, Firm Value, Sustainability Disclosure, Energy Sector

Abstract

This study aims to examine the effect of Corporate Social Responsibility (CSR) disclosure and carbon emissions disclosure on firm value in energy sector companies listed on the Indonesia Stock Exchange (IDX) during 2021–2025. This study employs a quantitative research approach using secondary data obtained from annual reports and sustainability reports of energy sector companies. The population consists of 91 energy sector companies listed on the IDX, while the sample was selected using purposive sampling based on predetermined criteria, resulting in 11 companies and 55 observations. CSR disclosure was measured based on the indicators of SEOJK No. 16/SEOJK.04/2021, while carbon emissions disclosure was measured using GRI 305. Firm value was proxied by Price to Book Value (PBV). The data were analyzed using multiple linear regression with SPSS. The results indicate that CSR disclosure has no significant effect on firm value, with a significance level of 0.878. In contrast, carbon emissions disclosure has a negative and significant effect on firm value, with a significance level of 0.003. Furthermore, CSR disclosure and carbon emissions disclosure simultaneously have a significant effect on firm value, with an F-statistic of 6.801 and a significance level of 0.002. The adjusted R-square of 0.177 indicates that the two independent variables explain 17.7% of the variation in firm value. These findings suggest that investors in the energy sector may perceive carbon emissions disclosure as an indicator of environmental risks and associated costs, while CSR disclosure alone may not be a primary determinant of firm value.

Downloads

Download data is not yet available.

References

Ariani, D., Muthmainnah, & Ponto, S. (2024). Pengaruh Pengungkapan Corporate Social Responsibility, Ukuran Perusahaan, Kepemilikan Institusional Dan Kepemilikan Manajerial Terhadap Nilai Perusahaan. Jurnal Bisnis Mahasiswa, 4 no 2. https://doi.org/10.60036/jbm.v4i2.art2

BPS. (2024). Neraca Arus Energi Dan Neraca Emisi Gas Rumah Kaca Indonesia Badan Pusat Statistik Bps-Statistics Indonesia. BPS-Statistics Indonesia. https://www.bps.go.id/id/publication/2025/06/30/33b7eb7531a02c8c7eb9594f/neraca-arus-energi-dan-neraca-emisi-gas-rumah-kaca-indonesia-2019-2023.html

Clarkson, M. E. (1995). A stakeholder framework for analyzing and evaluating corporate social performance. Academy of Management Review, 20(1), 92–117.

Damanik, M. F. I., Saraswati, D., & Panggabean, F. Y. (2025). Pengaruh pengungkapan emisi karbon, profitabilitas, dan struktur modal terhadap nilai perusahaan pada perusahaan manufaktur sektor energi yang terdaftar di Bursa Efek Indonesia periode 2019–2023. Jurnal Ekonomi Bisnis dan Akuntansi, 5(2), 282–297. DOI: 10.55606/jebaku.v5i2.5375.

Dhaliwal, D.S., Li, O.Z., Tsang, A., et al. (2011) Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting. Accounting Review, 86, 59-100.

Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach. Boston: Pitman.

Griffin, R. W. (2021). Fundamentals of management (10th ed.). Cengage Learning

Global Reporting Initiative. (2016). GRI 305: Emissions 2016. Global Reporting Initiative.

Kifli, A. Z. A. F. (2025). Pengaruh pengungkapan CSR, emisi karbon dan struktur modal terhadap nilai perusahaan dengan profitabilitas sebagai variabel moderasi. Jurnal Akuntansi Trisakti, 12(1), 129–146. DOI: 10.25105/v12i1.21518.

Leilani, A. B., & Andayani, S. (2025). Pengaruh pengungkapan emisi karbon dan profitabilitas terhadap nilai perusahaan. Permana: Jurnal Perpajakan, Manajemen, dan Akuntansi, 17(3), 283–299. DOI: 10.24905/permana.v17i3.894.

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

Otoritas Jasa Keuangan. (2021). Surat Edaran Otoritas Jasa Keuangan Nomor 16/SEOJK.04/2021 tentang Bentuk dan Isi Laporan Tahunan Emiten atau Perusahaan Publik.

POJK Nomor 51/POJK.03/2017 tentang Penerapan Keuangan Berkelanjutan bagi Lembaga Jasa Keuangan, Emiten, dan Perusahaan Publik

Raharjo, P. G., Suryantari, E. P., Haningsih, L., Dewi, P. P., Patani, N. L. P. S. P., Setiorini, K. R., Tantra, I. W. T., Wardana, M. A., Nursiah, Jamil, H., Santoso, F. I., Yani, F., Sanjaya, P. S., Lismula, R. J. A., & Prena, G. Das. (2025). Manajemen Keuangan Korporasi. Cv Intelektual Manifes Media. https://share.google/W4HpKgRB6V40Y1545

Rahmawati, S. N., Setyadi, M. G., Disclosure, E., Lingkungan, K., Indonesia, B. E., Perusahaan, N., Energi, P. S., Performance, E., Size, C., Exchange, I. S., Value, C., & Companies, E. S. (2025). PENGARUH CARBON EMISSION DISCLOSURE, KINERJA LINGKUNGAN, DAN UKURAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN (Studi Kasus Perusahaan Sektor Energy Yang Terdaftar Dalam Bursa Efek Indonesia Tahun 2022-2024). Global Research and Innovation Journal (GREAT), 1, 2350–2364.

Ramdani, K. E., & Nugraha, A. A. (2024). Pengaruh Pengungkapan Emisi Karbon dan Leverage Terhadap Nilai Perusahaan The Effect of Carbon Emissions Disclosure and Leverage on Firm Value. Indonesian Accounting Literacy Journal, 2 No 3, 215–225. https://jurnal.polban.ac.id/ojs-3.1.2/ialj/article/view/5872

Sahir, S. H. (2021). Metodologi Penelitian. KBM Indonesia. https://share.google/rNpxrcm8uo6PEtBdH

Sari, K. L., & Sulistyowati, E. (2025). Nilai Perusahaan : Corporate Social Responsibility dan Kinerja Keuangan. 17 No 3(2025), 714–724. https://doi.org/10.24905/permana.v17i3.996

Suryani, F., & Kelvin. (2023). Pengaruh Corporate Social Responsibility Dan Good Corporate Governance Terhadap Profitabilitas Dan Nilai Perusahaan Pada Perusahaan Sektor Energi Yang Terdaftar Di Bursa Efek Indonesia Periode 2017-2021. Kurs : Jurnal Akuntansi, Kewirausahaan Dan Bisnis, 8 No 2, 135–150.

Zulkifli, A. (2025). Pengaruh Pengungkapan CSR, Emisi Karbon dan Struktur Modal Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Moderasi. Jurnal Akuntansi Trisakti, 12 No 1, 129–146. https://doi.org/http://dx.doi.org/10.25105/jat.

DOES SUSTAINABILITY DISCLOSURE CREATE FIRM VALUE? THE ROLE OF CORPORATE SOCIAL RESPONSIBILITY AND CARBON EMISSIONS DISCLOSURE IN INDONESIA’S ENERGY SECTOR