Profitability's Ability to Moderate the Effect of Carbon Emission Disclosure and Environmental Performance on Firm Value
DOI:
https://doi.org/10.61978/moneta.v3i3.721Keywords:
Carbon Emissions Disclosure, Environmental Performance, Return on Assets, Tobin’s Q, Energy SectorAbstract
This study aims to examine the effect of carbon emission disclosure (CED) and environmental performance on firm value, with profitability acting as a moderating variable. The research was conducted on energy sector companies listed on the Indonesia Stock Exchange (IDX) during the period 2019–2023. A quantitative approach using descriptive-causal analysis was applied. The study used secondary panel data obtained from financial and sustainability reports. Thirteen energy companies were selected through purposive sampling. Data were analyzed using panel data regression and moderated regression analysis (MRA). The results show that CED does not significantly affect firm value, while environmental performance has a positive impact. Profitability does not moderate the relationship between CED and firm value but does strengthen the influence of environmental performance on firm value. These findings highlight the importance of environmental initiatives combined with strong financial performance in enhancing firm value. For corporate managers and policymakers, this underscores the need to integrate sustainability practices into strategic decision-making to improve long-term firm valuation.
References
Asyifa, D. A., & Burhany, D. I. (2022). Carbon Emission Disclosure and Environmental Performance Effect on Firm Value. International Journal of Arts and Social Science, 5(7), 193–203. https://www.ijassjournal.com/2022/V5I7/414665849.pdf
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 DOI: https://doi.org/10.1108/01140581311318968
Bahriansyah, R. I., & Lestari Ginting, Y. (2022). Pengungkapan Emisi Karbon Terhadap Nilai Perusahan dengan Media Exposure Sebagai Variabel Moderasi. Jurnal Riset Akuntansi & Perpajakan (JRAP), 9(02), 249–260. https://doi.org/10.35838/jrap.2022.009.02.21 DOI: https://doi.org/10.35838/jrap.2022.009.02.21
CNN Indonesia. (2019). Emisi Karbon Dioksida Global Capai Rekor Tertinggi Tahun 2019. Cnn Indonesia. https://www.cnnindonesia.com/teknologi/20191205191747-199-454565/emisi-karbon-dioksida-global-capai-rekor-tertinggi-tahun-2019
Damas, D., Maghviroh, R. El, & Meidiyah, M. (2021). Pengaruh Eco-Efficiency, Green Inovation Dan Carbon Emission Disclosure Terhadap Nilai Perusahaan Dengan Kinerja Lingkungan Sebagai Moderasi. Jurnal Magister Akuntansi Trisakti, 8(2), 85–108. https://doi.org/10.25105/jmat.v8i2.9742 DOI: https://doi.org/10.25105/jmat.v8i2.9742
Dewi, F. M., & Sembiring, F. M. (2022). Pengaruh Debt to Equity Ratio, Return on Assets, Return on Equity, dan Ukuran Perusahaan terhadap Nilai Perusahaan pada. Portofolio: Jurnal Ekonomi, Bisnis, Manajemen Dan Akuntansi, 19 (1)(1), 1–19. https://doi.org/10.26874/portofolio.v19i1.238 DOI: https://doi.org/10.54783/portofolio.v19i1.238
Fanda, V., & Dwijayanti, S, P. F. (2024). Pengaruh Pengungkapan Emisi Karbon, Eco- Effiency, Dan Green Innovation Terhadap Nilai Perusahaan. Jurnal Ilmiah Mahasiswa Akuntansi, 13(1), 60–73. https://doi.org/10.33508/jima.v13i1.5727 DOI: https://doi.org/10.33508/jima.v13i1.5727
Goldie Kelly, S., & Deliza Henny. (2023). Pengaruh Green Accounting Dan Kinerja Lingkungan Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Moderasi. Jurnal Ekonomi Trisakti, 3(2), 3301–3310. https://doi.org/10.25105/jet.v3i2.18051 DOI: https://doi.org/10.25105/jet.v3i2.18051
Gunawan, B., & Berliyanda, L. (2024). Pengaruh Green Accounting , Pengungkapan Emisi Karbon , dan Kinerja Lingkungan Terhadap Nilai Perusahaan. 8(1). https://doi.org/10.18196/rabin.v8i1.22027 DOI: https://doi.org/10.18196/rabin.v8i1.22027
Gunawan, S. N., Sembiring, F. M., & Paramita, V. S. (2021). The Effect Of Green Investment, Corporate Social Responsibility, And Good Corporate Governance On Green Company Value Mediated By Return On Investment. Jurnal Akuntansi, Audit dan Sistem Informasi Akuntansi. 8(3), 673–687. https://doi.org/10.36555/jasa.v8i3.2705 DOI: https://doi.org/10.36555/jasa.v8i3.2705
Iman, C., Nurfatma, F., & Pujianti, N. (2023). Pengaruh Likuiditas dan Profitabilitas Terhadap Nilai Perusahaan. Jurnal Mutiara Ilmu Akuntansi, 2(1), 56–66. https://doi.org/10.55606/jumia.v2i1.2276 DOI: https://doi.org/10.55606/jumia.v2i1.2276
Jaya, A., Kuswandi, S., Prasetyandari, C. W., Baidlowi, I., Mardiana, Ardana, Y., Sunandes, A., Nurlina, Panus, & Muchsidin, M. (2023). Manajemen Keuangan. PT Global Eksekutif Teknologi.
Kementerian Energi Dan Sumber Daya Mineral. (2019). Inventarisasi Emisi GRK Sektor Energi.
Komara, A., Fristianti, E., & Novi, N. (2024). The Effect of Environmental Costs, Environmental Disclosure, Environmental Performance, and Profitability on Firm Value. Journal Research of Social Science, Economics, and Management, 3(10), 1852–1863. https://doi.org/10.59141/jrssem.v3i10.645 DOI: https://doi.org/10.59141/jrssem.v3i10.645
Kristina. (2021). Apa Itu Emisi Karbon? Kenali Penyebab, Dampak, dan Cara Menguranginya. https://www.detik.com/edu/detikpedia/d-5796741/apa-itu-emisi-karbon-kenali-penyebab-dampak-dan-cara-menguranginya
Mardiana, I. A., & Wuryani, E. (2019). Pengaruh Kinerja Lingkungan terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Pemoderasi. Jurnal Akuntansi Unesa, 8(1), 1–8. http://jurnalmahasiswa.unesa.ac.id/index.php/jurnal-akuntansi/
Marini, & Vinola Herawaty. (2024). Pengaruh Pengungkapan Emisi Karbon, Eco-Efficiency dan Pertumbuhan Penjualan terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Moderasi. El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam, 5(8), 3670–3686. https://doi.org/10.47467/elmal.v5i8.3646 DOI: https://doi.org/10.47467/elmal.v5i8.3646
Meiryani, Huang, S. M., Warganegara, D. L., Ariefianto, M. D., Teresa, V., & Oktavianie, H. (2023). The Effect of Industrial Type, Environmental Performance and Leverage on Carbon Emission Disclosure: Evidence from Indonesian LQ45 Companies. International Journal of Energy Economics and Policy, 13(4), 622–633. https://doi.org/10.32479/ijeep.14466 DOI: https://doi.org/10.32479/ijeep.14466
Mia Fitriani, & Puji Endah Purnamasari. (2023). Peran Profitabilitas dalam Memoderasi Kinerja Lingkungan, Islamic Social Reporting dan Ukuran Dewan Komisaris Terhadap Nilai Perusahaan. Syarikat: Jurnal Rumpun Ekonomi Syariah, 6(1), 49–62. https://doi.org/10.25299/syarikat.2023.vol6(1).12614 DOI: https://doi.org/10.25299/syarikat.2023.vol6(1).12614
Mustikaningrum, D., Kristiawan, K., & Suprayitno, S. (2021). Emisi Gas Rumah Kaca Sektor Pertanian di Kabupaten Tuban: Inventarisasi dan Potensi Aksi Mitigasi. Jurnal Wilayah Dan Lingkungan, 9(2), 155–171. https://doi.org/10.14710/jwl.9.2.155-171 DOI: https://doi.org/10.14710/jwl.9.2.155-171
Nashrulloh, F. A., & Achyani, F. (2024). Analisis Eco Efficiency , Green Inovation , Carbon Emission Disclosure, Financial Performance Terhadap Nilai Perusahaan. 3(5), 3663–3674. https://doi.org/10.56799/jceki.v3i5.4821
Ningsih, S., & Dukalang, H. H. (2019). Penerapan Metode Suksesif Interval pada Analsis Regresi Linier Berganda. Jambura Journal of Mathematics, 1(1), 43–53. https://doi.org/10.34312/jjom.v1i1.1742 DOI: https://doi.org/10.34312/jjom.v1i1.1742
Paramita, V. S., & Ali, A. (2023). Can Profitability Moderate the Impact of Green Investment, Corporate Social Responsibility, and Good Corporate Governance on Company Value on the SRI-KEHATI Index? International Journal of Finance Research, 4(4), 320–338. https://doi.org/10.47747/ijfr.v4i4.1604 DOI: https://doi.org/10.47747/ijfr.v4i4.1604
Prasetio, D., & Prijanto, B. (2024). Pengaruh Kinerja Lingkungan Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Moderasi Pada Perusahaan Sub Sektor Industri Dasar Dan Kimia Yang Terdaftar Di Bursa Efek Indonesia Periode 2019-2022. 10(September), 294–303. https://doi.org/10.37403/financial.v10i2.614
Pratama, D. R., Reptiningsih, E., & Setyaningsih, E. D. (2024). Pengaruh Green Accounting , Kinerja Lingkungan , dan Ukuran Perusahaan Terhadap Nilai Perusahaan Pada Perusahaan Sektor Pertambangan Yang Terdaftar Di Bursa Efek Indonesia. 4(1), 2873–2885. https://doi.org/10.56799/jceki.v4i1.6580 DOI: https://doi.org/10.56709/mrj.v4i1.629
Putri, A. A., & Paramita, V. S. (2025). The Effect of ESG Disclosure, Green Investment, and Carbon Emission Disclosure on the Value of Energy Companies in Indonesia: Analysis for the 2019-2023 Period. Sinergi International Journal of Accounting and Taxation, 3(1), 16–33. https://doi.org/10.61194/ijat.v3i1.406 DOI: https://doi.org/10.61194/ijat.v3i1.406
Rahelliamelinda, L., & Handoko, J. (2024). Profitabiltas Sebagai Moderating Pengaruh Kinerja Esg, Green Innovation, Eco-Efficiency Terhadap Nilai Perusahaan. Jurnal Informasi, Perpajakan, Akuntansi, Dan Keuangan Publik, 19(1), 145–170. https://doi.org/10.25105/jipak.v19i1.19191 DOI: https://doi.org/10.25105/jipak.v19i1.19191
Rahmianingsih, A., & Malau, M. (2022). Carbon Emission Disclosure and Firm Value: Does Eco-Efficiency Moderate this Relationship?. International Journal of Social Service and Research, 2(12), 1310-1324. https://doi.org/10.46799/ijssr.v2i12.206 DOI: https://doi.org/10.46799/ijssr.v2i12.206
Ramdani, K. E., & Nugraha, A. A. (2022). Pengaruh Pengungkapan Emisi Karbon dan Leverage Terhadap Nilai Perusahaan The Effect of Carbon Emissions Disclosure and Leverage on Firm Value. COMSERVA Jurnal Penelitian Dan Pengabdian Masyarakat, 2(6), 510–518. https://jurnal.polban.ac.id/ojs-3.1.2/ialj/article/view/5872 DOI: https://doi.org/10.59141/comserva.v2i6.364
Ritchie & Roser. (2020). How much CO₂ does the world emit? Which countries emit the most? https://ourworldindata.org/co2-emissions#article-citation
Rohiman, N. K., & Ramli, R. (2025). Pengaruh Profitabilitas, Likuiditas, Aktivitas, dan Ukuran Perusahaan terhadap Struktur Modal (Studi pada Perusahaan Subsektor Transportasi yang Terdaftar di Bursa Efek Indonesia Periode 2020-2023). JIIP - Jurnal Ilmiah Ilmu Pendidikan, 8(3), 2724–2733. https://doi.org/10.54371/jiip.v8i3.7233 DOI: https://doi.org/10.54371/jiip.v8i3.7233
Rusmana, O., & Purnaman, S. M. N. (2020). Pengaruh Pengungkapan Emisi Karbon Dan Kinerja Lingkungan Terhadap Nilai Perusahaan. Jurnal Ekonomi, Bisnis, Dan Akuntansi. https://doi.org /10.32424/jeba.v22i1.1563
Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Alfabeta, Bandung.
Sutrisno. (2017). Manajemen Keuangan. EKONISIA. Yogyakarta
Wisnu Pratama, A., & Marsono. (2021). Faktor Faktor Rasio Fundamental Perusahaan Dalam Memengaruhi Harga Saham (Studi pada Perusahaan Multisektor yang Terdaftar Pada Indeks IDX-30 Tahun 2016-2020). Diponegoro Journal of Accounting, 10(4), 1–14. http://ejournal-s1.undip.ac.id/index.php/accounting
Wulandari, R., & Paramita, S. V. (2016). Pengaruh Profitabilitas Terhadap Harga Saham Dengan Struktur Modal Sebagai Variabel Intervening Pada Sektor Property & Real Estate Yang Terdaftar Di Bursa Efek Indonesia Periode 2012 – 2016. Angewandte Chemie International Edition, 6(11), 951–952., 4(1), 2017. https://www.researchgate.net/publication/379028424
Xaviera, A., & Rahman, A. (2023). Pengaruh Kinerja Esg Terhadap Nilai Perusahaan Dengan Siklus Hidup Perusahaan Sebagai Moderasi : Bukti Dari Indonesia. Jurnal Akuntansi Bisnis, 16(2), 226. https://doi.org/10.30813/jab.v16i2.4382 DOI: https://doi.org/10.30813/jab.v16i2.4382
Yuliandhari, W. S., Saraswati, R. S., & Safari, Z. M. R. (2023). Pengaruh carbon emission disclosure, eco-efficiency dan green innovation terhadap nilai perusahaan. Owner: Riset dan Jurnal Akuntansi, 7(2), 1526-1539. https://doi.org/10.33395/owner.v7i2.1301 DOI: https://doi.org/10.33395/owner.v7i2.1301
Zanra, S. W., Tanjung, A. R., & Silfi, A. (2020). The Effect Of Good Corporate Governance Mechanism, Company Size, Leverage And Profitability For Carbon Emission Disclosure With Environment Performance As Moderating Variables. Bilancia: Jurnal Ilmiah Akuntansi, 4(2), 148–164. http://www.ejournal.pelitaindonesia.ac.id/ojs32/index.php/BILANCIA/index
Zulkifli., A. (2025). Pengaruh Pengungkapan CSR, Emisi Karbon Dan Struktur Modal Terhadapnilai Perusahaan Dengan Profitabilitas Sebagai Variabel Moderasi. Jurnal Akuntansi Trisakti, 12(1), 129-146. https://doi.org/10.25105/v12i1.21518 DOI: https://doi.org/10.25105/v12i1.21518
