Carbon Emission Disclosure, Eco-Efficiency, Enterprise Risk Management Disclosure, and Firm Value: Evidence from IDX80 Companies in Indonesia

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

🔬研究者:Provides empirical evidence on non-financial disclosure value relevance in an emerging market, with non-significant results that spur further investigation into contextual factors.

🏢実務担当者:Corporate sustainability teams should note that disclosure alone may not increase firm value; linking disclosure to tangible performance outcomes is critical.

🏛政策担当者:Regulators in emerging markets may need to ensure that disclosure frameworks are credible and measurable to become value-relevant for investors.

Purpose – This study examines the effect of carbon emission disclosure, eco-efficiency, and enterprise risk management disclosure on firm value in IDX80 companies on the Indonesia Stock Exchange during 2020–2024, with profitability, leverage, and firm size controls. Grounded in signaling and legitimacy theories, this study addresses inconsistent evidence regarding the value relevance of non-financial disclosure. Methods – This quantitative study uses panel data from annual and sustainability reports. The sample comprises 31 companies and 155 firm-year observations selected through purposive sampling. Firm value is measured using Tobin’s Q, carbon emission disclosure using seven GRI 305 items, eco-efficiency using ISO 14001 certification, and enterprise risk management disclosure using 20 COSO ERM items. ROA, DER, and firm size are included as controls. Data were analyzed using EViews 13 with a Fixed-Effects Model and cross-sectionally clustered White period-robust standard errors. Findings – The overall fixed-effect model is statistically significant, with an adjusted R-squared of 86.45%, indicating explanatory power after accounting for predictors, controls, and fixed effects. However, CED, EE, and ERMD do not have significant individual effects on firm value. ROA, DER, and firm size are insignificant. The robustness check confirms that these disclosure variables remain insignificant, while DER has a negative effect post-pandemic. Research implications – The findings indicate that non-financial disclosure must be credible, measurable, and linked to performance outcomes to become value-relevant. Originality – This study integrates three non-financial disclosure variables into a firm value model for IDX80 companies, includes financial control variables, and conducts post-pandemic robustness testing.

• semanticscholar https://doi.org/10.66053/ijota.v4i2.779first seen 2026-06-17 05:17:15