The Effect of Carbon Emission Disclosure, Eco-Efficiency, and Institutional Ownership on Company Value with Good Corporate Governance as a Moderating Variable

Abstract

Purpose of the study: This study aims to examine the effects of carbon emission disclosure, eco-efficiency, and institutional ownership on firm value, with good corporate governance as a moderating variable, among energy sector companies listed on the Indonesia Stock Exchange during the 2022–2025 period. Methodology: This study employs a quantitative approach using descriptive statistical analysis. The population consisted of 75 companies, from which 20 companies were selected using purposive sampling. Over a four-year observation period, a total of 80 observations were obtained. The data were analyzed using SPSS version 25 and Moderated Regression Analysis. Main Findings: The results show that carbon emission disclosure and eco-efficiency have no significant effect on firm value, while institutional ownership has a positive effect. Furthermore, good corporate governance does not significantly moderate the relationships between the three independent variables and firm value. The model has an Adjusted R² of 0.128, indicating that the independent variables explain 12.8% of the variation in firm value. Novelty/Originality of this study: This study contributes to the environmental accounting literature in Indonesia by providing empirical evidence on the relationships between environmental disclosure, eco-efficiency, institutional ownership, and firm value, including the moderating role of good corporate governance in the energy sector. The findings suggest that institutional ownership contributes to firm value, whereas carbon emission disclosure and eco-efficiency do not demonstrate significant direct effects. Practically, companies should strengthen institutional monitoring while continuously improving environmental management and corporate governance practices.