The Effect of Carbon Emission Disclosure, Green Accounting, and Institutional Ownership on Firm Value

Catur Rekno Siswati; Sumayyah

doi:10.54518/rh.5.4.2025.769

Authors

Catur Rekno Siswati Universitas Jenderal Achmad Yani Yogyakarta, Indonesia
Sumayyah Universitas Jenderal Achmad Yani Yogyakarta, Indonesia

DOI:

https://doi.org/10.54518/rh.5.4.2025.769

Keywords:

Carbon Emissions Disclosure, Corporate Value, Green Accounting, Institutional Ownership, Mining

Abstract

The mining sector faces increasing pressure to balance financial performance with environmental responsibility, influencing investor perceptions and company value. This study aims to examine the impact of carbon emission disclosure, green accounting, and institutional ownership on the value of mining companies listed on the Indonesia Stock Exchange during 2021–2024, grounded in stakeholder theory. A quantitative approach with a causal associative design was employed, using secondary data from annual, financial, and sustainability reports of 15 mining companies, yielding 60 observations selected through purposive sampling. Data were analyzed using multiple linear regression and classical assumption tests via SPSS 25. Findings reveal that carbon emission disclosure and green accounting do not significantly affect company value, with coefficients of 0.025 (significance 0.918) and -0.078 (significance 0.618), respectively. However, institutional ownership has a significant positive effect, with a coefficient of 1.005 (significance 0.004). Collectively, these variables significantly influence company value (F-test significance 0.008). The results suggest that investors prioritize governance mechanisms over environmental performance, highlighting the need for enhanced governance to boost company value.

Downloads

Download data is not yet available.

References

Adani, M. R., & Andayani, W. (2024). Pengaruh akuntansi hijau dan laporan keberlanjutan terhadap nilai perusahaan pertambangan yang terdaftar di BEI 2020-2022. Telaah Ilmiah Akuntansi dan Perpajakan, 2(3), 355–369.

Agatha, H. T., & Aryati, T. (2024). Pengaruh pengungkapan emisi karbon, green investment dan tata kelola perusahaan terhadap nilai perusahaan. Innovative: Journal Of Social Science Research, 4(4), 16288–16308.

Alfayerds, W. D., & Setiawan, M. A. (2021). Pengaruh pengungkapan emisi karbon dan annual report readability terhadap nilai perusahaan. Jurnal Eksplorasi Akuntansi, 3(2), 349–363.

Arinnis, N. M., Cahyaningratri, C., & Priyotomo, P. (2022). The effectiveness of csr implementation in the upstream supply chain of mining industry: a stakeholders' perspective. Research Horizon, 2(6), 568-586.

Cornelia, C., Anggriani, R., Hendri, W., Dethan, S. H., Alpiansah, R., & Jati, L. J. (2025). Akuntansi hijau, kinerja lingkungan dan kepemilikan institusional terhadap nilai perusahaan di sektor energi Indonesia. Jurnal Cendekia Ilmiah, 4(4), 213–228.

Darlis, E., Kurnia, P., Nurmayanti, P., Agusti, R., Alamsyah, M., Supriono, & Silalahi, S. P. (2024). Green accounting, corporate governance and firm value in southeast Asia region. Journal of Accounting Research, Organization and Economics, 7(1), 15–32.

Fatkhurrozi, B. A., & Haryati, T. (2025). The effect of green accounting implementation, carbon emission disclosure, and sustainability report disclosure on firm value. Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 8(2), 6397–6407.

Fina, F., Maulidia, R., & Mustika, I. G. (2024). The effect of green accounting, carbon emission disclosure and profitability on company value. Jurnal Ilmiah Akuntansi Kesatuan, 12(5), 685-694.

Fina. (2024). Pengaruh green accounting, carbon emission disclosure, dan profitabilitas terhadap nilai perusahaan. Jurnal Akuntansi dan Keuangan, 12(2), 239–249.

Fitriana, A., Maharani, D. A., Amelia, S. R., & Pangestika, L. W. (2024). Pengungkapan emisi karbon untuk meningkatkan nilai perusahaan: apakah kinerja keuangan mampu memoderasi? Jurnal Studi Akuntansi dan Keuangan, 7(2), 407–420.

Ghozali, I. (2021). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 26 (10th ed.). Semarang: Badan Penerbit Universitas Diponegoro.

Hamdan, I., & Tajuddin, M. (2024). Venture capital impairments and their impact on indonesia’s startup ecosystem. Arthatama: Journal of Business Management and Accounting, 8(2), 85-94.

Hardiyansah, M., Agustini, A. T., & Purnamawati, I. (2021). The effect of carbon emission disclosure on firm value: environmental performance and industrial type. Journal of Asian Finance Economic and Business, 8(1), 123–133.

Holly, A., Jao, R., Mardiana, A., Tangke, P., Atma, U., & Makassar, J. (2023). Pengaruh kepemilikan institusional, ukuran perusahaan, dan manajemen aset terhadap nilai perusahaan. JAF (Journal of Accounting and Finance), 7(1), 12–26.

Milewski, A. (2025). Nickel mining in North America: It’s a US national security issue - The Oregon Group - critical minerals and energy intelligence. Oregon. Retrieved on March 1, 2025, from https://theoregongroup.com/commodities/nickel/nickel-mining-in-north-america-its-a-us-national-security-issue/

Noor, A., & Ginting, Y. L. (2022). Influence of carbon emission disclosure on firm value of industrial firms in Indonesia. International Journal of Contemporary Accounting, 4(2), 151–168.

Ouma, C. O., Makori, D., & Aluoch, M. O. (2024). Firm characteristics and financial performance of microfinance banks in Kenya. International Academic Journal of Economics and Finance, 4(3), 164-193.

Pangestu, T. S. C., & Khomsiyah. (2025). Pengaruh Environmental, Social, Governance (ESG), green accounting, dan growth opportunity terhadap nilai perusahaan. El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam, 6(3), 1656-1668.

Phiri, M., & Wadesango, N. (2024). Assessing the influence of green accounting practices on mining companies’ financial outcomes. CECCAR Business Review, 5(10), 50–63.

Rahman, A., Arjang, A., & Iriani, N. (2022). Public ownership and institutional ownership on firm value through financial performance. Atestasi: Jurnal Ilmiah Akuntansi, 5(2), 409-425.

Ramdani, K. E., & Nugraha, A. A. (2024). Pengaruh pengungkapan emisi karbon dan kinerja lingkungan terhadap nilai perusahaan: (Studi pada perusahaan sektor energi yang terdaftar di Bursa Efek Indonesia Periode 2020-2022). Indonesian Accounting Literacy Journal, 4(3), 215–225.

Ridha, N. (2017). Proses penelitian, masalah, variabel dan paradigma penelitian. Jurnal Hikmah, 14(1), 62–71.

Setyabudi, T. (2021). The effect of institutional ownership, leverage, and profitability on firm value with dividend policy as an intervening variable. Journal of Business and Management Review, 2(7), 457-469.

Sitanggang, S. U., Hutabarat, F. M., & Simbolon, R. F. (2024). Pengaruh akuntansi hijau, kepemilikan manajerial, dan kepemilikan institusional terhadap nilai perusahaan. Akuntansi Bisnis & Manajemen (ABM), 31(2), 122–134.

Sulyanto, P., Trisnawati, E., & Verawati, V. (2025). Earnings quality, good corporate governance, audit quality and firm value: Moderated of Leverage. Sentralisasi, 14(2), 192-218.

Sutrisno. (2020). Pengungkapan Kepemilikan manajerial, kepemilikan institusional dan csr terhadap nilai perusahaan pertambangan yang terdaftar di BEI Tahun 2016-2018. Jurnal Capital: Kebijakan Ekonomi, Manajemen dan Akuntansi, 2(2), 161–175.

Suwisma, Rais, R. G. P., Haykal, M., & Razif. (2023). Pengaruh kepemilikan institusional, kepemilikan manajerial dan pengungkapan corporate social responsibility terhadap nilai perusahaan (Studi pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia 2019-2021). Jurnal Akuntansi Malikussaleh (JAM), 2(2), 252–270.

Tyas, H. (2025). The effect of carbon emission disclosure, green investment and financial performance on company value for mining companies listed on The IDX For the Period 2019 – 2023. In Proceeding International Conference of Sustainable Innovation (Vol. 1, pp. 145-165).

Winiadi, N., Usman, B., & Nalurita, F. (2024). The influence of risk, leverage, board gender diversity, moderated by firm size on profitability of banking sector. Jurnal Akuntansi dan Bisnis: Jurnal Program Studi Akuntansi, 10(2), 56-74.

Yuliandhari, W. S., Saraswati, R. S., & Rasid Safari, Z. M. (2023). Pengaruh carbon emission disclosure, eco-efficiency dan green innovation terhadap nilai perusahaan. Owner, 7(2), 1526–1539.

Zahrazova, B. S., Nita, K., Mahadianto, M. Y., & Nugroho, M. P. W. (2025). The role of ESG, fundamental factors, and market perception on financial performance: Evidence from LQ45 firms in Indonesia. International Journal of Business, Economics, and Social Development, 6(3), 1-10.