Pengaruh Pengungkapan Emisi Karbon, Eco-Efficiency, dan Inovasi Hijau Terhadap Nilai Perusahaan Pada Perusahaan Sektor Energi di Indonesia
Abstract
This study examines the impact of carbon emission disclosure, eco-efficiency, and green innovation on firm value among energy sector companies listed on the Indonesia Stock Exchange during 2022-2024. Using purposive sampling, 26 companies were selected based on specific criteria, resulting in 78 observations over the three-year period. The research employs panel data regression analysis with fixed effect model, using Tobin's Q as the proxy for firm value. Carbon emission disclosure is measured using the CDP framework with 18 disclosure items, eco-efficiency is assessed through ISO 14001 certification ownership, and green innovation is evaluated using four indicators based on the OECD framework. The results reveal that green innovation has a significant positive effect on firm value, indicating that Indonesian capital market investors place premium valuations on companies investing in environmental innovation. However, carbon emission and eco-efficiency show no significant impact on firm value. These findings suggest that while sustainability disclosure remains voluntary in Indonesia and lacks standardized frameworks, market participants are more responsive to tangible innovations that demonstrate competitive advantages and regulatory risk mitigation. Simultaneously, all three variables significantly influence firm value, confirming the relevance of comprehensive sustainability practices in value creation.
References
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Kumar, R., Patel, S., & Gupta, M. (2023). Eco-efficiency and firm valuation: A comprehensive analysis of Asian energy companies. Energy Economics, 119, 106-121.
Kumar, S., & Patel, R. (2024). Long-term effects of eco-efficiency on firm performance: Evidence from emerging markets. Journal of Environmental Management, 312, 114-128.
Kumar, S., & Singh, P. (2023). Eco-efficiency implementation and financial performance: Evidence from manufacturing sector. Business Strategy and the Environment, 32(5), 1234-1248.
Li, H., & Wang, M. (2024). Green innovation investment and market premium: A comprehensive analysis. Research Policy, 53(2), 104-119.
Li, H., Chen, W., & Zhou, K. (2024). Green innovation and corporate performance: New evidence from renewable energy sector. Renewable and Sustainable Energy Reviews, 189, 114-128.
Li, X., & Zhang, Y. (2024). Signaling theory in ESG disclosure: Evidence from sustainability reports. Corporate Governance: An International Review, 32(3), 456-471.
Li, X., Wang, Y., & Zhang, H. (2023). Green innovation and corporate value creation in energy sector: A longitudinal analysis. Energy Policy, 181, 113-127.
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Patel, A., & Singh, R. (2024). Synergistic effects of ESG practices on firm value in emerging energy markets. Energy Policy, 186, 113-125.
Rahman, A., Sari, D., & Wijaya, K. (2024). Carbon disclosure and firm value in Southeast Asian energy companies. Asian Business & Management, 23(2), 189-206.
Rodriguez, A., Martinez, C., & Thompson, D. (2023). Tobin's Q in sustainability research: Methodological considerations and applications. Financial Management, 52(4), 789-806.
Rodriguez, M., Thompson, J., & Garcia, A. (2023). Environmental disclosure and firm value: A meta-analytical review. Business Strategy and the Environment, 32(4), 1876-1895.
Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355-374.
Sustainable Finance Indonesia. (2023). Indonesia Sustainable Finance Report 2023. Jakarta: SFI Publications.
Wang, L., & Chen, M. (2024). Green innovation investment and market valuation: Evidence from renewable energy companies. Renewable Energy, 203, 456-468.
Wang, L., Chen, S., & Kim, J. (2023). ESG disclosure and signaling effects: International evidence from capital markets. Journal of Business Ethics, 186(4), 923-940.
Wang, S., Liu, M., & Kim, J. (2023). Carbon emission disclosure and cost of capital: International evidence. Journal of Corporate Finance, 78, 102-118.
Zhang, Q., & Kim, J. (2023). Carbon disclosure quality and firm value: European evidence from energy sector. European Financial Management, 29(3), 678-695.
Zhang, Q., & Liu, P. (2024). Eco-efficiency measurement and its impact on firm performance: Evidence from manufacturing sector. Journal of Cleaner Production, 412, 137-152.
Zhang, Q., Liu, P., & Anderson, R. (2024). Carbon disclosure and firm value: The mediating role of cost of capital. Accounting & Finance, 64(2), 567-589.
CDP (Carbon Disclosure Project). (2024). Climate Change 2024 Questionnaire. London: CDP Worldwide.
Chen, X., & Kumar, R. (2024). Firm valuation in the era of sustainable finance: New evidence from emerging markets. Journal of Corporate Finance, 84, 102-118.
Chen, X., Wang, Y., & Zhang, L. (2023). Corporate sustainability disclosure and firm value: Evidence from emerging markets. Journal of Business Research, 158, 113-127.
Chung, K. H., & Pruitt, S. W. (2024). A simple approximation of Tobin's Q: Updated evidence and applications. Financial Management, 53(2), 234-251.
Environmental Management Association. (2023). ISO 14001:2015 Implementation Guidelines for Energy Sector. Geneva: EMA Publications.
European Investment Bank. (2023). Green Innovation Investment Report 2023: Financing the Clean Energy Transition. Luxembourg: EIB Publications.
Financial Services Authority. (2024). Indonesia Capital Market Statistics 2024. Jakarta: FSA Publications.
Global Carbon Atlas. (2023). CO2 Emissions Dataset 2023. Retrieved from http://www.globalcarbonatlas.org/
Global Reporting Initiative. (2024). GRI Standards 2024: Climate-related Disclosures. Amsterdam: GRI Publications.
Gujarati, D. N., & Porter, D. C. (2024). Basic Econometrics (7th ed.). New York: McGraw-Hill Education.
Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2024). Multivariate Data Analysis (9th ed.). London: Cengage Learning.
Innovation Policy Platform. (2023). Green Innovation Indicators: Measurement Framework. Paris: OECD Publishing.
International Energy Agency. (2023). Energy Efficiency 2023. Paris: IEA Publications.
International Organization for Standardization. (2023). ISO 14001:2015 Environmental Management Systems - Implementation Guide. Geneva: ISO Publications.
International Renewable Energy Agency. (2024). Innovation Landscape for Renewable Power Systems. Abu Dhabi: IRENA Publications.
ISO (International Organization for Standardization). (2024). Environmental Management Systems - Requirements with Guidance for Use (ISO 14001:2024). Geneva: ISO Publications.
Kementerian ESDM. (2023). Laporan Kinerja Kementerian Energi dan Sumber Daya Mineral 2022. Jakarta: Kementerian ESDM RI.
Kumar, R., Patel, S., & Gupta, M. (2023). Eco-efficiency and firm valuation: A comprehensive analysis of Asian energy companies. Energy Economics, 119, 106-121.
Kumar, S., & Patel, R. (2024). Long-term effects of eco-efficiency on firm performance: Evidence from emerging markets. Journal of Environmental Management, 312, 114-128.
Kumar, S., & Singh, P. (2023). Eco-efficiency implementation and financial performance: Evidence from manufacturing sector. Business Strategy and the Environment, 32(5), 1234-1248.
Li, H., & Wang, M. (2024). Green innovation investment and market premium: A comprehensive analysis. Research Policy, 53(2), 104-119.
Li, H., Chen, W., & Zhou, K. (2024). Green innovation and corporate performance: New evidence from renewable energy sector. Renewable and Sustainable Energy Reviews, 189, 114-128.
Li, X., & Zhang, Y. (2024). Signaling theory in ESG disclosure: Evidence from sustainability reports. Corporate Governance: An International Review, 32(3), 456-471.
Li, X., Wang, Y., & Zhang, H. (2023). Green innovation and corporate value creation in energy sector: A longitudinal analysis. Energy Policy, 181, 113-127.
OECD. (2024). Green Innovation in OECD Countries: Trends and Policy Implications. Paris: OECD Publishing.
Otoritas Jasa Keuangan. (2024). Roadmap Keuangan Berkelanjutan Indonesia 2024-2029. Jakarta: OJK Publications.
Patel, A., & Singh, R. (2024). Synergistic effects of ESG practices on firm value in emerging energy markets. Energy Policy, 186, 113-125.
Rahman, A., Sari, D., & Wijaya, K. (2024). Carbon disclosure and firm value in Southeast Asian energy companies. Asian Business & Management, 23(2), 189-206.
Rodriguez, A., Martinez, C., & Thompson, D. (2023). Tobin's Q in sustainability research: Methodological considerations and applications. Financial Management, 52(4), 789-806.
Rodriguez, M., Thompson, J., & Garcia, A. (2023). Environmental disclosure and firm value: A meta-analytical review. Business Strategy and the Environment, 32(4), 1876-1895.
Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355-374.
Sustainable Finance Indonesia. (2023). Indonesia Sustainable Finance Report 2023. Jakarta: SFI Publications.
Wang, L., & Chen, M. (2024). Green innovation investment and market valuation: Evidence from renewable energy companies. Renewable Energy, 203, 456-468.
Wang, L., Chen, S., & Kim, J. (2023). ESG disclosure and signaling effects: International evidence from capital markets. Journal of Business Ethics, 186(4), 923-940.
Wang, S., Liu, M., & Kim, J. (2023). Carbon emission disclosure and cost of capital: International evidence. Journal of Corporate Finance, 78, 102-118.
Zhang, Q., & Kim, J. (2023). Carbon disclosure quality and firm value: European evidence from energy sector. European Financial Management, 29(3), 678-695.
Zhang, Q., & Liu, P. (2024). Eco-efficiency measurement and its impact on firm performance: Evidence from manufacturing sector. Journal of Cleaner Production, 412, 137-152.
Zhang, Q., Liu, P., & Anderson, R. (2024). Carbon disclosure and firm value: The mediating role of cost of capital. Accounting & Finance, 64(2), 567-589.
Published
2026-05-12
How to Cite
Tantra, A., Nurani, B. and Ani, D. (2026) “Pengaruh Pengungkapan Emisi Karbon, Eco-Efficiency, dan Inovasi Hijau Terhadap Nilai Perusahaan Pada Perusahaan Sektor Energi di Indonesia”, Dinamika Akuntansi Keuangan dan Perbankan, 15(1), pp. 24-34. doi: 10.35315/dakp.v15i1.10399.
Section
Articles
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