The Effects of Carbon Emission Disclosure, Environmental Performance, and Intellectual Capital on Firm Value: Evidence from Energy Companies Listed on the Indonesia Stock Exchange 2022-2024

Abstract

This study aims to analyze the effect of the Carbon Disclosure Project (CDP), Environmental Performance (PROPER), and Intellectual Capital (VAIC) on Company Value (Tobin's Q) in energy sector companies listed on the Indonesia Stock Exchange for the 2022–2024 period. The study uses a quantitative approach with secondary data obtained from annual reports, sustainability reports, the Ministry of Environment and Forestry's PROPER reports, and company financial statements. The research sample was determined using a purposive sampling technique, resulting in 59 companies with a total of 121 observations. Data analysis was carried out using panel data regression with the help of EViews 14 software. The selection of the regression model was done through the Chow test, Hausman test, and Lagrange Multiplier test, which indicated that the Random Effect Model (REM) is the best model. The research shows that disclosing carbon emissions through the Carbon Disclosure Project (CDP) does not have a significant effect on company value. Environmental Performance (PROPER) has a negative and significant effect on company value, while Intellectual Capital (VAIC) has a positive and significant effect on company value. These findings suggest that investors have not yet made carbon emission disclosure a primary consideration when evaluating companies, whereas the efficiency of managing intellectual capital can boost market confidence. On the other hand, the costs a company incurs to meet environmental performance standards are seen as operational burdens that can push down company value in the short term

Keywords

Carbon Disclosure Project Company Value Environmental Performance