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The Effect of Carbon Emission Disclosure and Environmental Information
Disclosure on Company Value With Commissioner Size as Moderation
Fiona Wiryawan
Faculty of Economics and Business, Universitas Trisakti, Jakarta, Indonesia
fionawiryawan[email protected]
ABSTRACT
This research aims to determine the effect of disclosure of carbon emissions and environmental
information on firm value with board size as a moderating variable. Disclosure of carbon emissions is
a form of corporate transparency to shareholders in the context of overcoming global warming and
climate change. This is also believed to increase the value of the company in the long term. The
population used in this study are non-financial companies at LQ 45 which are listed on the Indonesia
Stock Exchange in the period August 2022 to January 2023. This research method is quantitative using
purposive sampling. Based on analysis data, the disclosure of carbon emissions and the disclosure of
environmental information have significant positive results on the value of the company. On the other
hand, the size of the board of commissioners is still unable to moderate the disclosure of carbon
emissuons and disclosure of environmental information on the value of the company.
Keywords: Firm’s Value; Carbon Emission Disclosure; Environment Disclosure; Size of The Board of
Commissioners; Board Of Commissioners Gender Diversity
INTRODUCTION
In recent years, global warming has become an important topic of conversation in several
companies, because it is associated with climate change which has a significant impact on
increasing greenhouse gas emissions. This can be reflected in NASA's statement through
kompas.com that compares Earth's average surface temperature in 2022 with 2015 (Sakharina et
al., 2022). 2022 is the fifth hottest on record and continues the long-term warming trend. In
2022, temperatures on Earth reached 1.6 degrees Fahrenheit, or 0.89 degrees Celsius, above the
average for NASA's base period. The results show that Earth's temperature in 2022 is about 2
degrees Fahrenheit, or 1.11 degrees Celsius, warmer than the average of the late 19th century. In
addition to climate change, the issue of environmental damage is also one of the negative
impacts that occur from the company's operational activities. So that makes the company need
to have controls related to sustainable environmental sustainability. It also requires issuers to
submit reports on social and environmental responsibility activities in annual reports or
sustainability reports, this aims to inform the public about environmental sustainability that has
been carried out by the company in carrying out its operational activities. Disclosure of carbon
emissions is a form of transparency to shareholders regarding the company's efforts to overcome
climate change and global warming, in order to maintain the company's image and value. The
more points expressed by the company, it will have a positive effect on the value of the
company, because the market is increasingly considering in predicting the sustainability of the
company. Disclosure of environmental information is currently also one of the benchmarks for
achieving environmental performance improvement, this is reflected in the growth of
investment in companies that are socially and environmentally responsible because it can
provide attractive investment possibilities. The thing that distinguishes this study from previous
studies where adding moderation variables is the size of the board of commissioners, besides
that this study also adds variables of gender diversity of commissioners and company size as
control variables.
Theoretical and development framework
The theory of legitimacy according to Suchman (Suchman, 1995) in Rismawati (2021)
legitimacy is the expectation of a company's actions in accordance with the system of norms and
values prevailing in society. This theory arises with the hope of harmony, harmony and balance,
so that legitimacy is considered important for the company because it is one of the strategic
The Effect of Carbon Emission Disclosure and Environmental Information Disclosure on Company Value
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factors for the sustainability of the company in the future. According (Santoso et al., 2021),
legitimacy theory makes norms that develop in society can be used as a basis for companies to
carry out business operations that are accepted by the community and maintain their existence.
According to Borghei-Ghomi and Leung, (Borghei-Ghomi & Leung, 2013) an effective approach
to convey information regarding the company's activities and actions in terms of environmental,
social and other corporate issues is through information disclosure. The information that can be
conveyed is how the company regulates and estimates the greenhouse gas emissions produced,
so that the company can gain legitimacy from the surrounding community. Based on this
explanation, the disclosure is a form of action taken by the company to get recognition from the
public in order to be able to adjust business processes to the rules or norms that apply in society
in the future (Agustia et al., 2019).
Hypothesis Development
Currently, the disclosure of carbon emissions made by companies is one of the indicators
of consideration for investors to invest. Because carbon emission disclosure information can be
used to predict company sustainability, where the higher the disclosure of carbon emissions
made by the company will provide a positive response for investors, it also has an impact on
increasing company value. In addition, research conducted by Cahyani (2022) explained that
carbon emission disclosure has a positive effect on the value of manufacturing companies in the
basic industrial and chemical sectors of the IDX for the 2019-2021 period. Supported by Aryo
and Bambang's (Permana & Tjahjadi, 2020) research which explains that higher carbon emission
control will create better value for companies and increase the reputation of environmentally
responsible companies in exercising their legitimacy. Thus, the hypothesis formed is:
H
1
= Disclosure of carbon emissions positively affects company value
Disclosure of environmental information is one of the consistency carried out by the
company towards environmental concern so that it can build trust in the community in corporate
social responsibility. This is in line with research conducted by Asrizon et al, (Asrizon et al.,
2021) that environmental disclosure has a positive and significant effect on the value of non-
manufacturing companies listed on the IDX. This is because companies that voluntarily disclose
environmental costs generated by their operational activities can improve the company's image
in the future which will also affect the increase in company value conducted by (Rusmana &
Purnaman, 2020). Referring to research conducted by (Permana & Tjahjadi, 2020), where
companies voluntarily disclose environmental information that has been carried out in order to
disclose environmental protection in carrying out their business operations. This is also
considered to avoid negative reactions that arise in the market, if the company has bad
environmental aspects and does not carry out the principle of legitimacy condsucted by Permana
and Tjahjadi (2020). Thus, the hypothesis formed is:
H
2
= Disclosure of environmental information has a positive effect on company value
Sometimes management has more internal company information than holders, so there is
an information asymmetry between the two parties. This refers to Law No. 40 of 2007 related to
the board of commissioners which is a party capable of supervising and providing advice to the
board of directors. The size of the board of commissioners in the company is getting bigger, it is
expected to be more effective in carrying out its supervisory duties. Disclosure of carbon
emissions is one proof of management's accountability to the board of commissioners regarding
the company's seriousness in responding to environmental issues, especially related to carbon
emissions. This is in line with research conducted by (Liao et al., 2015) and (Yunus et al., 2016)
showing that the greater the proportion of commissioners in a company, it is proven that it has a
significant influence on companies in disclosing carbon emissions. In line with research
conducted by (Jannah & Muid, 2014) which confirms that the larger size of the board of
commissioners in the company can create greater pressure on the company's management to
disclose it. Thus, the hypothesis formed is:
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H
3
= The size of the board of commissioners reinforces the effect of carbon emission
disclosure on company value
The Board of Commissioners within the company can provide direction and input to
management when the company's management does not carry out positive activities such as
disclosure of environmental costs that can increase the legitimacy of the community according
to (Rahmawati et al., 2017). In this case, the commissioner is expected to maximize the creation
of a balance of interests of various parties. So this is in line with research conducted by Herdi
and NR (Herdi & NR, 2020) which explains that the improvement that occurs in the composition
of the board of commissioners in the company structure will make the company more concerned
about the disclosure of sustainability reports related to the environment. Thus, the hypothesis
formed is:
H
4
= The size of the board of commissioners reinforces the effect of environmental
information disclosure on company value.
RESEARCH METHOD
The type of research conducted is quantitative research with research variables on carbon
emission disclosure, disclosure of environmental information, size of the board of
commissioners and company value which is secondary data (Sekaran & Bougie, 2016). The
analysis used in this study is a non-financial company listed on LQ 45 on the Indonesia Stock
Exchange with a data period of August 2022 to January 2023, sampling is carried out using
purposive sampling so that the selection of samples based on certain goals and targets is not
random. The sample used in this study amounted to 30 companies that met the criteria for
reporting financial statements and sustainability reports that presented information related to
carbon emission disclosure, environmental information disclosure, board of commissioners size,
board of commissioners diversity and company size.
Table 1 Sampling Process
No.
Sample Explanation
Number of Samples
1.
Companies Listed on LQ-45 Indonesia
Stock Exchange for the Period August
2022 – January 2023
45
2.
Companies that do not publish a complete
Annual Report
(10)
3.
Companies That Do Not Disclose Carbon
Emissions and Environmental Information
in the Annual Report or Sustainability
Report
(5)
Number of companies included in the sample
30
Number of Years of Observation
5
The amount of final data used in the study
150
Source: Data Processing Results, 2023
Operational Definition and Variable Measurement
Dependent Variables
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Company Value
Company value which is something that needs to be considered by company management
because it is one of the benchmarks for the company's success which is assessed from the
company's stock price. This study is measured using Tobin's Q raiso, which is a ratio that is
generally used for company value as a form of value of tangible assets and intangible assets,
according to Hardiyansah et al., (Hardiyansah et al., 2021).
Independent Variables
Carbon Emissions Disclosure
Disclosure of carbon emissions is a voluntary disclosure made by companies related to
handling global warming issues. According to Choi et al., (Choi et al., 2013) stated in this case
the disclosure of carbon emissions is carried out using the scoring method against the carbon
emission disclosure index that has been carried out by the company in the annual report. The
maximum score achieved is eighteen points and by drinking the score is 0 points. If the
company successfully discloses an item in the report, it will be given 1 point for each
disclosure. If the company can disclose everything, it will be given a score of 18, and then
added in its entirety from the score received.
Table 2 Carbon Emission Disclosure Checklist
Category
Item
Score
Climate
Change: Risk
of Opportunity
CC1
CC2
Greenhouse
Gas Emissions
(GHG)
GHG1
GHG2
GHG3
GHG4
GHG5
GHG6
GHG7
Energy
EC1
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Consumption
(EC)
EC2
EC3
Reduction and
Cost (RC)
RC1
RC2
RC3
RC4
Accountability
of Emissions
Carbon (AEC)
ACC1
ACC2
Source: Choi et al., (Choi et al., 2013)
Disclosure of Environmental Information
Disclosure of environmental information carried out by companies can build public trust
in corporate social responsibility, this makes disclosure of environmental costs can improve the
company's reputation in the future (Hadi, 2011).
Moderation Variables
Size of the Board of Commissioners
According to Widyati, this variable is measured using indicators of the proportion of the
number of board of commissioners in the company (Widyati, 2013).
Control Variables
Company Size
This study calculates the size of the company based on the natural logarithm of the total
assets owned by the company. According to research conducted by Diana & Osesoga (Diana &
Osesoga, 2020), using this formula can determine the size of a company.
Gender Diversity Commissioner
To measure the variable gender diversity, using the Blau heterogeneity index based on
research owned by Kılıç & Kuzey (Kılıç & Kuzey, 2019). The Blau Index has the advantage of
The Effect of Carbon Emission Disclosure and Environmental Information Disclosure on Company Value
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considering not one, but all categories. So as to divide the percentage of members of the board
of commissioners with female gender to the total gender of men and women in the members of
the board of commissioners.
Table 3 Variable Measurement
Variable
Indicator
Measur
ement
Scale
Company Value (Y)
Tobin
′
s Q =
Total Market Value + Total Liabilities
Total Assets
Ratio
Scale
Size of the Board of
Commissioners (Z)
Number of Independent Commissioners
Number of Board of Commissioners Members
Ratio
Scale
Carbon Emission
Disclosure (X
1
)
Total Items Disclosed
Total Overall Items
× 100%
Ratio
Scale
Disclosure of
Environmental
Information (X
2)
Total Items Disclosed
Total Overall Items
× 100%
Ratio
Scale
Gender Diversity
Commissioner (C
1
)
Number of Female commissioners
Total members of the Board of Commissioners
Ratio
Scale
Company Size (C
2
)
Ln ( Total Assets)
Ratio
Scale
Source: Previous Research
RESULT AND DISCUSSION
Statistik Deskriptif
According to Ghozali (Ghozali, 2019) in descriptive statistical tests can be seen from the
average (mean), middle value (median), values that often appear (mode), standard deviation,
maximum value, and minimum value.
Table 4 Statistik Deskriptif
Source: Data processed by researchers (Stata-15)
The number of samples taken in this study amounted to 30 companies from diverse
industrial sectors, these companies were listed in the LQ 45 greeting period from August 2022
to January 2023 on the Indonesia Stock Exchange for 5 years. The results of descriptive
statistics can be seen in table 4 above. The dependent variable is that the company's value has
the lowest value of 0.38 obtained at PT Adaro Energy Tbk in 2020 and the highest value of 6.96
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at PT Mitra Keluarga Karyasehat Tbk with an average of 1.79 and a standard deviation of 1.26.
Furthermore, the first independent variable is the disclosure of carbon emissions with a
minimum value of 0.74 obtained by PT Telkom Indonesia (Persero) Tbk in 2018, where the
highest value was 1.04 at PT Chandra Asri Petrochemical Tbk in 2020. The average produced in
this variable is 0.90 and the standard deviation is 0.11. While the next independent variable,
environmental information disclosure, resulted in the lowest value of 0.70 at PT Barito Pacific
Tbk in 2020 and the highest value of 0.88 at PT Charoen Pokphand Indonesia Tbk in 2019. The
size of the board of commissioners on the moderation variable has the lowest result of 4 and the
highest value of 10, where the average is 5 and the standard deviation is 1.46. In the control
variable, namely the diversity of the board of commissioners has the lowest value of 0 and the
highest of 1, where the resulting average is 0.76 and the standard deviation is 0.42. In the last
control variable, the size of the company has a minimum yield of 29.26 and the highest value of
33.66, where the average is 31.47 and the standard deviation is 0.94.
Table 5 Test the hypothesis
Source: Data processed by researchers (Stata-15)
Based on the hypothesis testing carried out, which can be seen in table 5 which explains
that there are 150 observations with the results of the F-count value of 10.76 which reflects that
the research model is good because the results have exceeded 2.10. It can also explain that
overall carbon emission disclosure variables and environmental information disclosure variables
are worth testing against company value. In table 4 can also be known the results of Prob > F of
0.0000 which explains that this study as a whole has a dependent variable, namely the
disclosure of carbon emissions and the disclosure of environmental information which is very
significant to the independent variable, namely the value of the company because the results are
below the limit of 0.5 or 5%.
Table 6 Classical Assumption Test
Variable
VIF
1/VIF
up
1.22
0.816873
udk
1.19
0.839671
pek
1.05
0.955754
kgk
1.02
0.980766
pil
1.00
0.995134
Mean
1.10
Source: Data processed by researchers (Stata-15)
Table 6 can explain that the tolerance value in the variables of company size, board
ofcommissioners size, carbon emission disclosure, board of commissioners diversity, and
The Effect of Carbon Emission Disclosure and Environmental Information Disclosure on Company Value
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disclosure of environmental information has a result greater than 0.1 and a VIF value greater
than 10. This can explain that there is a relationship between independent variables and avoided
this study has been free from symptoms of multicollinearity.
Discussion
Carbon Emission Disclosure Positively Affects Company Value
Based on the results of hypothesis testing in table 5, it can be seen that the variable of
carbon emission disclosure produces a positive value of 1.97 which explains that the variable
has a significant positive effect on the value of the company because it has exceeded the
minimum limit set at 1.96. This is in line with research conducted by Aryo and Bambang (2020)
which states that carbon emission disclosure has a significant influence on the value of
companies in Indonesia. Investors are believed to react positively to carbon emission disclosures
because they consider carbon emission disclosures to be used as risk evaluation and
consideration in making investment decisions. Voluntary disclosure of carbon emissions by the
company can signal to investors that the company is trying to explain transparently the
environmental performance it has done according to (Jaggi et al., 2017).
Disclosure of Environmental Information Positively Affects Company Value
Based on table 5, it can be seen that the environmental information disclosure variable
produces a positive value of 2.02 which exceeds the minimum limit to be considered significant
which is 1.96. So that these results can explain that the disclosure of environmental information
has a significant positive effect on the value of the company. This is also in line with research
conducted by (Setiadi & Agustina, 2020) which explains that shareholders need information about
the evaluation that has been carried out by the company, one of which is related to
environmental responsibility. This encourages issuers to disclose environmental information
that has been carried out on the negative impacts generated on the company's operational
activities according to (Zanra et al., 2020). The more information the company discloses, the
more it encourages investors to help work with the company conducted by (Putri & Muid, 2017).
The size of the Board of Commissioners strengthens the effect of carbon emission
disclosure on company value
The results obtained in table 5 explain that the size of the board of commissioners cannot
strengthen the effect of carbon emission disclosure on company value. This is reflected in the
results of the hypothesis test which resulted in a positive value of 1.23 which has not exceeded
the minimum limit of 1.96, the results can also explain that the number of boards of
commissioners contained in the company may not necessarily be able to carry out effective
supervision to encourage companies to disclose carbon emissions transparently. This is in line
with research researched by (Prayanthi & Laurens, 2020) which states that the size of the board of
commissioners in companies does not affect the disclosure of carbon emissions, because of the
tendency of the board of commissioners to assume that if they do not disclose carbon emissions
completely, they will not harm the company.
The size of the Board of Commissioners strengthens the effect of environmental
information disclosure on company value
The results obtained in table 5 explain that the size of the board of commissioners cannot
strengthen the effect of environmental information disclosure on company value. This is
reflected in the results of the hypothesis test which resulted in a positive value of 1.23 which has
not exceeded the minimum limit of 1.96, where the board of commissioners at a company does
not fully support the disclosure of environmental information it does. This is due to the
assumption of the board of commissioners which states that the disclosure of environmental
information carried out will not provide monetary benefits or even harm to the company. In
The Effect of Carbon Emission Disclosure and Environmental Information Disclosure on Company Value
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addition, the board of commissioners at the company still feels that the disclosure of
environmental information has not been fully effective as a signal to capital market participants.
Gender Diversity of the Board of Commissioners and Company Size to Company
Value
The control variable in this study is the gender diversity of the board of commissioners and
the size of the company, where based on hypothesis testing in table 5 it is known that the gender
diversity variable of the board of commissioners has a positive result of 0.74. This result does
not exceed the minimum limit considered significant at 1.96, so that it can explain that the
gender diversity of the board of commissioners cannot control the disclosure of carbon
emissions and disclosure of environmental information on company value. This is different
from the variable company size which has a negative result of 6.68, so it can explain that the
larger company size may not necessarily be able to control the disclosure of carbon emissions
and the disclosure of environmental information on company value. Although it has a
significant effect on the value of the company, the variable size of the company is inversely
proportional to the value of the company.
CONCLUSION
Based on the analysis and discussion above, it can be concluded that the issue of global
warming is an important topic of discussion among investors today in making decisions to
invest. Although the government has made efforts to formulate regulations in order to make it
easier for companies to make disclosures related to environmental issues transparently, there
are still some companies that have not fully voluntarily made disclosures related to
environmental issues. Based on the results of the test above, a conclusion can be drawn that the
disclosure of carbon emissions and the disclosure of environmental information have significant
positive results on the value of the company. Although the size of the board of commissioners
is still unable to moderate the disclosure of carbon emissions and disclosure of environmental
information on the value of the company. The limitation of this study is the use of samples
consisting of diverse companies, so that in future studies it can expand to industrial sectors that
have environmental sensitivity so that the variables tested can have a significant effect.
Furthermore, this research still only focuses on carbon emission disclosure and environmental
information disclosure, for future researchers may be able to expand to environmentally related
certifications such as ISO 14001.
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