<![CDATA[Purpose – This study investigates the direct effects of Carbon Emission Disclosure (CED) and Water Consumption Disclosure (WCD) on firm value, and tests whether media exposure moderates these relationships, drawing on Legitimacy Theory, Signalling Theory, and Agenda-Setting Theory to explain how disclosure builds market valuation. Methods – Using a quantitative design, this study gathered secondary data from annual and sustainability reports of companies listed as Sustainability Report Award (SRA) participants during 2023–2025. A final sample of 186 firm-year observations was derived through purposive sampling and analyzed using Moderated Regression Analysis (MRA), after descriptive statistics, correlation, and classical assumption tests. Findings – CED and WCD both exert significant positive effects on firm value, indicating that environmental transparency enhances investor trust. Media exposure also raises firm value directly and strengthens the positive effect of CED on valuation, while weakly moderating the WCD firm value relationship. Research implications – The findings add to environmental accounting and sustainability reporting literature by showing that disclosure creates economic value while media exposure sharpens its effect. They also point managers toward aligning disclosure with media communication, and support continued regulatory efforts on transparency. Originality – Unlike prior studies focused mainly on the determinants of environmental disclosure, this research assesses the value relevance of CED and WCD together, treating media exposure as a moderator rather than a background factor, offering a fuller account of how disclosure and visibility jointly shape firm value in an emerging market.]]>
