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Sustainability Signaling and Firm Value: Carbon Emission Disclosure and Environmental Performance Ratings in Shaping Firm Value in Indonesia Linda Dwi Puspita Sari; Syahriar Abdullah; Supartini Supartini; Susilaningtyas Budiana Kurniawati
Journal of Social Knowledge Education (JSKE) Vol. 7 No. 2 (2026): March
Publisher : Cahaya Ilmu Cendekia Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37251/jske.v7i2.2668

Abstract

Purpose of the study: This study aims to analyze the effect of carbon emission disclosure and the environmental performance ratings of the corporate environmental performance rating program on firm value, both partially and simultaneously, in companies listed on the Indonesia Stock Exchange for the period 2022–2024. Methodology: This study employs a quantitative causal-comparative approach using secondary data from corporate and regulatory disclosures. Carbon emission disclosure is treated as a form of corporate social accountability, reflecting firms’ responses to environmental expectations. Firm value is measured using Tobin’s Q, while environmental performance is represented by the environmental performance ratings, which function as a public policy instrument implemented by the Indonesian government. Statistical analysis is used to examine how public regulation shapes market responses to corporate environmental accountability. Main Findings: The results indicate that carbon emission disclosure does not have a significant effect on firm value. The environmental performance have a negative and significant effect on firm value. Simultaneously, carbon emission disclosure and the environmental performance ratings do not have a significant effect on firm value, indicating that environmental information is not yet a major consideration for investors. Novelty/Originality of this study: This study offers novelty by re-examining the effect of carbon emission disclosure and the environmental performance ratings on firm value using the most recent data from the 2022–2024 period. It assesses whether environmental aspects have been utilized by investors as signals in firm valuation and provides empirical contributions to environmental accounting literature and the formulation of sustainable business policies.
The Nexus of Governance, Branding, and Tourist Behavior in Shaping Solo City's Halal Tourism Kurniawati Darmaningrum; Rini Adiyani; Sri Wijiastuti; Supartini Supartini; Istinganah Eni Maryanti; Syahriar Abdullah; Retnoning Ambarwati; Dhea Sashinta Ashari
Journal of Economics Education and Entrepreneurship Vol 7, No 1 (2026): JEE, APRIL 2026
Publisher : Program Studi Pendidikan Ekonomi FKIP Universitas Lambung Mangkurat

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20527/jee.v7i1.18264

Abstract

Halal tourism is a rapidly growing segment of the global travel industry, presenting both opportunities and challenges for destinations targeting Muslim travelers. Solo City holds strong potential to become one of Indonesia’s leading halal tourism destinations due to its rich Islamic heritage and multicultural environment. This study integrates collaborative governance, destination branding, and tourist behavior theories, considering the moderating role of sociocultural context and the facilitating effect of policy support. Using data from 463 respondents, including tourists, MSMEs, policymakers, and community leaders, analysis was conducted through Structural Equation Modeling (SEM) with AMOS. Findings reveal that visitor behavior, destination branding, and cooperative governance significantly influence the growth of halal tourism in Solo City, with visitor behavior emerging as the strongest predictor, emphasizing service experience, satisfaction, and loyalty. Sociocultural context negatively moderates the impact of branding but positively moderates governance effects, reflecting tensions between local identity and top-down branding. Policy support enhances the influence of both branding and governance through incentives, certification, and regulation. The study concludes that Solo City’s halal tourism development should emphasize stakeholder collaboration, authentic branding, tourist-centered services, culturally sensitive strategies, and supportive policies. Theoretically, this research integrates multiple perspectives in halal tourism studies and provides practical insights for policymakers and tourism stakeholders to strengthen Solo City’s competitiveness in the halal tourism market.