HOW DOES CARBON EMISSIONS REPORTING INFLUENCE INVESTOR DECISIONS? - Widyowati, Lestari Adhi; Jalih, Jara Hardiyanti; Rani, Inta Hartaningtyas (Universitas Brawijaya, 2025)
Abstrak – Bagaimana Pelaporan Emisi Karbon Mempengaruhi Keputusan Investor saat ini?Tujuan Utama – Penelitian bertujuan untuk menguji bagaimana pengungkapan emisi karbon dapat memediasi kepemilikan institusional dan modal intelektual dengan reaksi investor.Metode – Penelitian ini melakukan uji analisis jalur. Sampel penelitian ini adalah laporan keuangan sektor pertambangan periode 2019-2023.Temuan Utama – Penelitian ini menemukan bahwa kepemilikan instutisional, modal intelektual, maupun pengungkapan emisi karbon tidak mempengaruhi langsung reaksi investor. Menariknya, pelaporan emisi karbon sepenuhnya mampu memediasi hubungan antara kepemilikan institusional dengan reaksi investor. Hasil yang diperoleh konsisten ketika total pendapatan digunakan sebagai variable kontrol.Implikasi Teori dan Kebijakan – Temuan dalam penelitian ini mendukung teori sinyal dan RBV dalam akuntansi pasar modal. Secara praktis, penelitian ini merekomendasikan investor untuk mempertimbangkan kepatuhan perusahaan terhadap standar internasional sebagai ukuran kredibilitas lingkungan dan tata kelola.Kebaruan Penelitian – Penelitian ini menguji dampak variabel terkait pengungkapan emisi karbon dalam satu model komprehensif. Abstract - How Carbon Emissions Reports Influence Investor Decisions Today?Primary Purpose – The study aims to examine how carbon emissions disclosure can mediate the relationship between institutional ownership and intellectual capital, as well as its impact on investor reactions.Method - This study conducted a path analysis test. The research sample consisted of financial reports from the mining sector for the period 2019-2023.Main Findings - This study found that institutional ownership, intellectual capital, and carbon emissions disclosure did not have a direct influence on investor reactions. Interestingly, carbon emissions reporting was able to mediate the relationship between institutional ownership and investor reactions fully. The results obtained were consistent when total revenue was used as a control variable. Theory and Practical Implications - The findings in this study support the signalling theory and RBV in capital market accounting. In practical terms, this study recommends that investors consider a company's compliance with international standards as a measure of environmental and governance credibility.Novelty - This study examines the impact of variables related to carbon emission disclosure in a comprehensive model.