<![CDATA[Purpose - This study examined the associations of carbon emission disclosure and green innovation with firm value and assessed whether firm size moderated these associations among energy-sector companies listed on the Indonesia Stock Exchange during 2020–2024. Methods - This quantitative explanatory study used secondary data from annual reports, sustainability reports, financial statements, and year-end stock-price information. Purposive sampling produced 46 companies and 230 initial firm-year observations; after outlier screening, 227 observations were analyzed. Firm value was measured using price-to-book value, while carbon emission disclosure and green innovation were measured using disclosure indices. Pooled multiple linear regression with interaction terms was conducted using IBM SPSS Statistics version 22.0. Findings - Carbon emission disclosure was not significantly associated with firm value (B = −0.260, p = 0.075), and green innovation was likewise not significantly associated with firm value (B = 0.216, p = 0.181). Firm size positively moderated the carbon emission disclosure–firm value association (B = 0.064, p = 0.006) but negatively moderated the green innovation–firm value association (B = −0.030, p = 0.014). The overall model was statistically significant, F(4, 222) = 5.160, p = 0.001, with an adjusted R² of 0.069. Research implications - Firms should strengthen the credibility, comparability, and decision relevance of carbon disclosures and orient green innovation toward measurable environmental and economic outcomes. Regulators should support proportionate reporting standards, while investors should consider firm size when evaluating environmental strategies. Originality - This study demonstrates that firm size moderates two environmental strategies in opposite directions, extending a contingency-based explanation of firm value in the Indonesian energy sector.]]>
Copyrights © 2026
