The The Effect of Carbon Emission Volume and Disclosure on Firm Value with Good Corporate Governance Moderation

Haflatus Zahroh (Departmen of Accounting, Faculty of Economics and Business, State University of Madura, Indonesia)
Subhan Subhan (Departmen of Accounting, Faculty of Economics and Business, State University of Madura, Indonesia)
Nurul Alfian (Departmen of Accounting, Faculty of Economics and Business, State University of Madura, Indonesia)
Nur Indah Fitriana (Departmen of Accounting, Faculty of Economics and Business, State University of Madura, Indonesia)

Jurnal Ekonomi Pembangunan
Vol. 24 No. 01 (2026): Jurnal Ekonomi Pembangunan

Firm value is an important indicator reflecting management's success in managing company resources. The environment is one of the non-financial factors that high-performing businesses prioritise in addition to financial ones. This study uses GCG as a moderating variable to examine the effect of carbon emissions volume and disclosure on company value, using a quantitative research design and hypothesis testing. Energy companies listed on the IDX for the 2022-2024 period were selected as the subjects of this study, using multiple regression analysis as the analytical method. The results showed that a company's worth was positively affected by carbon emission transparency and negatively affected by carbon emission volume. Meanwhile, in terms of moderation, GCG strengthened the correlation between firm value and carbon emission disclosure but did not weaken the correlation between firm value and carbon emission volume. This study implies the importance of management considering the company's environmental aspects in decision-making related to carbon emission management and corporate governance.