<![CDATA[This study examines the effect of carbon risk and sustainability disclosure on firm value in mining and energy companies listed on the Indonesia Stock Exchange during 2020–2024. Firm value is measured using Tobin’s Q, sustainability disclosure is measured using the Global Reporting Initiative (GRI) disclosure index, while carbon risk is proxied by carbon emission intensity. This study uses secondary data obtained from annual reports and sustainability reports. The sampling technique used purposive sampling and resulted in 11 companies with 55 observations. Data analysis was conducted using multiple linear regression and Moderated Regression Analysis (MRA) with IBM SPSS Statistics. The results show that sustainability disclosure has a negative and significant effect on firm value. Carbon risk also has a negative and significant effect on firm value. Meanwhile, environmental performance proxied by PROPER is unable to moderate the relationship between sustainability disclosure, carbon risk, and firm value. These findings indicate that investors still perceive sustainability activities and carbon exposure as factors that may increase company costs and business risks in the short term.]]>
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