The Effect of Carbon Emission Disclosure, Corporate Social Responsibility, and Eco-Efficiency on the Value of Energy Sector Companies

Abstract

This study aims to analyze the effect of carbon emission disclosure, Corporate Social Responsibility (CSR) disclosure, and eco-efficiency on firm value in the energy sector listed on the Indonesia Stock Exchange (IDX) during the 2021–2025 period. The study is motivated by increasing regulatory pressure and investor expectations regarding environmental transparency, amid inconsistent findings in prior studies on the relationship between these sustainability variables and firm value. This study employs a quantitative associative approach using secondary data from annual reports and sustainability reports of 45 energy sector companies selected through purposive sampling, yielding 225 observations over five years. Firm value is measured using Tobin's Q, carbon emission disclosure using the Carbon Emission Disclosure (CED) index based on GRI 305, CSR disclosure using the Corporate Social Responsibility Index (CSRI) based on GRI G4, and eco-efficiency using the ratio of net sales to total assets. Data were analyzed using multiple linear regression with SPSS 26. The results show that carbon emission disclosure has no significant effect on firm value, while CSR disclosure and eco-efficiency each have a significant positive effect. Simultaneously, the three independent variables significantly affect firm value, explaining 55.7 percent of its variation. These findings indicate that CSR disclosure is the most dominant determinant of firm value formation in Indonesia's energy sector.