The Influence of Carbon Emission Disclosure, ESG Score, and Investment Opportunity Set on Firm Value of Energy and Manufacturing Companies with Profitability as a Moderating Variable

Reyhan Zulfan, Mohamad Fany Alfarisi, Fajri Adrianto

Abstract


This study aims to examine the direct effects of Carbon Emission Disclosure (CED), Environmental, Social, and Governance (ESG) scores, and the Investment Opportunity Set (IOS) on firm value, as well as to investigate the moderating role of Return on Assets (ROA) in the relationships between these variables and firm value. The study focuses on energy and manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. Using a purposive sampling method, 38 companies were selected, resulting in 152 firm-year observations. Data were analyzed using two regression models with StataMP 17. The first model employs panel data regression to examine the direct effects of CED, ESG scores, and IOS on firm value, while the second model employs Moderated Regression Analysis (MRA) to examine the moderating effect of ROA. The results indicate that CED and IOS have positive and significant effects on firm value, whereas ESG scores have a positive but insignificant effect. Furthermore, ROA significantly strengthens the positive relationship between IOS and firm value. However, ROA does not significantly moderate the relationships between CED and ESG scores and firm value. Leverage, measured by the Debt-to-Equity Ratio (DER), is included as a control variable. These findings provide empirical evidence that firms’ investment opportunities and carbon emission disclosure play an important role in enhancing firm value, while the effectiveness of ESG performance in influencing market-based firm value may depend on other contextual factors.

Keywords


Carbon Emission, ESG, Firm value, Investment Opportuity, Leverage, Profitability, Sustainability

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DOI: https://doi.org/10.17509/ijdb.v6i1.106157

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