The Effect of Carbon Emission Disclosure, Environmental Performance, and Intellectual Capital on Firm Value

Abstract

This study aims to examine the effect of the Carbon Disclosure Project (CDP), Environmental Performance, and Intellectual Capital (Value Added Intellectual Coefficient-VAIC) on firm value, measured by Tobin’s Q, in energy sector companies listed on the Indonesia Stock Exchange (IDX) during 2022–2024. This study employs a quantitative approach using secondary data obtained from annual, sustainability, financial, and Program Penilaian Peringkat Kinerja Perusahaan dalam Pengelolaan Lingkungan Hidup (PROPER) reports. The sample was selected using purposive sampling, resulting in 59 companies with 121 observations each. Data were analyzed using panel data regression with EViews 14, and the Random Effects Model (REM) was selected based on the Chow, Hausman, and Lagrange Multiplier tests. The results show that CDP has no significant effect on firm value, while environmental performance has a negative and significant effect on firm value. intellectual capital (VAIC) has a positive and significant effect on firm value. These findings indicate that carbon emission disclosure has not yet become a primary consideration for investors in assessing firm value, while environmental compliance costs may be perceived as short-term operational burdens. Conversely, effective intellectual capital management strengthens investor confidence and enhances firm value. This study is limited to energy sector companies and the 2022–2024 period. This study contributes empirical evidence on sustainability factors and intellectual capital concerning firm value in Indonesia.

Keywords

Carbon Disclosure Project Company Value Environmental Performance