Mekanisme Pengungkapan Emisi Karbon Dan Reaksi Investor

Abstract

This research aims to investigate the role of carbon emission disclosure as a mechanism to improve the investors' reaction in the form of abnormal stock returns mediated by cost of equity. The sample used in this study were non-financial companies listed on the Indonesia Stock Exchange from 2013 to 2017 and 122 firms were selected using purposive sampling method. By using path analysis method, the results shows, that the carbon emission disclosure has negative relationship to the cost of equity, carbon emission disclosure has positive relationship to the abnormal stock return and cost of equity has negative and significant relationship to the abnormal stock return. In addition, using Sobel test, the results shows that cost of equity plays a role in mediating carbon emission disclosure to the abnormal stock returns.

The Role of Women on Boards as A Mechanism to Improve Carbon Emission Disclosure and Firm Value

“…A company that successfully makes quality social and environmental disclosures will give the effect on the value of the company (Kelvin et al, 2019). This is in line with stakeholder theory which states that a good company will build a code of ethics that is not only concerned with the interests of shareholders but also pays attention to the welfare of its stakeholders (Freeman & Reed, 1983).…”

Climate change performance and financial distress

“…The influence of CCDP on firms in terms of accounting and financial elements is explored in a limited number of recent studies (Borghei, 2021; Bui et al, 2020; Cowan & Deegan, 2011; Eleftheriadis & Anagnostopoulou, 2015; He et al, 2022; Kelvin et al, 2019; Linnenluecke et al, 2015; Saka & Oshika, 2014). Alsaifi et al (2020) find robust evidence that the disclosure of voluntary carbon emissions as a strategic decision‐making matter is positively correlated with a firm's financial performance.…”

“…Do et al (2021) document that banks charge drought‐affected borrowers a higher loan spread. Kelvin et al (2019) demonstrate that carbon emission disclosure has a negative relationship with the cost of equity but a positive relationship with abnormal stock returns. Daromes (2019) finds that the disclosure of GHG emissions has a positive and significant impact on a firm's reputation.…”

“…First, it provides a methodological contribution through its application of the TCFD framework and recommendations as a measure of the extent to which firms embrace climate change disclosures. While previous studies (Daromes, 2019; Kelvin et al, 2019; Saka & Oshika, 2014) mostly focus on carbon emission disclosure, which is only one component of the TCFD framework, our measure of climate change performance is more comprehensive since it incorporates all the TCFD elements. This study finds a significant negative relationship between CCDP and financial distress, implying that firms are less likely to experience financial distress if they materially embrace and disclose the financial and stakeholder implications of climate change on their business.…”

Corporate governance in Basic Material and Energy Sector Companies, green strategy, and carbon emissions disclosure

“…51/POJK.03/2017 Article 10 which requires all issuers, public companies and financial services institutions (LJK) to prepare a sustainability report. Carbon emissions disclosure is also a signal shown to investors that the capital they invest is being used by companies properly to protect the environment [5]. In this study, the factors to be investigated because they are suspected of having an influence on the carbon emissions disclosure are corporate governance and green strategy.…”