PENGARUH PENGUNGKAPAN EMISI KARBON, GREEN INVESTMENT, DAN TATA KELOLA PERUSAHAAN TERHADAP NILAI PERUSAHAAN=THE EFFECT OF CARBON EMISSION DISCLOSURE, GREEN INVESTMENT, AND CORPORATE GOVERNANCE ON FIRM VALUE

KHALIMATUSSA’DIAH. The Effect of Carbon Emission Disclosure, Green Investment, and Corporate Governance on Firm Value (supervised by Andi Kusumawati). Firm value is an important indicator reflecting investors’ perceptions of a company’s performance and prospects, including its response to sustainability and corporate governance issues. The increasing attention to carbon emission disclosure and green investment highlights the need for empirical studies examining their effects on firm value. This study aims to examine and analyze the effect of carbon emission disclosure, green investment, and corporate governance, proxied by the audit committee and institutional ownership, on firm value. This study employs a quantitative approach using secondary data obtained from annual reports and sustainability reports of energy and manufacturing companies listed on the Indonesia Stock Exchange during the 2020–2024 period. The sample was determined using purposive sampling. Data analysis was conducted using panel data regression with the EViews software, including descriptive statistics, panel regression model selection, classical assumption tests, and hypothesis testing. The results indicate that carbon emission disclosure and green investment have no effect on firm value, suggesting that environmental information and green investment have not yet become primary considerations for investors in the short term. The audit committee has a positive effect on firm value, while institutional ownership has no effect on firm value. Simultaneously, all research variables have a significant effect on firm value. This study concludes that corporate governance mechanisms, particularly the audit committee, play an important role in enhancing firm value, whereas carbon emission disclosure and green investment have not yet had a direct impact. These findings are expected to provide considerations for management, investors, and regulators in promoting sustainability practices and effective corporate governance.