Amrie Firmansyah, Pramuji Handra Jadi, Wahyudi Febrian, Deddy Sismanyudi


The company has a significant contribution to industrialization, which results in global warming and climate change in the world. This condition can threaten the future of the world, including in Indonesia. This study aims to examine the effect of corporate governance on the disclosure of carbon emissions in Indonesia. This study uses secondary data sourced from financial statements available at The sample used in this study was a manufacturing company from 2016 to 2019. By using purposive sampling, the sample obtained in the study is 260 observations. The research data were analyzed using multiple linear regression for panel data. This study concludes that the implementation of good governance and firm size are positively associated with emission carbon disclosure. The implementation of good corporate governance can increase the transparency of information provided to the public voluntarily, including information on carbon emissions produced by companies. Besides, the large companies tend to be transparent in their carbon emissions disclosure to the public.  This research indicates that the government needs to regulate policies related to managing carbon emissions produced by companies to encourage companies to implement sustainability issues. In addition, the Financial Services Authority (OJK) needs to carry out monitoring related to the implementation of corporate governance implemented by companies listed on the Indonesia Stock Exchange.


Carbon; Disclosure; Environment; Governance; Sustainability

Full Text:


Article Metrics

Abstract views : 0| PDF views : 0


Abdullah, M. W., Musriani, R., Syariati, A., & Hanafie, H. (2020). Carbon Emission Disclosure in Indonesian Firms: The Test of Media-exposure Moderating Effects. International Journal of Energy Economics and Policy, 2020, 10(6), 732-741

Barako, D.G., & Brown, A.M. (2008). Corporate social reporting and board representation: evidence from the Kenyan banking sector. Journal of Management & Governance, Vol. 12 No. 4, pp. 309-324.

Ben-Amar, W., Chang, M. and McIlkenny, P. (2015), “Board gender diversity and corporate response to sustainability initiatives: evidence from the carbon disclosure project”, Journal of Business Ethics, Vol. 142 No. 2, pp. 369-383.

Budiharta, P., & Kacaribu, H. E. P. B. (2020). The influence of board of directors, managerial ownership, and audit committee on carbon emission disclosure: a study of non-financial companies listed on BEI. Review of Integrative Business and Economics Research, 9, Supplementary Issue 3, 75-87.

Bui, B., Moses, O., & Houque, M. N. (2019). Carbon disclosure, emission intensity and cost of equity capital: multi-country evidence. Accounting & Finance, 1-23.

Chariri, A. & Ghozali, I. (2007). Teori Akuntansi. Badan Penerbit Universitas Diponegoro : Semarang

Chithambo, L., & Tauringana, V. (2014). Company specific determinants of greenhouse gases disclosures. Journal of Applied Accounting Research, 15(3), 323-338.

Choi, B.B., Lee, D., & Psaros, J. (2013). An analysis of Australian company carbon emission disclosures. Pacific Accounting Review, 25(1), 58-79.

Deegan, C. (2004). Financial accounting theory. Sydney: McGraw-Hill Book Company

Firmansyah, A., & Estutik, R. S. (2020). Environmental responsibility performance, corporate social responsibility disclosure, tax aggressiveness: does corporate governance have a role? Journal of Governance and Regulation, 9(4), 8-24.

Firmansyah, A., Husna, M. C., & Putri, M. A. (2021). Corporate Social Responsibility Disclosure, Corporate Governance Disclosures, and Firm Value in Indonesia Chemical, Plastic, and Packaging Sub-Sector Companies. Accounting Analysis Journal, 10(1), 9-17.

Freedman, M., & Jaggi, B. (2005). Global warming, commitment to the Kyoto protocol, and accounting disclosures by the largest global public firms from polluting industries. The International Journal of Accounting, 40(3), 215-232.

Freeman, R.E., & Reed. (1983). Stockholders and stakeholders: a new perspective on corporate governance. Californian Management Review. Vol 25. No. 2. pp.88-106.

Gonzalez-Gonzalez, J.M., & Ramírez, C.Z. (2016). Voluntary carbon disclosure by Spanish companies: an empirical analysis. International Journal of Climate Change Strategies and Management, 8(1), 57-79.

Hapsari, D., & Ambarwati (2018). Antecedents and consequences of carbon emissions’ disclosure: case study of oil, gas and coal companies in Non-annex 1 member countries. Journal of Indonesian Economy and Business, 33(2), 2018, 99 – 111.

Hardiyansah, M., Agustini, A. T., & Purnamawati, I. (2021). The effect of carbon emission disclosure on firm value: environmental performance and industrial type. Journal of Asian Finance, Economics and Business, 8(1), 123–133.

Hollindale, J., Kent, P., Routledge, J., & Chapple, L. (2017). Women on boards and greenhouse gas emission disclosures. Accounting and Finance, doi: 10.1111/acfi.12258.

Kilic, M., & Kuzey, C. (2019). The effect of corporate governance on carbon emission disclosures Evidence from Turkey. International Journal of Climate Change Strategies and Management, 11(1), 35-53

Kilic, M., Kuzey, C., & Uyar, A. (2015). The impact of ownership and board structure on corporate social responsibility (CSR) reporting in the Turkish banking industry. Corporate Governance: The International Journal of Business in Society, 15(3), 357-374.

Kolk, A., Levy, D., & Pinkse, J. (2008). Corporate responses in an emerging climate regime: the institutionalization and commensuration of carbon disclosure. European Accounting Review, 17(4), 719-745.

Kurnia, P., Darlis, E., & Putra, A. A. (2020). Carbon emission disclosure, good corporate governance, financial performance, and firm value. Journal of Asian Finance, Economics and Business, 7(12), 223–231

Lako, A. (2018). Dekonstruksi CSR dan Reformasi Paradigma Bisnis & Akuntansi : Suatu Tinjauan. Jakarta : Erlangga

Lee, K.-H. (2015). Does size matter? Evaluating corporate environmental disclosure in the australian mining and metal industry: a combined approach of quantity and quality measurement. Business Strategy and the Environment, 26(2), 209–223.

Lee, S.Y., Park, Y.S., & Klassen, R.D. (2015). Market responses to firms’ voluntary climate change information disclosure and carbon communication. Corporate Social Responsibility and Environmental Management, 22(1), 1-12.

Liao, L., Luo, L., & Tang, Q. (2015). Gender diversity, board independence, environmental committee and greenhouse gas disclosure. The British Accounting Review, 47(4), 409-424.

Luo, L., Tang, Q., & Lan, Y. C. (2013). Comparison of propensity for carbon disclosure between developing and developed countries: a resource constrained perspective. Accounting Research Journal, 26(1), 6-34.

Muhammad, G. I, & Aryani, Y. A. (2021). The impact of carbon disclosure on firm value with foreign ownership as a moderating variable. Jurnal Dinamika Akuntansi dan Bisnis, 8(1), 1-14.

Mujiani, S., Juardi, & Fauziah, F. (2019). Determinan carbon emission disclosure pada perusahaan BUMN yang terdaftar di Bursa Efek Indonesia periode 2013-2017. JIAFE (Jurnal Ilmiah Akuntansi Fakultas Ekonomi), 5(1), 53-64.

Naser, K., Al-Hussaini, A., Al-Kwari, D., & Nuseibeh, R. (2006). Determinants of corporate social disclosure in developing countries: the case of Qatar. Advances in International Accounting, 19(1), 1-23.

Prado-Lorenzo, J.M., Rodríguez-Domínguez, L., Gallego-Álvarez, I., &

García-Sánchez, I.M. (2009). Factors influencing the disclosure of greenhouse gas emissions in companies world-wide. Management Decision, 47(7), 1133-1157.

Putri, M.M., Firmansyah, A., & Labadia, D. (2020). Corporate social responsibility disclosure, good corporate governance, firm value: evidence from Indonesia's food and beverage companies. The Accounting Journal of Binaniaga, 5(2), 113-122.

Ratmono, D., Darsono, & Selviana (2021). Effect of carbon performance, company characteristics and environmental performance on carbon emission disclosure: evidence from Indonesia. International Journal of Energy Economics and Policy, 11(1), 101-109.

Reid, E.M., & Toffel, M.W. (2009). Responding to public and private politics: corporate disclosure of climate change strategies. Strategic Management Journal, 30(11), 1157-1178.

Rohani, A., Jabbour, M., & Abdel-Kader, M. (2020). Carbon performance, carbon disclosure, and economic performance: the mediating role of carbon (media) legitimacy in the UK International Journal of Accounting and Economics Studies, 9(1), 8-20.

Saka, C., & Oshika, T. (2014). Disclosure effects, carbon emissions and corporate value. Sustainability Accounting, Management and Policy Journal, 5(1), 22-45.

Syabilla, D., Wijayanti, A., & Fahria, R. (2021). Pengaruh investasi hijau dan keragaman dewan direksi terhadap pengungkapan emisi karbon. Konferensi Riset Nasional Ekonomi, Manajemen, dan Akuntansi, 2, 1171-1186

Yunus, S., Evangeline, E.T., & Abhayawansa, S. (2016). Determinants of carbon management strategy adoption: evidence from Australia’s top 200 publicly listed firms. Managerial Auditing Journal, 31(2), 156-179.



  • There are currently no refbacks.

Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.