The Effect of Carbon Emission Disclosure, Operating Efficiency, Capital Structure, and Media Exposure on Firm Value, With Media Exposure as A Moderating Variable (an Empirical Study of Low-Carbon Leader Companies Listed on The Indonesia Stock Exchange)

Abstract

The perception of a company’s performance, prospects, and sustainability is increasingly influenced by investors’ attention to environmental issues and information transparency. As awareness of environmental concerns and the demand for transparent information continue to grow, companies are required not only to demonstrate strong financial performance, but also to manage and disclose their environmental impacts and business strategies in an accountable manner. In this context, this study aims to analyze the influence of carbon emission disclosure, operating efficiency, media exposure, and capital structure on firm value. This research is grounded in Stakeholder Theory, which emphasizes the importance of balancing stakeholder interests through transparency and accountability in information disclosure. The research method employed is a quantitative approach with a causal-comparative design. The research data were obtained from the annual reports and sustainability reports of companies included in the Low Carbon Leaders Index on the Indonesia Stock Exchange for the 2020–2024 period using the purposive sampling method. Data analysis was conducted using Partial Least Square (PLS). The results of the study indicate that carbon emission disclosure negatively affects firm value, while operating efficiency and capital structure have positive effects on firm value. Media exposure does not directly have a significant effect on firm value; however, it functions as a quasi-moderating variable. Media exposure was proven to strengthen the influence of carbon emission disclosure, while weakening the influence of operating efficiency and capital structure on firm value. These findings suggest that media exposure does not necessarily enhance the effectiveness of operational performance signals and corporate financing policies in the eyes of investors.