THE EFFECT OF CARBON EMISSION DISCLOSURE, ENVIRONMENTAL PERFORMANCE, AND PROFITABILITY ON FIRM VALUE WITH MEDIA EXPOSURE AS A MODERATING VARIABLE

Abstract

This study aims to examine the effects of carbon emission disclosure, environmental performance, and profitability on firm value, as well as the moderating role of media exposure in Indonesian energy companies. The research uses secondary data from annual reports and sustainability reports of 20 energy companies listed on the Indonesia Stock Exchange for the 2020–2024 period. Data analysis is conducted using Structural Equation Modeling–Partial Least Squares (SEM-PLS). The results show that carbon emission disclosure, environmental performance, and profitability significantly affect firm value. Media exposure strengthens the influence of carbon emission disclosure on firm value, but does not moderate the effects of environmental performance or profitability. In addition, media exposure itself does not directly affect firm value. These findings highlight the importance of transparent carbon emission disclosure and profitability in enhancing firm value, while media exposure is more effective when amplifying substantive environmental disclosure.