Pengaruh Green Investment, Media Exposure, dan Profitabilitas terhadap Carbon Emission Disclosure di Perusahaan Sektor Energi

Abstract

Rising global temperatures due to greenhouse gas emissions have triggered climate change and have widespread impacts on the environment and human activities. Indonesia is among the largest contributors to global emissions, particularly from the energy sector; therefore, the government has targeted emission reductions through low-carbon energy innovations. In this context, companies are expected to implement sustainability practices and disclose carbon emissions through sustainability reports. Although such disclosure remains voluntary, it is currently supported by various government regulations. Based on this background, this study aims to examine how green investment, media exposure, and profitability influence the likelihood of carbon emission disclosure in energy sector companies. This study aims to analyze the effect of green investment, media exposure, and profitability on carbon emission disclosure in energy sector companies listed on the Indonesia Stock Exchange during the 2022–2024 period. This research employs a quantitative approach using secondary data obtained from companies’ annual financial reports. The sample was selected using purposive sampling, resulting in 27 companies with a total of 81 observations. The carbon emission disclosure variable is measured using an index with a maximum score of 18, while green investment, media exposure, and profitability are measured using Green Investment (GI), Media Exposure (ME), and Return on Equity (ROE), respectively. Data analysis was conducted using panel data regression with the Fixed Effect Model (FEM) approach. The results show that green investment has a significant effect on carbon emission disclosure, indicating that the magnitude of environmental costs incurred by companies directly influences carbon emission disclosure. Media exposure does not show a significant effect, suggesting that media influence has not yet become a dominant factor in determining carbon emission disclosure in energy sector companies. However, profitability is found to have a significant negative effect on carbon emission disclosure. This means that companies with high levels of profitability tend to neglect their obligation to carry out carbon emission disclosure. Overall, this study concludes that green investment is the most influential factor in increasing the likelihood of carbon emission disclosure. These findings imply that energy sector companies need to prioritize environmental cost management to maintain social legitimacy and meet stakeholder demands through environmental transparency.