Environmental Transparency and Financial Success: The Mediating Influence of Carbon Emission Reporting
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Abstract
This research aims to analyze the mediating role of carbon emission disclosure (CED) in the relationship between carbon performance (CP), green product innovation (GPI), environmental costs (EC), and the percentage of women directors (WBD) on green financial performance (FP). Using data from 66 energy sector companies listed on IDX-IC during 2021–2023, the study employs PLS-SEM path analysis to test its hypotheses. Results reveal that GPI, EC, and WBD positively impact FP, while CP does not. Similarly, CED is influenced by CP, GPI, and EC but not by WBD. The mediation test yields three key findings: first, WBD directly affects FP; second, CED partially mediates the relationships between GPI and FP, as well as EC and FP; third, CED fully mediates the link between CP and FP. The study underscores the significance of CED as a mediator, particularly in connecting CP with FP, highlighting environmental transparency as an effective strategy. Furthermore, the findings demonstrate that GPI and EC management directly enhance FP, while gender diversity on boards significantly drives green financial outcomes. Transparent CED compels companies to be more accountable for their environmental impacts, fostering improved environmental practices and financial performance through enhanced accountability.
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References
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Cahyani, P. N., & Gunawan, J. (2022). The Effect of Carbon Emission Disclosure and Leverage on Company Value. COMSERVA: Journal of Research and Community Service, 2(6), 510-518.
Cahyaningtyas, S. R., Isnaini, Z., & Ramadhani, R. S. (2022). Green Corporate Social Responsibility: Green Innovation and Corporate Values. Journal of Accounting Applications, 6(2), 87-108. https://doi.org/10.29303/jaa.v6i2.137
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Issa, A. (2024). Do emissions reduction initiatives improve financial performance? Empirical analysis of moderating factors. International Journal of Accounting & Information Management, 32(2), 228-257. https://doi.org/https://doi.org/ 10.1108/IJAIM-04-2023-0107
Izzaty, K. N., & Atiningsih, S. (2024). Intensity of Research and Development to Improve Financial Performance Through Environmentally Friendly Product Innovation. Magisma: Scientific Journal of Economics and Business, 12(2), 241-251. https://doi.org/https://doi.org/10.35829/magisma.v12i2.461
Jao, R., Randa, F., Holly, A., & Gohari, L. (2021). The Influence of the Characteristics of the Board of Directors on the Financial Performance of Non-Financial Companies Listed on the Indonesia Stock Exchange. AkMen Scientific Journal, 18(2), 123-134. https://doi.org/https://doi.org/10.37476/akmen.v18i2.1427
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Kılıç, M., & Kuzey, C. (2019). Determinants of climate change disclosures in the Turkish banking industry. International Journal of Bank Marketing, 37(3), 901-926. https://doi.org/https://doi.org/10.1108/IJBM-08-2018-0206
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Ladista, R. D., Lindrianasari, L., & Syaipudin, U. (2023). Determinants of Carbon Emission Disclosure and Its Impact on Financial Performance. Owner, 7(3), 2262-2283. https://doi.org/10.33395/owner.v7i3.1535
Lee, J.-H., & Cho, J.-H. (2021). Firm-value effects of carbon emissions and carbon disclosures—evidence from Korea. International journal of environmental research and public health, 18(22), 12166. https://doi.org/https://doi.org/10.3390/ ijerph182212166
Li, J., Zhang, T., Du, X., & Li, Y. (2024). How can the digital economy drive low-carbon city performance in China to achieve sustainable development goals? A multiple-output perspective. Journal of Cleaner Production, 454, 142316. https://doi.org/https://doi.org/10.1016/j.jclepro.2024.142316
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Maryanti, E., Biduri, S., & Sari, H. M. K. (2025). Carbon Emission Disclosure, Green Intellectual Capital on Performance. Owner: Research and Journal of Accounting, 9(1), 290-302. https://doi.org/10.33395/owner.v9i1.2484
Mazumder, M. M. M. (2024). An empirical analysis of SDG disclosure (SDGD) and board gender diversity: insights from the banking sector in an emerging economy. International Journal of Disclosure and Governance, 1-17. https://doi.org/https:// doi.org/10.1057/s41310-023-00223-2
Miharja, I. S., Sormin, S. H., & Wisudanto, W. (2023). Gender Diversity Analysis on Financial Performance and Company Value with Environmental, Social, and Governance (ESG) as Moderating Variables. Sebatik, 27(2), 499-508. https://doi.org/https://doi.org/10.46984/sebatik.v27i2.2380
Millenia, A., & Etty, M. (2023). The influence of green product innovation and green process innovation on green competitive advantage with green intellectual capital as a moderation variable. Trisakti Economic Journal, 3(2), 2319-2328. https://doi.org/10.25105/jet.v3i2.17046
Nastiti, A., & Hardiningsih, P. (2022). Determinants of carbon emission disclosure. Fair Value: Scientific Journal of Accounting and Finance, 4(6), 2668-2681. https://doi.org/https://doi.org/10.32670/fairvalue.v4i6.1155
Nurjannah, I. E., Ulum, I., & Oktavendi, T. W. (2022). Analysis of the Application of SAK EMKM to Londi Laundry MSMEs in Malang City. Journal of Innovative Accounting, 1(1), 1-7. https://doi.org/10.59330/jai.v1i1.1
Nurwahyudi, M. R., & Mudasetia, M. (2020). The Influence of Women's Gender in the Board of Directors on Financial Performance A study on companies included in the Kompas 100 Index in 2014-2015. Journal Of Accounting, 12. https://doi.org/10.33747
Oliver Yébenes, M. (2024). Climate change, ESG criteria, and recent regulation: Challenges and opportunities. Eurasian Economic Review, 14(1), 87-120. https://doi.org/https://doi.org/10.1007/s40822-023-00251-x
Prasetyowati, A., & Marsono, M. (2024). The Effect of Sustainability Report and Green Accounting Disclosure on Corporate Financial Performance (Empirical Study on Manufacturing Companies Listed on the Indonesia Stock Exchange in 2018-2022). Diponegoro Journal of Accounting, 13(3). http://ejournal-s1.undip. ac.id/index.php/accounting
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Putri, H. D., & Agustin, H. (2023). Can green innovation and carbon emission disclosure affect the value of companies in manufacturing? Journal of the Academy of Accounting, 6(1), 107-124. https://doi.org/10.22219/jaa.v6i1.22814
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