Antecedents and Consequences of Carbon Emissions’ Disclosure: Case Study of Oil, Gas and Coal Companies in Non-Annex 1 Member Countries

Abstract

The purpose of this study is to determine the characteristics of companies that voluntarily disclose carbon emissions and to examine the economic consequences of the carbon emissions’ disclosure. Companies used in the sample are oil, gas and coal companies in non-Annex 1 member countries registered in the Osiris database. The observation period was from the commencement of the Kyoto Protocol's second commitment to date, or from 2013 to 2016. Measuring the carbon emissions’ disclosure is achieved by using a checklist developed from an information request sheet from the CDP (Carbon Disclosure Project). An assessment of the extent of the disclosure is made using the content analysis method. Company characteristics are proxied with leverage, profitability and firm age, while the economic consequences are proxied by using bid-ask spreads, the trading volume and share price volatility. The data analysis method used in this research is the Partial Least Square (PLS) method using the WarpPLS 4.0 application. Test results show that leverage, profitability and firm age have a positive effect on the carbon emissions’ disclosure. Furthermore, the test results show that carbon emissions’ disclosures have a positive effect on the trading volume and a negative effect on the bid-ask spreads and share price volatility. The above findings imply that firms with higher leverage, higher profitability and are older are more willing to reveal their carbon emissions’ disclosures. The more information that is contained in a carbon emissions’ disclosure, the more investors are interested in trading that company's shares, while the broader the carbon emissions’ disclosure is, the smaller the bid-ask spread and the less volatile the stock price are.

Carbon Emission Disclosure, Good Corporate Governance, Financial Performance, and Firm Value

“…Anggraeni (2015) finds that carbon emission disclosure improves firm value. Hapsoro and Ambarwati (2018) also find that carbon emission disclosure has an effect on stock trading volume. Investor gives positive responses to voluntary carbon emission disclosure because they believe that carbon emission information is an important consideration to determine business sustainability (Anggraeni, 2015).…”

Pengaruh Tata Kelola Perusahaan Dan Ukuran Perusahaan Terhadap Pengungkapan Emisi Karbon Di Indonesia

“…Penelitian sebelumnya yang menguji pengungkapan emisi karbon dilakukan dengan karakteristik perusahaan seperti leverage (Irwhantoko & Basuki, 2016;Choi et al, 2013;Mujiani et al, 2019;Hapsoro & Ambarwati, 2018), ukuran perusahaan (Irwhantoko & Basuki, 2016;Choi et al, 2013;Ratmono et al, 2020;Mujiani et al, 2019;Wiratno & Muaziz;2020;Septriyati & Anisah (2019), profitabilitas (Irwhantoko & Basuki, 2016;Choi et al, 2013;Ratmono et al, 2020;Mujiani et al, 2019;Hapsoro & Ambarwati, 2018), umur perusahaan (Hapsoro & Ambarwati, 2018). Pengujian pengungkapan emisi lainnya dilakukan dengan menggunakan tata kelola baik secara komprehensif seperti yang dilakukan oleh Choi et al (2013), maupun bagian dari tata kelola seperti direktur independen (Yunus et al, 2016;Kilic & Kuzey, 2019), komite audit (Budiharta & Kacaribu, 2020), diversitas direksi (Ben-Amar, 2015; Kilic & Kuzey, 2019;Syabilla et al, 2021;Hollindale et al, 2017), jumlah direksi (Yunus et al, 2016Budiharta & Kacaribu, 2020), kepemilikan manajerial (Budiharta & Kacaribu, 2020), konsentrasi kepemilikan (Gonzalez-Gonzalez dan Ramírez; 2016).…”

“…Selain itu, penelitian ini juga menggunakan dua variabel kontrol yaitu leverage dan profitabilitas. Leverage menggunakan proksi debt to equity ratio sebagaimana digunakan oleh Irwhantoko & Basuki (2016), Abdullah et al (2020, dan Hapsoro & Ambarwati (2018). Sementara itu, proksi profitabilitas menggunakan return on assets sebagaimana Abdullah et al (2020), Hapsoro & Ambarwati (2018) dan Mujiani et al (2019).…”

“…Leverage menggunakan proksi debt to equity ratio sebagaimana digunakan oleh Irwhantoko & Basuki (2016), Abdullah et al (2020, dan Hapsoro & Ambarwati (2018). Sementara itu, proksi profitabilitas menggunakan return on assets sebagaimana Abdullah et al (2020), Hapsoro & Ambarwati (2018) dan Mujiani et al (2019). Selanjutnya, Pengujian hipotesis dilakukan dengan analisis regresi berganda untuk data panel.…”

Apakah Kinerja Lingkungan dan Biaya Lingkungan Berpengaruh Terhadap Pengungkapan Informasi Lingkungan?

“…Manajer memberikan informasi melalui laporan keuangan mengenai biaya yang telah dialokasikan perusahaan untuk merealisasikan keinginan stakeholder yaitu terciptanya kesetaraan antara profit, people, dan planet (Jama 'an, 2008). Pengungkapan informasi lingkungan merupakan tolak ukur kualitas manajemen, sehingga perusahaan dengan kualitas manajemen tinggi cenderung menerapkan akuntansi sosial dan lingkungan sebagai tambahan dari akuntansi tradisional (Hapsoro & Ambarwati, 2018).…”