CARBON EMISSION DISCLOSURE IN INDONESIA: PERSPECTIVE OF STAKEHOLDER THEORY
Abstract
Indonesia has been ranked as the 10th highest country in the world in terms of carbon emission. This is the reason for the government to set regulations so that companies can contribute to reducing carbon emissions. This research investigates how ownership structure namely institutional ownership, managerial ownership, and foreign ownership affects carbon emission disclosure. Using quantitative approach, this research focuses on mining, basic industry, and chemical sector listed on the Indonesia Stock Exchange from 2020 to 2022, 31 companies were obtained as research objects based on purposive sampling technique. To validate the hypothesis, a statistical analysis called multiple linear regression is used. The study has shown that the average level of disclosure of carbon emissions by mining, basic industries, and chemical companies in Indonesia is still low. Result confirm that managerial ownership influence on carbon emission disclosure, while institutional ownership and foreign ownership do not influence on carbon emission disclosure
References
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Amaliyah, I., & Solikhah, B. (2019). Pengaruh Kinerja Lingkungan dan Karakteristik Corporate Governance Terhadap Pengungkapan Emisi Karbon. Journal of Economic, Management, Accounting and Technology, 2(2), 129–141. https://doi.org/10.32500/jematech.v2i2.720
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Budiharta, P., & Kacaribu, H. E. P. B. (2020). The Influence of Board of Directors, Managerial Ownership, and Audit Committee on Carbon Emission Disclosure: A Study of Non-Financial Companies Listed on BEI. Review of Integrative Business and Economics Research, 9(3), 75–86. http://sibresearch.org/uploads/3/4/0/9/34097180/riber_9-s3_06_h19-121_75-87.pdf#6. DISCUSSION
Ermaya, H. N. L., & Mashuri, A. A. S. (2018). Kinerja Perusahaan Dan Struktur Kepemilikan: Dampak Terhadap Pengungkapan Lingkungan. Jurnal Kajian Akuntansi, 2(2), 225–237. https://doi.org/10.33603/jka.v2i2.1746
European Commission, J. R., Crippa, M., Guizzardi, D., Schaaf, E., Monforti-Ferrario, F., Quadrelli, R., Risquez Martin, A., Rossi, S., Vignati, E., Muntean, M., Brandao De Melo, J., Oom, D., Pagani, F., Banja, M., Taghavi-Moharamli, P., Köykkä, J., Grassi, G., Branco, A., & San-Miguel, J. (2023). GHG emissions of all world countries – 2023. Publications Office of the European Union. https://doi.org/doi/10.2760/953322
Freeman, R. E., & McVea, J. (2005). A Stakeholder Approach to Strategic Management. SSRN Electronic Journal, January 2001. https://doi.org/10.2139/ssrn.263511
Gray, R., Kouhy, R., & Lavers, S. (1995). A Review of the Literature and a Longitudinal Study of UK Disclosure. Acounting, Auditing & Acountability Journal, 8, 47–77. https://doi.org/10.1108/09513579510146996
Hales, J. (2023). Everything changes: A look at sustainable investing and disclosure over time and a discussion of “Institutional investors, climate disclosure, and carbon emissions.” Journal of Accounting and Economics, 101645. https://doi.org/10.1016/j.jacceco.2023.101645
Hapsari, C. A., & Prasetyo, A. B. (2020). Analyze Factors That Affect Carbon Emission Disclosure (Case Study in Non-Financial Firms Listed on Indonesia Stock Exchange in 2014-2016). Accounting Analysis Journal, 9(2), 74–80. https://doi.org/10.15294/aaj.v9i2.38262
Hariswan, A. M., DP, E. N., & Mela, N. F. (2022). Pengungkapan Emisi Karbon Perusahaan Pertambangan di Indonesia. Jurnal Al-Iqtishad, 1(18), 19–41. https://doi.org/10.24014/jiq.v18i1.16286
Hermawan, A., Aisyah, I. S., Gunardi, A., & Putri, W. Y. (2018). Going green: Determinants of carbon emission disclosure in manufacturing companies in Indonesia. International Journal of Energy Economics and Policy, 8(1), 55–61.
Ika, S. R., Yuliani, Okfitasari, A., & Widagdo, A. K. (2021). Factors influencing carbon emissions disclosures in high profile companies: some Indonesian evidence. IOP Conference Series: Earth and Environmental Science. https://doi.org/10.1088/1755-1315/1016/1/012043
Indonesia Government. (2012). Peraturan Pemerintah Republik Indonesia Nomor 47 Tahun 2012 tentang Tanggung Jawab Sosial dan Lingkungan Perseroan Terbatas. https://peraturan.bpk.go.id/Download/35119/PP Nomor 47 Tahun 2012.pdf
Irawan, D., Juanda, A., Wibawani, S., & Astuti, W. (2024). Carbon emission disclosure and cost of capital in Indonesian. 71, 220–230. https://doi.org/10.1201/9781003360483-25
Jiang, Y., Luo, L., Xu, J., & Shao, X. (2021). The value relevance of corporate voluntary carbon disclosure : Evidence from the United States and BRIC countries. Journal of Contemporary Accounting & Economics, 17(3), 100279. https://doi.org/10.1016/j.jcae.2021.100279
Jubaedah, S., & Setiawan, D. (2023). The effect of ownership structure on social and environmental disclosure in Indonesia. Diponegoro International Journal of Business, 6(1), 24–35. https://doi.org/10.14710/dijb.6.1.2023.24-35
Kim, E., Kim, S., & Lee, J. (2021). Do Foreign Investors Affect Carbon Emission Disclosure ? Evidence from South Korea. InternationalJournal of Environmental Research and Public Health, 18(10097).
Krisnawanto, K., & Solikhah, B. (2019). Accounting Analysis Journal The Determinants of Carbon Emission Disclosure Moderated by Institutional Ownership. Accounting Analysis Journal, 8(2), 135–142. https://doi.org/10.15294/aaj.v8i2.32347
Kurnia, P., Darlis, E., & Putra, A. A. (2020). Carbon Emission Disclosure, Good Corporate Governance, Financial Performance, and Firm Value. Journal of Asian Finance, Economics and Business, 7(12), 223–231. https://doi.org/10.13106/JAFEB.2020.VOL7.NO12.223
Nurlis, N. (2019). Carbon Emission Disclosure in the Proper Rating Company’s Annual Financial Statements in Indonesia Stock Exchange. Journal of Finance and Accounting, 10(12), 60–66. https://doi.org/10.7176/RJFA/10-12-08
Nursulistyo, E. D., Aryani, Y. A., & Bandi, B. (2022). The Disclosure of Carbon Emission in Indonesia: A Systematic Literature Review. Jurnal Dinamika Akuntansi Dan Bisnis, 10(1), 1–18. https://doi.org/10.24815/jdab.v10i1.27974
Richard, L., & Wijaya, H. (2022). Pengaruh Media Exposure, Dewan Komisaris, Komite Audit Dan Kepemilikan Asing Terhadap Environmental Disclosure. Jurnal Ilmiah Mahasiswa Akuntansi, 11(1), 58–71. https://doi.org/10.33508/jima.v11i1.3978
Shan, Y. G., Tang, Q., & Zhang, J. (2021). The impact of managerial ownership on carbon transparency: Australian evidence. Journal of Cleaner Production, 317, 128480. https://doi.org/10.1016/j.jclepro.2021.128480
Sri, W., & Ayustyara, D. (2023). The Factors Can Be Affecting to Carbon Emission Disclosure (Study on Energy Sector Companies Listed on The Indonesia Stock Exchange in 2019-2021. JHSS (Journal of Humanities and Social Studies), 07(02), 609–615. https://doi.org/10.33751/jhss.v7i2.7753
Suhardi, R. P., & Purwanto, A. (2015). Analisis Faktor – Faktor yang Mempengaruhi Pengungkapan Emisi Karbon di Indonesia (Studi pada Perusahaan yang Terdaftar di Bursa Efek Indonesia Periode 2010 - 2013). Diponegoro Journal of Accounting, 4(2), 836–848. https://media.neliti.com/media/publications/253987-analisis-faktor-faktor-yang-mempengaruhi-a80f49be.pdf
Tarigan, B., Pramono, A. J., Rusmin, R., & Astami, E. W. (2022). The Impact of Ownership Structure and Audit Quality on Carbon Emission Disclosure: An Empirical Study from Indonesia. Journal of Asian Finance, Economics and Business, 9(4), 0251–0259.
Trufvisa, U. S., & Ardiyanto, M. D. (2019). Pengaruh Karakteristik Dewan Komisaris Terhadap Pengungkapan Emisi Karbon. Diponegoro Journal of Accounting, 8(3), 1–11. http://ejournal-s1.undip.ac.id/index.php/accounting
USAID. (2022). Indonesia Climate Change Fact Sheet. USAID. https://www.usaid.gov/sites/default/files/2022-05/Climate_Change_Fact_Sheet_-_INDONESIA_FINAL_FORMAT.pdf
Wibowo, R., Suhendro, S., & Amelia, Y. (2022). Analysis of Factors Affecting Carbon Emission Disclosure in Indonesia. 1(1), 1–16.
Wirawan, J., & Setijaningsih, H. (2022). Analisis Pengungkapan Emisi Karbon Di Indonesia. Jurnal Muara Ilmu Ekonomi Dan Bisnis, 6, 235. https://doi.org/10.24912/jmieb.v6i1.18398
Yeh, Y.-H., & Liao, C.-C. (2024). Ownership structure and carbon emissions reduction. Pacific-Basin Finance Journal, 83, 102262. https://doi.org/10.1016/j.pacfin.2024.102262
Yu, L., Liu, Y., Niu, Y., & Xiao, Z. (2023). Greener together: The impact of China’s mixed-ownership reform on firm carbon emissions. Energy Policy, 180, 113689. https://doi.org/10.1016/j.enpol.2023.113689
Yusuf, M. (2020). Determinan Carbon Emission Disclosure In Indonesia. Jurnal Akuntansi Dan Auditing, 17(1), 131–157.
Allam, G. A., & Diyanty, V. (2020). Determinants of carbon emission disclosure. Journal of Economics, Business, & Accountancy Ventura, 22(3), 333–346. https://doi.org/10.14414/jebav.v22i3.1207
Amaliyah, I., & Solikhah, B. (2019). Pengaruh Kinerja Lingkungan dan Karakteristik Corporate Governance Terhadap Pengungkapan Emisi Karbon. Journal of Economic, Management, Accounting and Technology, 2(2), 129–141. https://doi.org/10.32500/jematech.v2i2.720
Bhanumati, P., Haan, M. de, & Tebrake, J. W. (2022). Greenhouse Emissions Rise to Record, Erasing Drop During Pandemic. International Monetary Fund. https://www.imf.org/en/Blogs/Articles/2022/06/30/greenhouse-emissions-rise-to-record-erasing-drop-during-pandemic
Budiharta, P., & Kacaribu, H. E. P. B. (2020). The Influence of Board of Directors, Managerial Ownership, and Audit Committee on Carbon Emission Disclosure: A Study of Non-Financial Companies Listed on BEI. Review of Integrative Business and Economics Research, 9(3), 75–86. http://sibresearch.org/uploads/3/4/0/9/34097180/riber_9-s3_06_h19-121_75-87.pdf#6. DISCUSSION
Ermaya, H. N. L., & Mashuri, A. A. S. (2018). Kinerja Perusahaan Dan Struktur Kepemilikan: Dampak Terhadap Pengungkapan Lingkungan. Jurnal Kajian Akuntansi, 2(2), 225–237. https://doi.org/10.33603/jka.v2i2.1746
European Commission, J. R., Crippa, M., Guizzardi, D., Schaaf, E., Monforti-Ferrario, F., Quadrelli, R., Risquez Martin, A., Rossi, S., Vignati, E., Muntean, M., Brandao De Melo, J., Oom, D., Pagani, F., Banja, M., Taghavi-Moharamli, P., Köykkä, J., Grassi, G., Branco, A., & San-Miguel, J. (2023). GHG emissions of all world countries – 2023. Publications Office of the European Union. https://doi.org/doi/10.2760/953322
Freeman, R. E., & McVea, J. (2005). A Stakeholder Approach to Strategic Management. SSRN Electronic Journal, January 2001. https://doi.org/10.2139/ssrn.263511
Gray, R., Kouhy, R., & Lavers, S. (1995). A Review of the Literature and a Longitudinal Study of UK Disclosure. Acounting, Auditing & Acountability Journal, 8, 47–77. https://doi.org/10.1108/09513579510146996
Hales, J. (2023). Everything changes: A look at sustainable investing and disclosure over time and a discussion of “Institutional investors, climate disclosure, and carbon emissions.” Journal of Accounting and Economics, 101645. https://doi.org/10.1016/j.jacceco.2023.101645
Hapsari, C. A., & Prasetyo, A. B. (2020). Analyze Factors That Affect Carbon Emission Disclosure (Case Study in Non-Financial Firms Listed on Indonesia Stock Exchange in 2014-2016). Accounting Analysis Journal, 9(2), 74–80. https://doi.org/10.15294/aaj.v9i2.38262
Hariswan, A. M., DP, E. N., & Mela, N. F. (2022). Pengungkapan Emisi Karbon Perusahaan Pertambangan di Indonesia. Jurnal Al-Iqtishad, 1(18), 19–41. https://doi.org/10.24014/jiq.v18i1.16286
Hermawan, A., Aisyah, I. S., Gunardi, A., & Putri, W. Y. (2018). Going green: Determinants of carbon emission disclosure in manufacturing companies in Indonesia. International Journal of Energy Economics and Policy, 8(1), 55–61.
Ika, S. R., Yuliani, Okfitasari, A., & Widagdo, A. K. (2021). Factors influencing carbon emissions disclosures in high profile companies: some Indonesian evidence. IOP Conference Series: Earth and Environmental Science. https://doi.org/10.1088/1755-1315/1016/1/012043
Indonesia Government. (2012). Peraturan Pemerintah Republik Indonesia Nomor 47 Tahun 2012 tentang Tanggung Jawab Sosial dan Lingkungan Perseroan Terbatas. https://peraturan.bpk.go.id/Download/35119/PP Nomor 47 Tahun 2012.pdf
Irawan, D., Juanda, A., Wibawani, S., & Astuti, W. (2024). Carbon emission disclosure and cost of capital in Indonesian. 71, 220–230. https://doi.org/10.1201/9781003360483-25
Jiang, Y., Luo, L., Xu, J., & Shao, X. (2021). The value relevance of corporate voluntary carbon disclosure : Evidence from the United States and BRIC countries. Journal of Contemporary Accounting & Economics, 17(3), 100279. https://doi.org/10.1016/j.jcae.2021.100279
Jubaedah, S., & Setiawan, D. (2023). The effect of ownership structure on social and environmental disclosure in Indonesia. Diponegoro International Journal of Business, 6(1), 24–35. https://doi.org/10.14710/dijb.6.1.2023.24-35
Kim, E., Kim, S., & Lee, J. (2021). Do Foreign Investors Affect Carbon Emission Disclosure ? Evidence from South Korea. InternationalJournal of Environmental Research and Public Health, 18(10097).
Krisnawanto, K., & Solikhah, B. (2019). Accounting Analysis Journal The Determinants of Carbon Emission Disclosure Moderated by Institutional Ownership. Accounting Analysis Journal, 8(2), 135–142. https://doi.org/10.15294/aaj.v8i2.32347
Kurnia, P., Darlis, E., & Putra, A. A. (2020). Carbon Emission Disclosure, Good Corporate Governance, Financial Performance, and Firm Value. Journal of Asian Finance, Economics and Business, 7(12), 223–231. https://doi.org/10.13106/JAFEB.2020.VOL7.NO12.223
Nurlis, N. (2019). Carbon Emission Disclosure in the Proper Rating Company’s Annual Financial Statements in Indonesia Stock Exchange. Journal of Finance and Accounting, 10(12), 60–66. https://doi.org/10.7176/RJFA/10-12-08
Nursulistyo, E. D., Aryani, Y. A., & Bandi, B. (2022). The Disclosure of Carbon Emission in Indonesia: A Systematic Literature Review. Jurnal Dinamika Akuntansi Dan Bisnis, 10(1), 1–18. https://doi.org/10.24815/jdab.v10i1.27974
Richard, L., & Wijaya, H. (2022). Pengaruh Media Exposure, Dewan Komisaris, Komite Audit Dan Kepemilikan Asing Terhadap Environmental Disclosure. Jurnal Ilmiah Mahasiswa Akuntansi, 11(1), 58–71. https://doi.org/10.33508/jima.v11i1.3978
Shan, Y. G., Tang, Q., & Zhang, J. (2021). The impact of managerial ownership on carbon transparency: Australian evidence. Journal of Cleaner Production, 317, 128480. https://doi.org/10.1016/j.jclepro.2021.128480
Sri, W., & Ayustyara, D. (2023). The Factors Can Be Affecting to Carbon Emission Disclosure (Study on Energy Sector Companies Listed on The Indonesia Stock Exchange in 2019-2021. JHSS (Journal of Humanities and Social Studies), 07(02), 609–615. https://doi.org/10.33751/jhss.v7i2.7753
Suhardi, R. P., & Purwanto, A. (2015). Analisis Faktor – Faktor yang Mempengaruhi Pengungkapan Emisi Karbon di Indonesia (Studi pada Perusahaan yang Terdaftar di Bursa Efek Indonesia Periode 2010 - 2013). Diponegoro Journal of Accounting, 4(2), 836–848. https://media.neliti.com/media/publications/253987-analisis-faktor-faktor-yang-mempengaruhi-a80f49be.pdf
Tarigan, B., Pramono, A. J., Rusmin, R., & Astami, E. W. (2022). The Impact of Ownership Structure and Audit Quality on Carbon Emission Disclosure: An Empirical Study from Indonesia. Journal of Asian Finance, Economics and Business, 9(4), 0251–0259.
Trufvisa, U. S., & Ardiyanto, M. D. (2019). Pengaruh Karakteristik Dewan Komisaris Terhadap Pengungkapan Emisi Karbon. Diponegoro Journal of Accounting, 8(3), 1–11. http://ejournal-s1.undip.ac.id/index.php/accounting
USAID. (2022). Indonesia Climate Change Fact Sheet. USAID. https://www.usaid.gov/sites/default/files/2022-05/Climate_Change_Fact_Sheet_-_INDONESIA_FINAL_FORMAT.pdf
Wibowo, R., Suhendro, S., & Amelia, Y. (2022). Analysis of Factors Affecting Carbon Emission Disclosure in Indonesia. 1(1), 1–16.
Wirawan, J., & Setijaningsih, H. (2022). Analisis Pengungkapan Emisi Karbon Di Indonesia. Jurnal Muara Ilmu Ekonomi Dan Bisnis, 6, 235. https://doi.org/10.24912/jmieb.v6i1.18398
Yeh, Y.-H., & Liao, C.-C. (2024). Ownership structure and carbon emissions reduction. Pacific-Basin Finance Journal, 83, 102262. https://doi.org/10.1016/j.pacfin.2024.102262
Yu, L., Liu, Y., Niu, Y., & Xiao, Z. (2023). Greener together: The impact of China’s mixed-ownership reform on firm carbon emissions. Energy Policy, 180, 113689. https://doi.org/10.1016/j.enpol.2023.113689
Yusuf, M. (2020). Determinan Carbon Emission Disclosure In Indonesia. Jurnal Akuntansi Dan Auditing, 17(1), 131–157.
Published
2024-07-05
How to Cite
IZZANIA, Magfira et al.
CARBON EMISSION DISCLOSURE IN INDONESIA: PERSPECTIVE OF STAKEHOLDER THEORY.
SAR (Soedirman Accounting Review) : Journal of Accounting and Business, [S.l.], v. 9, n. 01, p. 88 - 98, july 2024.
ISSN 2598-0718.
Available at: <https://jos.unsoed.ac.id/index.php/sar/article/view/11827>. Date accessed: 26 apr. 2025.
doi: https://doi.org/10.32424/1.sar.2024.9.01.11827.
Section
Articles
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