The Effect of Green Investment, Eco-efficiency, and Carbon Emission Disclosure on Firm Value
Main Article Content
Refika Afriani*
Mellya Embun Baining
Puteri Anggi Lubis
Growing apprehensions regarding environmental stewardship have amplified compulsory demands on corporations to assimilate conscientious practices into their operative strategies, particularly within capital markets that incorporate ethical and environmental screening criteria. This research aims to identify the bearing of green investment, eco-efficiency, and carbon emission disclosure on firm valuation among enterprises enumerated on the Indonesian Sharia Stock Index (ISSI) spanning the 2022–2024 period. A quantitative investigative approach with purposive sampling was employed, yielding 45 observations from 15 companies across three years. Ancillary data were procured from annual reports and sustainability reports and scrutinised through panel data regression utilising EViews 12. The empirical outcomes divulge that green investment exerts a propitious and consequential bearing on firm value, whereas eco-efficiency manifests a deleterious and statistically significant effect, intimating that market participants construe environmental efficiency undertakings as transient fiscal encumbrances rather than enduring value catalysts. Carbon emission disclosure demonstrates an affirmative yet inconsequential bearing on firm value. Concurrently, the three variables conjointly and substantively impinge upon firm value. These findings augment the burgeoning compendium of literature on sustainability conduct and firm valuation within the purview of Islamic capital markets, proffering empirical elucidations germane to investors, practitioners, and policymakers operating within Sharia-compliant investment frameworks.
Adrizky, S. N., Indriyani, R., & Sari, F. (2025). Nilai Perusahaan dalam Perspektif Keberlanjutan: Pengaruh Pengungkapan Emisi Karbon, Eco-Efficiency, dan Kinerja Lingkungan. Measurement Jurnal Akuntansi, 19(1), 120–129. https://doi.org/10.33373/mja.v19i1.8013
Anjarsari, F., & Ilmiddaviq, B. (2023). Pengaruh Eco-Efficiency dan Kebijakan Dividen terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Moderasi (Studi Empiris pada Perusahaan Manufaktur Sektor Industri Dasar dan Kimia yang Terdaftar di BEI Periode 2019-2021). Universitas Islam Majapahit.
Astuti, I. N., Ridha, A., & Eliana, E. (2025). Pengaruh Pengungkapan Emisi Karbon Dan Green Investment Terhadap Nilai Perusahaan. Jurnal Riset Akuntansi Dan Bisnis, 25(1), 48–56. https://doi.org/10.30596/26498
Asyura, A., Ramadania, R., Wendy, W., Mustarudin, M., & Syahputri, A. (2023). Green banking, green investment, and sustainability development banking in Indonesia. International Journal of Applied Finance and Business Studies, 11(3), 662–674. https://doi.org/10.35335/ijafibs.v11i3.169
Atiningsih, S., & Setiyono, T. A. (2023). Eco-Efficiency Terhadap Nilai Perusahaan Dengan Dimediasi Profitabilitas Dan Dimoderasi Firm Size. Balance: Jurnal Akuntansi Dan Bisnis, 8(1), 40–48. https://doi.org/10.32502/jab.v8i1.5991
Cho, C. H., & Patten, D. M. (2007). The role of environmental disclosures as tools of legitimacy: A research note. Accounting, Organizations and Society, 32(7–8), 639–647. https://doi.org/10.1016/j.aos.2006.09.009
Darmayanti, N., Ramadani, N., Muhajir, A., Bilgies, A. F., Rama, R. S., & Rokhimah, A. (2025). The Effect of Carbon Emission Disclosure, Environmental Performance, and Profitability on Firm Value with Media Exposure as a Moderating Variable. International Conference of Business and Social Sciences, 717–731. https://doi.org/10.24034/icobuss.v5i1.716
Deegan, C. (2011). Ebook: Financial accounting theory: European edition. McGraw Hill.
Donaldson, T., & Preston, L. E. (1995). The stakeholder theory of the corporation: Concepts, evidence, and implications. Academy of Management Review, 20(1), 65–91. https://doi.org/10.2307/258887
Freeman, R. E., Harrison, J. S., & Zyglidopoulos, S. (2018). Stakeholder theory: Concepts and strategies. Cambridge University Press. https://doi.org/10.1017/9781108539500
Harnida, M., Bulkia, S., Nurhayati, N., Anshory, K., & Tambang, P. A. (2025). The Impact of Carbon Emission Disclosure On Firm Value With Sustainability Performance As A Mediating Variable: Evidence From Palm Oil and Mining Companies In Indonesia. International Journal of Science, Technology & Management, 6(6), 1071–1076. https://doi.org/10.46729/ijstm.v6i6.1370
Lisandri, L., Syam, A. Y., Ruwanti, G., Syahdan, S. A., & Fahrianta, R. Y. (2026). Pengaruh Green Investment dan Tata Kelola terhadap Nilai Perusahaan. Owner: Riset Dan Jurnal Akuntansi, 10(1), 854–863. https://doi.org/10.33395/owner.v10i1.3064
Maharani, A., Agustia, D., & Qomariyah, A. (2024). The Impacts of Green Investment and Firm Value: Exploring from the Mediation Role of Sustainability Performance. Research Square. https://doi.org/10.21203/rs.3.rs-5243226/v1
Noor, A. A. A., Hartikasari, A. I., Fakhruddin, I., & Mudjiyanti, R. (2022). The Effect of Eco-efficiency on Firm Value with Financial Performance as a Moderating Variable. Innovation Business Management and Accounting Journal, 1(4), 117–128. https://doi.org/10.56070/ibmaj.v1i4.21
Noor, A., & Ginting, Y. L. (2022). Influence of carbon emission disclosure on firm value of industrial firms in Indonesia. International Journal of Contemporary Accounting, 4(2), 151–168. https://doi.org/10.25105/ijca.v4i2.15247
Nugraha, M. F. (2024). Pengaruh Leverage dan Profitabilitas Terhadap Carbon Emission Disclosure. Accounting Insights Journal, 1(1), 83–99. https://journal.unjani.ac.id/index.php/aij/article/view/503
Sari, N. M., Indriasih, D., & Firmansyah, F. (2025). Carbon Emission Disclosure, Green Innovation, Stakeholder Pressure, ISO 14001, dan GCG terhadap Nilai Perusahaan. Jurnal Keuangan Dan Bisnis, 23(2), 137–157. https://doi.org/10.32524/jkb.v23i2.1545
Setyaningsih, S., & Arrahman, D. R. (2025). The Role of Green Innovation in Strengthening Green Economy Towards Sustainability Performance: MSMEs in Jumantono District, Karanganyar. Journal Of Management, Accounting, General Finance And International Economic Issues, 4(3), 563–577. https://doi.org/10.55047/marginal.v4i3.1712
Siswati, C. R., & Sumayyah. (2025). The Effect of Carbon Emission Disclosure, Green Accounting, and Institutional Ownership on Firm Value. Research Horizon, 5(4), 1719–1730. https://doi.org/10.54518/rh.5.4.2025.769
Suchman, M. C. (1995). Managing legitimacy: Strategic and institutional approaches. Academy of Management Review, 20(3), 571–610. https://doi.org/10.5465/amr.1995.9508080331
Sugiyono, D. (2018). Metode Penelitian Kuantitatif, Kualitatif dan R&D. Alfabeta.
Sulistiani, N. W., & Latrini, M. Y. (2025). The Effect of Carbon Emission Disclosure and Green Investment on Firm Value. EPaper Bisnis : International Journal of Entrepreneurship and Management, 2(1), 78–92. https://doi.org/10.61132/epaperbisnis.v2i1.442
Surroca, J., Tribó, J. A., & Waddock, S. (2010). Corporate responsibility and financial performance: The role of intangible resources. Strategic Management Journal, 31(5), 463–490. https://doi.org/10.1002/smj.820
Widarwati, E., Rohmah, N. N., Wityasminingsih, E., Nurmalasari, N., Apriandi, D. W., & Sopiawadi, M. (2024). Green investment and firm value: Does corporate governance matter. Journal of Accounting and Investment, 25(3), 1156–1174. https://doi.org/10.18196/jai.v25i3.22159
Yuliandhari, W. S., Saraswati, R. S., & Safari, Z. M. R. (2023). Pengaruh carbon emission disclosure, eco-efficiency dan green innovation terhadap nilai perusahaan. Owner: Riset Dan Jurnal Akuntansi, 7(2), 1526–1539. https://doi.org/10.33395/owner.v7i2.1301
