The Effect of Carbon Emission Disclosure, Green Innovation, and Green Strategy on Firm Value (Empirical Study on Manufacturing Companies Listed on the Indonesian Sharia Stock Index (ISSI), 2021–2024)

Abstrak

Firm value is an important indicator that reflects investors' perceptions of a company's success in managing resources and achieving its objectives. In the modern business era, companies are not only required to improve financial performance but also to pay attention to environmental sustainability. Carbon Emission Disclosure, Green Innovation, and Green Strategy are considered factors that can enhance firm value through environmental transparency, environmentally friendly innovation, and the implementation of sustainable business strategies. However, prior studies on these variables and firm value have produced inconsistent results. This study aims to analyze the effect of Carbon Emission Disclosure, Green Innovation, and Green Strategy on the firm value of manufacturing companies listed on the Indonesian Sharia Stock Index (ISSI) during the 2021–2024 period. This study employs a quantitative approach with a causal associative research design. The data used are secondary data obtained from annual reports and sustainability reports of manufacturing companies listed on ISSI for the period 2021–2024. Purposive sampling yielded 40 research samples. Data analysis used multiple linear regression with IBM SPSS Statistics version 26. The results indicate that Carbon Emission Disclosure has a positive coefficient but does not significantly affect firm value, while Green Innovation and Green Strategy have negative coefficients and significantly affect firm value. Simultaneously, all three variables significantly affect firm value. These findings suggest that investors evaluate a company's overall commitment to environmental sustainability rather than considering individual sustainability aspects in isolation.