The Effect of Carbon Emission Disclosure, Operating Efficiency, Capital Structure, and Media Exposure on Firm Value, With Media Exposure as A Moderating Variable (an Empirical Study of Low-Carbon Leader Companies Listed on the Indonesia Stock Exchange)

Abstract

perception of a company's performance, prospects, and sustainability. As investors' attention to environmental issues and information transparency increases, companies are required to not only demonstrate good financial performance, but also manage and disclose their environmental impacts and business strategies accountably. In this context, this study aims to analyze the influence of carbon emission disclosure, operating efficiency, Media Exposure, and Capital Structure to the value of the company. This research is based on Stakeholder Theory which emphasizes the importance of balancing stakeholder interests through transparency and accountability of information. The research method used is a quantitative approach with a causal-comparative design. Research data is obtained from annual reports and sustainability reports of companies that are members of the Index Low Carbon Leaders on the Indonesia Stock Exchange for the period 2020-2024 with the purposive sampling. Data analysis is carried out using Partial Least Square (PLS). The results of the study show that carbon emission disclosure negatively affects the value of the company, while operating efficiency and Capital Structure has a positive effect. Media exposure directly does not have a significant effect on the company's value, but plays a role as Quasi moderator. Media exposure Proven to strengthen influence carbon emission disclosure, but weakened the influence operating efficiency and Capital Structure to the value of the company. These findings suggest that media exposure does not necessarily improve the effectiveness of operational performance signals and corporate funding policies in the eyes of investors.