Electronic Theses and Dissertation

Penelitian ini bertujuan untuk menguji pengaruh pengungkapan emisi karbon dan kinerja keuangan terhadap reaksi investor dengan media exposure sebagai pemoderasi. Populasi dalam penelitian ini adalah 124 perusahaan sektor energi dan sektor transportasi dan logistik yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2021-2023. Pemilihan sampel dilakukan menggunakan teknik simple random sampling sehingga diperoleh minimal jumlah sampel sebesar 56 perusahaan, namun terdapat 59 perusahaan yang dapat dijadikan sampel. Analisis data menggunakan metode analisis regresi linear berganda dan moderated regression analysis (MRA) dengan bantuan software spss untuk melakukan regresi statistik. Reaksi investor diukur dengan harga saham penutupan (closing price), pengungkapan emisi karbon diukur menggunakan checklist carbon disclosure project, kinerja keuangan diukur menggunakan rasio profitabilitas return on equity, dan media exposure diukur dengan jumlah berita yang dipublikasikan di website resmi perusahaan. Hasil penelitian menyimpulkan bahwa pengungkapan emisi karbon berpengaruh terhadap reaksi investor, kinerja keuangan berpengaruh terhadap reaksi investor, media exposure tidak mampu memoderasi pengaruh pengungkapan emisi karbon terhadap reaksi investor, dan media exposure mampu memoderasi pengaruh kinerja keuangan terhadap reaksi investor. Tidak memoderasinya pengungkapan emisi karbon terhadap reaksi investor dapat disebabkan sentimen investor yang lebih dipengaruhi oleh faktor lain. Penelitian selanjutnya dapat memasukkan variabel moderasi lain seperti kebijakan pemerintah, geopolitik, maupun ukuran perusahaan.

Kata Kunci: Reaksi Investor, Pengungkapan Emisi Karbon, Kinerja Keuangan, Media Exposure.

This study aims to examine the effect of disclosure of carbon emissions and financial performance on investor reactions with media exposure as a moderator. The population in this study were 124 companies in the energy sector and the transportation dan logistics sector listed on the Indonesia Stock Exchange (IDX) during the 2021-2023 period. The sample selection was carried out using a simple random sampling technique so that a minimum sample size of 56 companies was obtained, but there were 59 companies that could be sampled. Data analysis uses multiple linear regression analysis methods and moderated regression analysis (MRA) with the help of spss software to perform statistical regression. Investor reaction is measured by closing stock price, carbon emission disclosure is measured using carbon disclosure project checklist, financial performance is measured using return on equity profitability ratio, and media exposure is measured by the number of news published on the company's official website. The results concluded that the disclosure of carbon emissions has an effect on investor reactions, financial performance affects investor reactions, media exposure is not able to moderate the effect of disclosure of carbon emissions on investor reactions, and media exposure is able to moderate the effect of financial performance on investor reactions. Not moderating the disclosure of carbon emissions on investor reactions can be due to investor sentiment which is more influenced by other factors. Future research can include other moderating variables such as government policy, geopolitics, and company size. Keywords: Investor Reaction, Carbon Emissions Disclosure, Financial Performance, Media Exposure.