Electronic Theses and Dissertation

Penelitian ini menganalisis pengaruh Climate Change Disclosure (CCD) terhadap nilai perusahaan pada perusahaan terdaftar di BEI periode 2022–2024 dengan 80 observasi, di mana CCD diukur berdasarkan empat pilar TCFD dan nilai perusahaan diproksikan menggunakan Price to Book Value (PBV). Model regresi data panel turut memasukkan kepemilikan asing dan dewan asing sebagai variabel moderasi, serta firm size, leverage, dan kualitas audit sebagai variabel kontrol. Hasil empiris menunjukkan bahwa CCD berpengaruh signifikan terhadap nilai perusahaan, menandakan bahwa pasar mengapresiasi kualitas pengungkapan informasi iklim. Kepemilikan asing terbukti memperkuat hubungan tersebut, yang mengindikasikan bahwa investor asing lebih responsif terhadap transparansi risiko dan strategi perubahan iklim. Sebaliknya, dewan asing tidak mampu memoderasi hubungan CCD dan nilai perusahaan, sehingga keberadaan anggota dewan internasional belum cukup efektif meningkatkan nilai strategis pengungkapan iklim di mata investor BEI. Temuan ini menunjukkan praktik pelaporan iklim di Indonesia masih berada pada tahap awal adopsi dan belum sepenuhnya menjadi sinyal kuat dalam pembentukan nilai pasar. Oleh karena itu, perusahaan dan regulator perlu meningkatkan kualitas, konsistensi, serta integrasi informasi iklim dalam laporan tahunan, sementara penelitian selanjutnya dapat mempertimbangkan variabel lain atau proksi nilai perusahaan berbeda untuk memperkaya pemahaman di pasar negara berkembang.

This study examines the effect of Climate Change Disclosure (CCD) on firm value in companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 period, using 80 observations. CCD is measured based on the four pillars of the Task Force on Climate-related Financial Disclosures (TCFD), while firm value is proxied by Price to Book Value (PBV). The panel data regression model also incorporates foreign ownership and foreign board presence as moderating variables, along with firm size, leverage, and audit quality as control variables. The empirical results indicate that CCD has a significant effect on firm value, suggesting that the market appreciates higher-quality climate-related disclosures. Foreign ownership is found to strengthen this relationship, implying that foreign investors are more responsive to transparency regarding climate risks and strategies. In contrast, the foreign board variable does not moderate the relationship between CCD and firm value, indicating that the presence of foreign board members has not been sufficiently effective in enhancing the strategic value of climate disclosure in the perception of IDX investors. These findings suggest that climate reporting practices in Indonesia remain at an early stage of adoption and have not yet fully functioned as a strong signal in market value formation. Therefore, companies and regulators need to improve the quality, consistency, and integration of climate-related information in annual reports, while future research may consider additional variables or alternative firm value proxies to gain a more comprehensive understanding of the effectiveness of climate disclosure in emerging markets.