Main Article Content
Abstract
This study aims to provide empirical evidence on the effect of carbon emission disclosure on financial performance by considering the moderating role of firm characteristics, such as firm size, firm age, and sales growth. This quantitative study is based on the positivism paradigm that applies the purposive sampling method in determining its sample. Hypothesis testing uses multiple regression and moderated regression analysis. This study successfully proves that carbon emission disclosure has a positive effect on accounting-based performance measures. This positive effect can only be strengthened by one of the firm characteristics tested in this study, sales growth. Meanwhile, this study has not succeeded in proving the positive effect of carbon emission disclosure on market-based performance measures. This study contributes to the development of literature, especially carbon emission disclosure research, by proving signaling theory and legitimacy theory. This study has practical implications, especially for Indonesia and China, related to the issue of carbon emission disclosure. This study offers novelty in carbon emission disclosure research by introducing new moderators, firm characteristics and focusing on energy sector companies in Indonesia and China.
Keywords
Article Details
Copyright (c) 2025 Jurnal Akuntansi dan Auditing Indonesia

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
References
- Abdi, Y., Li, X., & Càmara-Turull, X. (2022). Exploring the impact of sustainability (ESG) disclosure on firm value and financial performance (FP) in the airline industry: the moderating role of size and age. Environment, Development and Sustainability, 24(4), 5052–5079. https://doi.org/10.1007/s10668-021-01649-w
- Afinindy, I., Salim, U., & Ratnawati, K. (2021). The Effect of Profitability, Firm Size, Liquidity, Sales Growth on Firm Value Mediated Capital Structure. International Journal of Business, Economics and Law, 24(4), 15-22.
- Aguilar-Fernández, M. E., & Otegi-Olaso, J. R. (2018). Firm size and the business model for sustainable innovation. Sustainability (Switzerland), 10(12). https://doi.org/10.3390/su10124785.
- Alamsyah, I.E., (2024). Jadi Penyumbang Emisi Terbesar, Cina Bertekad Majukan Kebijakan Ramah Lingkungan. Dilansir dari https://internasional.republika.co.id/berita/s9vfou349/jadi-penyumbang-emisi-terbesar-cina-bertekad-majukan-kebijakan-ramah-lingkungan. Diakses pada 20 Desember 2024.
- Alsaifi, K., Elnahass, M., & Salama, A. (2020a). Carbon disclosure and financial performance: UK environmental policy. Business Strategy and the Environment, 29(2), 711–726. https://doi.org/10.1002/bse.2426.
- Alsaifi, K., Elnahass, M., & Salama, A. (2020b). Market responses to firms’ voluntary carbon disclosure: Empirical evidence from the United Kingdom. Journal of Cleaner Production, 262. https://doi.org/10.1016/j.jclepro.2020.121377.
- Ambarwati, & Hapsoro, D. (2020). Relationship Analysis of Eco-Control, Company Age, Company Size, Carbon Emission Disclosure, and Economic Consequences. The Indonesian Journal of Accounting Research, 23(2), 203–324.
- Bedi, A., & Singh, B. (2024). Exploring the impact of carbon emission disclosure on firm financial performance: moderating role of firm size. Management Research Review. https://doi.org/10.1108/MRR-01-2023-0015.
- Brigham, E. F., & Houston, J. F. (2015). Fundamentals of Financial Management (14 ed.). United States: Cengage Learning, Inc.
- Budiharta, P., & Kacaribu, H. E. P. B. (2020). The Influence of Board of Directors, Managerial Ownership, and Audit Committee on Carbon Emission Disclosure: A Study of Non-Financial Companies Listed on BEI. Review of Integrative Business and Economics Research, 9(3), 75–87.
- Bui, B., Houqe, M. N., & Zaman, M. (2020). Climate governance effects on carbon disclosure and performance. British Accounting Review, 52(2), 100880. https://doi.org/10.1016/j.bar.2019.100880
- Butt, M. N., Baig, A. S., & Seyyed, F. J. (2023). Tobin’s Q approximation as a metric of firm performance: an empirical evaluation. Journal of Strategic Marketing, 31(3), 532–548. https://doi.org/10.1080/0965254X.2021.1947875.
- Cadez, S., Czerny, A., & Letmathe, P. (2019). Stakeholder pressures and corporate climate change mitigation strategies. Business Strategy and the Environment, 28(1), 1–14. https://doi.org/10.1002/bse.2070
- Chen, Y. (Ken), Coviello, N., & Ranaweera, C. (2021). How does dynamic network capability operate? A moderated mediation analysis with NPD speed and firm age. Journal of Business and Industrial Marketing, 36(2), 292–306. https://doi.org/10.1108/JBIM-01-2020-0050.
- Choi, B., Lee, D., & Psaros, J. (2013). An analysis of Australian company carbon emission disclosures. Pacific Accounting Review, 25(1), 58–79. https://doi.org/10.1108/01140581311318968.
- Crippa, M., Guizzardi, D., Pagani, F., Banja, M., Muntean, M., Schaaf E., Becker, W., Monforti-Ferrario, F., Quadrelli, R., Risquez Martin, A., Taghavi-Moharamli, P., Köykkä, J., Grassi, G., Rossi, S., Brandao De Melo, J., Oom, D., Branco, A., San-Miguel, J., & Vignati, E. (2023). GHG emissions from all countries: 2023. https://doi.org/10.2760/235266.
- D’Amato, A., & Falivena, C. (2020). Corporate social responsibility and firm value: Do firm size and age matter? Empirical evidence from European listed companies. Corporate Social Responsibility and Environmental Management, 27(2), 909–924. https://doi.org/10.1002/csr.1855.
- Emmanuel, Y. L., Adenikinju, O., Doorasamy, M., Ayoola, T. J., Oladejo, A. O., Kwarbai, J. D., & Otekunrin, A. O. (2023). Carbon Emission Disclosure and Financial Performance of Quoted Nigerian Financial Services Companies. International Journal of Energy Economics and Policy, 13(6), 628–635. https://doi.org/10.32479/ijeep.14895.
- Farooq, R., Vij, S., & Kaur, J. (2021). Innovation orientation and its relationship with business performance: moderating role of firm size. Measuring Business Excellence, 25(3), 328–345. https://doi.org/10.1108/MBE-08-2020-0117.
- Freeman, R.E. (1984) Strategic Management: A Stakeholder Approach. Pitman, Boston.
- ipper, B., Ross, S., & Shi, S. (2022). ESG Assurance in the United States. In SSRN Electronic Journal (Issue September). Springer US. https://doi.org/10.2139/ssrn.4263085.
- Grosse, R., Wocke, A., & Mthombeni, M. (2023). Explaining the performance of South African firms. International Journal of Emerging Markets, 18(8), 2012–2030. https://doi.org/10.1108/IJOEM-05-2021-0809
- Hardiyansah, M., Agustini, A. T., & Purnamawati, I. (2021). The Effect of Carbon Emission Disclosure on Firm Value: Environmental Performance and Industrial Type. Journal of Asian Finance, Economics and Business, 8(1), 123–133. https://doi.org/10.13106/jafeb.2021.vol8.no1.123
- Harinurdin, E. (2023). The Influence of Financial Ratio and Company Reputation on Company Stock Prices Financial Sector. 47. https://doi.org/10.3390/proceedings2022083047
- Hörisch, J., Freeman, R. E., & Schaltegger, S. (2014). Applying Stakeholder Theory in Sustainability Management: Links, Similarities, Dissimilarities, and a Conceptual Framework. Organization and Environment, 27(4), 328–346. https://doi.org/10.1177/1086026614535786
- IPCC. (2023). Annex IV: Contributors to the IPCC WGIII Sixth Assessment Report. Climate Change 2022 - Mitigation of Climate Change, 1909–1924. https://doi.org/10.1017/9781009157926.023
- Jiang, S., Li, Y., Lu, Q., Hong, Y., Guan, D., Xiong, Y., & Wang, S. (2021). Policy assessments for the carbon emission flows and sustainability of Bitcoin blockchain operation in China. Nature Communications, 12(1), 1–10. https://doi.org/10.1038/s41467-021-22256-3
- Khan, M. J., Saleem, F., Ud Din, S., & Yar Khan, M. (2024). Nexus between boardroom independence and firm financial performance: evidence from South Asian emerging market. Humanities and Social Sciences Communications, 11(1), 1–10. https://doi.org/10.1057/s41599-024-02952-3
- Kim, S., & Li, Z. (2021). Understanding the impact of esg practices in corporate finance. Sustainability (Switzerland), 13(7), 1–15. https://doi.org/10.3390/su13073746
- Kılıç, M., & Kuzey, C. (2019). The effect of corporate governance on carbon emission disclosures: Evidence from Turkey. International Journal of Climate Change Strategies and Management, 11(1), 35–53. https://doi.org/10.1108/IJCCSM-07-2017-0144
- Kumar, K., & Prakash, A. (2019). Examination of sustainability reporting practices in Indian banking sector. Asian Journal of Sustainability and Social Responsibility, 4(1). https://doi.org/10.1186/s41180-018-0022-2
- Kurnia, P., Emrinaldi Nur, D. P., & Putra, A. A. (2021). Carbon emission disclosure and firm value: A study of manufacturing firms in Indonesia and Australia. International Journal of Energy Economics and Policy, 11(2), 83–87. https://doi.org/10.32479/ijeep.10730
- Lina & Devyanti, C. (2024). The Influence of Corporate Governance Mechanisms on Carbon Emission Disclosure : Does Green Performance Matter? Jurnal Riset Akuntansi Kontemporer, 16(2), 13-28
- Lina, L., & Rohmah, F. S. (2024). Ownership Structure , Board Size , and Carbon Emission Disclosures : Empirical Evidence from ASEAN-5 Countries. Jurnal Dinamika Akuntansi dan Bisnis, 11(2), 315–330.
- Lu, W., Zhu, N., & Zhang, J. (2021). The impact of carbon disclosure on financial performance under low carbon constraints. Energies, 14(14). https://doi.org/10.3390/en14144126
- Mahajan, R., Lim, W. M., Sareen, M., Kumar, S., & Panwar, R. (2023). Stakeholder theory. Journal of Business Research, 166(December 2022), 114104. https://doi.org/10.1016/j.jbusres.2023.114104
- Maryana, M., & Carolina, Y. (2021). The Impact of Firm Size, Leverage, Firm Age, Media Visibility and Profitability on Sustainability Report Disclosure. Jurnal Keuangan Dan Perbankan, 25(1). https://doi.org/10.26905/jkdp.v25i1.4941
- Mclennan, M. (2022). The Global Risks Report 2022. 17th Edition. In World Economic Forum.
- Muslichah. (2020). The effect of environmental , social disclosure , and financial performance on firm value. Jurnal Akuntansi Dan Auditing Indonesia, 24(1), 22–32. www.journal.uii.ac.id/index.php/jaai%0Ahttp://creativecommons.org/licences/by-sa/4.0/
- Nasih, M., Harymawan, I., Paramitasari, Y. I., & Handayani, A. (2019). Carbon emissions, firm size, and corporate governance structure: Evidence from the mining and agricultural industries in Indonesia. Sustainability (Switzerland), 11(9). https://doi.org/10.3390/su11092483
- Nur, L. Z., & Mahiri, E. A. (2022). The Effect Of Sales Growth And Company Size On Profitability (Study On Food Sub-Sector Companies On The Indonesia Stock Exchange For The 2019-2021 Period). Enrichment: Journal of Management, 12(2), 2409–2418.
- Prakash, N., & Hawaldar, A. (2024). Moderating role of firm characteristics on the relationship between corporate social responsibility and financial performance: evidence from India. Journal of Economics and Development, 26(4), 346–361. https://doi.org/10.1108/JED-01-2024-0025
- Putri, I. G. A. P. T. (2020). Effect of capital structure and sales growth on firm value with profitability as mediation. International Research Journal of Management, IT and Social Sciences, 7(1), 145–155. https://doi.org/10.21744/irjmis.v7n1.833
- Qureshi, M. A., Kirkerud, S., Theresa, K., & Ahsan, T. (2020). The impact of sustainability (environmental, social, and governance) disclosure and board diversity on firm value: The moderating role of industry sensitivity. Business Strategy and the Environment, 29(3), 1199–1214. https://doi.org/10.1002/bse.2427
- Shah Mohd, A., & Ahmed Siddiqui, D. (2020). Effect of Macroeconomic Factors on Firms ROA: A Comparative Sectorial Analysis from Pakistan. International Journal of Publication and Social Studies, 5(1), 1–17. https://doi.org/10.18488/journal.135.2020.51.1.17
- Siddique, M. A., Akhtaruzzaman, M., Rashid, A., & Hammami, H. (2021). Carbon disclosure, carbon performance and financial performance: International evidence. International Review of Financial Analysis, 75(March), 101734. https://doi.org/10.1016/j.irfa.2021.101734
- Spence. (1973). Job Market Signaling Author ( s ): Michael Spence Source : The Quarterly Journal of Economics , Vol . 87 , No . 3 ( Aug ., 1973 ), pp . 355-374. The Quarterly Journal of Economics, 87(3), 355–374.
- Suchman, M. C. (1995). Managing Legitimacy: Strategic and Institutional Approaches. The Academy of Management Review, 20(3), 571. https://doi.org/10.2307/258788
- Xu, W., Sun, Z., & Ni, H. (2024). Transparency pays: How carbon emission disclosure lowers cost of capital. Economic Analysis and Policy, 83(June), 165–177. https://doi.org/10.1016/j.eap.2024.05.020
- Younis, H., & Sundarakani, B. (2020). The impact of firm size, firm age and environmental management certification on the relationship between green supply chain practices and corporate performance. Benchmarking, 27(1), 319–346. https://doi.org/10.1108/BIJ-11-2018-0363
- Zhou, D., Saeed, U. F., & Agyemang, A. O. (2024). Assessing the Role of Sustainability Disclosure on Firms’ Financial Performance: Evidence from the Energy Sector of Belt and Road Initiative Countries. Sustainability (Switzerland), 16(2). https://doi.org/10.3390/su16020930
- Zhou, Y., Draghici, A., Abbas, J., Mubeen, R., Boatca, M. E., & Salam, M. A. (2022). Social Media Efficacy in Crisis Management: Effectiveness of Non-pharmaceutical Interventions to Manage COVID-19 Challenges. Frontiers in Psychiatry, 12(February), 1–16. https://doi.org/10.3389/fpsyt.2021.626134
- Zou, Y., & Wang, M. (2024). Does environmental regulation improve energy transition performance in China? Environmental Impact Assessment Review, 104(August 2023), 107335. https://doi.org/10.1016/j.eiar.2023.107335
References
Abdi, Y., Li, X., & Càmara-Turull, X. (2022). Exploring the impact of sustainability (ESG) disclosure on firm value and financial performance (FP) in the airline industry: the moderating role of size and age. Environment, Development and Sustainability, 24(4), 5052–5079. https://doi.org/10.1007/s10668-021-01649-w
Afinindy, I., Salim, U., & Ratnawati, K. (2021). The Effect of Profitability, Firm Size, Liquidity, Sales Growth on Firm Value Mediated Capital Structure. International Journal of Business, Economics and Law, 24(4), 15-22.
Aguilar-Fernández, M. E., & Otegi-Olaso, J. R. (2018). Firm size and the business model for sustainable innovation. Sustainability (Switzerland), 10(12). https://doi.org/10.3390/su10124785.
Alamsyah, I.E., (2024). Jadi Penyumbang Emisi Terbesar, Cina Bertekad Majukan Kebijakan Ramah Lingkungan. Dilansir dari https://internasional.republika.co.id/berita/s9vfou349/jadi-penyumbang-emisi-terbesar-cina-bertekad-majukan-kebijakan-ramah-lingkungan. Diakses pada 20 Desember 2024.
Alsaifi, K., Elnahass, M., & Salama, A. (2020a). Carbon disclosure and financial performance: UK environmental policy. Business Strategy and the Environment, 29(2), 711–726. https://doi.org/10.1002/bse.2426.
Alsaifi, K., Elnahass, M., & Salama, A. (2020b). Market responses to firms’ voluntary carbon disclosure: Empirical evidence from the United Kingdom. Journal of Cleaner Production, 262. https://doi.org/10.1016/j.jclepro.2020.121377.
Ambarwati, & Hapsoro, D. (2020). Relationship Analysis of Eco-Control, Company Age, Company Size, Carbon Emission Disclosure, and Economic Consequences. The Indonesian Journal of Accounting Research, 23(2), 203–324.
Bedi, A., & Singh, B. (2024). Exploring the impact of carbon emission disclosure on firm financial performance: moderating role of firm size. Management Research Review. https://doi.org/10.1108/MRR-01-2023-0015.
Brigham, E. F., & Houston, J. F. (2015). Fundamentals of Financial Management (14 ed.). United States: Cengage Learning, Inc.
Budiharta, P., & Kacaribu, H. E. P. B. (2020). The Influence of Board of Directors, Managerial Ownership, and Audit Committee on Carbon Emission Disclosure: A Study of Non-Financial Companies Listed on BEI. Review of Integrative Business and Economics Research, 9(3), 75–87.
Bui, B., Houqe, M. N., & Zaman, M. (2020). Climate governance effects on carbon disclosure and performance. British Accounting Review, 52(2), 100880. https://doi.org/10.1016/j.bar.2019.100880
Butt, M. N., Baig, A. S., & Seyyed, F. J. (2023). Tobin’s Q approximation as a metric of firm performance: an empirical evaluation. Journal of Strategic Marketing, 31(3), 532–548. https://doi.org/10.1080/0965254X.2021.1947875.
Cadez, S., Czerny, A., & Letmathe, P. (2019). Stakeholder pressures and corporate climate change mitigation strategies. Business Strategy and the Environment, 28(1), 1–14. https://doi.org/10.1002/bse.2070
Chen, Y. (Ken), Coviello, N., & Ranaweera, C. (2021). How does dynamic network capability operate? A moderated mediation analysis with NPD speed and firm age. Journal of Business and Industrial Marketing, 36(2), 292–306. https://doi.org/10.1108/JBIM-01-2020-0050.
Choi, B., Lee, D., & Psaros, J. (2013). An analysis of Australian company carbon emission disclosures. Pacific Accounting Review, 25(1), 58–79. https://doi.org/10.1108/01140581311318968.
Crippa, M., Guizzardi, D., Pagani, F., Banja, M., Muntean, M., Schaaf E., Becker, W., Monforti-Ferrario, F., Quadrelli, R., Risquez Martin, A., Taghavi-Moharamli, P., Köykkä, J., Grassi, G., Rossi, S., Brandao De Melo, J., Oom, D., Branco, A., San-Miguel, J., & Vignati, E. (2023). GHG emissions from all countries: 2023. https://doi.org/10.2760/235266.
D’Amato, A., & Falivena, C. (2020). Corporate social responsibility and firm value: Do firm size and age matter? Empirical evidence from European listed companies. Corporate Social Responsibility and Environmental Management, 27(2), 909–924. https://doi.org/10.1002/csr.1855.
Emmanuel, Y. L., Adenikinju, O., Doorasamy, M., Ayoola, T. J., Oladejo, A. O., Kwarbai, J. D., & Otekunrin, A. O. (2023). Carbon Emission Disclosure and Financial Performance of Quoted Nigerian Financial Services Companies. International Journal of Energy Economics and Policy, 13(6), 628–635. https://doi.org/10.32479/ijeep.14895.
Farooq, R., Vij, S., & Kaur, J. (2021). Innovation orientation and its relationship with business performance: moderating role of firm size. Measuring Business Excellence, 25(3), 328–345. https://doi.org/10.1108/MBE-08-2020-0117.
Freeman, R.E. (1984) Strategic Management: A Stakeholder Approach. Pitman, Boston.
ipper, B., Ross, S., & Shi, S. (2022). ESG Assurance in the United States. In SSRN Electronic Journal (Issue September). Springer US. https://doi.org/10.2139/ssrn.4263085.
Grosse, R., Wocke, A., & Mthombeni, M. (2023). Explaining the performance of South African firms. International Journal of Emerging Markets, 18(8), 2012–2030. https://doi.org/10.1108/IJOEM-05-2021-0809
Hardiyansah, M., Agustini, A. T., & Purnamawati, I. (2021). The Effect of Carbon Emission Disclosure on Firm Value: Environmental Performance and Industrial Type. Journal of Asian Finance, Economics and Business, 8(1), 123–133. https://doi.org/10.13106/jafeb.2021.vol8.no1.123
Harinurdin, E. (2023). The Influence of Financial Ratio and Company Reputation on Company Stock Prices Financial Sector. 47. https://doi.org/10.3390/proceedings2022083047
Hörisch, J., Freeman, R. E., & Schaltegger, S. (2014). Applying Stakeholder Theory in Sustainability Management: Links, Similarities, Dissimilarities, and a Conceptual Framework. Organization and Environment, 27(4), 328–346. https://doi.org/10.1177/1086026614535786
IPCC. (2023). Annex IV: Contributors to the IPCC WGIII Sixth Assessment Report. Climate Change 2022 - Mitigation of Climate Change, 1909–1924. https://doi.org/10.1017/9781009157926.023
Jiang, S., Li, Y., Lu, Q., Hong, Y., Guan, D., Xiong, Y., & Wang, S. (2021). Policy assessments for the carbon emission flows and sustainability of Bitcoin blockchain operation in China. Nature Communications, 12(1), 1–10. https://doi.org/10.1038/s41467-021-22256-3
Khan, M. J., Saleem, F., Ud Din, S., & Yar Khan, M. (2024). Nexus between boardroom independence and firm financial performance: evidence from South Asian emerging market. Humanities and Social Sciences Communications, 11(1), 1–10. https://doi.org/10.1057/s41599-024-02952-3
Kim, S., & Li, Z. (2021). Understanding the impact of esg practices in corporate finance. Sustainability (Switzerland), 13(7), 1–15. https://doi.org/10.3390/su13073746
Kılıç, M., & Kuzey, C. (2019). The effect of corporate governance on carbon emission disclosures: Evidence from Turkey. International Journal of Climate Change Strategies and Management, 11(1), 35–53. https://doi.org/10.1108/IJCCSM-07-2017-0144
Kumar, K., & Prakash, A. (2019). Examination of sustainability reporting practices in Indian banking sector. Asian Journal of Sustainability and Social Responsibility, 4(1). https://doi.org/10.1186/s41180-018-0022-2
Kurnia, P., Emrinaldi Nur, D. P., & Putra, A. A. (2021). Carbon emission disclosure and firm value: A study of manufacturing firms in Indonesia and Australia. International Journal of Energy Economics and Policy, 11(2), 83–87. https://doi.org/10.32479/ijeep.10730
Lina & Devyanti, C. (2024). The Influence of Corporate Governance Mechanisms on Carbon Emission Disclosure : Does Green Performance Matter? Jurnal Riset Akuntansi Kontemporer, 16(2), 13-28
Lina, L., & Rohmah, F. S. (2024). Ownership Structure , Board Size , and Carbon Emission Disclosures : Empirical Evidence from ASEAN-5 Countries. Jurnal Dinamika Akuntansi dan Bisnis, 11(2), 315–330.
Lu, W., Zhu, N., & Zhang, J. (2021). The impact of carbon disclosure on financial performance under low carbon constraints. Energies, 14(14). https://doi.org/10.3390/en14144126
Mahajan, R., Lim, W. M., Sareen, M., Kumar, S., & Panwar, R. (2023). Stakeholder theory. Journal of Business Research, 166(December 2022), 114104. https://doi.org/10.1016/j.jbusres.2023.114104
Maryana, M., & Carolina, Y. (2021). The Impact of Firm Size, Leverage, Firm Age, Media Visibility and Profitability on Sustainability Report Disclosure. Jurnal Keuangan Dan Perbankan, 25(1). https://doi.org/10.26905/jkdp.v25i1.4941
Mclennan, M. (2022). The Global Risks Report 2022. 17th Edition. In World Economic Forum.
Muslichah. (2020). The effect of environmental , social disclosure , and financial performance on firm value. Jurnal Akuntansi Dan Auditing Indonesia, 24(1), 22–32. www.journal.uii.ac.id/index.php/jaai%0Ahttp://creativecommons.org/licences/by-sa/4.0/
Nasih, M., Harymawan, I., Paramitasari, Y. I., & Handayani, A. (2019). Carbon emissions, firm size, and corporate governance structure: Evidence from the mining and agricultural industries in Indonesia. Sustainability (Switzerland), 11(9). https://doi.org/10.3390/su11092483
Nur, L. Z., & Mahiri, E. A. (2022). The Effect Of Sales Growth And Company Size On Profitability (Study On Food Sub-Sector Companies On The Indonesia Stock Exchange For The 2019-2021 Period). Enrichment: Journal of Management, 12(2), 2409–2418.
Prakash, N., & Hawaldar, A. (2024). Moderating role of firm characteristics on the relationship between corporate social responsibility and financial performance: evidence from India. Journal of Economics and Development, 26(4), 346–361. https://doi.org/10.1108/JED-01-2024-0025
Putri, I. G. A. P. T. (2020). Effect of capital structure and sales growth on firm value with profitability as mediation. International Research Journal of Management, IT and Social Sciences, 7(1), 145–155. https://doi.org/10.21744/irjmis.v7n1.833
Qureshi, M. A., Kirkerud, S., Theresa, K., & Ahsan, T. (2020). The impact of sustainability (environmental, social, and governance) disclosure and board diversity on firm value: The moderating role of industry sensitivity. Business Strategy and the Environment, 29(3), 1199–1214. https://doi.org/10.1002/bse.2427
Shah Mohd, A., & Ahmed Siddiqui, D. (2020). Effect of Macroeconomic Factors on Firms ROA: A Comparative Sectorial Analysis from Pakistan. International Journal of Publication and Social Studies, 5(1), 1–17. https://doi.org/10.18488/journal.135.2020.51.1.17
Siddique, M. A., Akhtaruzzaman, M., Rashid, A., & Hammami, H. (2021). Carbon disclosure, carbon performance and financial performance: International evidence. International Review of Financial Analysis, 75(March), 101734. https://doi.org/10.1016/j.irfa.2021.101734
Spence. (1973). Job Market Signaling Author ( s ): Michael Spence Source : The Quarterly Journal of Economics , Vol . 87 , No . 3 ( Aug ., 1973 ), pp . 355-374. The Quarterly Journal of Economics, 87(3), 355–374.
Suchman, M. C. (1995). Managing Legitimacy: Strategic and Institutional Approaches. The Academy of Management Review, 20(3), 571. https://doi.org/10.2307/258788
Xu, W., Sun, Z., & Ni, H. (2024). Transparency pays: How carbon emission disclosure lowers cost of capital. Economic Analysis and Policy, 83(June), 165–177. https://doi.org/10.1016/j.eap.2024.05.020
Younis, H., & Sundarakani, B. (2020). The impact of firm size, firm age and environmental management certification on the relationship between green supply chain practices and corporate performance. Benchmarking, 27(1), 319–346. https://doi.org/10.1108/BIJ-11-2018-0363
Zhou, D., Saeed, U. F., & Agyemang, A. O. (2024). Assessing the Role of Sustainability Disclosure on Firms’ Financial Performance: Evidence from the Energy Sector of Belt and Road Initiative Countries. Sustainability (Switzerland), 16(2). https://doi.org/10.3390/su16020930
Zhou, Y., Draghici, A., Abbas, J., Mubeen, R., Boatca, M. E., & Salam, M. A. (2022). Social Media Efficacy in Crisis Management: Effectiveness of Non-pharmaceutical Interventions to Manage COVID-19 Challenges. Frontiers in Psychiatry, 12(February), 1–16. https://doi.org/10.3389/fpsyt.2021.626134
Zou, Y., & Wang, M. (2024). Does environmental regulation improve energy transition performance in China? Environmental Impact Assessment Review, 104(August 2023), 107335. https://doi.org/10.1016/j.eiar.2023.107335