Pengaruh Carbon Emission Disclosure, Corporate Social Responsibility Dan Corporate Governance terhadap Firm Value dengan Financial Flexibility sebagai Variabel Moderasi di Indeks Sri-Kehati

Abstract

This study aims to analyze the effect of carbon emission disclosure, corporate social responsibility, and corporate governance on firm value in the SRI-KEHATI Index during the 2019-2023 period. In addition, this study also examines financial flexibility as a moderating variable in the relationship between carbon emission disclosure, corporate social responsibility, and corporate governance. The research sample was determined using a purposive sampling technique, resulting in 19 companies as the research sample. The analytical method used in this study is Moderated Regression Analysis (MRA) The results show that carbon emission disclosure has a negative and insignificant effect on firm value, corporate social responsibility has a positive and insignificant effect on firm value, and corporate governance has a positive and insignificant effect on firm value. Furthermore, financial flexibility negatively and significantly moderates the effect of carbon emission disclosure on firm value. Other results indicate that financial flexibility positively but insignificantly moderates the effect of corporate social responsibility on firm value, and also positively but insignificantly moderates the effect of corporate governance on firm value. These findings provide an important contribution to enriching the literature on the determinants of firm value, particularly for companies included in the SRI-KEHATI Index, and serve as a basis for management in formulating sustainability disclosure strategies and managing financial flexibility to enhance firm value.