Green Intellectual Capital, Carbon Emission Disclosure, and Firm Value: Stakeholder Pressure as Moderator

This study aimed to examine the effects of Green Intellectual Capital and Carbon Emission Disclosure on firm value and to investigate the moderating role of stakeholder pressure in high-risk industry companies listed on the Indonesia Stock Exchange during the 2020–2024 period. The study employed a quantitative approach with a causal-explanatory design. The population consisted of high-risk industry companies, and a sample of 49 companies was selected through purposive sampling, resulting in 245 firm-year observations over five years. Secondary data were collected from annual reports and sustainability reports. The data were analyzed using panel data regression with the Fixed Effect Model and Moderated Regression Analysis. The results showed that Green Intellectual Capital had no significant effect on firm value, with a regression coefficient of −0.361 and a significance value of 0.392. Carbon Emission Disclosure had a significant negative effect on firm value, with a regression coefficient of −1.903 and a significance value of 0.001. Stakeholder pressure did not moderate the relationship between Green Intellectual Capital and firm value, with a significance value of 0.377, but significantly moderated the relationship between Carbon Emission Disclosure and firm value, with a regression coefficient of −5.831 and a significance value of 0.021. The adjusted coefficient of determination indicated that 78.66 percent of the variation in firm value was explained by the model, while the F-test confirmed that all variables simultaneously affected firm value with a significance value of 0.000. These findings implied that sustainability-related information was not necessarily perceived positively by the market, and that the effectiveness of sustainability signals depended on how investors interpreted the economic benefits and risks contained in the disclosed information.