Is Profitability Affected By Carbon Emission Disclosure?
Abstract
So far, in testing the effect of carbon emission disclosure on financial performance, only using financial performance based on net income, there have not been many studies that specifically examine the effect of carbon emission disclosure on financial performance based on operating profit, comprehensive profit and attributable profit, even though these three profits are presented in the income statement. The purpose of this study is to test the effect of carbon emission disclosure on profitability based on operating profit, comprehensive profit and attributable profit. The data for this study are secondary data from the annual reports and sustainability reports of companies listed on the IDX for the period 2019 - 2024 with a total of 2,960 observation data. Hypothesis testing uses multiple linear regression analysis. The results of the study indicate that carbon emission disclosure has a positive effect on profitability, as measured by ROA operating profit, comprehensive profit and attributable profit. The results of this study are consistent with the stakeholder theory that carbon emission disclosure is not only in the interests of the government and the environmentally conscious community, but also shareholders and creditors because it has been proven to have an impact on profitability. The originality of this study lies in testing the effect of CED on three types of modified ROA formula profits, namely operating profit, comprehensive profit and attributable profit.
References
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Andriana, R., Kusuma, M., Kasim, C. M. M., & Barreto, C. A. (2025). The Effect of Marketing Activities on Profitability With Others Comprehensive Income As Moderation: Evidence from Southeast Asia. Ekuilibrium: Jurnal Ilmiah Bidang Ilmu Ekonomi, 20(1).
Athori, A., & Kusuma, M. (2023). Effect of Others Comprehensive Income on Company Value by Mediation of Retained Earnings: Evidence From Indonesia. JCA (Jurnal Cendekia Akuntansi), 4(2), 141. https://doi.org/10.32503/akuntansi.v4i2.4580
Athori, A., Sari, H. P., Kusuma, M., & Suaidah, Y. M. (2025). Pengaruh Corporate Sustainable Performance Terhadap Comprehensive Financial Performance. Jurnal Proaksi, 12(1).
Barg, J. A., Drobetz, W., Ghoul, S. El, & Guedhami, O. (2024). emission disclosure ☆. 89(September), 1–22. https://doi.org/10.1016/j.jcorpfin.2024.102671
Borsuk, M., Eugster, N., Klein, P. O., & Kowalewski, O. (2024). Family firms and carbon emissions. Journal of Corporate Finance, 89. https://doi.org/10.1016/j.jcorpfin.2024.102672
Choi, B. 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
Cohen, S., Kadach, I., & Ormazabal, G. (2023). Institutional investors, climate disclosure, and carbon emissions. Journal of Accounting and Economics, 76(2–3), 101640. https://doi.org/10.1016/j.jacceco.2023.101640
Desai, R. (2022). Determinants of corporate carbon disclosure: A step towards sustainability reporting. Borsa Istanbul Review, 22(5), 886–896. https://doi.org/10.1016/j.bir.2022.06.007
Dowling, J., & Pfeffer, J. (1975). Organizational Legitimacy: Social Values and Organizational Behavior. Sage Journals : Pacific Sociological Review, 18(1). https://doi.org/10.2307/1388226
Freeman, R. (1984). Strategic Management: A Stakeholder Theory. Journal of Management Studies, 39, 1–24.
Fristiani, N. (2021). The Influence of Intellectual Capital on CorporateProfits and Its Impact on Stock Prices Listed Banking on the Indonesia Stock Exchange. International Journal of Advances in Scientific Research and Engineering, 07(03), 64–70. https://doi.org/10.31695/ijasre.2021.33987
Fristiani, N., Pangastuti, D. A., & Harmono, H. (2020). Intellectual Capital Dan Kinerja Keuangan Terhadap Nilai Perusahaan : Pada Industri Perbankan. AFRE Accounting and Financial Review, 3(1), 35–42.
Guo, G., Lin, O., Li, Y., & Jiyang, R. (2024). Corporate carbon emission governance: The mediating role of financial leverage. International Review of Economics & Finance, 96(Part C), 103734. https://doi.org/10.1016/j.iref.2024.103734
Han, J., Li, T., & Philbin, S. P. (2023). Does low-carbon pilot policy in China improve corporate profitability? The role of innovation and subsidy. Innovation and Green Development, 2(2), 100050. https://doi.org/10.1016/j.igd.2023.100050
Harnovinsah, H., Sopanah, A., Hadijah, Y., Iswari, H. R., Mala, I. K., & Saptaria, L. (2023). What Factors Influence a Firm Value? Optimistic Financial Performance. JMK (Jurnal Manajemen Dan Kewirausahaan), 8(2), 121. https://doi.org/10.32503/jmk.v8i2.3476
Homroy, S. (2023). GHG emissions and firm performance: The role of CEO gender socialization. Journal of Banking and Finance, 148, 106721. https://doi.org/10.1016/j.jbankfin.2022.106721
Ibishova, B., Misund, B., & Tveterås, R. (2024). Driving green: Financial benefits of carbon emission reduction in companies. International Review of Financial Analysis, 96(PB), 103757. https://doi.org/10.1016/j.irfa.2024.103757
Inegbedion, H. (2024). Green banking and profitability of banks in Nigeria: Opinions and attitudes. Heliyon, 10(14), e34303. https://doi.org/10.1016/j.heliyon.2024.e34303
Jiang, T., Li, H., & Sun, Q. (2024). Structural characteristics of carbon information disclosure networks and the impact on carbon emission performance: Evidence from China. Heliyon, 10(17), e36938. https://doi.org/10.1016/j.heliyon.2024.e36938
Kusuma, M. (2016). Studi Tentang Beban Pokok Produksi, Pengaruhnya Terhadap Kemandirian Pendanaan Perusahaan Rokok Go Public Di Indonesia. Jurnal Akuntansi Dan Ekonomi JAE, 1(1), 9–25.
Kusuma, M. (2017). Konstribusi informasi akuntansi biaya dalam meningkatkan nilai perusahaan dan tanggung jawab kepada stakeholder pada perusahaan manufaktur semen di Indonesia. Ekuilibrium, 12(2), 102–118. http://journal.umpo.ac.id/index.php/ekuilibrium/article/view/673/555
Kusuma, M. (2021a). Measurement of Return on Asset (ROA) based on Comprehensive Income and its Ability to Predict Investment Returns: an Empirical Evidence on Go Public Companies in Indonesia before and during the Covid-19 Pandemic. Ekuilibrium : Jurnal Ilmiah Bidang Ilmu Ekonomi, 16(1), 94. https://doi.org/10.24269/ekuilibrium.v16i1.3238
Kusuma, M. (2021b). Modification of Profitability Measures with Comprehensive Income and Reclassification of Other Comprehensive Income as A Mediation of Effects Asset Utilization on Firm Value. Jurnal Keuangan Dan Perbankan, 25(4), 855–879. https://doi.org/10.26905/jkdp.v25i4.6132
Kusuma, M. (2023). Pengaruh Kinerja Operasi, Entitas Anak dan Asosiasi Terhadap Laba dan Ekuitas yang Diatribusi : Bukti dari Indonesia. JCA (Jurnal Cendekia Akuntansi), 4(2), 120. https://doi.org/10.32503/akuntansi.v4i2.4579
Kusuma, M. (2024). Dapatkah Laba Komprehensif Digunakan untuk Memprediksi Financial Distress? TEMA: Jurnal Tera Ilmu Akuntansi, 25(1).
Kusuma, M. (2020). Penghasilan komprehensif lain dan prediksi arus kas masa depan : Bukti dari Indonesia. Seminar Nasional SENIMA Ke 5 Universitas Negeri Surabaya, Senima 5, 815–832. http://bit.ly/ProsidingSenima5
Kusuma, M., & Agustin, B. H. (2023). Can Others Comprehensive Income Affect Dividend Payments In Indonesia? Share: Jurnal Ekonomi Dan Keuangan Islam, 12(1).
Kusuma, M., & Agustin, B. H. (2024). Nilai Relevansi Kepentingan Non Pengendali dalam Laporan Keuangan Konsolidasi : Bagaimana Pasar Bereaksi, dan Kemampuannya dalam Memprediksi Laba dan Dividen? Jurnal Akuntansi Dan Governance, 4(2). https://medium.com/@arifwicaksanaa/pengertian-use-case-a7e576e1b6bf
Kusuma, M., Assih, P., & Zuhroh, D. (2021). Pengukuran Kinerja Keuangan : Return on Equity (ROE) Dengan Atribusi Ekuitas. Jurnal Ilmiah Manajemen Dan Bisnis, 22(2), 223–244. https://doi.org/10.30596/jimb.v22i2.7935
Kusuma, M., & Athori, A. (2023). Can Income and Equity Attribution Minimize Agency Costs ? ( Effect of Attribution Policy on Earnings Management and Firm Value ). Proceeding Medan International Conference Economics and Business (MICEB), 1(January), 1950–1962. https://proceeding.umsu.ac.id/index.php/Miceb/index
Kusuma, M., Chandrarin, G., Cahyaningsih, D. S., & Lisetyati, E. (2022). Reclassification of Others Comprehensive Income, Earnings Management, and Earnings Quality : Evidence From Indonesia. Asia-Pacific Management Accounting Journal, 17(3), 205–237. https://apmaj.uitm.edu.my/index.php/current/20-cv17n3/165-av17n3-8
Kusuma, M., & Luayyi, S. (2024). Do others comprehensive income, profit, and equity attributable impact external audit fee? Journal of Accounting and Investment, 25(1), 112–136. https://doi.org/10.18196/jai.v25i1.20470
Kusuma, M., Marjukah, A., & Kasim, C. M. M. (2025). The Value Relevance of Unrealised Earnings. Jurnal Akuntansi Kontemporer (JAKO), 17(1), 12–25. https://doi.org/10.33508/jako.v17i1.5886
Kusuma, M., & Rahayu, P. (2022). Can Others Comprehensive Income Be Used For Tax Avoidance? Jurnal Akuntansi Dan Keuangan (JAK), 24(2), 68–79. https://jurnalakuntansi.petra.ac.id/
Kusuma, M., & Saputra, B. M. (2022). Pengaruh Fundamental Makro Ekonomi Terhadap Penghasilan Komprehensif Lain dan Persistensi Laba Komprehensif. Jurnal Kajian Akuntansi, 6(1), 145–176.
Kusuma, M., Zuhroh, D., Assih, P., & Chandrarin, G. (2021). The Effect of Net Income and Other Comprehensive Income on Future’s Comprehensive Income With Attribution of Comprehensive Income as Moderating Variable. International Journal of Financial Research, 12(3), 205–219.
Kusumaningarti, M., Kusuma, M., & Athori, A. (2025). Dapatkah Penghasilan Komprehensif Lainnya Digunakan Sebagai Media Tindakan Kecurangan Laporan Keuangan ? Jurnal Akuntansi Dan Governance, 5(2), 111–128. https://doi.org/10.24853/jago.5.2.111-128
Ladista, R. D., Lindrianasari, L., & Syaipudin, U. (2023). Determinan Pengungkapan Emisi Karbon dan Pengaruhnya Terhadap Kinerja Keuangan. Owner, 7(3), 2262–2283. https://doi.org/10.33395/owner.v7i3.1535
Lee, J., Kim, S., & Kim, E. (2023). The effect of managerial ability on voluntary disclosure of carbon emissions. Borsa Istanbul Review, 23(3), 685–695. https://doi.org/10.1016/j.bir.2023.01.008
Long, W., Zhang, M., Qu, X., Yao, D. (Troy), & Hu, Z. (2023). Can carbon emission trading scheme reshape audit reporting aggressiveness? Evidence from an incremental information perspective. Finance Research Letters, 58(PD), 104667. https://doi.org/10.1016/j.frl.2023.104667
Madyan, M., Alamsyah, F., Setiawan, W. R., & Erlin, T. (2024). Analysis of carbon emission disclosures of Indonesian companies and their market performance with board characteristics as a moderator. International Journal of Sustainable Economy, 16(2). https://doi.org/10.1504/IJSE.2024.137614
Maryanti, E., Biduri, S., & Sari, H. M. K. (2025). Pengaruh Carbon Emission Disclosure, Carbon Performance, Dan Green Intellecetual Capital Terhadap Kinerja Perusahaan. Owner: Riset & Jurnal Akuntansi, 9(1), 2548–7507. https://doi.org/10.25105/jet.v3i1.16025
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Published
2025-07-22
How to Cite
FITRIANI, Nosilia.
Is Profitability Affected By Carbon Emission Disclosure?.
JMK (Jurnal Manajemen dan Kewirausahaan), [S.l.], v. 10, n. 2, p. 67-85, july 2025.
ISSN 2656-0771.
Available at: <https://ejournal.uniska-kediri.ac.id/index.php/ManajemenKewirausahaan/article/view/7023>. Date accessed: 23 jan. 2026.
doi: https://doi.org/10.32503/jmk.v10i2.7023.
Issue
Section
Artikel Ilmiah
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