The Effect of Institutional Ownership and Sustainability Committees on Carbon Emission Disclosure with the Proportion of Female Directors as a Moderating Variable
DOI:
https://doi.org/10.38035/dijefa.v7i4.7476Keywords:
institutional ownership, sustainability committee, proportion of female directors, carbon emission disclosure, corporate governanceAbstract
This study examines the effects of institutional ownership and sustainability committees on carbon emission disclosure, with female director representation as a moderating variable, in energy and manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2021 to 2024. Motivated by low carbon emission disclosure in Indonesia, this study draws on Stakeholder Theory and Legitimacy Theory. Using purposive sampling, 40 companies were selected, yielding 160 observations. Data were analyzed using panel data regression and Moderated Regression Analysis (MRA) with the Random Effects Model (REM) and clustered-robust standard errors to address heteroskedasticity and autocorrelation. The results indicate that institutional ownership and sustainability committees positively and significantly affect carbon emission disclosure. However, female director representation does not moderate either relationship. These findings suggest that numerical female representation alone may be insufficient to strengthen corporate governance in promoting carbon transparency, particularly when substantive influence in strategic decision-making is not captured by the measurement. This study contributes to carbon accounting literature by highlighting the importance of institutional ownership and sustainability committees in enhancing carbon emission disclosure. The findings offer insights for companies, investors, and regulators seeking to strengthen sustainability governance and improve corporate environmental transparency.
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