Main Article Content
Abstract
This study aims to examine the effect of environmental disclosure on firm value. In addition, this study seeks to investigate whether company size can moderate the relationship between environmental disclosure and firm value. This study uses secondary data from annual reports and sustainability reports of energy sector companies listed on the IDX in 2021-2023. Using purposive sampling, 56 companies were selected, resulting in 168 firm-year observations. Panel EGLS analysis was conducted with E-views to test the hypothesis. The results of this study indicate that environmental disclosure has a negative effect on firm value. Furthermore, firm size moderates this relationship by weakening the negative effect of environmental disclosure on firm value. The findings confirm that environmental disclosure alone, without being accompanied by strong performance, is insufficient to enhance firm value.