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Abstract
ABSTRACT
This research aims to analyze the effect of Environmental Disclosure (ED) on Values
Companies (measured by Tobin's Q) in coal subsector companies listed on the Indonesia Stock Exchange (BEI) for the 2020–2024 period. Driven by regulatory pressures (POJK 51/2017) and increased climate risks, the study examined whether environmental transparency translates into higher market value. This research used a quantitative approach with panel data from the 5 largest coal issuers (PTBA, ADRO, ITMG, BUMI, BYAN) selected by purposive sampling, resulting in 25 firm-year observations. Environmental disclosure is measured using the Environmental Disclosure Index (EDI) based on the GRI 300 standard, while Enterprise Value is measured with Tobin's Q. Control variables (Enterprise Size, Leverage and Profitability) were also tested. Data were analyzed using Panel Data Regression Analysis with the Random Effect (REM) model. The results showed that Environmental Disclosure (ED) had positive coefficients but did not
statistically significant effect on Company Value (p = 0.198 > 0.05). On the other hand, Profitability (ROA) (p = 0.000) and Company Size (SIZE) (p = 0.002) have a significant positive effect, while Leverage (LEV) (p = 0.026) has a significant negative effect. These findings indicate that, in the context of Indonesia's coal subsector, investors still prioritize financial performance signals (ROA) over sustainability signals (ED). Environmental disclosure appears to be driven more by the fulfillment of legitimacy (Legitimacy Theory) than as a proactive strategy for value creation (Signal Theory). Keywords: Environmental Disclosure, Corporate Value, Tobin's Q, GRI 300, Coal Subsector, Signal Theory, Stakeholder Theory