Pengaruh Carbon Emission Disclosure terhadap Cost of Capital dengan Intensitas Emisi sebagai Variabel Moderasi pada Perusahaan Pertambangan di Indonesia

This study aims to examine the effect of Carbon Emission Disclosure on the Cost of Capital, with Carbon Emission Intensity serving as a moderating variable in mining companies listed on the Indonesia Stock Exchange (IDX). This research employed a quantitative approach using secondary data obtained from companies' annual reports and sustainability reports during the observation period. The sample was selected using a purposive sampling technique. Data were analyzed using panel data regression with the Random Effect Model (REM), while the moderating effect was tested using Moderated Regression Analysis (MRA). The results indicate that Carbon Emission Disclosure has no significant effect on the Cost of Capital. Furthermore, Carbon Emission Intensity does not have a significant effect on the Cost of Capital. The moderation analysis also reveals that Carbon Emission Intensity does not moderate the relationship between Carbon Emission Disclosure and the Cost of Capital. These findings suggest that carbon emission disclosure and emission intensity have not yet become primary considerations for investors in determining the cost of capital of mining companies. Instead, investors tend to place greater emphasis on firms' fundamental factors, such as profitability, business risk, capital structure, and industry prospects, rather than environmental information when making investment decisions. This study contributes to the literature on environmental accounting and sustainable finance by providing empirical evidence regarding the relevance of carbon-related information in the Indonesian capital market.