Pengaruh Carbon Emission Disclosure Terhadap Nilai Perusahaan Dengan Good Corporate Governance Sebagai Variabel Moderasi (Studi pada Perusahaan Sektor Basic Materials yang Terdaftar di BEI Periode 2022–2025)

The launch of IDXCarbon in September 2023 and the start of international carbon trading in January 2025 have made Carbon Emission Disclosure (CED) increasingly relevant to investor valuation. This study analyzes the effect of CED on firm value and the role of Good Corporate Governance (GCG) as both a direct predictor and a moderator of this relationship among Basic Materials companies listed on the Indonesia Stock Exchange during 2022–2025. Using purposive sampling, the sample comprises 64 companies (256 observations). Firm value is measured by Tobin’s Q, CED by an 18-item checklist, and GCG by the proportion of independent commissioners, with ROA and leverage as control variables. The data are analyzed using Moderated Regression Analysis with a Random Effects Model (Panel EGLS), selected through the Chow and Hausman tests, and robustness is examined through FEM comparison and robust standard errors. The results show that CED has no significant effect on firm value (β = 0.370; p = 0.555), GCG has no significant effect (β = −0.608; p = 0.405), and GCG does not moderate the CED–firm value relationship (β= 0.208; p = 0.882), classifying GCG as a homologiser moderator. These findings are consistent across all robustness tests and suggest that the Indonesian capital market has not yet priced carbon emission information during the early phase of its carbon market. Firms should therefore improve the quality and verification of emission disclosures, while regulators should standardize disclosure requirements and strengthen the effectiveness of independent commissioner oversight.