PENGARUH ESG DICLOSURE DAN CARBON EMISSION DISCLOSURE TERHADAP NILAI PERUSAHAAN DENGAN FIRM LIFE CYCLE SEBAGAI VARIABEL MODERASI (Studi Pada Perusahaan Sektor Energi yang terdaftar di BEI Tahun 2021-2023)

Fluctuations in stock value and global pressure on sustainability issues have posed significant challenges for the energy sector in Indonesia in maintaining firm value. In this context, ESG disclosure and carbon emission disclosure serve as important signals of a company's commitment to sustainability. This study aims to analyze the influence of ESG disclosure and carbon emission disclosure on firm value, as well as examine the moderating role of the firm life cycle in energy sector companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2023 period. A quantitative approach was employed using panel data regression and moderated regression analysis (MRA). The sample consisted of 16 companies with a total of 48 observations. The results show that ESG disclosure does not have a significant effect on firm value, while carbon emission disclosure has a significant effect. However, both variables do not simultaneously affect firm value, and the firm life cycle does not moderate the relationship. These findings suggest that the market has yet to fully respond to sustainability disclosures. Therefore, companies need to improve the quality, depth, and relevance of sustainability reporting to be better appreciated by investors, particularly in the context of emerging markets such as Indonesia.
Keywords: Firm Value, ESG Disclosure, Carbon Emission Disclosure, Firm Life Cycle, Energy Sector Companies.