Intellectual Capital Moderation of Carbon Disclosure, Sustainability, and Firm Value

Authors

  • Ivan Achmad Fahri Institut Teknologi dan Bisnis Widya Gama Lumajang
  • Ainun Jariah Institut Teknologi dan Bisnis Widya Gama Lumajang
  • Ratna Wijayanti Daniar Paramita Institut Teknologi dan Bisnis Widya Gama Lumajang

Keywords:

Carbon Disclosure Project, Sustainability Report, Sales Growth, Intellectual Capital, Firm Value

Abstract

This study investigates the effect of Carbon Disclosure Project (CDP), Sustainability Report (SR), and Sales Growth (SG) on firm value, with Intellectual Capital (IC) serving as a moderating variable. The study is motivated by inconsistent findings in previous research regarding the relationship between sustainability-related disclosures and firm value, particularly among manufacturing firms in emerging markets. This research contributes to the literature by examining the moderating role of Intellectual Capital in strengthening the relationship between sustainability practices and firm value within manufacturing companies participating in the PROPER program in Indonesia. A quantitative approach was employed using panel data regression and Moderated Regression Analysis (MRA) with EViews 13. The sample consisted of manufacturing firms participating in PROPER and listed on the Indonesia Stock Exchange during the 2021-2024 period. The results reveal that the Carbon Disclosure Project, the Sustainability Report, and Sales Growth do not significantly affect firm value when examined individually. However, Intellectual Capital significantly strengthens the relationship between these variables and firm value. These findings support Signaling Theory by suggesting that sustainability disclosures and operational performance are more likely to be valued by investors when supported by strong intellectual capital. Practically, the results highlight the importance of strengthening intellectual capital to enhance the effectiveness of sustainability initiatives and improve firm value.

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Published

2026-07-01

How to Cite

Fahri, I. A., Jariah, A., & Paramita, R. W. D. (2026). Intellectual Capital Moderation of Carbon Disclosure, Sustainability, and Firm Value. Assets : Jurnal Ilmiah Ilmu Akuntansi, Keuangan Dan Pajak, 10(2), 204–224. Retrieved from http://178.128.120.64/index.php/asset/article/view/1938

Issue

Vol. 10 No. 2 (2026): July 2026

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Articles

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Copyright (c) 2026 Ivan Achmad Fahri, Ainun Jariah, Ratna Wijayanti Daniar Paramita

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This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.