Suwandi Ng, Jao, Daromes, and Monica: Public Ownership And Firm Value …

Public Ownership And Firm Value:
Mediation Role Of Carbon Emissions Disclosure
Suwandi Ng1*, Robert Jao2, Fransiskus E. Daromes3, and Monica4
1,2,3,4

Program Studi Akuntansi, Universitas Atma Jaya Makassar, Makassar

Email Address:
swnd_ng@yahoo.com*, jao_robert@hotmail.com, fedaromes@gmail.com,
monicadjie@yahoo.com
*Corresponding Author

Abstract: Carbon emissions and the risk of climate change have a great impact on the
environment and company performance. This study provides empirical evidence that public
ownership encourages the disclosure of carbon emissions and their subsequent impact on
firm value. In contrast to previous studies related to the driving factors for carbon emission
disclosure which only focused on the role of directors and aspects of company
characteristics, this study considers the ownership aspect in this case public ownership in
encouraging the disclosure of carbon emissions and its subsequent impact on firm value.
The research data was obtained from the Financial Statements of 122 companies listed on
the Indonesia Stock Exchange for the observation period from 2015 to 2019. The data were
selected using the purposive sampling method. The results of this study indicate that public
ownership has a positive and significant effect on the disclosure of carbon emissions while
a company is owned by the public increases firm value but not significantly. The results also
show that disclosure of carbon emissions plays a role in mediating public ownership of the
value of the company. The implications of this study confirm the stakeholder theory that
companies should protect stakeholders by implementing environmental management and
disclosing sustainability reports that provide information about their social, economic, and
environmental performance.
Keywords: Public Ownerships; Carbon Emissions Disclosure; And Firm Value.
Abstrak: Emisi karbon dan risiko perubahan iklim memiliki dampak besar terhadap
lingkungan dan kinerja perusahaan. Studi ini memberikan bukti empiris bahwa kepemilikan
publik mendorong pengungkapan emisi karbon dan dampak selanjutnya terhadap nilai
perusahaan. Berbeda dengan penelitian sebelumnya terkait faktor pendorong pengungkapan
emisi karbon yang hanya berfokus pada peran direksi dan aspek karakteristik perusahaan,
penelitian ini mempertimbangkan aspek kepemilikan dalam hal ini kepemilikan publik
dalam mendorong pengungkapan emisi karbon dan dampaknya pada nilai perusahaan. Data
penelitian diperoleh dari Laporan Keuangan 122 perusahaan yang terdaftar di Bursa Efek
Indonesia periode pengamatan 2015 sampai 2019. Data dipilih dengan menggunakan
metode purposive sampling. Hasil penelitian ini menunjukkan bahwa kepemilikan publik
berpengaruh positif dan berpengaruh signifikan terhadap pengungkapan emisi karbon
sedangkan kepemilikan publik berpengaruh positif tetapi tidak signifikan terhadap nilai
perusahaan. Hasil penelitian juga menunjukkan bahwa pengungkapan emisi karbon
berperan dalam memediasi kepemilikan publik terhadap nilai perusahaan. Implikasi dari
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penelitian ini mengkonfirmasi teori stakeholders bahwa perusahaan harus melindungi
stakeholders dengan menerapkan pengelolaan lingkungan dan mengungkapkan laporan
keberlanjutan yang memberikan informasi tentang kinerja sosial, ekonomi, dan lingkungan
mereka.
Kata Kunci: Kepemilikan Publik, Pengungkapan Emisi Karbon, Dan Nilai Perusahaan.

INTRODUCTION
There is increasing concern from environmentalists, civil society, policy makers,
regulators, markets and shareholders about the consequences of greenhouse gas emissions
and the risks of climate change on the environment and company performance (Haque,
2017). (Luo et al., 2012) observe that the driving force of climate change initiatives comes
from social, economic, regulatory pressures. Companies are gradually responding to these
concerns by reducing GHG emissions and adopting various strategies related to the
consumption and use of water, energy, and biodiversity (Gallego-Alvarez et al., 2015).
In Indonesia, as stated by (Faisal et al., 2018), there has never been a special regulation
mandating the disclosure of GHG information. Government Regulation Number 47 (2012)
only requires companies that carry out their business activities in the field and/or those
related to natural resources to carry out social and environmental responsibilities (Article
74 paragraph 1). In addition, Law No. 17 of 2004 and Presidential Decree No. 61/2011 only
regulates the national action plan for reducing six GHGs targeted by the Kyoto Protocol,
namely carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), sulfur hexafluoride
(SF6), perfluorocarbons, and hydrofluorocarbons.
However, the series of arguments and explanations above have at least shown that
there is a common awareness of the reality of the issue of carbon emissions. And more than
that, there needs to be a joint movement to overcome or at least to reduce the negative impact
of carbon emissions.
Thus, motivation of this research arises from the importance of disclosing carbon
emissions (Milne and Grubnic, 2011); (Moroney et al., 2012); (Ferguson et al., 2016).
Investors and other stakeholders increasingly need meaningful and transparent disclosure of
GHG emissions and the management of associated risks (Solomon et al., 2011; Hartmann
et al., 2013; Cheung et al., 2016). However, previous research related to the disclosure of
carbon emissions only focused on the role of the board of directors and aspects of company
characteristics; (Haque, 2017; Luo et al., 2012, Faisal et al., 2018; Hollindale et al., 2019;
Monica et al, 2021; Nuber and Velte, 2021). In contrast to the research by (Monica et al.,
2021), this research focuses on the argument of how public ownership can encourage the
disclosure of carbon emissions which in turn has an impact on firm value.
Criticizing the gaps above and departing from a belief that companies that disclose
carbon emissions will make it easier for stakeholders to make decisions about the state of
the company's carbon emission performance, this study considers aspects of public
ownership in encouraging disclosure of carbon emissions mediating the relationship of
public ownership to company value. This research is important considering that
environmental issues are a matter of great concern to all parties. Disclosure of carbon
emissions is expected to create sustainability support from stakeholders, especially those
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involved or indirectly involved. The public contribution as the owner of the company makes
decisions that are carried out very carefully, tend to avoid risk, and are meticulous in making
the disclosures made to be of high quality so that it has an impact on increasing the value of
the company.
Companies that carry out environmental disclosures can increase trust in the eyes of
the community because they are considered to be responsible for the environment so that
companies get benefits or potential resources for companies to survive (going concern).
Thus, this study is designed how public ownership encourages advocating for the disclosure
of carbon emissions and their impact on company value.

THEORITICAL REVIEW
Stakeholder Theory. (Harrison et al., 2019) explained that stakeholder theory is a theory
that describes which parties the company is responsible for, either to groups or individuals
who get profits/losses, whose rights are violated/appreciated by the company's activities.
One of the stakeholder management that can be done in order to maintain the company's
relationship with the parties involved is through the company's concern for the environment
by conducting a sustainability report containing information on performance, economic,
social, and environmental in the form of disclosure of carbon emissions to all company
stakeholders.
Gaia Theory. (Lovelock, 2016) in gaia theory states that companies are currently obliged
to maintain, protect and preserve the environment which is not only for the benefit of
humans themselves, but also must respect other supporting elements of the earth such as
land, oceans, and all its components, both living and non-living. no. Gaia theory has given
birth to its own ethical implications in viewing the world from a different perspective
(Kelvin et al., 2019). In the earth's living system, all components and elements of the earth
have an equally valuable value in contributing to maintaining the condition of the earth so
that it remains livable.
Public ownerships. (Julekhah and Rahmawati, 2019) define public ownership as the
portion of outstanding shares owned by the general public or outsiders. The public is an
individual with a share ownership of less than 5 percent who is outside the management and
has no special relationship with the company. Public ownership has great power in
influencing the company through the mass media in the form of criticism or comments, all
of which are considered as the voice of the community.
Carbon Emissions Disclosure. Stakeholders increasingly need meaningful and transparent
disclosures regarding greenhouse gas emissions and management of the risks that arise
(Choi et al., 2013). The disclosures made can also show that the company is serious in
responding to environmental issues, especially related to the disclosure of carbon emissions.
Broad disclosure may be limited if the quality of the data is low and does not permit an
assessment of the company's true GHG emissions strategy and performance (Rama and
Dianawati, 2021).

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Firm Value. Firm value shows investor confidence and perception regarding the level of
success of the management in managing the company. (Ng and Daromes, 2016) stated that
the main goal of the company according to the theory of the firm is to maximize firm value.
The high value of the company not only reflects good performance but also provides
confidence for investors about the future prospects and going concern of the company.
Theoretical framework and hypothesis development. Stakeholder theory explains the
company's relationship with stakeholders who influence or are influenced by the company's
activities, goals and decisions to be made by the company. A well-managed relationship
between the company and its stakeholders will maintain the company's sustainability in the
future. Efforts made by the company in the form of disclosure of carbon emissions will form
the perception of stakeholders that the company cares about the interests of the community
and is also responsible for the universe.
The elements of stakeholders that must be the company's attention are increasingly
emphasized by the Gaia theory. (Lovelock, 2016) asserts that in the earth's living system,
all components and elements of the earth have an equally valuable value in contributing to
maintaining the condition of the earth so that it remains livable. One way that companies
can do in paying attention to their stakeholders is by providing information about the
company's activities. (Ahmad and Hossain, 2015) state that through information on carbon
emission disclosures in the company's annual report, stakeholders will be able to understand
how the company's policies, values, and motives are to tackle carbon emissions produced
by the company so that it can create its own value for the company.
The ownership structure of the company shows the proportion of ownership of certain
parties to the company and how much the owner is able to influence the company's policy
making. Public ownership can put pressure on companies to maintain the viability of natural
ecosystems and the living conditions of present and future generations (Odriozola and Diez,
2017). Companies cannot escape the role of public ownership through mass media which
can shape public opinion based on criticism and comments, all of which are considered as
the voice of the community.
Hypothesis Development. Based on the framework that has been made previously, the
following hypotheses can be developed regarding the pattern of relationships between
variables in this study:
Public ownership and Disclosure of Carbon Emissions. (Putri et al., 2016) which states
that a high ratio of public ownership is predicted by companies to carry out higher levels of
social disclosure, this is associated with pressure from shareholders, so that companies pay
more attention to their responsibilities to society. Companies with a high level of public
ownership tend to make more environmental disclosures because they are considered to
have a moral responsibility to nature. Public share ownership is able to create media in the
form of public opinion to increase awareness of the disclosure of carbon emissions.
Stakeholder theory makes it easier for organizations to understand their obligations
and responsibilities to stakeholders. The existence of nature's call to contribute to
maintaining the harmony of the earth also shows that the earth is a system of organisms
consisting of interdependent and inseparable elements, so that life on earth must support
each other and run continuously (Lovelock, 2016).
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Companies whose shares are widely owned by the public reflect that the company has
high credibility in the eyes of the public in providing company information because it is
considered to have a moral responsibility to society and the environment. Companies can
demonstrate the best GHG management skills that have been done by disclosing carbon
emissions. The role of public ownership as a supervisor is the main consideration for
companies to disclose carbon emissions through the touch of the media. This will cause the
level of disclosure of carbon emissions by the company to increase so that it will form public
opinion that the company cares about the environment. Based on the explanation above, the
following hypothesis is formulated:
H1: Public ownership has a significant effect on the disclosure of carbon emissions.
Disclosure of Carbon Emissions and Firm Value. Stakeholder theory considers the
relationship that exists between the company and its stakeholders (Rankin et al., 2012).
Disclosure of carbon emissions can maintain good relations with stakeholders that the
company is trying to be efficient because it has a commitment and concern for the
environment. Disclosure of carbon emissions is also an expression of respect and the
company's efforts to always remind the need to maintain and preserve all living systems on
this earth.
(Lovelock, 2016) in the Gaia theory stated that the living system on earth had issued
a 'red light' or an alarm that the earth's immune system had approached the threshold. The
high content of CO2 and other greenhouse gases in the atmosphere is no longer able to be
rapidly reduced by all plants and phytoplankton on earth today. Therefore, disclosure of
carbon emission reductions can be used as a sign of the company's seriousness in
contributing to maintaining and maintaining the stability of the earth's homeostasis system.
This information on the company's carbon emissions will increasingly attract the attention
of capital market players so that it can be used to analyze company value (Rashid, 2018).
Disclosure of carbon emissions allows investors to identify potential risks to a
company's future performance and evaluate alternative strategies to meet the challenges
associated with those risks. The high level of corporate disclosure also gives a message that
the company's carbon management activities are related to better economic performance
because the efficiency carried out such as replacing old energy-consuming equipment can
result in better company performance. Thus, the disclosure of carbon emissions will
encourage investors to measure the company's operational value through the identification
of sustainable management practices that will result in higher company value. Based on the
explanation above, the following hypothesis is formulated:
H2: Disclosure of carbon emissions has a significant effect on firm value.
Public Owners and Firm Value. Research on public ownership on firm value has been
carried out by (Hasnawati and Sawir, 2015) which states that public ownership has a
negative effect on firm value because share ownership is spread so that the control of the
majority shareholder becomes dominant in decision making so that it has an impact on the
decline in firm value. However, (Henryani and Kusumastuti, 2013) show that if the
proportion of public shares is greater than 40 percent public shares will have a positive effect

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on firm value. The essence of this test emphasizes that the company's performance will be
better if the proportion of publicly owned shares can be increased.
(Adnantara, 2013), (Nur'aeni, 2014), and (Lestari, 2017) find that public ownership
has no significant effect on firm value. This is because individual public shareholders have
an ownership percentage of less than 5 percent which makes them unable to monitor and
intervene on management performance.
(Harrison et al., 2019) in stakeholder theory states that companies have an obligation
to pay attention to all parties including stakeholders. who feel the impact or influence of
their activities. Stakeholder theory deals with explicit morals and values as the main features
of managing a company and not just maximizing shareholder wealth. For this theory, paying
attention to the interests and welfare of stakeholders is an obligation (Freeman et al., 2020).
Stakeholder theory also states that stakeholders have the right to know all information,
both financial and non-financial information. The impact of company activities on
stakeholders can be known through the transparency of information provided to the public.
Although public ownership tends to be non-controlling individually, they have the power to
influence the company through the mass media in the form of criticism or comments, all of
which are considered the voice of the community (Asiz, 2016).
Management policy to increase the proportion of public shares will have a greater
impact on increasing the value of the company. Thus, a fairly large proportion of public
shares will motivate management to carry out more transparent governance practices as a
form of management accountability to the public so as to increase company value (Monica
and Ng, 2018). Based on the explanation above, the following hypothesis is formulated:
H3: Public ownership has a significant effect on firm value.
Public ownerships, Disclosure of Carbon Emissions, and Firm Value. Companies with
public ownership represent that the company has high credibility in the eyes of the public
in providing company information because it is considered to have a moral responsibility to
the community and the environment. The existence of public shareholders oversees the
company's activities so that it becomes the main consideration for companies to disclose
carbon emissions through the mass media as a form of corporate responsibility to society,
nature, and interested parties so that the value of the company tends to increase.
Stakeholder theory deals with morals and values as the main features in managing the
company and not just maximizing shareholder wealth. Modern stakeholder theory argues
that the value of a company depends on explicit and implicit costs (Cornell and Shapiro,
2021). Each stakeholder has different interests thus giving various implicit claims to the
company, such as quality service and social and environmental responsibility. Disclosure of
carbon emissions can create protection for shareholders, especially minority ownership such
as public ownership because a harmonious relationship between companies and
stakeholders through disclosure of carbon emissions will increase the value of the company.
According to the gaia theory, the earth's living system, including all components and
elements of the earth, has an equally valuable value in contributing to maintaining the
condition of the earth so that it remains habitable. The company's activities that cause
excessive carbon emissions are very dangerous for the whole balance system. Although
nature has the ability to heal itself, geological products run evolutionarily which means it

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takes a long time to recover while humans live in a very short time span will be the first
victims of their own actions.
Although public ownership tends to be non-controlling individually, they have the
power to influence the company through the touch of the mass media in the form of
criticism/comments which are considered the voice of the community (Asiz, 2016).
(Schmierbach et al., 2022). stated that "we judge as important what the media judge as
important" which means that we judge something as important as the media judge it as
important. The statement from McCombs and Shaw explains that the mass media has the
ability to make people judge something important based on what the media conveys. Thus,
a fairly large proportion of public shares will motivate the management to make more
transparent disclosures of carbon emissions as a form of management accountability to the
community and the environment so as to increase the value of the company. Based on the
explanation above, the following hypothesis is formulated:
H4 : Disclosure of Carbon Emissions mediates the relationship of Public Owners to Firm
Value.

METHODS
Data. The population in this study were all companies listed on the Indonesia Stock
Exchange (IDX) for the 2015 to 2019 period. The criteria used in the selection of the sample
are non-financial companies that are continuously listed on the Indonesia Stock Exchange
for the 2015 to 2019 period, the company publishes an annual report and audited financial
statements for the 2015 to 2019 period, the company's financial statements are presented in
full expressed in rupiah, and the company issues at least one policy related to carbon
emissions or discloses at least one item of disclosure on carbon emissions.
Variable Measurement. The area of carbon emission disclosure items was measured using
the index developed by (Choi et al., 2013) which is constructed from the CDP Carbon
Dislcosure Project (CDP) request sheet, with the formula:
CED = (

Σdi
) x 100% ………............................................…………………...…………………. (1)
M

Note:
CED
Σdi
M

= carbon emission disclosure
= the total score of 1 obtained by the company
= max total items that can be disclosed (18 items)

If the company discloses the item as specified, it will be given a score of 1, while if
the specified item is not disclosed it will be given a score of 0. Then the score of 1 is added
up as a whole and divided by the maximum number of items that can be disclosed and then
multiplied by 100 percent.
The firm value used is measured by using Tobin's Q modified by (Gaio and Raposo,
2011) in the form of Simple Q because of the difficulty in estimating the market value of
debt and replacement costs. The use of this measuring instrument has been used by several
previous studies, including (Kelvin et al., 2017; Daromes et al., 2021). Tobin's Q calculation
formula is:
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𝑄𝑖𝑡 =

𝐵𝑉𝐴𝑖,𝑡 + 𝑀𝑉𝐸𝑖,𝑡 − 𝐵𝑉𝐸𝑖,𝑡
𝐵𝑉𝐴𝑖,𝑡

………………...…..............................................................................................................… (2)
Note:
Qi,t
= value of Tobin's Q for firm i in year t
BVAi,t = book value of total assets for company i in year t
MVEi,t = market value of equity for firm i in year t
BVEi,t = book value of equity for company i in year t

Public ownership is the proportion of shares owned by the general public or outsiders.
Public ownership in this study was measured using the formula from (Raharja's, 2013). The
formula is as follows:
𝑃𝑢𝑏𝑙𝑖𝑐 𝑂𝑤𝑛𝑒𝑟𝑠ℎ𝑖𝑝 =

𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑆ℎ𝑎𝑟𝑒𝑠 𝑜𝑤𝑛𝑒𝑑 𝑏𝑦 𝑡ℎ𝑒 𝑝𝑢𝑏𝑙𝑖𝑐
……….......................................… (3)
𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑜𝑢𝑡𝑠𝑡𝑎𝑛𝑑𝑖𝑛𝑔 𝑠ℎ𝑎𝑟𝑒𝑠

RESULTS
Data Description. The object of research in this study is all publicly traded companies listed
on the Indonesia Stock Exchange as a population as outlined in the 2015 to 2019 financial
statements. The sample selection used the purposive sampling method. Companies that meet
the sample criteria for each year are 122 companies. The observation period in the study is
from 2015 to 2019, so the total number of units of analysis is 610 units of analysis. The
results of the analysis using SPSS version 20 software showed that from a total of 610 data,
there were indications that 217 data had outliers (Z-score approximatly 1.960), so they were
not used in the analysis. Thus, the total sample used is 393 units of analysis.
Descriptive statistics are carried out to analyze and present quantitative data with the
aim of knowing the description of the companies that are used as research samples as a
whole, it can be seen the average, maximum, minimum, and standard deviation values of
the variables studied. The results of the descriptive statistics of the study are presented in
table 2.
Table 1. Descriptive Statistical
Variables
Public ownership (PO)
Carbon Emissions Disclosure (CED)
Firm Value (FV)
Source: Processed Data (2020)

N
393
393
393

Min
0.051
0.056
0.120

Max
0.567
0.333
2.031

Mean
0.316
0.177
0.996

Std. Deviation
0.126
0.080
0.447

Public ownership shows the lowest (minimum) value of 0.051 and the highest
(maximum) of 0.567. The average value of this variable is 0.316. The standard deviation
which shows the variation of ownership in the company is 0.126. The standard deviation
value, which is less than the average value, shows that the public ownership data's deviation
is less than the average value, indicating that the nature of the study's data is dispersed.
The results of descriptive statistics in table 1 show that the lowest (minimum) and
highest (maximum) carbon emission disclosures are 0.056 and 0.333 with an average of
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0.177 and a standard deviation of and 0.080. This shows that the awareness of companies
in Indonesia to disclose carbon emission information is quite low because on average
companies only disclose 2 to 3 items out of 18 items of the carbon emission disclosure
index. The study's data are spread out because the standard deviation value is lower than the
average value and the deviation of the carbon emission disclosure data is lower than the
average value.
The lowest (minimum) and highest (maximum) firm values are 0.120 and 2.031, with
a mean and standard deviation of 0.996 and 0.447. This means that the average value of the
company in Indonesia is almost good because it shows a value of almost 1. (Alipour, 2013)
states that if the value of the company is greater than 1, it means that value has been added
to the company over the years. If the value of the company is less than 1, it means that the
company is not well managed. The fact that the standard deviation value is less than the
average value shows that the firm value data's deviation is less than the average value and
that this study's data is generally distributed.
Path Analysis. To determine the relationship pattern of the three research variables, four
hypotheses will be tested. These hypotheses were analyzed using path analysis which aims
to predict the corelation between exogenous and endogenous variables. Path analysis
coefficients are taken from standardized regression coefficients. The path diagram model is
described below based on the data processing results obtained for this research model:
ρy2x
ρy1x
*

Public
Ownerships

0.123

0. 066ns
Carbon Emissions
Disclosure

ρy2y1
0. 273*

Firm
Value

x/y1/y2
0.034*

Figure 1. Results of Path Analysis Model
Note:
*
ns

= Significant effect
= No significant effect
= Direct effect
= Indirect effect

The substructure equation 1 above shows that public ownership has a positive and
significant effect on the disclosure of carbon emissions, which means that if public
ownership in the company increases, it will statistically increase the disclosure of carbon
emissions. In substructure equation 2 that has been formulated previously, it shows that
public ownership and disclosure of carbon emissions have a positive effect on firm value.
This means that an increase in public ownership and disclosure of carbon emissions will
statistically result in a higher firm value.
T-test. The t-test was used to determine whether in the regression model the independent
variable partially had a significant effect on the dependent variable.
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Table 2. T test Result
Standardized
Beta

Model Structure

Substructure 1
(Influence of Public Ownership on Disclosure of Carbon
Emissions)
Public ownership (PO)
0.123
Substructure 2
(Effect of Public Ownership and Disclosure of Carbon
Emissions on Firm Value)
0.066
Public ownership (PO)
Carbon Emissions Disclosure (CED)
0.273
Source: Processed Data (2020)

Sig.

Explanation

0.019

Significant

0.199

Insignificant

0.000

Significant

Public ownership has an effect of 0.123 and a significance probability of 0.019 less
than 0.05, which means that the disclosure of carbon emissions is influenced positively and
significantly by public ownership. Thus, H1 which states that public ownership has a
significant effect on the disclosure of carbon emissions is accepted.
Carbon emission disclosure has an effect of 0.273 and a significance probability of
0.000 less than 0.050, implying that carbon emission disclosure has a positive and
significant effect on firm value. As a result, H2, which states that disclosing carbon
emissions has a significant impact on firm value, is accepted.
Public ownership has an effect of 0.066 and a significance probability of 0.199 greater
than 0.050, which means that public ownership has a positive but not significant effect on
firm value. Thus, H3 which states that public ownership a significant effect on firm value,
is rejected.
Table 3. Results of Analysis of Direct Effects, Indirect Effects, and Total Effects
Variable Combination
Direct Effect
𝐏𝐎 → 𝐃𝐄𝐂
0.123
0.273
𝐃𝐄𝐂 → 𝐅𝐕
0.066
𝐏𝐎 → 𝐅𝐕
Source: Processed Data (2020)

Indirect Effect
0.123 x 0.273 = 0.034

Total Effect
0.123
0.273
0.100

Based on the results of the indirect effect analysis in table 9 above, it shows that the
effect of public ownership (PO) on firm value (FV) through the disclosure of carbon
emissions (CED) is 0.034.
Sobel Test. Sobel test was conducted to test the strength of the indirect effect of the
independent variable (PO) on the dependent variable (FV) through the mediating variable
(CED).
Table 4. Sobel Test Results
Description
Estimated Value
0.078; 1.521
𝐏𝐎 → 𝐅𝐕 via CED
Source: Processed Data (2020)

Standard Error
0.033; 0.277

p value of sobel test
0.030

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Confirmation
Significant

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The effect of public ownership (PO) on firm value (FV) through disclosure of carbon
emissions (CED) based on table 6 has a probability value of 0.030, smaller than 0.050. The
results of the Sobel test with a significance probability of less than 0.050 indicates that the
disclosure of carbon emissions is proven to mediate public ownership on firm value. Thus
H4 which states that the disclosure of carbon emissions has a role as a full mediation in
mediating public ownership on firm value, is accepted.

DISCUSSION
The results of this study prove that public ownership has a positive and significant
effect on the disclosure of carbon emissions. This can be seen in table 2 where the
standardized regression coefficient is 0.123 and the significance probability is 0.019 more
than 0.050. These results indicate that the greater the public ownership will have a
significant effect on increasing the disclosure of carbon emissions.
Companies are often considered as parties who have wider information regarding the
actual state of the company than stakeholders. Therefore, (Rahayu and Anisyukurillah,
2015) state that the presence of public share ownership reflects the form of corporate
responsibility in making wider disclosures. Public share ownership is the company's
external source of funding obtained from public participation in shares. High public share
ownership indicates the ability of a company to satisfy stakeholder interests. This is
evidenced by the company's ability to provide information to stakeholders so that it persists
in the business it is engaged in to date and even tends to survive into the future.
This study is in line with the research conducted by (Putri et al., 2016) which states
that public share ownership has a positive effect on the disclosure of carbon emissions.
Meanwhile, the results of this study differ from those of (Nur and Priantinah, 2012) who
found that public share ownership has no effect on the company's disclosures. The reason
revealed from the research results of (Nur and Priantinah, 2012) is the possibility of public
share ownership in Indonesia in general not paying attention to environmental and social
issues as critical issues that must be extensively disclosed in the company's annual report.
The high ratio of public ownership is expected to be able to make companies make more
social disclosures due to pressure from stakeholders so that companies pay more attention
to their responsibilities to society and moral responsibility to nature because the public is
able to create media in the form of public opinion to increase awareness of carbon emission
disclosures.
Public ownership may not benefit the company greatly because the percentage of
shares is small. However, the environmental impacts resulting from the company's activities
greatly affect the environmental conditions of the community. Therefore, public pressure
tends to be strong when it comes to the environment and can have a significant impact on
the company's ability to produce carbon emission disclosures. The role of public share
ownership as a supervisor is the main consideration for companies to disclose carbon
emissions through the touch of the media. Companies can demonstrate skills in managing
greenhouse gases that have been done through disclosure of carbon emissions. This has
resulted in an increasing level of disclosure of carbon emissions such as revealing the
presence of external verification in measuring the amount of greenhouse gas emissions by
the company in order to form an image in the community that the company cares about the
environment.
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The results of this study indicate that public ownership has a positive but not
significant effect on firm value. This can be seen in table 2 where the standardized regression
coefficient is 0.066 and the significance probability is 0.199 greater than 0.050. This study
shows that increasing public ownership can have an effect on increasing firm value, but it
does not have a strong enough effect.
Companies are often considered as parties who have more information about the
company than stakeholders. The information referred to is more detailed and more honest
information regarding the actual state of the company. Therefore, stakeholders use their
supervisory function to pressure the company to make company information transparency.
Although public ownership tends to be non-controlling individually, they have the power to
influence the company through the mass media in the form of criticism or comments, all of
which are considered the voice of the community (Asiz, 2016).
The results of this study are not in line with research conducted by (Henryani and
Kusumastuti, 2013) which states that public share ownership has a positive and significant
effect on firm value if the proportion of public shares is greater than 40 percent where the
essence of this test emphasizes that the company's performance will be better if the
proportion of public shares is greater than 40 percent. public shares can be increased.
However, (Adnantara, 2013) actually states that public share ownership has no significant
effect on firm value because individually public shareholders have an ownership percentage
of less than 5 percent which makes public investors unable to intervene and monitor the
performance of company management.
(Harrison et al., 2019) in stakeholder theory states that companies have an obligation
to pay attention to all parties including stakeholders. who feel the impact or influence of
their activities. Management policy to increase the proportion of public shares will have a
greater impact on increasing the value of the company. Thus, a fairly large proportion of
public shares will motivate the management to carry out more transparent governance
practices as a form of management accountability to the public so as to increase the value
of the company.
This study shows that public ownership has a positive but not significant effect on
firm value. This indicates that public shareholding does not have the ability to participate in
managing the financial aspects of the company. The meaning of supervision of public
ownership is not from the aspect of financial control but from the ability of the public to use
people power to monitor the company's activities from the environmental impact it causes.
If the company makes a financial gain, the public may not benefit from owning a small
stake. However, the company's activities that have an impact on the environment actually
harm the community first.
The results also show that public ownership has no significant effect on the disclosure
of carbon emissions, and carbon emissions have a significant effect on firm value.
Meanwhile, the results of the Sobel test conducted in table 4 state that there is a significant
effect of the independent variable, namely public ownership on firm value through the
disclosure of carbon emissions. Thus it can be concluded that the disclosure of carbon
emissions plays a role in mediating public ownership of firm value.
Companies with public ownership represent that the company has high credibility in
the eyes of the public in providing company information because it is considered to have a
moral responsibility to the community and the environment. The existence of public
shareholders oversees the company's activities so that it becomes the main consideration for
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companies to disclose carbon emissions through the mass media as a form of corporate
responsibility to society, nature, and interested parties so that the value of the company tends
to increase.
Stakeholder theory deals with explicit morals and values as the main features of
managing a company and not just maximizing shareholder wealth. Modern stakeholder
theory argues that the value of a firm depends on explicit and implicit costs (Cornell and
Shapiro, 2021). Each stakeholder has different interests thus giving various implicit claims
to the company, such as quality service and social and environmental responsibility.
Disclosure of carbon emissions can create protection for shareholders, especially minority
ownership such as public ownership because a harmonious relationship between companies
and stakeholders through disclosure of carbon emissions will increase the value of the
company.
According to the gaia theory, the earth's living system, including all components and
elements of the earth, has an equally valuable value in contributing to maintaining the
condition of the earth so that it remains habitable. The company's activities that cause
excessive carbon emissions are very dangerous for the whole balance system. Although
nature has the ability to heal itself, geological products run evolutionarily which means it
takes a long time to recover while humans live in a very short time span will be the first
victims of their own actions.
The response to the threat posed by climate change has become a worldwide concern
and has become an integral part of business. The increasing temperature conditions of the
earth caused by rising CO2 levels from excessive exploration of natural resources can
trigger the wrath of the earth to immediately carry out mass destruction and form a new,
more stable ecosystem. However, the earth itself does not guarantee that humans as the most
powerful creatures can escape the annihilation that will occur in the future. Therefore,
awareness of the importance of preserving the environment is the responsibility of all
creatures on earth to jointly contribute to maintaining the condition of the earth so that it
remains livable.
Although public ownership tends to be non-controlling with an ownership percentage
of less than 5 percent, they have the power to influence the company as part of the
community or part of the company through the touch of the mass media in the form of
criticism or comments, all of which are considered as the voice of the community (Asiz,
2016). Thus, a fairly large proportion of public shares will motivate the management to
make more transparent disclosures of carbon emissions as a form of management
accountability to the community and the environment so as to increase the value of the
company.

CONCLUSION
This study was conducted with the aim of testing the effect of public ownership on
the disclosure of carbon emissions and firm value. Based on the data analysis that has been
done previously, the conclusion that can be drawn from this research is that public
ownership has a positive and significant effect on the disclosure of carbon emissions, but
public ownership has no significant effect on firm value. Owners of public shares do not
have the ability to participate in managing the financial aspects of the company, but they
have people power to monitor the company's activities from the environmental impacts
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caused by the company's activities that have an impact on the environment, which harm the
community first. Therefore, public pressure tends to be strong in paying attention to the
environmental impact generated by the company compared to producing a market value that
does not have a significant impact on the public.
The results also show that the disclosure of carbon emissions plays a role in mediating
public ownership of company value. The increasing condition of the earth's temperature
caused by rising CO2 levels is the responsibility of all creatures on earth to jointly preserve
the environment (earth) so that it remains livable. The response to the threat posed by
climate change has become a worldwide concern and has become an integral part of
business. Companies do not only disclose but must pay attention to the material value of the
impacts caused by the company, even if it is necessary to use the value of metric tons of
carbon produced. Therefore, disclosure of carbon emissions can be a form of mandatory
contribution for companies to participate in maintaining the harmony of living systems on
earth.
This study has limitations, including the fact that carbon emission disclosures are only
measured in annual reports because not all companies issue sustainability reports as another
source of environmental disclosure. Therefore, to answer the limitations of this study, future
research should examine the company's carbon performance in order to provide evidence
that the disclosure of carbon emissions is not only a disclosure as a form of corporate image
but a high awareness of the company to maintain the balance and sustainability of natural
ecosystems.

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