Asian Journal of Economics, Business and Accounting

21(3): 1-9, 2021; Article no.AJEBA.65666

ISSN: 2456-639X

Determinants of Carbon Emission Disclosure in

Indonesia Manufacturing Company
Erwin Saraswati1*, Ridha Sinta Amalia1 and Tubandryah Herawati1
1
Accounting Department, Faculty of Economics and Business, Universitas Brawijaya, Indonesia.

Authors’ contributions

This work was carried out in collaboration among all authors. Author ES designed the study,
performed the statistical analysis, wrote the protocol and wrote the first draft of the manuscript. Author
RSA managed the analyses of the study. Author TH managed the literature searches. All authors read
and approved the final manuscript.

Article Information

DOI: 10.9734/AJEBA/2021/v21i330356
Editor(s):
(1) Dr. Fang Xiang, University of International and Business Economics, China.
Reviewers:
(1) Aftab Ahmed Memon, Nanjing Agricultural University, China.
(2) Gbenga Ekundayo, Oman College of Management and Technology, Oman.
Complete Peer review History: http://www.sdiarticle4.com/review-history/65666

Received 10 December 2020

Original Research Article Accepted 18 February 2021
Published 04 March 2021

ABSTRACT
Climate change is caused by increasing carbon emissions and this become a global concern.
Indonesia, as a significant carbon emitter, is expected to reduce carbon emissions. This study
examines the factors that cause companies to disclose carbon emissions, with a sample of
manufacturing companies in Indonesia, for 2016-2018. The number of samples obtained was 108
firm years. The results showed that the determinants for companies to disclose carbon emissions
were profitability, type of industry and company size. This means that the higher the profitability and
size of the company, the wider the disclosure of carbon emissions. Industry types are classified as
high profile and low profile, in relation to contributors to carbon emissions. The higher the profile,
the wider the disclosure will be, due to pressure from stakeholders. This supports the legitimacy
theory. The leverage factor does not cause the company to make disclosures. This is because
companies with high leverage tend to lower costs. In addition, the carbon emission disclosure
report is still voluntary, so the company only discloses what is mandatory. The banking industry is
required to prepare a sustainability report for 2019, so further research can use banking industry
objects.

Keywords: Carbon emission disclosure; profitability; industrial type; size and leverage.
_____________________________________________________________________________________________________

*Corresponding author: E-mail: [email protected], [email protected];

 Saraswati et al.; AJEBA, 21(3): 1-9, 2021; Article no.AJEBA.65666

1. INTRODUCTION leverage [9] and company size (Hanifah, 2017)

do not affect carbon emissions' disclosures.
Climate change is an issue that is attracting
international attention. The United Nations This study aims to determine the factors that can
Framework Convention on Climate Change improve companies' reporting of carbon
(UNFCCC) explains that climate change from emissions by distinguishing high profile and low
year to year occurs due to human activities, profile companies connected with research
either directly or indirectly which can change the results that are inconsistent and have been
world's atmosphere [1]. Greenhouse gases described above. The contribution of this
increased significantly, especially in the 90s. The research is to provide knowledge related to
increase in emission gases led the United greenhouse gas emissions and to encourage
Nations to form the Intergovernmental Panel on companies to reduce carbon emissions, as well
Climate Change (IPCC) and issue the Kyoto as their implications for legitimacy theory. For
Protocol at an international conference as an policy makers it is consideration for requiring
instrument to stabilize GHG concentrations that regulation related to carbon reporting as well as
have been ratified by at least 55 members. The sustainability reporting.
Kyoto Protocol applies three mechanisms,
namely Emission Trading (ET), Clean 2. LITERATURE REVIEW
Development Mechanism (CDM), and Joint
Implementation (JI). The renewal of the 1997 2.1 Legitimacy Theory
Kyoto Protocol agreed at the 21st Conference of
Parties (COP) with the 2015 Paris Agreement, Legitimacy theory is a theory that is often used to
which shows the world's countries' commitment explain the motivation of company management
to maintaining the limit of the increase in earth's to implement CSR. Legitimacy is defined by
temperature below 2°C. Therefore, company Lindblom (1994) as a condition or status in which
world today focuses on green practices to be the entity's value system is in line with the social
attentive to the conservation of the environment value system in which the company operates.
and to environmentally sustainable facilities and The organization tries to align its goals and
goods (Ahmed et al., 2019). operations with the values and norms that apply
in society (Harsanti, 2011), with the hope that the
Indonesia is the fifth emitter of carbon globally, company can continue to operate. Therefore, a
mainly from forest fires and carbon-rich "social contract" is created between the business
peatlands, but carbon emissions are still and the community (Muttakin et al., 2018).
classified as a voluntary disclosure. The
importance of disclosing carbon emissions is Based on the legitimacy theory, CSR is seen as
expected to push companies to be more a tool to achieve legitimacy, so that the continuity
transparent about environmental information so of the company's operations is maintained (Cho
that stakeholders can monitor the extent to which et al., 2010). This theory may explain why CSR
companies care about climate change. Company projects are carried out by business according to
management will be pressured to evaluate community demand. The CSR activities carried
climate change concerns, including company out by companies are often only symbolic or only
policies. The carbon report is a company strategy aimed at influencing people's perceptions without
that can retain its legitimacy [2]. any real contribution (Deegan, 2002; Michelon et
al., 2014). CSR activities will be disclosed in an
Therefore, carbon reports are still voluntary in annual report or sustainability report, while
several countries, so they do not have a standard carbon emission reports are part of it.
and cause differences in disclosure. Several
factors influence the carbon report itself. Firm 2.2 Carbon Emission
size has a major influence on disclosure of
carbon emissions [3,4,5,6,7,8]. Tang and Luo Emissions are substances, energy and/or
(2016) added that out of 243 companies in the components resulting from activities that either
world, around 74% carried out transparency in have and/or do not have the potential as
carbon emission disclosures influenced by firm elements of air pollutants. According to the big
size, leverage, and industry type. In contrast, Indonesian dictionary, carbon emissions are
Chu et al. (2013), for companies in China, charcoal in the form of a gas without color and
profitability cannot increase carbon emissions heavier than air. So, carbon emissions are
disclosure. Other studies have found that carbon gas compounds that are produced from

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activity and have the potential to pollute the air. Several factors, namely profitability, company
Based on data from Our World in Data, the size and type of industry cause companies to
largest contributors to carbon emissions are the make efforts to disclose carbon emissions more
United States, China, and Europe, while the widely ([6]; Chu et al., 2013; and [14]).
sectors that have the largest contribution to Conversely, there are some researchers who find
carbon emissions come from energy, industry, leverage has an effect [14] and other findings
waste, transportation, land use sources, and cannot increase carbon emission exposure [7].
agriculture. Therefore, the conceptual framework can be
described as follows:
The high carbon emission due to the company's
activities has made stakeholders hope for 2.3.1 Relationship of profitability and
handling action from the company. Therefore, the disclosure of carbon emissions
company carries out carbon emission disclosures
as an accountability effort. In Indonesia itself, Profitability is the company's ability to make a
addressing climate change due to increased profit. Companies with high profitability have
carbon emissions has been regulated in Law good prospects ahead because it shows efficient
Number 16 of 2016 concerning Ratification of the management [14]. Previous research has hinted
Paris Agreement to The United Nations that profitability has a significant link to the
Framework Convention on Climate Change, disclosure of carbon emissions [14,15,16,17].
Presidential Regulation Number 71 of 2011 This is in line with the theory of legitimacy that
concerning Implementation of National companies with high profits will disclose more
Greenhouse Gas Inventories, and Presidential voluntary disclosure, especially Carbon Emission
Regulation Number 61 of 2011 concerning the Disclosure as a form of its responsibility in
National Action Plan for Reducing Greenhouse reducing its emissions.
Gas Emissions.
H1: the higher the profitability the wider the
This is the basis for the emergence of carbon disclosure of carbon emissions.
accounting with Green Business's thought to
Green Accounting. Carbon accounting is used to 2.3.2 Relationship between industry type and
monitor, measure, and report on industrial carbon emission disclosure
activities regarding GHG emissions in a certain
period [10]. The implementation of carbon Ilene (2016) divides the type of industry into 2
accounting is contained in the carbon disclosure parts, namely high-profile and low-profile.
project (CDP) as an effort to take responsibility Companies classified as high-profile or high-
for the company to the environment and / or emitting are electricity, chemical, oil and mining,
climate. CDP has two main objectives, namely to nuclear, iron production, automotive, paper,
inform investors (shareholders) of climate tobacco and cigarettes, health, food and
change and to inform the company's climate beverage, transportation, and agribusiness
change risks [11,12]. There are five broad industries. The low-profile classification includes
categories relevant to climate change and household products, finance and banking,
carbon emissions, namely the risks and personal products and so on. The results of
opportunities of Climate Change / CC, GHG previous studies reveal that the type of industry
emissions (Greenhouse Gas / GH), Energy has a significant relationship to carbon
Consumption / EC, GHG reduction and costs / emissions' disclosures ([6,14]; Chu, Chatterjee, &
RC, as well as Accountability of Emission Carbon Brown, 2013; Ichsani & Suhardi, 2015; [18]). This
/ AEC [6]. is because companies with environmental
sensitivity and high-risk levels tend to be in the
2.3 Conceptual Framework spotlight of the wider community. The
government and the state will more closely
Carbon emission disclosure (CED) is a monitor industries that produce high emissions.
disclosure of the intensity of greenhouse gas In maintaining their reputation and legitimacy,
emissions, energy use, emission trading companies classified as high-profile will disclose
schemes, strategies related to climate change, their carbon emissions.
and efforts to reduce emissions [13]. Disclosure
of carbon emissions is a voluntary disclosure in H2: Industry type classified as the high profile
nature, while the increase in carbon emissions in has a positive effect on carbon emissions'
the world is very worrying. disclosures.

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no.

Fig. 1. Conceptual framework

2.3.3 Relationship between company size activities such as carbon emissions disclosures
and carbon emission disclosure [14].. Therefore, environmental disclosure is
dependent on equity financing and low leverage.
The relationship between firm size and carbon
emission disclosure has positive results H4: High leverage will reveal lower carbon
[14,7,6,15]; Chu, Chatterjee, & Brown, 2013; [3]). emissions' disclosures
This is because stakeholders, especially the
community, will pressure them because they 3. RESEARCH METHODS
think that the bigger the company, the increased
natural resources used. This is in line with The object of this research is manufacturing
Jannah's (2014) explanation that larger companies listed on the Indonesia Stock
companies will disclose more voluntary volun Exchange from 2016 to 2018. In selecting the
disclosure information than smaller companies. sample, the author uses the purposive sampling
The companies that are more likely to have the method that has been discussed in the previous
resources to pay the cost of disclosing chapter.
information (collecting and producing) for users
of financial statements. Therefore, the company 3.1 Variable Measurement
will disclose carbon emissions as the demands of
the stakeholders. 3.1.1 Independent variable

H3: Companies classified as big firms will In this study, researchers used 4 independent
disclose more comprehensive carbon variables, namely: profitability, industry type,
emissions than small companies company size,e, and leverage and the dependent
variable was carbon emission disclosure.
2.3.4 Leverage relationship and carbon Disclosure of carbon emissions can be seen in
emission disclosure Tables 2 and 3, and the measurement of
independent variables in Table 1.
Leverage is the company's ability to use debt in
managing the company to maximize revenue. 3.1.2 Dependent variable
Several studies have revealed that the
relationship between leverage and carbon Choi, Lee and Psaros [6] categorized voluntary
emissions' disclosures is negative [1
19,17]. This is levels of disclosure related to climate change and
because companies with high leverage are at a carbon emissions into 18 categories based on
danger point, so managers will reduce expenses demand factors from the Carbon Disclosure
that are not in accordance with business Project (CDP).

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Table 1. Independent variable measurement

No Variable Measurement
1 Profitability: the profit the company generates. In this Net Income
case using ROE (Kijewska, 2016) Shareholder Equity
2 Industry type: based on the company with the level of - high-emitted value 1
carbon emissions produced [6] - low-emitted value 0.
3 Company size is measured by the amount of total assets Company Size = Total assets
(Jannah, 2014)
4 Leverage: as proxied by DER (Arifin, 2007) Total Debt
DER =
Total Equity

Table 2. Carbon emission

1 Climate change, risk and CC1 – description of the risks (regulatory, physical or general)
opportunities relating to climate change and actions and taken or to be taken to
manage the risks
CC2 – description of current (and future) financial implication,
business implications and 5pportunities of climate change
2 GHG emission accounting GHG1 – description of the methodology used to calculate GHG
emission (e.g. GHG protocol or ISO)
GHG2 – existence external verification of quantity of GHG
emission-if so by whom and on what basis
GHG3 – total GHG emissions – metric tonnes CO2 emitted
GHG4 – disclosure of Scopes 1 and 2, or Scope 3 direct GHG
emissions
GHG5 – disclosure of GHG emissions by sources (e.g. coal,
electricity, etc.)
GHG6 – disclosure of GHG emissions by facility or segment level
GHG7 – comparison og GHG emissions with previous years
3 Energy Consumption EC1 – total energy consumed (e.g. tera-joules or peta joules)
accounting EC2 – quantification of energy used from renewable sources
EC3 – disclosure by type, facility or segment
4 GHG reduction and cost RC1 – detail of plans or strategies to reduce GHG emissions
RC2 – specification of GHG emissions reduction target level and
target year
RC3 – emissions reductions and associated costs or savings
achieved to date as a result of the reduction plan
RC4 – cost of future emissions factored into capital expenditure
planning
5 Carbon Emission ACC1 – indication of which board committee (or other executive
Accountability body) has overall responsibility for actions related to climate
change
ACC2 – descritption of the mechanism by which the board (or
other executive body) reviews the company’s progress regarding
climate change
Carbon Disclosure checklist (Choe et al., 2013)

4. RESULTS AND DISCUSSION The division of high profile industrial sectors

(companies with high carbon emission risk) and
The results of sample selection can be seen in low profile (companies with low carbon emission
Table 3: risk), due to 63% of carbon pollution in the air is
produced by the coal, petroleum and other
We choose 2016-2018 because of the sample mining industries.
criteria used by sustainability report with the GRI
Standard. Therefore, the GRI standard released Internationally, industry categorization is
in 2016 and the last data we got was 2018. regulated by the Global Industry Classification

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Standard (GICS), Russell Global Sectors (RGS), results, only the leverage variable has a standard
and Industry Classification Benchmark (ICB). deviation of more than 2. The data for other
The industrial sector's GICS version is divided research variables are relatively stable.
into energy, materials, industrials, consumer
discretionary, consumer staples, health, finance, Based on the descriptive statistic the sample
information technology, telecommunications shows large companies, this means that
networks, utilities, and real estate. Industrial companies disclosing carbon reporting are
sectors that are classified as carbon-intensive mostly big companies. Leverage data tends to
sectors, namely energy, land use, and fluctuate for the sample firms.
agriculture, industry, transportation, residential,
commercial, and institutional. Therefore, 4.2 Discussion
based on classification GICS as follows (See
Table 4). The results of statistical testing are shown in
Table 6. Based on the test results show that the
4.1 Descriptive Statistics variable profitability, industry type and company
size play a role in disclosing carbon emissions.
Descriptive statistics for each research variable On the other hand, leverage is not a
are presented in Table 5. Based on the statistical consideration for disclosing carbon emissions.

Table 3. Sample selection

No. Criteria Amount

1 Manufacturing companies listed on the IDX for the 2016-2018 period 142
2 Manufacturing companies that did not report consecutive financial (18)
statements in 2016-2018
3 Companies that did not publish consecutive annual reports or (11)
sustainability report in 2016-2018
4 Does not disclose policies or items regarding greenhouse gases (77)
The number of research samples per year 36
Number of observations from 2016-2018 108 firm-years

Table 4. Classification of companies according to high-low emission

Emisiion Classification Industry Sector

Low Consumer durables and apparel
Health Care
High Construction Materials
Building Products
Metals and Mining
Chemicals
Paper and Forest Products
Automobiles and Components
Electrical Equipment
Food, Beverages, and Tobacco
Source: processed secondary data, 2020

Table 5. Descriptive statistics

N Min Max Mean Std Dev

X1 108 0.000 9.640 4.341 2.247
X2 108 0.000 1.000 0.778 0.417
X3 108 5.180 5.820 5.489 0.167
X4 108 0.000 12.440 5.275 4.130
Y 108 0.690 5.550 2.975 1.100
Source: Secondary data processed by SPSS
Notes: X1 is the company's profitability variable; X2 is a type of industry; X3 is the company's size and X4 is
the leverage, while Y is the disclosure of carbon emissions

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Table 6. Results of hypothesis testing

Model P value (Significance)

**)-
(Constant) -8.695 2.903 (.005)
**)
Profitabilitas (X1) .088 2. 073 (.041)
***)
Tipe Industri (X2) .939 4.194 (.000)
***)
Ukuran Perusahaan (X3) 1.955 3.575 (.001)
Leverage (X4) -.034 -1.515 (.133)
Notes:
Model: Y= + 1 + 2 + 3 + 14 +
***; ** and * indicates significant at 1%, 5% and 10% level of significance based on t-statistics
2
R 32.9%
F test: 12.643 (0.000)

Companies with good financial performance companies will disclose more concerning carbon
(high profitability) tend to get more attention from emissions than small companies [8]. Based on
several stakeholders, such as investors, the the theory of legitimacy, the company is
public, the government and the media. This expected to fulfil the surrounding community's
results in the company having greater pressure, wishes to maintain its existence both in the short
not only having a good financial performance in and long term. This makes the larger the
investors' eyes, but from an operational and company, the more carbon emissions will be
environmental perspective, the company needs revealed [7,16,6,4,3]. Companies that report
attention. This finding is consistent with the carbon reporting can increase firm value, the
findings of many researchers [14,15]. regulator should require this report [21].

In line with the legitimacy theory that companies This study does not suport the latter hypothesis,
need social existence in society, companies with related to leverage, meaning that disclosure of
high profitability have the opportunity to reveal carbon emissions is not caused by high or low
more about the company's carbon emissions. leverage. Based on the signal theory, companies
This study's results are inconsistent with the with leverage will show better financial
findings of Chu et al (2013), who researched in performance, because they are responsible for
China. Moreover, there is no standard in creditors by reducing costs outside of production.
disclosing company carbon emissions. Disclosure of carbon emissions is more
influenced by investors than creditors.
Companies with a high level of environmental
sensitivity (high emission) have tighter Tang and Luo [22] explained that companies
supervision by the government and society. The have a high level of leverage that disclose
results of this study support these arguments and broadly. Still, some do not disclose widely, so the
are consistent with the findings of Chu et al. [20] level of leverage does not significantly affect
and [6]. Based on the legitimacy theory, Carbon Emission Disclosure. This is because
companies will try to fulfil their corporate leveraged companies tend to prioritize financial
responsibilities to believe that the company has performance. Simultaneously, the extent of
good quality. This is the basis for companies disclosure of carbon emissions is considered an
attempting to carry out environmental optional addition, except for Annex I countries
responsibility, especially regarding carbon that require disclosure.
emissions. Climate change has resulted in the
community being more sensitive to 5. CONCLUSION
environmental issues so that the company shows
its existence in protecting the environment. Apart This study aims to determine the factors that
from these reasons, disclosure of carbon cause manufacturing companies to disclose
emissions is also part of Indonesia's carbon emissions voluntarily. Testing uses linear
achievement target in participating in reducing regression with a sample of 108 firm-years for
global warming, particularly for high emission the 2016-2018 period. The results showed that
companies. the size of the profitability, the company's size,
and the type of industry could increase the extent
This research supports that size will reveal a of disclosure of carbon emissions. This is in
wider range of carbon emissions. Large accordance with the theory of legitimacy, that the

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companies with more profits, the size of 4. Gonzalez Jose Maria, Ramirez Constancio
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