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Article

The Role of Corporate Green Accounting in Carbon Emission Disclosure: Evidence from an Emerging Economy

by
Nurhastuty Kesumo Wardhani
1,
Erly Supriyanti
1 and
Lewis Liu
2,*
1
Department of Accounting, Universitas Trisakti, Jakarta 11440, Indonesia
2
Finance Department, Business School, University of Queensland, Brisbane 4072, Australia
*
Author to whom correspondence should be addressed.
J. Risk Financ. Manag. 2026, 19(3), 176; https://doi.org/10.3390/jrfm19030176
Submission received: 13 January 2026 / Revised: 21 February 2026 / Accepted: 23 February 2026 / Published: 2 March 2026
(This article belongs to the Special Issue Corporate Finance and ESG: Shaping the Future of Sustainable Business)
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Abstract

This study examines how green accounting, financial performance, market value, and board characteristics affect carbon emission disclosure, with a focus on the moderating role of foreign ownership. Using panel data from energy and basic materials firms listed aon the Indonesia Stock Exchange between 2020 and 2023, the study draws on information from annual, financial, and sustainability reports. Multiple linear regression and moderated regression analysis are applied. The findings show that firms adopting green accounting practices and those with higher female board representation tend to disclose more carbon emission information. Financial performance and market value do not have a direct impact on disclosure. Foreign ownership strengthens the link between market value and carbon disclosure but weakens the effect of female board representation. Overall, the results highlight how foreign ownership shapes carbon disclosure practices in an emerging market context.
Keywords: carbon emission disclosure; green accounting; board characteristics; foreign ownership; sustainability reporting carbon emission disclosure; green accounting; board characteristics; foreign ownership; sustainability reporting

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MDPI and ACS Style

Wardhani, N.K.; Supriyanti, E.; Liu, L. The Role of Corporate Green Accounting in Carbon Emission Disclosure: Evidence from an Emerging Economy. J. Risk Financ. Manag. 2026, 19, 176. https://doi.org/10.3390/jrfm19030176

AMA Style

Wardhani NK, Supriyanti E, Liu L. The Role of Corporate Green Accounting in Carbon Emission Disclosure: Evidence from an Emerging Economy. Journal of Risk and Financial Management. 2026; 19(3):176. https://doi.org/10.3390/jrfm19030176

Chicago/Turabian Style

Wardhani, Nurhastuty Kesumo, Erly Supriyanti, and Lewis Liu. 2026. "The Role of Corporate Green Accounting in Carbon Emission Disclosure: Evidence from an Emerging Economy" Journal of Risk and Financial Management 19, no. 3: 176. https://doi.org/10.3390/jrfm19030176

APA Style

Wardhani, N. K., Supriyanti, E., & Liu, L. (2026). The Role of Corporate Green Accounting in Carbon Emission Disclosure: Evidence from an Emerging Economy. Journal of Risk and Financial Management, 19(3), 176. https://doi.org/10.3390/jrfm19030176

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