Enhancing Carbon Emissions Transparency: The Role of Firm Size and Corporate Governance in Indonesia’s Mining Sector

Abstract

Climate change and tighter reporting expectations have made corporate carbon emissions disclosure (CED) central to sustainability governance, particularly in Indonesia where the mining sector is a major emissions source facing heightened stakeholder and regulatory scrutiny. This study examines voluntary CED among Indonesian listed firms (2017–2023), focusing on firm size, governance attributes (board size, proportion of independent commissioners, proportion of independent directors), and the moderating role of firm value (market‑based). Grounded in Stakeholder Theory and Legitimacy Theory, CED is framed both as a response to stakeholder demands and as a strategic effort to maintain legitimacy. The findings show that firm size and board size relate to greater disclosure, while independent directors and independent commissioners relate to lower disclosure; firm value amplifies the effects of size and governance on disclosure. The study contributes contextual evidence for Indonesia, highlights two‑tier governance nuances, and offers policy‑relevant implications for reporting and corporate governance.