The influence of ownership structure on carbon emission disclosure: Does women’s leadership matter?

Abstract

Carbon emission is a critical challenge for Indonesia in reconciling economic development with environmental sustainability. Although Presidential Regulation No. 98 of 2021 sets ambitious emission reduction targets, carbon emission disclosure (CED) remains voluntary for most companies. Therefore, this study aimed to examine the influence of ownership structure, specifically foreign, institutional, managerial, and state ownership, on carbon emission disclosure, and also explore the moderating role of women in leadership positions. The analysis was based on panel data from 131 companies in the energy, basic materials, and industrial sectors over the period of 2019 to 2023, leading to a total of 655 company-year observations. The results showed that all types of ownership structure had a significant positive effect on carbon emission disclosure. However, the presence of women in leadership roles significantly weakened the relationship between foreign and managerial ownership and carbon emission disclosure, while it had no significant moderating effect on institutional and state ownership. A robustness test using Presidential Regulation No. 98 of 2021 confirms the model’s stability, as key relationships remain unaffected. This reinforced the reliability of the results and deepened the understanding of how ownership structure and gender diversity influence corporate environmental transparency in the context of voluntary carbon emission disclosure.