Corporate Carbon Emission Performance and Firm Value: Does Company Size Matter?

Abstract

As climate change intensifies global pressure on corporate sustainability, this study investigates how the impact of carbon emission performance on firm value and the potential moderating role of company size. This study using a quantitive explanatory research design with analyzed secondary panel data from 63 company sector in transportation and logistics listed on Southeast Asian stock exchanges between 2023 to 2025. Data was processed using Moderating Regression Analysis (MRA) under Random Effect Model with firm value proxied by Tobin’s Q and carbon emission performance by normalized carbon intensity divided revenue. The result explain that carbon emission performance has no statistically significant direct effect on firm value. Moreover, company size neither directly influences firm value nor acts as a moderating mechanism in the relationship between carbon emission performance and market valuation. These finding indicate that carbon emission performance has not yet become a value relevant determinant for the transportations and logistic sector in Southeast Asian capital markets. This highlight a critical need for policymaker to implement mandatory disclosure regimes and investor education to ensure that environmental stewardship is systematically priced within the regional economic ecosystem.

Keywords: Carbon Emission Performance, Firm Value, Company Size, Transportation And Logistics, Moderating Regression Analysis (MRA).

DOI: 10.7176/JESD/17-6-03

Publication date: September 30^th 2026