Do Ownership Types Matter for Carbon Emissions Disclosure? Evidence from the Indonesian Mining Sector

This study examines the relationship between ownership structure and carbon emissions disclosure (CED) among Indonesian mining firms. Grounded in agency, stakeholder, legitimacy, and institutional perspectives, the study analyzes whether ownership concentration, institutional ownership, government ownership, and foreign ownership affect firms’ carbon disclosure. The empirical investigation draws on data from 26 mining firms listed on the Indonesian Stock Exchange over the 2021–2023 period, resulting in a total of 76 firm-year observations. Carbon emissions disclosure is measured through a content analysis approach based on the GRI 305 (Emissions) guidelines, while data on ownership structures are obtained from firms’ annual reports. Using multiple regression analysis, the results demonstrate that both foreign ownership and government ownership have a positive and statistically significant effect on the extent of carbon emissions disclosure. In contrast, ownership concentration and institutional ownership do not exhibit a significant relationship with disclosure practices. These findings suggest that ownership types associated with higher external legitimacy pressures, greater international orientation, and stronger political accountability are more likely to encourage firms to improve environmental transparency. Overall, this study contributes to the literature by highlighting the importance of ownership heterogeneity and the institutional setting in shaping carbon emissions disclosure within emerging economies that are highly dependent on natural resources.