Carbon Emission Disclosure and Firm Value: Do Corporate Characteristics Matter? Evidence from Listed Companies in Kenya
Samwel Ndaita Bangara ORCID ↗ · Yabesh Ombwori Kongo
International Journal of Research in Business and Social Science · 2026 · Vol. 15 / Issue 6 · 72-85
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Abstract
The fluctuation of firm value of companies listed in Nairobi Securities Exchange (NSE) has been a consequence of a number of determinants. Carbon emission disclosure has been a subject of concern by many stakeholders since the advent of global warming aspect worldwide. On this basis this study investigated the effect of carbon emission disclosure on firm value of listed companies in the NSE and further, interrogated the moderating role of corporate characteristics (firm size, leverage and profitability) on this relationship. The inquiry focuses on listed companies in the NSE for the period 2022 to 2024. Anchored on the stakeholder, legitimacy and resource-based-view theories, the study combined explanatory longitudinal and ex-post-facto research designs. From a population of 64 listed companies by December 2024, an initial sample of 54 companies was purposively selected. The final response rate was 43 (80%) firms that entered the final analysis. The study was anchored on the stakeholder theory, legitimacy theory and resource-based view theory. Secondary data obtained from the sampled company annual integrated reports and/or sustainability report for the 3 year period was described using descriptive statistics and analyzed using hierarchical regression methods in SPSS version 27. From the study findings it is revealed that carbon emission disclosure has a statistically significant negative effect on firm value. While corporate characteristics of firm size and leverage were found not to significantly influence the relationship, profitability was found to moderate the relationship between carbon emission disclosure and firm value. The negative interaction with profitability does not however support the argument that firms can buffer profitability through carbon disclosure. There is a need for enhanced assurance and comparability in carbon disclosure by regulators. Firms should also endeavor to link carbon disclosure to credible transition plans and financially responsible decarbonization strategies.
Keywords: {'name': 'Carbon Emission Disclosure, Firm value, corporate characteristics'}
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Samwel Ndaita Bangara
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Yabesh Ombwori Kongo
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