Measuring Environmental Sub-Pillar Disclosure Consistency in Indonesian Listed Firms: A Panel Analysis Using the Disclosure Consistency Index (DCI)

Authors

  • Arie Dipareza Syafei

    Department of Environmental Engineering, Institut Teknologi Sepuluh Nopember, Surabaya 60111, Indonesia
  • Joni Hermana

    Department of Environmental Engineering, Institut Teknologi Sepuluh Nopember, Surabaya 60111, Indonesia
  • Abdu Fadli Assomadi

    Department of Environmental Engineering, Institut Teknologi Sepuluh Nopember, Surabaya 60111, Indonesia
  • Aulia Syarafina Ramadhani

    Department of Environmental Engineering, Institut Teknologi Sepuluh Nopember, Surabaya 60111, Indonesia
  • Arry Febrianto

    Department of Environmental Engineering, Institut Teknologi Sepuluh Nopember, Surabaya 60111, Indonesia

DOI:

https://doi.org/10.30564/re.v8i5.13717
Received: 29 June 2026 | Revised: 3 August 2026 | Accepted: 10 August 2026 | Published Online: 11 September 2026

Abstract

Although environmental sustainability reports by companies listed on the Indonesia Stock Exchange (IDX) have increased since Financial Services Authority (Otoritas Jasa Keuangan (OJK)) Regulation No. 51/2017, the internal balance of disclosure content across Global Reporting Initiative (GRI) environmental sub-pillars remains understudied. This study measures multidimensional consistency in disclosures across five GRI environmental pillars: energy (GRI 302), water (GRI 303), biodiversity (GRI 304), carbon emissions (GRI 305), and waste (GRI 306). It introduces the Disclosure Consistency Index (DCI), based on the inverse coefficient of variation, to measure and validate multidimensional disclosure balance. Using a longitudinal dataset of 83 IDX-listed companies and 314 firm-year observations (2020–2023), the study applies trend analysis, Pearson correlation, Kruskal–Wallis tests by sector, and K-means clustering to identify disclosure patterns. Results show an average DCI of 0.3704 (median = 0.3552), indicating moderate-to-low consistency and a trend toward selective disclosure; DCI approaches 1 for balanced disclosers and approaches 0 for extreme selective disclosers. Biodiversity (GRI 304) recorded the lowest score and slowest growth, while Carbon (GRI 305) and Waste (GRI 306) performed relatively better. Bivariate K-means clustering (k = 3) identified three disclosure types: low consistency (Infrastructure & Transport), moderate consistency (Consumer Goods/Agriculture, Property & Real Estate), and high consistency (Energy & Mining, Basic Materials), with statistically significant sectoral gaps across 8 industry classifications. These findings suggest that POJK 51's expanded regulatory scope increased disclosure volume without improving multidimensional consistency, supporting the hypothesis of legitimacy-based selective disclosure. The DCI offers a practical screening tool for regulators, environmental, social, and governance (ESG) investors, and sustainability researchers in emerging markets.

Keywords:

Environmental Disclosure; Disclosure Consistency Index; GRI Standard; ESG Reporting; Selective Disclosure; Indonesian Registered Companies; K-Means Grouping; Legitimacy Theory

References

[1] Akashi, O., Hanaoka, T., Matsuoka, Y., et al., 2011. A projection for global CO₂ emissions from the industrial sector through 2030 based on activity level and technology changes. Energy. 36(4), 1855–1867. DOI: https://doi.org/10.1016/j.energy.2010.08.016

[2] Foundation for Climate Restoration, 2023. The latest IPCC report confirms CDR will be necessary to achieve our climate goals. Available from: https://foundationforclimaterestoration.org/ipcc-sixth-assessment-synthesis-report/ (cited 20 June 2026).

[3] BPS-Statistics Indonesia, 2024. Environment Statistics of Indonesia 2024. BPS-Statistics Indonesia: Jakarta, Indonesia.

[4] Jimmy, U., Munandar, A., 2026. Impact of POJK 51/2017 Regulation on the quality of GRI disclosure among construction sector issuers. Journal of Business and Economics Research. 7(1), 86–98. Available from: https://ejurnal.seminar-id.com/index.php/jbe/article/view/9259 (in Indonesian)

[5] Wahyuningrum, I.F.S., Agustina, L., Jati, K.W., et al., 2024. A slight look environmental disclosure score trends during Covid-19 outbreak: What's driver the environmental disclosure in Indonesian mining and manufacturing companies. International Journal of Energy Economics and Policy. 14(2), 160–171. DOI: https://doi.org/10.32479/ijeep.15387

[6] Gutama, M.R., Sisdianto, E., 2024. Implementation of GRI in Indonesia: Challenges and benefits for companies. Jurnal Ilmiah Ekonomi dan Manajemen. 2(12), 324–338. Available from: https://ejurnal.kampusakademik.co.id/index.php/jiem/article/view/3167 (in Indonesian)

[7] Marquis, C., Toffel, M.W., Zhou, Y., 2016. Scrutiny, norms, and selective disclosure: A global study of greenwashing. Organization Science. 27(2), 483–504. DOI: https://doi.org/10.1287/orsc.2015.1039

[8] Saraswati, E., Ghofar, A., Atmini, S., et al., 2024. Clustering of companies based on sustainability performance using ESG materiality approach: Evidence from Indonesia. International Journal of Energy Economics and Policy. 14(2), 112–125. DOI: https://doi.org/10.32479/ijeep.15393

[9] O'Donovan, G., 2000. Legitimacy theory as an explanation for corporate environmental disclosures [PhD Thesis]. Victoria University of Technology: Melbourne, Australia.

[10] Kuswanto, R., 2019. Implementation of GRI standards in sustainability reports in Indonesia: An evaluation. Jurnal Bina Akuntansi. 6(2), 1–21. Available from: https://jurnal.wym.ac.id/JBA/article/view/59 (in Indonesian)

[11] Organisation for Economic Co-operation and Development (OECD), European Union, Joint Research Centre–European Commission (EC-JRC), 2008. Handbook on Constructing Composite Indicators: Methodology and User Guide. OECD Publishing: Paris, France. DOI: https://doi.org/10.1787/9789264043466-en

[12] Reed, G.F., Lynn, F., Meade, B.D., 2002. Use of coefficient of variation in assessing variability of quantitative assays. Clinical and Diagnostic Laboratory Immunology. 9(6), 1235–1239. DOI: https://doi.org/10.1128/CDLI.9.6.1235-1239.2002

[13] Solikhah, B., Maulina, U., 2021. Factors influencing environment disclosure quality and the moderating role of corporate governance. Cogent Business & Management. 8(1), 1876543. DOI: https://doi.org/10.1080/23311975.2021.1876543

[14] Lee, J., Kim, S., 2026. The impact of abnormal ESG on firm value—Focusing on voluntary disclosure on carbon emissions. Journal of East European Management Studies. 31(1), 40067. DOI: https://doi.org/10.31083/JEEMS40067

[15] Norisnita, M., Groda, S.P., Dwiridotjahjono, J., et al., 2025. The ESG disclosure in mitigating information asymmetry risk: The role of corporate governance. Ekonomi, Keuangan, Investasi dan Syariah. 7(1), 319–328. Available from: https://ejurnal.seminar-id.com/index.php/ekuitas/article/view/8031

[16] Satria, M.R., 2026. Determinants of carbon emission disclosure among Indonesian SOEs: Empirical evidence from firm size and leverage dynamics (2021–2024). Owner. 10(1), 429–449. DOI: https://doi.org/10.33395/owner.v10i1.2941

[17] Khamisu, M.S., Paluri, R.A., Sonwaney, V., 2024. Environmental, social, and governance (ESG) disclosure motives for environmentally sensitive industry: An emerging economy perspective. Cogent Business & Management. 11(1), 2322027. DOI: https://doi.org/10.1080/23311975.2024.2322027

[18] Sneideriene, A., Legenzova, R., 2025. Greenwashing prevention in environmental, social, and governance (ESG) disclosures: A bibliometric analysis. Research in International Business and Finance. 74, 102720. DOI: https://doi.org/10.1016/j.ribaf.2024.102720

[19] Bellù, L.G., Liberati, P., 2006. Inequality Analysis: The Gini Index. Food and Agriculture Organization of the United Nations (FAO): Rome, Italy. Available from: https://openknowledge.fao.org/server/api/core/bitstreams/a5e207ae-bff6-4a26-84b6-6108e318e706/content

[20] Tibshirani, R., Walther, G., Hastie, T., 2001. Estimating the number of clusters in a data set via the gap statistic. Journal of the Royal Statistical Society: Series B (Statistical Methodology). 63(2), 411–423. DOI: https://doi.org/10.1111/1467-9868.00293

[21] Wicaksono, A.P., 2024. Stakeholder pressure and environmental disclosure in Southeast Asia's mining companies. Jurnal Dinamika Akuntansi dan Bisnis. 11(2), 229–246. DOI: https://doi.org/10.24815/jdab.v11i2.32759

[22] Fadilah, H., Djajang, S., 2017. Environmental accounting disclosure in ASEAN countries. The Indonesian Accounting Review. 7(1), 107–118. DOI: https://doi.org/10.14414/tiar.v7i1.1095

[23] Sundarasen, S., Kumar, R., Tanaraj, K., et al., 2024. From board diversity to disclosure: A comprehensive review on board dynamics and ESG reporting. Research in Globalization. 9, 100259. DOI: https://doi.org/10.1016/j.resglo.2024.100259

[24] Xue, J., Zhang, R., Wang, Y., et al., 2026. Protective role of ESG disclosure in firm valuation during global crisis: Evidence from institutional investor ownership. Business Ethics, the Environment & Responsibility. In press. DOI: https://doi.org/10.1111/beer.70078

[25] Negara, N.G.P., Ishak, G., Priambodo, R.E.A., 2024. Impact of ESG disclosure score on firm value: Empirical evidence from ESG listed company in Indonesia Stock Exchange. European Journal of Business and Management Research. 9(2), 114–118. DOI: https://doi.org/10.24018/ejbmr.2024.9.2.2064

[26] Oehler, A., Neuss, C., 2025. ESG disclosure vs. ESG ratings: Consistent information value? International Review of Financial Analysis. 107, 104623. DOI: https://doi.org/10.1016/j.irfa.2025.104623

[27] Sariyer, G., Kumar Mangla, S., Chowdhury, S., et al., 2024. Predictive and prescriptive analytics for ESG performance evaluation: A case of Fortune 500 companies. Journal of Business Research. 181, 114742. DOI: https://doi.org/10.1016/j.jbusres.2024.114742

Downloads

How to Cite

Syafei, A. D., Hermana, J., Assomadi, A. F., Ramadhani, A. S., & Febrianto, A. (2026). Measuring Environmental Sub-Pillar Disclosure Consistency in Indonesian Listed Firms: A Panel Analysis Using the Disclosure Consistency Index (DCI). Research in Ecology, 8(5), 52–70. https://doi.org/10.30564/re.v8i5.13717

Issue

Vol.8, Iss.5 (October 2026): In Progress

Article Type

Article

License

Copyright © 2026 Arie Dipareza Syafei, Joni Hermana, Abdu Fadli Assomadi, Aulia Syarafina Ramadhani, Arry Febrianto

Creative Commons License

This is an open access article under the Creative Commons Attribution-NonCommercial 4.0 International (CC BY-NC 4.0) License.

Crossref
Scopus
Google Scholar
Europe PMC