This study examines the effect of carbon emission disclosure and the Public Disclosure Program for Environmental Compliance (PROPER) on foreign ownership of manufacturing companies in Indonesia from 2018 to 2022 that publish annual reports or sustainability reports, registered with the Ministry of Environment and Forestry PROPER, and carbon emissions disclosure in the annual report and/or sustainability report. The analysis method uses the ordinary least squared (OLS) approach to study 28 PROPER manufacturing companies used as samples. The control variable used is return on equity (ROE), this is based on the idea that foreign investors are willing to invest in other countries to get a return on the equity or capital channeled to the company. The results show that carbon emissions disclosure has a significant positive effect on foreign ownership. Conversely, PROPER did not have any significant positive effect on foreign ownership. The results show interesting results that foreign investors are proven to consider environmental aspects in making decisions to invest in companies in Indonesia. On the other hand, the Indonesian government needs to ensure that its PROPER ratings can also provide benefits to foreign investors to attract their investment decisions.

The purpose of this study is to determine the effects of green accounting and Material Flow Cost Accounting (MFCA) on environmental performance as indicated by PROPER rating. This study is conducted on cement manufacturing companies in Indonesia by using a descriptive quantitative research model tested on three variables: green accounting, MFCA, and environmental performance. The green accounting aspect is taken from the extent of Global Reporting Initiative (GRI) disclosure and MFCA is focused on the effectiveness of costs. The MFCA dimensions are production costs, size of production area, and production value. Environmental performance aspect is measured by the PROPER rating issued by the Ministry of Environment and Forestry. The study is conducted in several stages. First, a literature review of previous research related to green accounting, MFCA, and environmental performance is performed. Next, the research problems are formulated. After that, the data from the companies are collected and analyzed by using SmartPLS. Finally, it is concluded that green accounting affects environmental performance, whereas MFCA has no effect on environmental performance.