T The purpose of this study is to examine and analyze the effect of carbon emissions disclosure in mediating the relationship between foreign ownership and stock returns. Foreign ownership is measured based on the percentage of ownership of foreign shareholders, disclosure of carbon emissions is measured by the Carbon Disclosure Index (CDI), and stock returns are measured based on changes in stock prices divided by previous share prices. The method of determining the sample of this study was based on purposive sampling and there were 26 companies as samples from mining, agriculture and manufacturing sector companies listed on the Indonesia Stock Exchange during 2014-2016. The data analysis method of this study uses multiple panel data regression analysis. The results of this study indicate that foreign ownership has a positive effect on carbon emissions disclosure. While disclosure of carbon emissions does not affect stock returns and disclosure of carbon emissions cannot mediate the relationship between foreign ownership and stock returns