Purpose – This study examines the effect of green commitment, measured by emission score, on firm value, and investigates the moderating roles of CEO traits and carbon market implementation in publicly listed firms in Indonesia and Malaysia. Design/methodology/approach – This study employs a panel data approach using Weighted Least Squares (WLS) and Fixed Effect Model (FEM) to address heteroskedasticity issues. The sample consists of publicly listed non-financial firms in Indonesia and Malaysia over the observation period surrounding the implementation of carbon markets. Secondary data are obtained from Refinitiv, annual reports, and sustainability reports. Findings – The results indicate that green commitment has a positive and significant effect on firm value. CEO traits are found to moderate this relationship, with CEO gender, nationality, tenure, and busyness strengthening the impact of green commitment on firm value, while CEO education level and foreign educational exposure weaken the relationship. However, carbon market implementation does not significantly moderate the relationship between green commitment and firm value, suggesting that the carbon market has not yet been fully internalized by the market. Research limitations/implications – The post-implementation observation period of the carbon market is relatively short, particularly one year in Indonesia and two years in Malaysia. In addition, the use of a dummy variable to measure carbon market implementation may not fully capture firms’ actual exposure and participation intensity. Practical implications – The findings suggest that investors should consider both environmental performance and CEO characteristics when evaluating firm value. Firms are encouraged to align green commitment with capable leadership to enhance market valuation, while policymakers should strengthen carbon market mechanisms to improve their effectiveness. Originality/value – This study contributes to the literature by integrating green commitment, CEO traits, and carbon market implementation in a unified framework and provides cross-country evidence from emerging markets, highlighting the importance of managerial characteristics in translating sustainability initiatives into firm value.