Pengaruh Sustainability Report terhadap Kinerja Pasar dan Kinerja Fundamental Perusahaan

Juliandra, Luthpiyah (2020) Pengaruh Sustainability Report terhadap Kinerja Pasar dan Kinerja Fundamental Perusahaan. Masters thesis, IPB University.

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Abstract

The practice of disclosure of sustainability reports in Indonesia is still voluntary for business people, almost 9% of all companies listed on the IDX have made Sustainability Report disclosures. The practice of disclosure of sustainability reports is indicated by market perceptions and information asymmetry towards green-faced companies as explained by signaling theory and stakeholder theory. This study aims to (i) Identify the application of the concept of environmentally friendly companies to companies that have gone public; (ii) Analyzing the impact of publishing the sutainability report; (iii) Evaluate the differences in the characteristics of BUMN and BUMS companies that publish sustainability reports in Indonesia.The research used, secondary data on economic, social, environmental disclosure, return on equity, current ratio, debt to equity ratio, total asset turnover, market capital, price to book value of the company in the SRI-Kehati and LQ45 index groups 2013-2018 . Data was evaluated from the Annual Report and Sustainability Report of 48 companies in the SRI-Kehati and LQ45 index groups for the 2013-2018 period. The method used in this research is descriptive analysis, factor analysis and path analysis. The practice of disclosing sustainability reports in Indonesia is still voluntary for business actors. Nearly 9% of all companies listed on the Indonesia Stock Exchange (IDX) have disclosed sustainability reports. The practice of sustainability report disclosure indicates the existence of market perceptions and information asymmetry of companies that are considered green. This study aims to (i) identify the application of the concept of environmentally friendly companies to companies that have gone public; (ii) analyzing the impact of publishing the reliability report; (iii) evaluating the differences in the characteristics of stateowned companies (BUMN) and private-owned companies (BUMS) that publish sustainability reports in Indonesia. In this study, the secondary data used were economic, social, environmental disclosure, return on equity, current ratio, debt to equity ratio, total asset turnover, market capital, price to book value of companies in the Sustainable and Responsible Investment (SRI) stock index group. SRI-Kehati and the LQ45 stock index for the period 2013-2018. The SRI-Kehati index is an index that is an indicator of stock price movements on the Indonesia Stock Exchange. The principles used in this index are sustainability, finance, governance, and concern for the environment as benchmarks. Meanwhile, the LQ45 index is a stock market index on the Indonesia Stock Exchange which consists of 45 companies. These companies have met certain criteria, which include being included in the top 60 companies with the highest market capitalization in the last 12 months. Data evaluated from the annual report and sustainability report of 48 companies in the SRI-Kehati index group and LQ45 for the 2013-2018 period. The method used in this research is descriptive analysis, factor analysis, and path analysis. The results show that not all of the implementation of the concept of environmentally sound company in publicly traded companies has been applied. Currently, only 9% of go public companies have implemented the concept of environmentally friendly companies. This is evidenced by the issuance of the sustainability report disclosure. Of the 9% companies that apply environmental concepts, 52% of them are state-owned companies, while the rest are state-owned companies. The lowest percentage is found in the consumer goods industry sector, which is 3.57% or two companies that disclose sustainability reports. Miscellaneous industry sector of 5.36% or 3 companies. The highest percentage is found in the financial sector, which is 25% or as many as 14 companies that disclose sustainability reports.From this research it is known that only the ratio of profitability and activity has a significant effect on market performance. Meanwhile, in terms of liquidity and solvency, it does not affect market performance. Thus, it can be seen that the market will respond positively if the company is able to manage and determine the right policies to increase the value of the company's profitability ratio and activities. Ownership actors that have a significant negative effect on the company's fundamental performance. This shows that if the company is a BUMN, the fundamental performance value is smaller than the BUMS ownership actor. In the research results of BUMS companies (whether controlled by sector or not) there are still many that do not publish sustainability reports because without even publishing sustainability reports, the market performance value and fundamental performance of BUMS companies are already good. Therefore, it is not difficult for management to attract investors to invest in their companies. Meanwhile, for BUMN, the issuance of sustainability reports can provide added value because they realize that the fundamental value is smaller than BUMS, making investors hesitant to invest. Therefore, the management got around by disclosing sustainability reports to increase company value. Sustainability reports have a role as a medium to minimize the risk of diminishing public trust due to the issue of market sentiment being rolled out. Therefore, this report contains the transparency of the company and its contribution to society and the environment. In addition, this report is also used to maintain transparency and accountability in managing negative impacts caused by industrial / organizational activities. With thatThe ongoing report has a role as a media to minimize the risk of a decrease in public confidence due to the issue of market sentiment being rolled out. Because in this report contains the transparency of the company to its contribution to social and environmental stature. As well as to maintain transparency and accountability in managing the negative impacts caused by these industrial / organizational activities, so that their management and preventive actions can be monitored from year to year.

Item Type: Thesis (Masters)
Uncontrolled Keywords: BUMN, BUMS, pengungkapan lingkungan, pengungkapan sosial BUMN, BUMS, environmental disclosure, social disclosure
Subjects: Manajemen Keuangan
Depositing User: SB-IPB Library
Date Deposited: 19 Apr 2022 02:43
Last Modified: 19 Apr 2022 02:43
URI: http://repository.sb.ipb.ac.id/id/eprint/3841

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