Reaksi Pasar Atas Pengumuman Anugerah Program Penilaian Peringkat Kinerja Perusahaan dalam Pengelolaan Lingkungan Hidup
Abstract
This study aims to examine the market's reaction to information regarding the announcement of a company performance rating assessment program award in environmental management. Market reaction is measured by abnormal return around the announcement date of the environmental management program. This research is conducted at the Indonesia Stock Exchange. The population in this study are all publicly listed companies receiving PROPER awards listed on the IDX in 2018 for a total of 51 companies. Samples that met the purposive sampling criteria are 50 companies. The analysis technique used is one sample t-test and independent samples t-test. The results of this study indicate that there is a market reaction around the PROPER rating announcement date, and there is no different market reaction between companies with good ratings and companies with bad ratings.
Keywords: Event Study; Abnormal Return; PROPER.
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Anggraini, D. (2018). The Indonesia Sustainability Reporting Awards ( ISRA ) Announcement Influence On Abnormal Return and Stock Trade Volume ( Empirical Study on ISRA Award-Winning Companies in 2009-2016 Period ). Archives of Business Research, 6(8), 64–72.
Basri, H., Februari, C. P., & Majid, M. S. A. (2019). Does Indonesia Sustainability Reporting Award (ISRA) Cause Abnormal Return and Stock Trading Volume: A Comparative Analysis. Academic Journal of Economic Studies, 5(1), 74–79.
Capelle-blancard, G., & Petit, A. (2019). Every Little Helps? ESG News and Stock Market Reaction. Journal of Business Ethics, 157(2), 543–565. https://doi.org/10.1007/s10551-017-3667-3
Darmawan, A. (2018). Analisis Abnormal Return Sebelum Dan Sesudah Pengumuman ( Studi Pada Perusahaan Yang Tergabung Dalam Indeks LQ-45 Periode Februari 2017- Juli 2017 ). Jurnal Administrasi Bisnis (JAB), 59(1), 23–32.
Deswanto, R. B., & Siregar, S. V. (2018). The associations between environmental disclosures with financial performance, environmental performance, and firm value. Social Responsibility Journal, 1(1), 1–12.
Effendi, M. B. (2018). Financial Performance Analysis Of Companies In Indonesia With Second Order Sem - Pls Method. International Journal Of Research Science & Management, 30(18), 2424–2430. https://doi.org/10.5281/zenodo.1405441
Ender, M., & Brinckmann, F. (2019). Impact of CSR-Relevant news on stock prices of companies listed in the austrian traded index (atx). International Journal of Financial Studies, 7(3), 1–20. https://doi.org/10.3390/ijfs7030036
Fala, D. Y. A. S. (2018). Analisis Perbandingan Reaksi Investor Sebelum Dan Sesudah Pengumuman Indonesia Sustainability Reporting Awards (ISRA). Jurnal Akuntansi, 1(1), 1–10.
Grewal, J., Riedl, E. J., & Serafeim, G. (2015). Market Reaction to Mandatory Nonfinancial Disclosure. Management Science, 65(7), 3061–3084. https://doi.org/10.1287/mnsc.2018.3099
Gunawan, J. (2018). Tanggung Jawab Sosial, Lingkungan Dan Reputasi Perusahaan: Pengungkapan Pada Situs Bank. Media Riset Akuntansi, Auditing & Informasi, 18(1), 49. https://doi.org/10.25105/mraai.v18i1.2858
Haholongan, R. (2016). Kinerja Lingkungan dan Kinerja Ekonomi Perusahaan Manufaktur Go Public (Vol. 19).
Hartono, J. (2017). Teori Portofolio dan Analisis Investasi Edisi Kesebelas (Kesebelas). BPFE-Yogyakarta.
Hasdwi Putra, I. M. D., & Dwija Putri, I. G. A. M. A. (2018). Analisis Reaksi Pasar Sebelum dan Sesudah
Pengumuman Kemenangan Donald Trump Menjadi Presiden Amerika Serikat. E-Jurnal Akuntansi, 23(1), 406. https://doi.org/10.24843/eja.2018.v23.i01.p16
Karokaro, A. S. (2018). Buang Limbah Cair ke Sungai Deli, Perusahaan Ini Disegel KLHK : Mongabay.co.id.
Kudryavtsev, A. (2019). Holiday effect on large stock price changes. Annals of Economics and Finance, 20(2), 633–660.
Kusumo, V. W., & Nugrahanti, Y. W. (2017). Kusumo dan Nugrahanti: Reaksi Pasar di Seputar Pengumuman Proper:... Jurnal Ekonomi, XXII(03), 421–439.
Mahmood, Z., Iqbal, J., Ali, W., & Aamir, M. (2019). Impact of Corporate Social Responsibility Awards on Share Prices. Journal of Accounting and Finance in Emerging Economies, 5(1). https://doi.org/10.26710/jafee.v5i1.682
Manrique, S., & Martí-Ballester, C. P. (2017). Analyzing the effect of corporate environmental performance on corporate financial performance in developed and developing countries. Sustainability (Switzerland), 9(11), 1–10. https://doi.org/10.3390/su9111957
Murguia, J. M., & Lence, S. H. (2015). Investors’ Reaction to Environmental Performance: A Global Perspective of the Newsweek ’s “Green Rankings.” Environmental and Resource Economics, 60(4), 583–605. https://doi.org/10.1007/s10640-014-9781-0
Pertana, P. R. (2019). Pencemaran Limbah, Pengolahan Kulit sampai Pemotongan Ayam di Bantul Disanksi.
Pham, H. N. A., Ramiah, V., & Moosa, I. (2019). The effects of environmental regulation on the stock market: the French experience. Accounting and Finance, 1(1), 1–10. https://doi.org/10.1111/acfi.12469
Prawirasasra, K. P. (2015). Analysis of Relationship of Environmental Performance and Firm Value. First International Conference on Economics and Banking (ICEB-15) Analysis, 1(31), 207–211. https://doi.org/10.2991/iceb-15.2015.31
Purnawasari, H. (2017). Analisis Perbedaan Reaksi Pasar Sebelum Dan Sesudah Pengumuman Indonesia Sustainability Reporting Award (Isra) (Studi Kasus Pada Perusahaan Penerima Penghargaan Isra Periode 2012-2016). Universitas PGRI Yogyakarta, 1(1), 1–10.
Rasyid, U. A. (2015). Pengaruh Sustainability Reporting Award Terhadap Abnormal Return Dan Trading Volume Activity (Studi Kasus Pada Perusahaan Pemenang Sustainability Reporting Award Tahun 2012-2014 yang Listing di Bursa Efek Indonesia). Jurnal Ilmiah Mahasiswa FEB Universitas Brawijaya, 3(2), 1–24.
Safitri, P. A., Purba, W. S., & Zulkifli, M. (2018). Statistik Lingkungan Hidup Indonesia 2018. Www.Bps.Go.Id, 224.
Suardi, I. G. N. B. P. D., Yuniarta, G. A., & Sinarwati, N. K. (2015). Pengaruh Pengumuman Indonesia Sustainability Reporting Award (ISRA) Terhadap Abnormal Return Dan Volume Perdagangan Saham (Studi Empiris Pada Perusahaan Pemenang Indonesia Sustainability Reporting Award Tahun 2009-2013). E-Journal S1 Ak Uiversitas Pendidikan Ganesha, 3(1), 1–19.
Swissia, P., & Darmawan, F. E. P. (2019). Analisis Perbedaan Abnormal Return, Volume dan Harga Perdagangan Saham Sebelum dan Sesudah Pengumuman Indonesia Sustainability Reporting Award (ISRA). Akuntansi Dan Keuangan, 10(1), 34–55.
Trinadewi, K. W. (2019). Analisis Reaksi Pasar Atas Pengumuman Peringkat Kinerja Perusahaan Dalam Pengelolaan Lingkungan Hidup. E-Jurnal Akuntansi, 29(3), 1152–1165.
Undang-Undang Republik Indonesia. , Pub. L. No. 40 (2007).
Velarosdela, R. N. (2019, March). Jakarta Peringkat Satu Kota dengan Polusi Udara Terburuk di Asia Tenggara. Kompas.Com.
Wahyu, R. (2019). Pengaruh Pengungkapan Akuntansi Lingkugan Terhadap Stock Return. E-Jra, 08(01), 1–13.
Yilmaz, M. K., Aksoy, M., & Tatoglu, E. (2020). Does the stock market value inclusion in a sustainability index? Evidence from Borsa Istanbul. Sustainability (Switzerland), 12(2), 1–20. https://doi.org/10.3390/su12020483
Published
2021-09-25
How to Cite
WIRAJAYA, I Gde Ary; PANGESTU, Teresia Arta.
Reaksi Pasar Atas Pengumuman Anugerah Program Penilaian Peringkat Kinerja Perusahaan dalam Pengelolaan Lingkungan Hidup.
E-Jurnal Akuntansi, [S.l.], v. 31, n. 9, p. 2240-2253, sep. 2021.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/59296>. Date accessed: 02 nov. 2024.
doi: https://doi.org/10.24843/EJA.2021.v31.i09.p07.
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