Reaksi Investor atas Laporan Keberlanjutan: Keberagaman Gender Direksi dan Independensi Direksi sebagai Variabel Moderasi
Abstract
The Triple Bottom Line approach makes the company start to consider its non-financial reports as an added value for its stakeholders. moderating gender diversity and independent directors. The study used judgment sampling in sampling. The number of samples is 132 data from industrial sector companies and mineral resources in the 2018 - 2020 SGX. The data analysis technique in this study uses multiple linear regression. Investor reactions are measured based on cumulative abnormal returns with an event span of seven days. Sustainability reports are measured by reference to the standard GRI index. The results show that the quality of sustainability reports has no significant effect on investor reactions, the gender diversity of directors is not significant in strengthening the relationship between sustainability reports and investor reactions, and the independence of directors plays a significant role in strengthening the relationship between the quality of sustainability reports and investor reactions.
Keywords : Investors’ Reaction; Sutainability Report; Board Gender Diversity; Board Independence.
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References
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Aureli, S., Gigli, S., Medei, R., & Supino, E. (2020). The value relevance of environmental, social, and governance disclosure: Evidence from Dow Jones Sustainability World Index listed companies. Corporate Social Responsibility and Environmental Management, 27(1), 43–52. https://doi.org/10.1002/csr.1772
Benninga, S., & Voetmann, T. (2014). Financial Modelling. In THe MIT Press (forth Edit). Massachusetts Institute of Technology.
Berk, J., DeMarzo, P., & Harford, J. (2015). Fundamentals of Corporate Finance. In Fundamentals of Corporate Finance (Third Edit). Pearson Education.
Bernow, S., Godsall, J., Klempner, B., & Merten., C. (2019). More than values: The value-based sustainability reporting that investors want. McKinsey & Company.
Bodie, Z., Kane, A., & Marcus, A. J. (2018). Investments (Eleventh E). Mc Graw Hill Education.
Bowerman, S., & Sharma, U. (2016). The effect of corporate social responsibility disclosures on share prices in japan and the uk.
Brockett, A., & Rezaee, Z. (2012). Corporate Sustainability Integrating Performance and Reporting. John Wiley & Sons, Inc.
Bynner, J. (2015). Longitudinal Cohort Designs: Cross Sectional Data. Encyclopedia of Social Measurement.
Ching, H. Y., & Gerab, F. (2017). Sustainability reports in Brazil through the lens of signaling, legitimacy and stakeholder theories. Social Responsibility Journal, 13(1), 95–110. https://doi.org/10.1108/SRJ-10-2015-0147
Deegan, C. (2002). Introduction: The legitimising effect of social and environmental disclosures – a theoretical foundation. Accounting, Auditing & Accountability Journal, 15(3), 282–311.
Epstein, M. J., & Buhovac, A. R. (2014). Making Sustainability Work: Best Practices in Managing and Measuring Corporate Social, Environmental, and Economic Impacts (Second Edi). Berrett-Koehler.
Event Study. (2020). Event Study Tools.
Ghozali, I. (2018). Aplikasi Analisis Multivariete dengan Program IBM SPSS 25 (9th ed.). Universitas Diponegoro.
Gray, R., Kouhy, R., Lavers, S., Gray, R., Kouhy, R., & Lavers, S. (1995). A review of the literature and a longitudinal study of UK disclosure. Accounting, Auditing & Accountability Journal, 8(2), 47–125.
GSSB. (2016). Standar Pelaporan Keberlanjutan GRI 2016 : 101 Landasan. In GRI Standards.
Hasanah, H., & Rudyanto, A. (2020). Determinan Pengungkapan Corporate Social Responsibility Perusahaan di Bursa Efek Indonesia. Equity.
Jizi, M. (2017). The Influence of Board Composition on Sustainable Development Disclosure. Business Strategy and the Environment, 26(5), 640–655.
Kaplan. (2019). Agency theory Key concepts of agency theory. Kaplan Financial Knowledge Bank.
Karim, S., Manab, N. A., & Ismail, R. B. (2020). The dynamic impact of board composition on CSR practices and their mutual effect on organizational returns.
Klerk, M. De, Villiers, C. de, & Staden, C. van. (2015). The influence of corporate social responsibility disclosure on share prices Evidence from the United Kingdom. Pacific Accounting Review, 27(2), 208–228.
Mulyono. (2019). Analisis Uji Asumsi Klasik.
Nazir, M. (2013). Metodologi Penelitian. In Studi kepustakaan. Ghalia Indonesia.
Ng, A. C., & Rezaee, Z. (2020). Business sustainability factors and stock price informativeness. Journal of Corporate Finance, 64, 101688.
Noronha, C., Guan, J., & Fan, J. (2018). Firm value and social contribution with the interaction of corporate governance: Social contribution value per share. Sustainability Accounting, Management and Policy Journal, 9(2), 165–200.
Novita, M., & Saputra, B. W. (2020). Pengungkapan Laporan Keberlanjutan, Perbedaan Gender dan Nilai Perusahaan.
Nyatichi, V. (2017). Moderating Influence of Board Diversity and Directors Compensation on Corporate Governance Structure and Financial Performance of the companies listed on the Nairobi Stock Exchange. International Journal of Accounting Research, 05(01), 1–13. https://doi.org/10.4172/2472-114x.1000136
OJK. (2019). Penyebab Naik Turun Harga Saham Suatu Perusahaan. Otoritas Jasa Keuangan.
Parmar, B. L., Freeman, R. E., Harrison, J. S., Wicks, A. C., Purnell, L., & de Colle, S. (2010). Stakeholder theory: The state of the art. Academy of Management Annals.
Patten, D. M. (1992). Intra-industry environmental disclosures in response to the Alaskan oil spill: A note on legitimacy theory. Accounting, Organizations and Society, 17(5), 471–475. https://doi.org/10.1016/0361-3682(92)90042-Q
Rezaee, Z. (2009). Corporate Governance and Ethics. John Wiley & Sons, Inc.
Rezaee, Z., Tsui, J., Cheng, P., & Zhou, G. (2019). Business sustainability in Asia: Compliance, performance, and integrated reporting and assurance. In Business Sustainability in Asia: Compliance, Performance, and Integrated Reporting and Assurance. https://doi.org/10.1002/9781119502302
Sekaran, U., & Bougie, R. (2016). Research Methods for Business (Seventh Ed). John Wiley & Sons Ltd. https://doi.org/10.1007/978-94-007-0753-5_102084
Setiawan, A. (2015). Pengaruh Intelectual Capital terhadap ROA Perusahaan. 43–56.
SGX. (2016). Practice Note 7 . 6 Sustainability Reporting Guide. In Singapore Exchange Rulebooks.
SGX. (2017). An Investor’s Guide to The Minerals Industry. SGX The Asian Gateway.
SpencerStuart. (2017). Board Composition and Performance: What Shareholders Want to Know.
Tan, A., Benni, D., & Liani, W. (2016). Determinant of Corporate Social Responsibility Disclosure. Journal of Auditing, Finance, and Forensic Accounting, 6(S4), 11–17. https://doi.org/10.21107/jaffa.v7i1.6184
Tate, W. L., Ellram, L. M., & Kirchoff, J. F. (2010). Corporate social responsibility reports: A thematic analysis related to supply chain management.
Thorne, L., Mahoney, L. S., & Manetti, G. (2014). Motivations for issuing standalone CSR reports: A survey of Canadian firms.
Published
2021-12-09
How to Cite
WISMAN, Redilla; TRIWACANANINGRUM, Wijaya.
Reaksi Investor atas Laporan Keberlanjutan: Keberagaman Gender Direksi dan Independensi Direksi sebagai Variabel Moderasi.
E-Jurnal Akuntansi, [S.l.], v. 31, n. 12, p. 2949-2963, dec. 2021.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/77587>. Date accessed: 14 nov. 2024.
doi: https://doi.org/10.24843/EJA.2021.v31.i12.p01.
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