Sustainability Reporting dan Return Saham pada Perusahaan Terindeks IDXQ30
Abstract
The issuance of POJK NO.51/POJK.03/2017 resulted in companies having an obligation to prepare sustainability reporting. This research aims to determine the effect of sustainability reporting on stock returns of companies indexed by IDXQ30 in 2020-2021. The analytical method used is multiple linear regression analysis with a sample size of 46. In this research, the company's sustainability reporting is measured by the sustainability reporting disclosure index which refers to the GRI Standards. This research includes control variables for profitability, solvency and company size which aim to increase the statistical power of this research. The results of this research show that sustainability reporting has no effect on stock returns. Sustainability reporting is not yet information that has economic value for investors, so the information in sustainability reporting has not been used as a consideration in investing.
Keywords: Sustainability reporting, GRI Standards, stock returns, IDXQ30
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References
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Esra, M. A. (2018). Pengaruh Return On Equity (Roe), Debt To Equity Ratio (Der) Dan Current Ratio (Cr) Terhadap Return Saham Pada Perusahaan Perbankan Yang Terdaftar Di Bursa Efek Indonesia Periode 2011-2015. Jurnal Manajemen, 6(2). Retrieved from https://jurnal.kwikkiangie.ac.id/index.php/JM/article/view/337
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Fonseca, A., McAllister, M. L., & Fitzpatrick, P. (2014). Sustainability reporting among mining corporations: A constructive critique of the GRI approach. Journal of Cleaner Production, 84(1), 70–83. https://doi.org/10.1016/j.jclepro.2012.11.050
Hantono, H. (2018). the Effect of Current Ratio, Debt To Equity Ratio, Toward Return on Assets (Case Study on Consumer Goods Company). Accountability, 7(02), 64. https://doi.org/10.32400/ja.24804.7.02.2018.64-73
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Loh, Lawrance, et al. (2018). Sustainability Reporting in Asean Countries. Nus Business School
Mangantar, A. A. ., Mangantar, M., & Baramuli, D. N. (2020). Pengaruh Return on Asset, Return on Equity Dan Debt To Equity Ratio Terhadap Return Saham Pada Subsektor Food and Beverage Di Bursa Efek Indonesia. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 8(1), 272–281.
Mayuni, I. A. I., & Suarjaya, G. (2018). Pengaruh ROA, Firm Size, EPS, dan PER Terhadap Return Saham Pada Sektor Manufaktur di BEI. E-Jurnal Manajemen Unud, 7(8), 4063–4093. https://doi.org/10.24843/EJMUNUD.2018.v7.i08.p2
Nawawi, Alvi & Agustia, Dian & Lusnadi, Gerry & Fauzi, Hasan. (2020). DISCLOSURE OF SUSTAINABILITY REPORT MEDIATING GOOD CORPORATE GOVERNANCE MECHANISM ON STOCK PERFORMANCE. Journal of Security and Sustainability Issues. 151-170. 10.9770/jssi.2020.9.J(12).
Nusantara, I. K. B. P., & Mertha, I. M. (2019). Pengaruh Intensitas Pengungkapan dalam Sustainability Report dan Return On Asset pada Return Saham. E-Jurnal Akuntansi, 28(3), 1934. https://doi.org/10.24843/eja.2019.v28.i03.p19
Pandaya, Pandaya & Julianti, Pujihastuti & Suprapta, Imam. (2020). PENGARUH FAKTOR FUNDAMENTAL TERHADAP RETURN SAHAM. JURNAL AKUNTANSI. 9. 233-243. 10.37932/ja.v9i2.156.
Prayosho, I. S., & Hananto, H. (2013). Pengaruh Sustainability Reporting Terhadap Abnormal Return Saham Pada Badan USAha Sektor Pertambangan Yang Terdaftar Di Bei Periode 2010-2012. Calyptra, 2(2).
Reddy, K., & Gordon, L. (2010). The effect of sustainability reporting on financial performance: An empirical study using listed companies. Journal of Asia Entrepreneurship and Sustainability, 6(2), 19–42. https://hdl.handle.net/10289/7658 LK - http://www.asiaentrepreneurshipjournal.com/
Savitri, A., & Pinem, D. B. (2022). Pengaruh Kinerja Keuangan dan Nilai Pasar terhadap Harga Saham : Studi pada Perusahaan yang Secara Konsisten Terdaftar sebagai Indeks LQ45 Selama 2020- 2021 ( The Effect of Financial Performance and Market Value on Stock Prices : Studies on Companies that. Studi Akuntansi, Keuangan, Dan Manajemen (Sakman), 2(1), 59–70.
Scott WR, 2009. Financial Accounting Theory. Fourth Edition. Toronto, Ontario: Pearson Education Canada Inc
Setiyono, E., & Amanah, L. (2016). PENGARUH KINERJA KEUANGAN DAN UKURAN PERUSAHAAN TERHADAP RETURN SAHAM Lailatul Amanah Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya. Jurnal Ilmu Dan Riset Akuntansi , 5(5), 1–17.
Shafira, M., & Hermi. (2022). Pengaruh Kinerja Lingkungan, Pengungkapan Sustainability Reporting, Earnings Management, Dan Sentimen Investor Terhadap Return Saham. Jurnal Ekonomi Trisakti, 2(2), 615–630.
Spence, M. (1973) Job Market Signaling. Quarterly Journal of Economics, 87, 355- 374. https://doi.org/10.2307/1882010
Sugiyono. (2017). Metodologi Penelitian Bisnis : Pendekatan Kuantitatif, Kualitatif, Kombinasi, dan R&D. Alfabeta
Jones, S., Frost, G., Loftus, J., & Van Der Laan, S. (2007). An Empirical Examination of the Market Returns and Financial Performance of Entities Engaged in Sustainability Reporting. Australian Accounting Review, 17(41), 78–87. https://doi.org/https://doi.org/10.1111/j.1835-2561.2007.tb00456.x
Siregar, N. Y., & Safitri, T. A. (2019). Pengaruh Pengungkapan Enterprise Risk Management , Intellectual Capital, Corporate Social Responsibility, Dan Sustainability Report Terhadap Nilai Perusahaan. Jurnal Bisnis Darmajaya, 5(2), 53–79.
Suhadak, Kurniaty, Handayani, S. R., & Rahayu, S. M. (2019). Stock return and financial performance as moderation variable in influence of good corporate governance towards corporate value. Asian Journal of Accounting Research, 4(1), 18–34. https://doi.org/10.1108/AJAR-07-2018-0021
Sulia, S. (2013). Analisa Faktor-Faktor yang Mempengaruhi Harga Saham Perusahaan LQ45 di Bursa Efek Indonesia. Jurnal Wira Ekonomi Mikroskil, 3(1), 21–30.
Syahputra, D., Helmy, H., Mulyani, E., Jurusan, A., Fakultas, A., Universitas, E., Padang, N., Akuntansi, J., Ekonomi, F., & Negeri, U. (2019). 1 , 2 , 3. 1(2), 678–693.
Utami, M. R., & Darmawan, A. (2018). Pengaruh Der, Roa, Roe, Eps Dan Mva Terhadap Harga Saham Pada Indeks Saham Syariah Indonesia. Journal of Applied Managerial Accounting, 2(2), 206–218. https://doi.org/10.30871/jama.v2i2.910
Van Stekelenburg, A., Georgakopoulos, G., Sotiropoulou, V., Vasileiou, K. Z., & Vlachos, I. (2015). The Relation between Sustainability Performance and Stock Market Returns: An Empirical Analysis of the Dow Jones Sustainability Index Europe. International Journal of Economics and Finance, 7(7), 74–88. https://doi.org/10.5539/ijef.v7n7p74
Weda, N., & Sudana, I. P. (2021). Sustainability Reporting dan Return Saham di Perusahaan Terindeks LQ45. E-Jurnal Akuntansi; Vol 31 No 6 (2021)DO - 10.24843/EJA.2021.V31.I06.P01 . https://ojs.unud.ac.id/index.php/akuntansi/article/view/72507
Widayanti, R., Program, F. C., Manajemen, S., Ekonomi, F., Kristen, U., & Wacana, K. (2017). Vwtrss-Trsw. 21(1), 35. http://www.usnews.com/news/best-countries/best-invest-in
Widjanarko, H. (2011). Determinan Faktor Fundamental Terhadap Return Saham ( Studi pada Perusahaan yang Masuk ILQ 45 di Bursa. Jurnal Manajemen & Bisnis, 1(2), 214–229.
Wijaya, M. S., & Sudana, I. P. (2017). Pengaruh Sustainability Report Pada Reaksi Pasar Dengan Kinerja Keuangan Sebagai Variabel Kontrol. E-Jurnal Akuntansi Universitas Udayana, 21(1), 616–642.
Yudistira, E. R., & Adiputra, I. M. P. (2020). 25862-55262-1-Pb. 10(2), 176–184.
Zheng, G. W., Siddik, A. B., Masukujjaman, M., & Fatema, N. (2021). Factors affecting the sustainability performance of financial institutions in Bangladesh: The role of green finance. Sustainability (Switzerland), 13(18), 1–27. https://doi.org/10.3390/su131810165
Bienert, S., Ansari, N., & Cajias, M. (2017). The Value Contribution of Sustainability Reporting - an empirical Evidence for Real Estate Companies. 4(4), 190–205. https://doi.org/10.15396/eres2015_111
Esra, M. A. (2018). Pengaruh Return On Equity (Roe), Debt To Equity Ratio (Der) Dan Current Ratio (Cr) Terhadap Return Saham Pada Perusahaan Perbankan Yang Terdaftar Di Bursa Efek Indonesia Periode 2011-2015. Jurnal Manajemen, 6(2). Retrieved from https://jurnal.kwikkiangie.ac.id/index.php/JM/article/view/337
Arrow, K. J. (1996). The economics of information: An exposition. Empirica, 23(2), 119–128. https://doi.org/10.1007/BF00925335
Aryaningsih, Y. N., Fathoni, A., & Harini, C. (2018). Pengaruh Return on Asset (ROA), Return on Equity (ROE) dan Earning per Share (EPS) terhadap Return Saham pada Perusahaan Consumer Good (Food and Beverages) yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2013-2016. Journal of Management, 4(4). https://doi.org/2502-7689
Avishadewi, L., & Sulastiningsih, S. (2021). Analisis Pengaruh Return on Equity (Roe), Debt To Equity Ratio (Der), Price To Book Value (Pbv), Dan Earning Per Share (Eps) Terhadap Return Saham. Jurnal Riset Akuntansi Dan Bisnis Indonesia, 1(2), 301–321. https://doi.org/10.32477/jrabi.v1i2.372
Beaver, W., Kettler, P., & Scholes, M. (1970). The Association between Market Determined and Accounting Determined Risk Measures. The Accounting Review, 45(4), 654–682. http://www.jstor.org/stable/244204
Brigham, Eugene F., & Houston, Joel F. 2011. Dasar-dasar Manajemen Keuangan Terjemahan. Edisi 10. Jakarta: Salemba Empat.
Dewi, N. S., & Suwarno, A. E. (2022). PENGARUH ROA, ROE, EPS DAN DER TERHADAP HARGA SAHAM PERUSAHAAN (Studi Empiris pada Perusahaan LQ45 yang Terdaftar di Bursa Efek Indonesia Tahun 2016-2020). Seminar Nasional Pariwisata Dan Kewirausahaan (SNPK), 1, 472–482. https://doi.org/10.36441/snpk.vol1.2022.77
Dura, J. (2021). Pengaruh Return on Equity (Roe), Debt To Equity Ratio (Der), Dan Current Ratio (Cr) Terhadap Return Saham Perusahaan Sub Sektor Property Dan Real Estate Yang Terdaftar Di Bursa Efek Indonesia. RISTANSI: Riset Akuntansi, 1(1), 10–23. https://doi.org/10.32815/ristansi.v1i1.334
Ernst & Young. 2013. Value of sustainability reporting. USA: Boston College Carrol School of Management.
Fonseca, A., McAllister, M. L., & Fitzpatrick, P. (2014). Sustainability reporting among mining corporations: A constructive critique of the GRI approach. Journal of Cleaner Production, 84(1), 70–83. https://doi.org/10.1016/j.jclepro.2012.11.050
Hantono, H. (2018). the Effect of Current Ratio, Debt To Equity Ratio, Toward Return on Assets (Case Study on Consumer Goods Company). Accountability, 7(02), 64. https://doi.org/10.32400/ja.24804.7.02.2018.64-73
Khoirul Fitroh, A., & Ella Fauziah, F. (2022). Pengaruh Return on Asset, Firm Sizedan Price Earning RatioTerhadap Return Saham. Jurnal Rekognisi Ekonomi Islam, 1(1), 135–146. https://doi.org/10.34001/jrei.v1i1.157
Loh, Lawrance, et al. (2018). Sustainability Reporting in Asean Countries. Nus Business School
Mangantar, A. A. ., Mangantar, M., & Baramuli, D. N. (2020). Pengaruh Return on Asset, Return on Equity Dan Debt To Equity Ratio Terhadap Return Saham Pada Subsektor Food and Beverage Di Bursa Efek Indonesia. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 8(1), 272–281.
Mayuni, I. A. I., & Suarjaya, G. (2018). Pengaruh ROA, Firm Size, EPS, dan PER Terhadap Return Saham Pada Sektor Manufaktur di BEI. E-Jurnal Manajemen Unud, 7(8), 4063–4093. https://doi.org/10.24843/EJMUNUD.2018.v7.i08.p2
Nawawi, Alvi & Agustia, Dian & Lusnadi, Gerry & Fauzi, Hasan. (2020). DISCLOSURE OF SUSTAINABILITY REPORT MEDIATING GOOD CORPORATE GOVERNANCE MECHANISM ON STOCK PERFORMANCE. Journal of Security and Sustainability Issues. 151-170. 10.9770/jssi.2020.9.J(12).
Nusantara, I. K. B. P., & Mertha, I. M. (2019). Pengaruh Intensitas Pengungkapan dalam Sustainability Report dan Return On Asset pada Return Saham. E-Jurnal Akuntansi, 28(3), 1934. https://doi.org/10.24843/eja.2019.v28.i03.p19
Pandaya, Pandaya & Julianti, Pujihastuti & Suprapta, Imam. (2020). PENGARUH FAKTOR FUNDAMENTAL TERHADAP RETURN SAHAM. JURNAL AKUNTANSI. 9. 233-243. 10.37932/ja.v9i2.156.
Prayosho, I. S., & Hananto, H. (2013). Pengaruh Sustainability Reporting Terhadap Abnormal Return Saham Pada Badan USAha Sektor Pertambangan Yang Terdaftar Di Bei Periode 2010-2012. Calyptra, 2(2).
Reddy, K., & Gordon, L. (2010). The effect of sustainability reporting on financial performance: An empirical study using listed companies. Journal of Asia Entrepreneurship and Sustainability, 6(2), 19–42. https://hdl.handle.net/10289/7658 LK - http://www.asiaentrepreneurshipjournal.com/
Savitri, A., & Pinem, D. B. (2022). Pengaruh Kinerja Keuangan dan Nilai Pasar terhadap Harga Saham : Studi pada Perusahaan yang Secara Konsisten Terdaftar sebagai Indeks LQ45 Selama 2020- 2021 ( The Effect of Financial Performance and Market Value on Stock Prices : Studies on Companies that. Studi Akuntansi, Keuangan, Dan Manajemen (Sakman), 2(1), 59–70.
Scott WR, 2009. Financial Accounting Theory. Fourth Edition. Toronto, Ontario: Pearson Education Canada Inc
Setiyono, E., & Amanah, L. (2016). PENGARUH KINERJA KEUANGAN DAN UKURAN PERUSAHAAN TERHADAP RETURN SAHAM Lailatul Amanah Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya. Jurnal Ilmu Dan Riset Akuntansi , 5(5), 1–17.
Shafira, M., & Hermi. (2022). Pengaruh Kinerja Lingkungan, Pengungkapan Sustainability Reporting, Earnings Management, Dan Sentimen Investor Terhadap Return Saham. Jurnal Ekonomi Trisakti, 2(2), 615–630.
Spence, M. (1973) Job Market Signaling. Quarterly Journal of Economics, 87, 355- 374. https://doi.org/10.2307/1882010
Sugiyono. (2017). Metodologi Penelitian Bisnis : Pendekatan Kuantitatif, Kualitatif, Kombinasi, dan R&D. Alfabeta
Jones, S., Frost, G., Loftus, J., & Van Der Laan, S. (2007). An Empirical Examination of the Market Returns and Financial Performance of Entities Engaged in Sustainability Reporting. Australian Accounting Review, 17(41), 78–87. https://doi.org/https://doi.org/10.1111/j.1835-2561.2007.tb00456.x
Siregar, N. Y., & Safitri, T. A. (2019). Pengaruh Pengungkapan Enterprise Risk Management , Intellectual Capital, Corporate Social Responsibility, Dan Sustainability Report Terhadap Nilai Perusahaan. Jurnal Bisnis Darmajaya, 5(2), 53–79.
Suhadak, Kurniaty, Handayani, S. R., & Rahayu, S. M. (2019). Stock return and financial performance as moderation variable in influence of good corporate governance towards corporate value. Asian Journal of Accounting Research, 4(1), 18–34. https://doi.org/10.1108/AJAR-07-2018-0021
Sulia, S. (2013). Analisa Faktor-Faktor yang Mempengaruhi Harga Saham Perusahaan LQ45 di Bursa Efek Indonesia. Jurnal Wira Ekonomi Mikroskil, 3(1), 21–30.
Syahputra, D., Helmy, H., Mulyani, E., Jurusan, A., Fakultas, A., Universitas, E., Padang, N., Akuntansi, J., Ekonomi, F., & Negeri, U. (2019). 1 , 2 , 3. 1(2), 678–693.
Utami, M. R., & Darmawan, A. (2018). Pengaruh Der, Roa, Roe, Eps Dan Mva Terhadap Harga Saham Pada Indeks Saham Syariah Indonesia. Journal of Applied Managerial Accounting, 2(2), 206–218. https://doi.org/10.30871/jama.v2i2.910
Van Stekelenburg, A., Georgakopoulos, G., Sotiropoulou, V., Vasileiou, K. Z., & Vlachos, I. (2015). The Relation between Sustainability Performance and Stock Market Returns: An Empirical Analysis of the Dow Jones Sustainability Index Europe. International Journal of Economics and Finance, 7(7), 74–88. https://doi.org/10.5539/ijef.v7n7p74
Weda, N., & Sudana, I. P. (2021). Sustainability Reporting dan Return Saham di Perusahaan Terindeks LQ45. E-Jurnal Akuntansi; Vol 31 No 6 (2021)DO - 10.24843/EJA.2021.V31.I06.P01 . https://ojs.unud.ac.id/index.php/akuntansi/article/view/72507
Widayanti, R., Program, F. C., Manajemen, S., Ekonomi, F., Kristen, U., & Wacana, K. (2017). Vwtrss-Trsw. 21(1), 35. http://www.usnews.com/news/best-countries/best-invest-in
Widjanarko, H. (2011). Determinan Faktor Fundamental Terhadap Return Saham ( Studi pada Perusahaan yang Masuk ILQ 45 di Bursa. Jurnal Manajemen & Bisnis, 1(2), 214–229.
Wijaya, M. S., & Sudana, I. P. (2017). Pengaruh Sustainability Report Pada Reaksi Pasar Dengan Kinerja Keuangan Sebagai Variabel Kontrol. E-Jurnal Akuntansi Universitas Udayana, 21(1), 616–642.
Yudistira, E. R., & Adiputra, I. M. P. (2020). 25862-55262-1-Pb. 10(2), 176–184.
Zheng, G. W., Siddik, A. B., Masukujjaman, M., & Fatema, N. (2021). Factors affecting the sustainability performance of financial institutions in Bangladesh: The role of green finance. Sustainability (Switzerland), 13(18), 1–27. https://doi.org/10.3390/su131810165
Published
2023-09-30
How to Cite
ANDRIANI, Ni Made Dina; SUDANA, I Putu.
Sustainability Reporting dan Return Saham pada Perusahaan Terindeks IDXQ30.
E-Jurnal Akuntansi, [S.l.], v. 33, n. 9, p. 2284-2300, sep. 2023.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/98468>. Date accessed: 14 nov. 2024.
doi: https://doi.org/10.24843/EJA.2023.v33.i09.p03.
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