INTEGRASI PENGUNGKAPAN LINGKUNGAN, SOSIAL DAN TATA KELOLA DALAM STRATEGI INVESTASI: DAMPAKNYA TERHADAP RETURN SAHAM PADA PERUSAHAAN SEKTOR ENERGI DI BURSA EFEK INDONESIA TAHUN 2019-2023
DOI:
https://doi.org/10.35794/jmbi.v12i2.62461Abstract
The concept of sustainability has now become a key factor in determining investment performance, particularly stock returns of companies. Companies that are transparent in disclosing policies and achievements related to environmental, social, and governance (ESG) aspects tend to be more attractive to investors, as they are seen as more responsible and stable in managing non-financial risks. Good disclosure of environmental, social, and governance aspects not only enhances the company’s reputation but also strengthens market confidence, which in turn can potentially increase the company’s stock returns. This study aims to analyze the effect of environmental, social, and governance disclosures on the stock returns of energy sector companies listed on the Indonesia Stock Exchange (IDX) during the period of 2019 to 2023. This study also uses control variables such as company size, leverage ratio, profitability, dividend policy, and inflation rate to ensure that the relationship found between environmental, social, governance disclosures, and investment performance is not influenced by other fundamental factors. The results show that companies with more transparent disclosures on environmental and social aspects tend to show better stock performance, providing positive signals to investors. In addition, good governance disclosures also contribute to improving stock performance. These findings highlight the importance of enhancing the quality of ESG disclosures by companies, as well as the use of ESG information by investors as a consideration in investment decision-making.
References
Almeyda, R., & Darmansya, A. (2019). The Influence of Environmental, Social, and Governance (ESG) Disclosure on Firm Financial Performance. IPTEK Journal of Proceedings Series, 0(5), 278–290. https://doi.org/10.12962/j23546026 .y2019i5.6340
Amir, A. Z., & Serafeim, G. (2018). Why and how investors use ESG information: Evidence from a global survey. Financial Analysts Journal, 74(3), 87–103. https://doi.org/10.2469/faj.v74.n3.2
Aydoğmuş, M., Gülay, G., & Ergun, K. (2022). Impact of ESG Performance on Firm Value and Profitability. Borsa Istanbul Review, 22, S119–S127. https://doi.org/10.1016/j.bir.2022.11.006
Bodie, Z., Kane, A., & Marcus, A. J. (2018). Investments, Eleventh Edition. New York: McGraw-Hill Education.
Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of Management, 37(1), 39–67. https://doi.org/10.1177/0149206310388419
Deegan, C. M. (2019). Legitimacy theory: Despite its enduring popularity and contribution, time is right for a necessary makeover. Accounting, Auditing and Accountability Journal, 32(8), 2307–2329. https://doi.org/10.1108/AAAJ-08-2018-3638
Dewi, A. K., & Harto, P. (2023). The Effect of Environmental, Social, and Governance Disclosure on Firm Value. Jurnal PAMATOR, 16(3), 608–619. https://doi.org/https://doi.org/10.21107/pamator.v16i3.19923
Donaldson, T., & Preston, L. E. (1995). The Stakeholder Theory of the Corporation : Concepts , Evidence , and Implications. The Academy of Management Review, 20(1), 65–91. https://doi.org/https://doi.org/10.2307/258887
Dowling, J., & Pfeffer, J. (1975). Pacific Sociological Association Organizational Legitimacy: Social Values and Organizational Behavior. Source: The Pacific Sociological Review, 18(1), 122–136.
Freeman, R. E. (1984) Strategic Management: A stakeholder approach, Boston: Pitman. ISBN 0-273-01913-9.1984
Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance and Investment, 5(4), 210–233. https://doi.org/10.1080/20430795.2015.1118917
Ghozali, I., & Ratmono, D. (2017). Analisis Multivariate dan Ekonometrika: Teori, Konsep dan Aplikasi dengan menggunakan EViews 10 (2nd ed.). Badan Penerbit Universitas Diponegoro.
Global Sustainable Investment Alliance. (2023). Global Sustainable Investment Review 2022. 1–47.https://www.gsi-alliance.org/wp-content/uploads/2023/12/GSIA-Report-2022
KPMG. (2020). The Time Has Come. The KPMG Survey of Sustainability Reporting 2020.
Mojambo, G. A., Tulung, J. E., & Saerang, R. T. (2020). The Influence of Top Management Team (TMT) Characteristics Toward Indonesian Banks Financial Performance During the Digital Era (2014-2018). JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi)., 7(1).
Rezaee, Z., & Tuo, L. (2019). Are the Quantity and Quality of Sustainability Disclosures Associated with the Innate and Discretionary Earnings Quality? Journal of Business Ethics, 155(3), 763–786. https://doi.org/10.1007/s10551-017-3546-y
Samsu. (2017). Metode Penelitian: (Teori dan Aplikasi Penelitian Kualitatif, Kuantitatif, Mixed Methods, serta Research & Development) (1st ed.). Pusat Studi Agama dan Kemasyarakatan (PUSAKA).
Sugiyono. (2013). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Alfabet.
Tangngisalu, J., & Jumady, E. (2020). Good Corporate Governance Sebagai Pemoderasi: Hubungan Asimetri Informasi Terhadap Manajemen Laba Pada Perusahaan LQ 45. JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi)., 7(1)
Wanday, J., & Ajour El Zein, S. (2022). Higher Expected Returns for Investors in The Energy Sector in Europe Ssing an ESG Strategy. Frontiers in Environmental Science, 10(October), 1–20. https://doi.org/10.3389/fenvs.2022.1031827
