Pengaruh esg disclosure, sustainability assurance, dan risiko perusahaan terhadap asimetri informasi dengan moderasi perlindungan investor

Yuarrakhma, Sarah Aleigra (2023) Pengaruh esg disclosure, sustainability assurance, dan risiko perusahaan terhadap asimetri informasi dengan moderasi perlindungan investor. Bachelor thesis, Universitas Pelita Harapan.

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Abstract

Penelitian ini dilakukan untuk mengevaluasi pengaruh ESG disclosure, sustainability assurance, dan risiko perusahaan terhadap asimetri informasi dengan menggunakan tingkat perlindungan investor sebagai pemoderasi. Pengungkapan ESG diproksikan dengan Bloomberg ESG Disclosure Score, sustainability assurance diukur dengan index score yang dikonstruksi dari 3 item, risiko perusahaan diukur dengan standar deviasi terhadap perubahan operating income, asimetri informasi diukur dengan bid-ask spread, dan tingkat perlindungan investor diukur dengan Worldwide Governance Indicators, seluruh data finansial diperoleh dari S&P Capital. Teknik purposive sampling digunakan untuk memperoleh sampel dari data sekunder perusahaan di negara ASEAN-5 periode 2017-2021, terdapat 100 perusahaan yang menjadi observasi. Dengan menggunakan model penelitian regresi data panel, riset ini menemukan bahwa ESG disclosure memiliki pengaruh negatif terhadap asimetri informasi, namun sustainability assurance dan risiko perusahaan tidak memiliki pengaruh yang signifikan terhadap asimetri informasi. Pengaruh negatif ESG disclosure terhadap asimetri informasi melemah apabila dimoderasi oleh tingkat perlindungan investor, dimana tingkat perlindungan investor menimbulkan hubungan positif antara ESG disclosure dengan asimetri informasi. Hasil riset ini membuktikan bahwa terdapat kebutuhan untuk meningkatkan ESG disclosure guna mengurangi asimetri informasi yang terjadi pada para investor dan pemangku kepentingan lainnya./This study evaluates the effect of ESG disclosure, sustainability assurance, and firm risk on information asymmetry with investor protection level as moderating variables. ESG disclosure is proxied by Bloomberg ESG Disclosure Score, sustainability assurance is proxied by index constructed from 3 items, and firm risk is proxied by standard deviation of percentage changes in operating income. Meanwhile information asymmetry is proxied by bid-ask spread, investor protection level is proxied by Worldwide Governance Indicators, all financial data is obtained from S&P Capital. By using purposive sampling method to obtain sample from secondary data in ASEAN-5 companies on 2017-2021, this research is using 100 companies as observation data. By using data panel regression model, this study find results that ESG disclosure has negative effect on information asymmetry, meanwhile sustainable assurance and firm risk do not affect information asymmetry. The negative effect ESG disclosure on information asymmetry weakens when moderated by investor protection level, while investor protection level has positive impact for relation between ESG disclosure and information asymmetry. These findings suggest that the ESG disclosure is necessary to minimize information asymmetry for investors and stakeholders

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