Peran pengungkapan sustainability reporting dalam memoderasi value relevance dari earnings dan book value

Nathaniel, Winarta (2023) Peran pengungkapan sustainability reporting dalam memoderasi value relevance dari earnings dan book value. Bachelor thesis, Universitas Pelita Harapan.

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Abstract

Tujuan perusahaan telah bergeser dari yang sebelumnya hanya memfokuskan pada shareholders yaitu dengan bertujuan untuk memaksimalkan keuntungan perusahaan kini juga bertujuan untuk memenuhi keinginan dan ekspektasi dari stakeholders. Salah satu cara untuk memenuhi ekspektasi stakeholders yaitu dengan menerapkan sustainability practices dan mengungkapkan sustainability reporting. Dengan meningkatnya awareness perusahaan maupun investor terhadap sustainability telah memunculkan suatu fenomena yang dinamakan sustainable investing. Namun, terdapat dua pandangan yang saling berkontradiktif terhadap sustainability practices yang tergambarkan di antara teori shareholder’s value enhancing dan teori shareholder’s expense. Penelitian ini bertujuan untuk menganalisis peran pengungkapan sustainability reporting dalam memoderasi hubungan antara earnings dan book value terhadap market value. Penelitian ini menggunakan sampel berupa semua perusahaan yang terdaftar dalam Bursa Efek Indonesia (BEI) pada tahun 2020 hingga 2022 terkecuali sektor financial, yang secara konsisten selama 2020 hingga 2022 mempublikasikan sustainability report. Pengungkapan sustainability reporting akan diproksikan oleh sustainability reporting disclosure index yang diperoleh melalui content analysis terhadap indikator GRI Standard 2016. Hasil penelitian menemukan bahwa earnings dan book value berpengaruh positif signifikan terhadap market value. Lebih lanjut, pengungkapan sustainability reporting dapat memperlemah hubungan positif antara earnings terhadap market value namun pengungkapan sustainability reporting dapat memperkuat hubungan positif antara book value terhadap market value. / The company's goals have shifted from focusing only on shareholders, by aiming to maximize company profits, to fulfilling stakeholders' desires and expectations. One way to meet stakeholder expectations is by implementing sustainability practices and disclosing sustainability reporting. With the increasing awareness of companies and investors towards sustainability, sustainable investment has emerged. However, two contradictory views on sustainability practices are reflected in the shareholder's value-enhancing theory and the shareholder's expense theory. This research aims to analyze the role of sustainability reporting disclosures in moderating the relationship between earnings and book value on market value. This research uses a sample of all companies listed on the Indonesia Stock Exchange (BEI) from 2020 to 2022, except for the financial sector, which consistently publishes sustainability reports from 2020 to 2022. Sustainability reporting disclosure will be proxied by the sustainability reporting disclosure index obtained through content analysis of the 2016 GRI Standard indicators. The research results found that earnings and book value have a significant positive effect on market value. Furthermore, disclosure of sustainability reporting can weaken the positive relationship between earnings and market value, but disclosure of sustainability reporting can strengthen the positive relationship between book value and market value.

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