RELEVANSI NILAI LAPORAN KEBERLANJUTAN DI INDONESIA

Siti Farhana, Yang Elvi Adelina

Abstract


Abstrak: Relevansi Nilai Laporan Keberlanjutan di Indonesia. Penelitian ini bertujuan untuk menguji apakah laporan keberlanjutan memiliki relevansi nilai bagi investor dan mempengaruhi nilai perusahaan. Regresi berganda model Ohlson digunakan sebagai metode dengan 38 perusahaan terbuka di tahun 2014-2017 sebagai sampel. Hasil penelitian menujukkan bahwa investor menggunakan laporan keberlanjutan sebagai informasi yang bernilai tambah dalam membuat keputusan investasi. Para investor saat ini tidak hanya berfokus kepada keuntungan jangka pendek atau laba perusahaan, tetapi juga keberlanjutan dan keuntungan jangka panjang perusahaan agar dapat memuaskan semua stakeholders. Oleh karena itu, regulator diharapkan segera mencanangkan regulasi yang memadai terkait pengungkapan dalam laporan keberlanjutan.

                                                                                                                                              

Abstract: The Value Relevance of Sustainability Reports in Indonesia. This study aimed to examine whether sustainability reports have value relevance for investors and affect the value of the company. Ohlson's multiple regression model was used as a method with 38 listed companies in 2014-2017 as a sample. The results showed that investors use sustainability reports as value-added information in making investment decisions. Investors currently focused not only on short-term profits or corporate profits but also on the company's long-term sustainability and earnings to satisfy all stakeholders. Therefore, the regulator must issued adequate regulations related to disclosures in the sustainability report.

 


Keywords


laporan keberlanjutan; nilai buku; profit

Full Text:

PDF

References


Ahn, J. (2019). Corporate Social Responsibility Signaling, Evaluation, Identification, and Revisit Intention among Cruise Customers. Journal of Sustainable Tourism, 27(11), 1634-1647. https://doi.org/10.1080/09669582.2019.1650055

Ameer, R., & Othman, R. (2012). Sustainability Practices and Corporate Financial Performance: A Study based on the Top Global Corporations. Journal of Business Ethics, 108(1), 61–79. https://doi.org/10.1007/s10551-011-1063-y

Berthelot, S., Coulmont, M., & Serret, V. (2012). Do Investors Value Sustainability Reports? A Canadian Study. Corporate Social Responsibility and Environmental Management, 19(6), 355-363. https://doi.org/10.1002/csr.285

Bhalla, N., & Overton, H. (2019). Examining Cultural Impacts on Consumers’ Environmental CSR Outcomes. Corporate Communications: An International Journal, 24(3), 569-592. https://doi.org/10.1108/CCIJ-09-2018-0094

Brown-Liburd, H., & Zamora, V. L. (2015). The Role of Corporate Social Responsibility (CSR) Assurance in Investors' Judgments When Managerial Pay is Explicitly Tied to CSR Performance. AUDITING: A Journal of Practice & Theory, 34(1), 75-96. https://doi.org/10.2308/ajpt-50813

Cardamone, P., Carnevale, C., & Giunta, F. (2012). The value relevance of social reporting: Evidence from listed Italian companies. Journal of Applied Accounting Research, 13(3), 255–269. https://doi.org/10.1108/09675421211281326

Casey, R. J., & Grenier, J. H. (2015). Understanding and Contributing to the Enigma of Corporate Social Responsibility (CSR) Assurance in the United States. AUDITING: A Journal of Practice & Theory, 34(1), 97-130. https://doi.org/10.2308/ajpt-50736

Chen, R. C. Y. & Lee, C. H. (2017). The Influence of CSR on Firm Value: An Application of Panel Smooth Transition Regression on Taiwan. Applied Economics, 49(34), 3422-3434. https://doi.org/10.1080/00036846.2016.1262516

Clout, V. J., & Willett, R. J. (2016). Earnings in Firm Valuation and Their Value Relevance. Journal of Contemporary Accounting and Economics, 12(3), 223–240. https://doi.org/10.1016/j.jcae.2016.09.005

Cormier, D., Gordon, I. M., & Magnan, M. (2016). Corporate Ethical Lapses: Do Markets and Stakeholders Care? Management Decision, 54(10), 2485-2506. https://doi.org/10.1108/MD-05-2016-0301

Dai, N. T., Du, F., Young, S. M., & Tang, G. (2018). Seeking Legitimacy through CSR Reporting: Evidence from China. Journal of Management Accounting Research, 30(1), 1-29. https://doi.org/10.2308/jmar-51627

Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting. The Accounting Review, 86(1), 59–100. https://doi.org/10.2308/accr.00000005

Greiling, D., & Grüb, B. (2014). Sustainability Reporting in Austrian and German Local Public Enterprises. Journal of Economic Policy Reform, 17(3), 209-223. https://doi.org/10.1080/17487870.2014.909315

Edgeman, R., Eskildsen, J., & Neely, A. (2015). Translating Triple Top Line Strategy into Triple Bottom Line Performance. Measuring Business Excellence, 19(1), 1-15. https://doi.org/10.1108/MBE-12-2014-0054

El-Bassiouny, D., & El-Bassiouny, N. (2019). Diversity, Corporate Governance and CSR Reporting: A Comparative Analysis between Top-Listed Firms in Egypt, Germany and the USA. Management of Environmental Quality, 30(1), 116-136. https://doi.org/10.1108/MEQ-12-2017-0150

Godker, K., & Mertins, L. (2018). CSR Disclosure and Investor Behavior: A Proposed Framework and Research Agenda. Behavioral Research in Accounting, 30(2), 37-53. https://doi.org/10.2308/bria-51976

Guidry, R. P., & Patten, D. M. (2010). Market Reactions to the First-Time Issuance of Corporate Sustainability Reports: Evidence that Quality Matters. Sustainability Accounting, Management and Policy Journal, 1(1), 33–50. https://doi.org/10.1108/20408021011059214

Huang, H. H., Sun, L., & Yu, T. R. (2017). Are Socially Responsible Firms Less Likely to Expatriate? An Examination of Corporate Inversions. The Journal of the American Taxation Association, 39(2), 43-62. https://doi.org/10.2308/atax-51790

Ibrahim, M., Solikahan, E. Z., & Widyatama, A. (2015). Karakteristik Perusahaan, Luas Pengungkapan Corporate Social Responsibility, dan Nilai Perusahaan. Jurnal Akuntansi Multiparadigma, 6(1), 99-106. https://doi.org/10.18202/jamal.2015.04.6008

Inger, K. K., & Vansant, B. (2019). Market Valuation Consequences of Avoiding Taxes While also Being Socially Responsible. Journal of Management Accounting Research, 31(2), 75-94. https://doi.org/10.2308/jmar-52169

Jain, A., Jain, P. K., & Rezaee, Z. (2016). Value-Relevance of Corporate Social Responsibility: Evidence from Short Selling. Journal of Management Accounting Research, 28(2), 29-52. https://doi.org/10.2308/jmar-51439

Kaspereit, T., & Lopatta, K. (2016). The Value Relevance of SAM's Corporate Sustainability Ranking and GRI Sustainability Reporting in the European Stock Markets. Business Ethics: European Review, 25(1), 1-24. https://doi.org/10.1111/beer.12079

Khan, S. N. (2018). Making Sense of the Black Box: An Empirical Analysis Investigating Strategic Cognition of CSR Strategists in a Transitional Market. Journal of Cleaner Production, 196, 916-926. https://doi.org/10.1016/j.jclepro.2018.06.075

Kim, C., Kim, J., Marshall, R., & Afzali, H. (2018). Stakeholder Influence, Institutional Duality, and CSR Involvement of MNC Subsidiaries. Journal of Business Research, 91, 40-47. https://doi.org/10.1016/j.jbusres.2018.05.044

Klerk, M. D., & Villiers, C. D. (2012). The Value Relevance of Corporate Responsibility Reporting: South African Evidence. Meditari Accountancy Research, 20(1), 21-38. https://doi.org/10.1108/10222521211234200

Kumar, T. (2017). Achieving Sustainable Development through Environment Accounting from the Global Perspective: Evidence from Bangladesh. Asian Journal of Accounting Research, 2(1), 45-61. https://doi.org/10.1108/AJAR-2017-02-01-B005

Kuzey, C., & Uyar, A. (2017). Determinants of Sustainability Reporting and Its Impact on Firm Value: Evidence from the Emerging Market of Turkey. Journal of Cleaner Production, 143, 27–39. https://doi.org/10.1016/j.jclepro.2016.12.153

Landrum, N. E., & Ohsowski, B. (2018) Identifying Worldviews on Corporate Sustainability: A Content Analysis of Corporate Sustainability Reports. Business Strategy and Environtment, 27(1), 128-151. https://doi.org/10.1002/bse.1989.

Laskar, N. (2018). Impact of Corporate Sustainability Reporting on Firm Performance: An Empirical Examination in Asia. Journal of Asia Business Studies, 12(4), 571-593. https://doi.org/10.1108/JABS-11-2016-0157

Lenka, U., & Tiwari, B. (2016). Achieving Triple “P” Bottom Line through Resonant Leadership: An Indian Perspective. International Journal of Productivity and Performance Management, 65(5), 694-703. https://doi.org/10.1108/IJPPM-02-2015-0023

Lindawati, A. S. L., & Puspita, M. E. (2015). Corporate Social Responsibility: Implikasi Stakeholder dan Legitimacy Gap dalam Peningkatan Kinerja Perusahaan. Jurnal Akuntansi Multiparadigma, 6(1), 157–174. https://doi.org/10.18202/jamal.2015.04.6013

Loh, L., Thomas, T., & Wang, Y. (2017). Sustainability Reporting and Firm Value: Evidence from Singapore-Listed Companies. Sustainability, 9(11), 1–12. https://doi.org/10.3390/su9112112

Lys, T., Naughton, J. P., & Wang, C. (2015). Signaling through Corporate Accountability Reporting. Journal of Accounting and Economics, 60(1), 56–72. https://doi.org/10.1016/j.jacceco.2015.03.001

Massa, L., Farneti, F., & Scappini, B. (2015). Developing a Sustainability Report in a Small to Medium Enterprise: Process and Consequences. Meditari Accountancy Research, 23(1), 62-91. https://doi.org/10.1108/MEDAR-02-2014-0030

Michelon, G., & Rodrigue, M. (2015)/ Demand for CSR: Insights from Shareholder Proposals. Social and Environmental Accountability Journal, 35(3), 157-175. https://doi.org/10.1080/0969160X.2015.1094396

Miralles-Quirós, M. M., Miralles-Quirós, J. L., & Gonçalves, L. M. V. (2018). The Value Relevance of Environmental, Social, and Governance Performance: The Brazilian Case. Sustainability, 10(3), 574-588. https://doi.org/10.3390/su10030574

Narullia, D., & Subroto, B. (2018). Value Relevance of Accounting Information and Corporate Social Responsibility in Indonesia and Singapore. Jurnal Aplikasi Manajemen, 16(1), 9–19. https://doi.org/10.21776/ub.jam.2018.016.01.02

Naughton, J. P., Wang, C., & Yeung, I. (2019). Investor Sentiment for Corporate Social Performance. The Accounting Review, 94(4), 401-420. https://doi.org/10.2308/accr-52303

Nekhili, M., Nagati, H., Chtioui, T., & Nekhili, A. (2017). Gender-Diverse Board and the Relevance of Voluntary CSR Reporting. International Review of Financial Analysis, 50, 81-100. https://doi.org/10.1016/j.irfa.2017.02.003

Nielsen, K. P., & Noergaard, R. W. (2011). CSR and Mainstream Investing: A New Match? – An Analysis of the Existing ESG Integration Methods in Theory and Practice and the Way Forward, Journal of Sustainable Finance & Investment, 1(3-4), 209-221. https://doi.org/10.1080/20430795.2012.655889

Ohlson, J. A. (1995). Earnings, Book-Values, and Dividends in Equity Valuation. Contemporary Accounting Research, 11(2), 661–687. https://doi.org/10.1111/j.1911-3846.1995.tb00461.x

Petcharat, N., & Zaman, M. (2019). Sustainability Reporting and Integrated Reporting Perspectives of Thai-Listed Companies. Journal of Financial Reporting and Accounting, 17(4), 671-694. https://doi.org/10.1108/JFRA-09-2018-0073

Rangkuti, H. A., Yuliantoro, H. R., & Yefni. (2019). Lebih Penting Mana Sustainability Report atau Laba bagi Perusahaan Perkebunan?. Jurnal Akuntansi Multiparadigma, 10(2), 365-378. https://doi.org/10.18202/jamal.2019.08.10021

Santos, M. A. O. D., Svensson, G., & Padin, C. (2014). A “Fivefold Bottom Line” Approach of Implementing and Reporting Corporate Efforts in Sustainable Business Practices. Management of Environmental Quality, 25(4), 421-430. https://doi.org/10.1108/MEQ-04-2013-0026

She, C., & Michelon, G. (2019). Managing Stakeholder Perceptions: Organized Hypocrisy in CSR Disclosures on Facebook. Critical Perspectives on Accounting, 61, 54-76. https://doi.org/10.1016/j.cpa.2018.09.004

Sobczak, A., & Martins, L. C. (2010). The Impact and Interplay of National and global CSR Discourses: Insights from France and Brazil. Corporate Governance, 10(4), 445-455. https://doi.org/10.1108/14720701011069678

Sridhar, K. (2012). Corporate Conceptions of triple Bottom Line Reporting: An Empirical Analysis into the Signs and Symbols Driving this Fashionable Framework. Social Responsibility Journal, 8(3), 312-326. https://doi.org/10.1108/17471111211247901

Uyar, A. (2017), Stand‐Alone Sustainability Reporting Practices in an Emerging Market: A Longitudinal Investigation. Journal of Corporate Accounting & Finance, 28(2), 62-70. https://doi.org/10.1002/jcaf.22208

Verbeeten, F., Gamerschlag, R., & Möller, K. (2016). Are CSR Disclosures Relevant for Investors? Empirical Evidence from Germany. Management Decision, 54(6), 1359-1382. https://doi.org/10.1108/MD-08-2015-0345

Waworuntu, S. R., Wantah, M. D., & Rusmanto, T. (2014). CSR and Financial Performance Analysis: Evidence from Top ASEAN Listed Companies. Procedia - Social and Behavioral Sciences, 164, 493–500. https://doi.org/10.1016/j.sbspro.2014.11.107

Withisuphakorn, P., & Jiraporn, P. (2016). The Effect of Firm Maturity on Corporate Social Responsibility (CSR): Do Older Firms Invest More in CSR? Applied Economics Letters, 23(4), 298-301. https://doi.org/10.1080/13504851.2015.1071464

Wrana, J., & Diez, J. R. (2018). Multinational Enterprises or the Quality of Regional Institutions – What Drives the Diffusion of Global CSR Certificates in a Transition Economy? Evidence from Vietnam. Journal of Cleaner Production, 186, 168-179. https://doi.org/10.1016/j.jclepro.2018.03.113




DOI: http://dx.doi.org/10.21776/ub.jamal.2019.10.3.36

Refbacks

  • There are currently no refbacks.


Copyright (c) 2019 Siti Farhana, Yang Elvi Adelina

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.