CD Tesis

Pengaruh Pengungkapan Lingkungan, Sosial, Dan Tata Kelola Terhadap Nilai Perusahaan: Studi Empiris Pada Perusahaan Non Keuangan Di Bursa Efek Indonesia

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In the concept of sustainable business, focusing only on the economic aspects is insufficient to ensure the firm value. Firm value will continue to grow sustainably along with the company's attention to environmental, social, and governance (ESG) aspects. Maintaining the firm's long-term viability by adhering to corporate governance principles is critical to improving the firm value, which is increasingly beneficial to stakeholders. For companies that pay attention to environmental, social and governance issues can attract investors to make socially responsible investment decisions and can build a positive image of the company.
This study aims to examine the effect of environmental, social and governance disclosures on firm value. This study uses Tobin's Q ratio as a measurement of firm value and uses the Global Reporting Initiatives (GRI) G4 index and GRI Standards on Sustainability Report (SR) as a measurement of environmental, social and governance disclosures. There are 32 disclosures related to environmental aspects in the GRI Standards index. The social performance indicators are divided into 19 specific topics with a total of 40 disclosures. Then specific disclosures related to governance are seen from the GRI index 102-18 to GRI 102-39 with a total of 22 disclosures. This study also uses company size, leverage, company age, sales growth and negative profit as control variables. In addition, this study uses additional testing, namely the effect of the year affected by the Covid-19 pandemic to strengthen the research results.
The population in this study are all non-financial companies listed on the Indonesia Stock Exchange in 2016-2021. The sample was selected based on the purposive sampling method, so that the companies sampled were 26 companies with a total of 156 observations. The data analysis method used in this research is panel data analysis.
The main theories used in this study are legitimacy theory, signal theory and stakeholder theory. Signal theory asserts that companies provide information that will be used by investors as an assessment and become the basis for investment decisions. Companies that convey information about their good performance will provide positive signals to investors which will increase the company's share price. The higher the share price, the higher the company's value in the eyes of potential investors. Governance disclosure can be used as a positive signal from management to investors that the company has been managed properly and properly. Management uses governance disclosure to inform investors that management has reduced opportunistic behavior so that it is expected that investors receive these positive signals and can value the company more highly.
In the view of stakeholder theory, companies do not only prioritize profit, but also must provide benefits to stakeholders, so companies must carry out social responsibility activities. The company will continue its existence if the community
realizes that the company operates based on a value system that is commensurate with the community's own value system. This is in accordance with legitimacy theory which relates to how management seeks to control the perception of the community by improving the company's image. Through the disclosure of social performance, companies portray the impression of social responsibility, so that they are accepted by society. With the acceptance of the society, it is expected to encourage investors in making investment decisions through an increase in firm value.
The results of this study show: first, extensive environmental disclosure has a significant negative impact on firm value. The company still faces relatively high cost pressures and a number of large investments incurred at the beginning so as to reduce company performance which results in a decrease in company value. In addition, high environmental performance disclosure does not guarantee a high market value reaction as well. This is because high environmental disclosure can lead to high costs which will affect the company's profit if it is not offset by an increase in revenue. Second, extensive social disclosure has a positive and significant effect that causes better company value. This is in accordance with stakeholder theory which states that companies operate not only for the benefit of the company but must provide benefits to stakeholders. The better the disclosure of social performance carried out by the company, the more the company's value will increase due to the trust of investors who invest their shares in the company and consumer loyalty to the company's products. The third research result shows that governance disclosure has no effect on firm value. This is due to the low awareness of companies in implementing and disclosing governance because it is considered that the implementation and disclosure of governance is only to fulfill compliance with existing regulations, not as a necessity.
The results of this study contribute to the development of accounting research related to firm value and environmental, social, and governance disclosures. Contributions to stakeholder theory, this study found that the sustainability of the company does not only prioritize the interests of shareholders, but also involves the interests of stakeholders such as the community, employees, investors and others to create a better scope of the company so as to encourage company performance that will increase company value with environmental, social and governance disclosures.
Key Words : Disclosure, Environmental, Social, Governance, and Tobin’s Q

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Ketersediaan

Informasi Detail

Judul Seri

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No. Panggil

2010247500

Penerbit

Pekanbaru : Universitas Riau – Pascasarjana – Tesis Akuntansi., 2022

Deskripsi Fisik

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Bahasa

Indonesia

ISBN/ISSN

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Klasifikasi

2010247500

Tipe Isi

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Tipe Media

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Tipe Pembawa

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Edisi

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Subjek

Akuntansi

Info Detail Spesifik

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Pernyataan Tanggungjawab

FATAH

Versi lain/terkait

Lampiran Berkas

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