Eza Gusti Anugerah*
Universitas Jember, Indonesia
Frisha Istiqhfarini Maulidyana
Universitas Jember, Indonesia
Nofa Alysia Ardiyanti Putri
Universitas Jember, Indonesia
DOI: https://doi.org/10.19184/jauj.v21i1.39412
ABSTRACT
The sustainability report publishes financial, social, and environmental information. The report contains mostly qualitative information and some quantitative data. This research aims to identify the elements in a sustainability report that are needed by investors in making investment decisions. The research tests the information in the form of Corporate Social Responsibility fund amounts disclosed by companies in their sustainability reports. The benchmark for investor reaction is measured using stock prices, which are then calculated for their cumulative abnormal returns. The research method uses t-tests to determine the level of significance, which is further explained using legitimacy theory and signal theory. The sample used consists of companies listed on the LQ45 index. This study shows that information in the form of CSR fund amounts influences investor decision-making. Based on these results, it can be concluded that investors or stakeholders require information, specifically in the form of CSR fund amounts as one of the elements in the sustainability report.
Keywords: CSR Funds, Market Reaction, Sustainability Reports
ABSTRAK
Laporan keberlanjutan mempublikasikan informasi keuangan, sosial dan lingkungan. Di dalam laporan tersebut terdapat informasi yang sebagian besar kualitatif dan beberapa kuantitatif. Penelitian ini bertujuan untuk mengetahui apa saja elemen pada laporan keberlanjutan yang dibutuhkan oleh investor dalam pengambilan keputusan investasi. Penelitian ini melakukan uji pada informasi dalam bentuk nominal dana CSR yang diungkapkan oleh perusahaan pada laporan keberlanjutannya. Tolak ukur reaksi investor menggunakan harga saham yang kemudian dihitung cumulative abnormal return-nya. Metode penelitian menggunakan uji-t untuk mengetahui tingkat signifikansinya yang kemudian dijelaskan menggunakan teori legitimasi dan teori sinyal. Sampel yang digunakan adalah perusahaan yang terdaftar pada indeks LQ45. Penelitian ini menunjukkan bahwa informasi dalam bentuk nominal CSR berpengaruh pada pengambilan keputusan investor. Berdasarkan hasil ini, dapat disimpulkan bahwa investor atau stakeholder membutuhkan informasi dalam bentuk nominal khususnya dana CSR pada elemen laporan keberlanjutan.
Keywords: Dana CSR, Reaksi Pasar, Laporan Keberlanjutan
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Published
30-06-2023
Issue
Vol. 21 No. 1 (2023): Jurnal Akuntansi Universitas Jember
Pages
32-39
License
Copyright (c) 2023 Jurnal Akuntansi Universitas Jember
How to Cite
Anugerah, E. G., Maulidyana, F. I., & Putri, N. A. A. (2023). PENGUNGKAPAN INFORMASI DANA CORPORATE SOCIAL RESPONSIBILITY DAN REAKSI INVESTOR: STUDI EMPIRIS PADA INDEX LQ45. Jurnal Akuntansi Universitas Jember, 21(1), 32-39. https://doi.org/10.19184/jauj.v21i1.39412
