Environmental Disclosure and Investor Respons: Study of Indonesian Company

Nurfitri Desliniati, Lina Apriliani, La Ode Maulana Husein

Abstract


Environmental concerns have encouraged companies to increase transparency in managing environmental issues through sustainability reports. Such disclosures aim to build trust, attract investors, and ultimately influence investor response. This study analyzes the effect of environmental disclosure on investor response. The population includes all companies listed on the IDX in 2021–2022, with purposive sampling applied to firms publishing sustainability reports and actively traded. Based on these criteria, 508 companies were selected. This quantitative research employs Eviews software, using the GRI Standard Index to measure environmental disclosure. Investor response is proxied by stock returns around the publication of sustainability reports, with IHSG returns and market trends included as control variables. Findings reveal that environmental disclosure positively affects investor response. IHSG returns also show a positive effect, while market trends negatively influence investor response. Future studies may extend the observation period and analyze longer return windows around disclosure dates.


Keywords


Environmental Disclosure; GRI Standard; Investor Response; Market Trend; and Sustainability Report

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References


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DOI: https://doi.org/10.17509/jrak.v13i2.88537

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