SRI-KEHATI Index Research Articles

The Effect of Environmental, Social, and Governance Disclosure on Stock Returns with Firm Value as an Intervening Variable: Study on Companies Listed in the SRI-KEHATI Index

The Effect of Environmental, Social, and Governance Disclosure on Stock Returns with Firm Value as an Intervening Variable: Study on Companies Listed in the SRI-KEHATI Index

THE EFFECT OF SUSTAINABILITY REPORT DISCLOSURE ON FIRM VALUE WITH DIVIDEND POLICY AS A MODERATING VARIABLE

<p><strong>Background</strong>: The rising value of Sri-Kehati Index companies in recent years indicates that there is a change in investor orientation towards green investment. Green investment itself has now become a world and government concern which is realized through several regulations. Therefore, companies are required to disclose the sustainability business that has been carried out.</p><p><strong>Objective</strong>: This study aims to analyze the effect of sustainability report disclosure on firm value with dividend policy as a moderating variable.</p><p><strong>Research Methods</strong>: Multiple linear regression analysis and Moderated Regression Analysis (MRA)</p><p><strong>Research Results</strong>: The result showed that sustainability report disclosure has a negative effect on firm value and dividend policy strengthens the negative effect of sustainability report disclosure on firm value.</p><p><strong>Authenticity/Novelty of Research</strong>: The addition of dividend policy as a moderating variable between the relationship between sustainability report disclosure and firm value.</p>

The Effect of Systematic Risk and Sustainability Report Disclosure on Company Value

Company value is very important in an effort to gain attention from every investor. So in increasing this value, companies need to pay attention to the influence of systematic risk and Sustainability Report Disclosure on company value. The purpose of this study is to determine the effect of systematic risk and sustainability report disclosure on company value. The type of research used in this study is quantitative research. The sample in this study was companies listed on the Sri-Kehati Index for the 2020-2022 period, totaling 25 companies. The data analysis technique used multiple linear regression analysis and hypothesis testing. The results of this study indicate that Systematic Risk has a positive but insignificant effect on the value of listed companies. The economic dimension of Sustainability Report Disclosure has a significant positive effect on company value. The social dimension of Sustainability Report Disclosure has a significant positive effect on the value of listed companies. The environmental dimension of Sustainability Report Disclosure has a significant positive effect on the value of companies listed on the Sri-Kehati Index for the 2020-2022 period. Companies should maintain and pay attention to company value. Namely by paying attention to the market price per share and the book value per share. Because the higher the value of the company, the greater the level of prosperity that will be received by shareholders.

Impact of Sharia Inclusion and Financial Ratios on Stock Price: An Analysis of Companies Listed in the SRI-Kehati Index (2014-2023)

Impact of Sharia Inclusion and Financial Ratios on Stock Price: An Analysis of Companies Listed in the SRI-Kehati Index (2014-2023)

Green Financial Management, Firm Size, and Capital Structure: Practical Implications for Financial Performance of Companies in the SRI-KEHATI Index

The company's efforts to improve financial performance through maximizing profits are not accompanied by the company's concern for the impacts caused, so there are regulations that require companies to commit to carrying out sustainable business practices and care about environmental issues by implementing green financial management. The indepen dent variables in this study are green financial management, firm size, and capital structure, while the dependent variable in this study is financial performance. This study aimed to test and analyze the effect of 1) green financial management on financial performance, 2) firm size on financial performance, and 3) capital structure on financial performance. The population in this study are all companies incorporated in the SRI-KEHATI index for 2017-2022. Sampling was carried out using the purposive sampling method. The data analysis method is a multiple linear regression analysis process using SPSS 26 software. The results showed that partially green financial management and capital structure significantly positively affect financial performance. Firm size has an insignificant effect on financial performance.

THE EFFECT OF PROFITABILITY AND SOLVENCY ON STOCK RETURNS MODERATED BY MACROECONOMIC

The purpose of this study was to examine the effect of profitability and solvency on stock returns moderated by macroeconomic. The population of this study are companies listed on the Sri Kehati index with purposive sampling technique. The analysis used is PLS-SEM using SmartPLS 3.0 software. The analysis in this study was carried out by testing the outer model and inner model. This study shows that profitability has an insignificant positive effect on stock returns, solvency has a significant positive effect on stock returns, macroeconomic weakens the effect of profitability on stock returns, and macroeconomic strengthens the effect of solvency on stock returns.

Is it true that environment, social & governance can make a company indefficient, (case study on the sri-kehati index)

Is it true that environment, social & governance can make a company indefficient, (case study on the sri-kehati index)

Analysis of Sri-Kehati Stock Performance in The Period Before and During Covid-19 Using The Sharpe, Treynor, and Jensen Methods

This research aims to compare the performance of the SRI-KEHATI index stocks before and during the COVID-19 period using the Sharpe Ratio, Treynor Ratio, and Jensen's Alpha. A quantitative method with a descriptive approach was used in this study, utilizing secondary data. Sample data selection employed a non-probability method with a purposive sampling technique from a single population. Statistical tests were then conducted using paired sample t-test to examine whether there is a difference in portfolio performance among the stocks in the SRI-KEHATI index between the periods before and during the COVID-19 pandemic using the Sharpe, Treynor, and Jensen methods. The results of this research indicate that there was a notable contrast between the periods before and during the COVID-19 pandemic when utilizing the Sharpe Ratio and Treynor Ratio measurement methods. However, this discrepancy was not observed when employing the Jensen Method, as there was no significant difference detected between the two periods.

Size Perusahaan Memoderasi Hubungan Good Corporate Governance, Green Supply Chain Management dan Green Accounting Terhadap Kinerja Keuangan Perusahaan

This research aims to examine how company size influences the relationship between Good Corporate Governance, Green Supply Chain Management, and Green Accounting on Company Financial in Sri-Kehati index companies listed on the BEI from 2016 to 2022. This type of research is known as associative quantitative research . The population in this research is the Sri-Kehati index business actors listed on the Indonesia Stock Exchange between 2016 and 2022, totaling 25. The sampling approach is a saturated sampling technique. The sample for this research consists of 25 companies listed on the Indonesia Stock Exchange from 2016 to 2022, with 175 observation data obtained based on sample criteria. The data analysis method used is panel data regression analysis with Eviews-12.0. The findings of this study show that good corporate governance has a partial impact on company financial performance, while environmentally friendly supply chain management has a small impact and environmentally friendly accounting does not. The company size variable cannot moderate the influence of good corporate governance on the company's financial performance, the influence of green supply chain management on the company's financial performance, or the influence of green accounting on the company's financial performance.

Pengaruh Deferred Tax Dan Tingkat Utang Terhadap Tax Avoidance Pada Perusahaan Yang Terdaftar Di Indeks Sri-Kehati 2021-2023

The aim of this research is to find the effect of deferred taxes and debt ratios on tax avoidance in companies listed on the SRI-KEHATI Index on the Indonesia Stock Exchange throughout the period 2021 to 2023. This research uses descriptive methodology with a quantitative approach. This research data comes from secondary data sources, specifically obtained from www.idx.com. The study encompasses a population of 25 companies, selected through purposive sampling methodology, This leads to the selection of a sample comprising 20 companies observed over a span of three years period (2021-2023) with 60 qualifying data points. Data analysis employs Utilizing descriptive statistical tests in conjunction with classical assumption tests, the study employs multiple linear regression analysis, Conducting hypothesis testing through the utilization of F and t tests, along with determination coefficient assessments.The findings from this study suggest that, in partial (t) terms, the Deferred Tax variable does not exert a statistically significant impact on tax avoidance. Furthermore, The Debt Ratio variable does not show any influence on Tax Avoidance. Simultaneously (F), both Deferred Taxes and Debt Levels together do not have a statistically significant effect on tax avoidance in companies listed on the SRI-KEHATI index. Keywords: deferred tax, debt ratio, tax avoidance

Analisis Pengaruh Environment Social, Governance Scores Terhadap Harga Saham Perusahaan Yang Terdaftar Pada Indeks Sri Kehati Tahun 2020-2022

<span id="docs-internal-guid-ad717074-7fff-a4fc-cc7c-f29d4b046e36"><span>The purpose of this study is to analyze the influence of disclosure of environmental, social and governance (ESG) performance as reflected through ESG Scores on company share prices. The population in this study are companies listed on the SRI-KEHATI index for the 2020-2022 period. The research sample was selected based on purposive sampling criteria, so that 17 samples of companies listed on the SRI-KEHATI Index were selected between 2020-2022. The total observation data amounted to 51 data. Data collection uses secondary data sourced from annual and company sustainability reports. Analysis uses multiple linear regression. The research results show that the variables of environmental performance disclosure (environment scores), social performance disclosure (social scores), and governance performance disclosure (governance scores) have a significant negative effect on company share prices.</span></span>

Sri Kehati Stock Index Portfolio Optimization

The purpose of this research is to analyze the composition of stocks to form the optimal portfolio of 25 issuers included in the SRI KEHATI Index for the period 2017 – 2021. The method used to form the portfolio is the Single Index Model (SIM) and the Capital Asset Pricing Model (CAPM), to measure stock performance using the Sharpe, Treynor and Jensen indices and equipped with a Monte Carlo simulation to measure the level of risk (Value at Risk). This research is a descriptive and quantitative research using secondary data. The calculation results show the composition of the portfolio and the proportion of funds: (1) SIM method, there are 5 stocks namely: BBCA (69%), BBRI (13%), EXCL (8%), JPFA (5%) , TINS ( 4%) with portfolio return of 1.49%, Sharpe index 0.16525, Treynor 0.00994, Jensen 0.0178 and the highest VaR value is found at the 99% confidence level in TINS stock , which is -44.3%. (2) CAPM method, there are 8 stocks namely: BBCA (23.59%), BBRI (16.27%), BMRI (16.19%), EXCL (13.95%), BBNI (11.50%), JPFA (7.08%), TINS ( 6.77 %), UNTR (5.56%) with a portfolio return of 0.47%, Sharpe index 0.02298, Treynor 0.00065, Jensen 0.00180 and the highest VaR value is found at a 99% confidence level in TINSstocks , which is - 45.1%.

Sustainability, Profitability and Added Value Moderated by Company Value on Stock Returns Sri-Kehati Index

Sustainability, Profitability and Added Value Moderated by Company Value on Stock Returns Sri-Kehati Index

Impact of Implementing Green Accounting and Capital Structure on Profitability

The Sri Kehati Index's financial performance increase between 2017 - 2020 is the driving force behind this study. This research suggests that companies that are members of the Sri-Kehati Index improve environmental performance in the face of environmental damage caused by companies, as evidenced by the increase in performance on the Sri-Kehati Index. This study aims to examine the impact of green accounting and capital structure on the profitability of the Indonesia Stock Exchange's Sri Kehati Index for the years 2017–2020. Environmental performance, costs, and disclosure are used to measure green accounting. The debt-to-equity ratio (DER) is used as an independent variable to measure capital structure, and return on assets (ROA) is used to measure profitability. Purposive sampling is the research method used; 11 companies make up the sample, which was chosen through a process called sample selection. Multiple linear regression analysis with a significance level of 0.05 is used in this study using SPSS version 26. The study's findings indicate that while environmental costs and the debt-to-equity ratio have a significant negative impact on profitability, environmental performance, and environmental disclosure have a positive and significant impact on profitability.

Post Pandemic Business Sustainability Performance on Indonesian Stock Exchange Listed Companies

This study aims to examine the effect of the pandemic on the performance of business sustainability implementation related to ESG (Environmental, Social, and Government) in companies listed on ESG-based stock indices on the Indonesia Stock Exchange. ESG-based stock indices are the SRI-KEHATI index, ESG Leaders index, ESG Sector Leader index, ESG Quality 45 index, and IDX LQ45 Low Carbon Leaders Index. ESG score data is obtained from the S&P Global website. There are 31 companies that are listed on the ESG-based index with available ESG score data. The data analysis used in this study is the Wilcoxon Signed-Rank Test and Mann-Whitney Test. The study concludes that the Covid-19 pandemic has positively and significantly affected the company's ESG performance. In the Environmental component, the conclusion is that there is no difference between the performance of the company and its industry. In the Social component, there is a difference between the performance of the company and its industry. In the Governance component, the conclusion is that there is a difference between the performance of the company and its industry. Furthermore, the Social component has a significantly higher average when compared to the assessment of the Social component of the industry. During the pandemic, the company carried out social actions to reduce the impact of the pandemic on the community; the pandemic made the company more sensitive to the condition of the surrounding community. This research provides a view of businesses that are trying to survive during the pandemic by focusing on business sustainability and the community.

Financial performance as an intermediate variable in determining corporate sustainability performance: A company governance implication

In the pursuit of sustainability, companies strive for a delicate balance between delivering quality products and services and maintaining enduring harmony in the social and environmental realms. Companies have responsibility for the positive and negative impacts on economic, social, and environmental aspects (Elkington, 1997). Acknowledging their dual role in shaping economic, social, and environmental impacts, companies grapple with complexities. This study aims to scrutinize the influence of innovation, environmental uncertainty on financial performance, the impact of financial performance on corporate sustainability, and the influence of innovation, environmental uncertainty on corporate sustainability. Utilizing a quantitative approach and focusing on companies listed on the Indonesia Stock Exchange (IDX) with the SRI-KEHATI index from 2009 to 2022, the research, with a sample size of 29 companies, employs partial least squares structural equation modeling (PLS-SEM). The findings reveal the positive effects of innovation on financial performance, environmental uncertainty on financial performance, and financial performance on corporate sustainability. Additionally, the study unveils the direct influence of innovation and environmental uncertainty on corporate sustainability, with financial performance acting as a mediating variable. These results hold practical implications for corporations, academics, and policymakers, given the heightened emphasis on sustainability in today’s landscape.

Can Profitability Moderate the Impact of Green Investment, Corporate Social Responsibility, and Good Corporate Governance on Company Value on the SRI-KEHATI Index?

The Sri-Kehati Index shares, which offer shares of environmentally friendly companies, are of great interest to investors who care about the environment. This research aims to determine the determinant factors of company value in Sri-Kehati Index companies, with profitability as a moderating variable. The determinant factors used in modeling are green investment, corporate social responsibility, and good corporate governance. ROA proxied profitability, and company value is proxied by price book value. The research uses a quantitative approach with descriptive-verification methods. The research population is companies that are members of the Sri-Kehati Index 2016-2021; the sample is determined using a purposive sampling technique—data analysis techniques using panel data regression and Moderated Regression Analysis (MRA). The research results show that partially green investment and good corporate governance have a positive effect, but corporate social responsibility does not affect company value. Profitability can moderate the relationship between good corporate governance and firm value. Besides that, green investment, corporate social responsibility, and good corporate governance simultaneously influence the company value of companies that are members of the Sri-Kehati Index stock group. The results of this research can be a basis for consideration by investors who care about the environment in investment decisions and can be a reference for further research. It is hoped that the results of this research will encourage many companies to implement green investments to help overcome environmental problems.

Influence of Bid-Ask Spread, Market Value, Variance Return, and Stock Trading Volume on the Stock Holding Period on the SRI-KEHATI Index listed on the Indonesia Stock Exchange in 2018-2022

The increasing awareness of society to play a role in preserving the environment has encouraged more and more investors to choose environmentally friendly stocks. One of the environmentally friendly stock indexes in Indonesia is the SRI-KEHATI Index. This research aims to determine the factors that influence the holding period of SRI-KEHATI Index stocks. Thus, this research examines the influence of bid-ask spread, market value, return variance, and stock trading volume on the stock holding period. The research focuses on the SRI-KEHATI Index listed on the Indonesia Stock Exchange in 2018-2022. The research uses quantitative methods with descriptive and associative approaches. The population in this study was 41 companies. Sampling used a purposive sampling technique with a total sample of 13 companies so 65 observation data were obtained. The data analysis technique uses panel data regression analysis. Partial test results show that the bid-ask spread and return variance do not affect the stock holding period. Market value and stock trading volume positively affect the stock holding period. Simultaneous testing shows that bid-ask-spread, market value, return variance, and stock trading volume impact the stock holding period.

Sustainability Reports and Disclosure of the Sustainable Development Goals (SDGs): Evidence from Indonesian Listed Companies

This study investigates the factors that determine disclosure of the Sustainable Development Goals (SDGs) of companies listed on the Indonesian stock exchange in the period from 2017 to 2021. The research was conducted through an exploratory study using panel data (from each company’s websites), parametric correlations, and regression models. The findings show a 60% increase in the disclosure of the SDGs in sustainability reports from 2017 to 2021, with the highest level of disclosure achieved for SDG 3 (Health and well-being) and SDG 4 (Quality education). The lowest disclosure was for SDG 14 (Life below water). The study demonstrates statistically that governance factors such as the presence of women on the board of directors and the number of board meetings positively affect SDG disclosure in listed companies in Indonesia. Factors related to companies’ profitability, environmental sensitivity, and board size do not, however, influence SDG disclosure. These findings have implications for academics, stakeholders, practitioners, and governments who are strategically positioned to achieve the SDG agenda in 2030. This study has limitations in that the data were drawn only from companies in the SRI-KEHATI Index.

Green Accounting, Intellectual Capital, Gender Diversity dan Kinerja Keberlanjutan Perusahaan

This research aims to determine the influence of green accounting, intellectual capital, and gender diversity on Corporate Sustainability Performance (CSP). The population in the study consisted of companies listed in the SRI-KEHATI Index for the 2016-2020 period. The sample was determined using a purposive sampling technique, with a total sample of 12 companies. Multiple linear regression analysis is used to test the influence of green accounting, intellectual capital, and gender diversity on CSP. The results of this research show that green accounting, intellectual capital, and gender diversity have a positive effect on CSP. This research can support stakeholder theory and can provide additional information for consideration by stakeholders regarding decision making.
 Kata Kunci: Corporate Sustainability Performance, Green Accounting, Intellectual Capital, Gender Diversity