Pengaruh Pengungkapan Sustainability Report Terhadap Return Saham pada Perusahaan LQ45 di Bursa Efek Indonesia

Firmansyah, Ilman (2026) Pengaruh Pengungkapan Sustainability Report Terhadap Return Saham pada Perusahaan LQ45 di Bursa Efek Indonesia. Sarjana (S1) thesis, UNIVERSITAS MUHAMMADIYAH INDONESIA.

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Abstract

This study aims to examine the effect of Sustainability Report
disclosure, consisting of Economic Performance, Social Performance,
Environmental Performance, and Corporate Governance, based on
the Global Reporting Initiative (GRI) Standards 2021, on the stock
returns of companies listed in the LQ45 Index on the Indonesia Stock
Exchange (IDX) during the 2023–2025 period. This study employed a
quantitative approach using secondary data obtained from
Sustainability Reports and stock price data. The sample was selected
using a purposive sampling technique, resulting in 135 observations
(45 companies × 3 years). The data were analyzed using panel data
regression with the assistance of EViews 14.
The results indicate that Economic Performance, Social Performance,
Environmental Performance, and Corporate Governance do not have
a significant effect on stock returns. These findings suggest that
investors tend to place greater emphasis on financial information that
has a direct impact on investment decisions, such as profitability,
earnings growth, cash flows, and the company's future prospects,
rather than on non-financial information disclosed in Sustainability
Reports. Consequently, Sustainability Report disclosure based on the
GRI Standards 2021 has not yet become a primary consideration for
investors in determining stock returns of LQ45 companies listed on the
Indonesia Stock Exchange.

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