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All Journal International Journal of Multi Discipline Science (IJ-MDS)
Irfan Fauzi
Universitas Muhammadiyah Bandung, Bandung
Agriculture, Biological Sciences & Forestry Civil Engineering, Building, Construction & Architecture Education Health Professions Social Sciences

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Analysing SAFA’s Environmental Sustainability on IDX Agricultural Firms and Its Impact on Stock Prices 2022-2023 Irfan Fauzi; Muhammad Aizzat Najwan Bin Nasruddin; Abin Suarsa
International Journal of Multi Discipline Science (IJ-MDS) Vol 9, No 1 (2026): February 2026
Publisher : STKIP Singkawang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26737/ij-mds.v9i1.7635

Abstract

This research sought to investigate the influence of environmental sustainability aspects, using the SAFA model to assess equity values of agriculture firms on IDX for 2022 and 2023. This study employed an exploratory sequential mixed-methods approach. Quantitative data were gathered from the annual and sustainability reports of 25 companies across two years, creating a balanced panel of 50 firm-year observations. A Generalised Estimating Equation (GEE) was used to examine the relationship between stock prices and six environmental variables: Atmosphere, Water, Land, Biodiversity, Material and Energy, and Animal Welfare. The statistical analysis results indicated that not all environmental aspects had a significant influence in the eyes of investors. It was found that the Materials and Energy variable had a significant positive influence (B=0.562), indicating that the market appreciates resource efficiency. Conversely, the Water variable showed a significant negative influence (B=-0.958), indicating that investors perceive greater operational and financial risks related to water issues. Meanwhile, the Atmosphere, Land, Biodiversity, and Animal Welfare variables were not shown to have a statistically significant impact on stock value. Specifically, the Animal Welfare aspect showed the lowest level of disclosure. The main conclusion of this study is that investors in the Indonesian capital market are more responsive to environmental sustainability issues with clear short-term financial implications, such as energy efficiency and resource risk, compared to other long-term sustainability aspects.
Co-Authors Abin Suarsa Muhammad Aizzat Najwan Bin Nasruddin