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All Journal International Journal of Multi Discipline Science (IJ-MDS)
Abin Suarsa
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.
Using SAFA's Social Dimension to Analyse Stock Value's Influence on 2023-2024 IDX Agricultural Sustainability Reports Jesica Ellenasari; Aira Farhana Binti Zulkarnian; Abin Suarsa
International Journal of Multi Discipline Science (IJ-MDS) Vol 9, No 2 (2026): August 2026
Publisher : STKIP Singkawang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26737/ij-mds.v9i2.7636

Abstract

This study analysed the influence of social sustainability practices on the market valuation of Indonesian agricultural firms between 2023 and 2024. The performance in social sustainability was evaluated according to the criteria set by the FAO's SAFA framework. This research utilised an exploratory sequential mixed-methods design. The initial quantitative data were collected from the annual and/or sustainability reports of 30 firms over two years, resulting in a balanced panel of 60 firm-year observations. Data were analysed quantitatively using the Generalised Estimating Equations (GEE) to test the relationship between six social variables (Decent Livelihoods, Fair Trade Practices, Workers' Rights, Equality, Human Health & Safety, and Cultural Diversity) and stock prices. The results indicated that investors do not value all social aspects equally. Specifically, the variables Equity (p<.001) and Human Health & Safety (p=0.031) were shown to demonstrate a statistically significant positive relationship with the company's market valuation. In contrast, the other four dimensions did not show a significant impact. The highest disclosure levels were found in themes related to regulatory obligations, such as Equality (0.98) and Workers' Rights (0.90), while Cultural Diversity (0.50) was the lowest. These findings fill a gap in the literature by identifying which social dimensions are valued by the market, providing strategic implications for companies to focus on practices relevant to investors.
Understanding of Greening Costs, Environmental Knowledge, and Generation Z’s Willingness to Pay Ujang Wildan; Abin Suarsa; Muhamadaree Waeno
International Journal of Multi Discipline Science (IJ-MDS) Vol 9, No 2 (2026): August 2026
Publisher : STKIP Singkawang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26737/ij-mds.v9i2.9650

Abstract

This study examined the influence of product greening cost comprehension and environmental knowledge on green product willingness to pay among Generation Z consumers, with environmental awareness as a mediator, across six Indonesian metropolitan cities: Jakarta, Bandung, Yogyakarta, Surabaya, Medan, and Semarang. A quantitative-explanatory approach used a 5-point Likert-scale questionnaire administered to 464 respondents via purposive sampling, analysed with Partial Least Squares Structural Equation Modelling (SmartPLS 4.0). The measurement model showed strong convergent validity, satisfactory composite reliability, and adequate discriminant validity. Structural model testing confirmed that product greening cost comprehension positively influenced environmental awareness, environmental knowledge exerted a dominant effect on environmental awareness, and both environmental awareness and environmental knowledge significantly influenced willingness to pay. Bootstrapping mediation testing with Bias Corrected Confidence Intervals confirmed full mediation by environmental awareness on the cost comprehension-willingness to pay path, and partial mediation on the environmental knowledge-willingness to pay path.
Co-Authors Aira Farhana Binti Zulkarnian Irfan Fauzi Jesica Ellenasari Muhamadaree Waeno Muhammad Aizzat Najwan Bin Nasruddin Ujang Wildan