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All Journal International Journal of Multi Discipline Science (IJ-MDS)
Aira Farhana Binti Zulkarnian
University Kuala Lumpur Business School, Kuala Lumpur
Agriculture, Biological Sciences & Forestry Civil Engineering, Building, Construction & Architecture Education Health Professions Social Sciences

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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.
Co-Authors Abin Suarsa Jesica Ellenasari