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All Journal Jurnal Ekonomi Perusahaan
Desy Herawati
Institut Bisnis dan Informatika Kwik Kian Gie
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Analysis halal information disclosure for firm value and performance Zulfikar Ikhsan Pane; Andri Kusuma Jaya; Desy Herawati; Hana Safira
Jurnal Ekonomi Perusahaan Vol. 33 No. 1 (2026): March - August 2026
Publisher : Business and Entrepreneurship Department, Kwik Kian Gie School of Business and Information Technology, Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46806/jep.v33i1.2536

Abstract

Indonesia, as one of the countries with the largest Muslim populations, places considerable importance on halal-related information associated with products. This study aims to examine the impact of halal information disclosure on firm value and performance by introducing halal information disclosure as a novelty. Using a sample of consumer non-cyclicals companies in the food and beverage subsector listed on the Indonesia Stock Exchange during the 2019–2023 period, this study finds that halal information disclosure has no significant effect on earnings per share (EPS), sales, price-to-book value (PBV), or Tobin's Q. These findings indicate halal information disclosure has not yet generated measurable economic benefits for firms. One possible explanation is that the observation period coincided with the COVID-19 pandemic and the subsequent economic recovery, during which stakeholders were more concerned with firms' operational resilience and financial stability than with halal-related disclosures. Consequently, the potential value of halal information disclosure may not have been fully recognized by investors and other.
Co-Authors Andri Kusuma Jaya Hana Safira Zulfikar Ikhsan Pane