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All Journal Jurnal Riset Akuntansi Kontemporer
Nasriatun Khasanah
Universitas Negeri Semarang, Indonesia
Economics, Econometrics & Finance

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THE IMPLICATION OF PROFITABILITY AS A MODERATING IN THE RELATION OF ENVIRONMENTAL CERTIFICATION AND FINANCIAL PERFORMANCE TO MARKET REACTION Anna Widiatami; Nasriatun Khasanah; Ahmad Nurkhin; Ida Aeni
JRAK Vol 16 No 1 (2024): April Edition
Publisher : Faculty of Economics and Business, Universitas Pasundan, Bandung, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23969/jrak.v16i1.7671

Abstract

This study aims to analyze and empirically evaluate the effect of financial and non-financial information submitted through annual reports on the market reaction, proxied by trading volume activity. A study was conducted in 103 manufacturing companies listed on the Indonesian Stock Exchange for the 2017-2021 period with 515 annual reports. The panel data moderating regression results show that environmental certification and financial performance, measured by Sales growth, market value added, and Tobin's Q Ratio, do not affect the market reaction. However, return on equity as a Profitability measurement can strengthen the relationship between environmental certification and sales growth in trading volume activity. This study implies that a high return on equity in companies attracts an investor more than environmental certification. Besides, it could change the confidence of the investor to invest in a company that has been obtaining ISO 14001 certificates.
Co-Authors Ahmad Nurkhin Anna Widiatami Ida Aeni