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All Journal EKUITAS (Jurnal Ekonomi dan Keuangan) Jurnal Ilmiah Wahana Pendidikan
Ardian, Alvin
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Religion Economics, Econometrics & Finance Education Social Sciences Other

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ESG, CSR, AND COMPANY CHARACTERISTICS IN FORMING INVESTOR REACTIONS Ardian, Alvin; Sari, Martdian Ratna
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 8 No 1 (2024): March
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya(STIESIA) Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24034/j25485024.y2024.v8.i1.5948

Abstract

This study aims to determine whether investors use non-financial disclosures in their investment activities, such as firm characteristics within companies indexed in IDX ESG Leaders during the 2020–2022 period and ESG (Environmental, Social, and Governance) and CSR (Corporate Social Responsibility). Investor responses are evaluated using Stocks Abnormal Return (SABR) and Trading Volume Activity (TVA). At the same time, non-financial disclosures are analyzed through ESG Score from Morningstar Sustainalytics, CSR Index from GRI Indicator, and firm factors including age and industry type. Results from a study of 45 data points, including 15 companies included in IDX ESG Leaders, suggest a notable inverse connection between ESG disclosure and SABR and TVA. However, the disclosure of CSR does not demonstrate a substantial effect. Company attributes, particularly age, benefit the level of trade activity, whereas the kind of industry has a notable adverse effect. To some extent, investors view ESG disclosure as a negative indication because of the risks that come with companies that perform in terms of ESG. On the other hand, a company's advanced age can be used by management to gain a competitive edge and demonstrate stability to investors, thanks to the long-standing ties with stakeholders that result in steady financial performance. In addition, investors tend to favor companies in low-risk industries while avoiding high carbon-emitting areas.
Pengaruh Karakteristik Perusahaan dan Struktur Kepemilikan Terhadap Manajemen Laba Ardian, Alvin; Dewi, Novy Silvia
Jurnal Ilmiah Wahana Pendidikan Vol 9 No 24 (2023): Jurnal Ilmiah Wahana Pendidikan
Publisher : Peneliti.net

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.10418099

Abstract

The earnings performance of the issuer becomes an important indicator for the capital market due to being able to predict the earning power of the company ahead in order to obtain an increase in the price of the stock. Thus, the company’s owners aim to test and suppress management’s commitment to accountability for better financial outcomes in the future. As a result, management works hard to satisfy shareholders even in a cunning way. Earning management becomes the main action of the management in satisfying stakeholders, resulting in a conflict of interest between the management and the owner which leads to agency costs. Analysts found that bonus compensation in the form of stock ownership options was able to influence firm manager behavior of earning management. Likewise, with the age and profitability of the company increasingly avoiding earning management activities. Earning management activities can be eroded through the presence of additional roles including independent board of commissioners, managerial, and institutional ownership. The research objectives describe the impact of company characteristics and ownership structures on earning management on infrastructure, utility, and transport subsector companies listed in the IDX during 2018-2021. The results of the observations showed new findings, including the proportion of independent commissioners, managerial ownership, and institutional influences significant positively on earning management.
Co-Authors Dewi, Novy Silvia Sari, Martdian Ratna