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All Journal Journal of Creative Student Research Journal of Islamic Economics and Finance
Dzakira Isratun Nisa
Universitas Muhammadiyah Bengkulu
Religion Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Languange, Linguistic, Communication & Media Social Sciences Transportation Other

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PENGARUH INFORMASI ASIMETRIS TERHADAP PERILAKU INVESTASI DI BURSA EFEK INDONESIA Muhammad Al-Aziz Fitra Bunaya; Jeni Wandira Manulang; Dzakira Isratun Nisa; Yusmaniarti Yusmaniarti
Journal of Islamic Economics and Finance Vol. 2 No. 3 (2026): Februari
Publisher : Yayasan Nuraini Ibrahim Mandiri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70248/joieaf.v2i3.3321

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh informasi asimetris terhadap perilaku investasi di Bursa Efek Indonesia (BEI) melalui pendekatan Systematic Literature Review (SLR). Kajian ini dilandaskan pada Agency Theory dan Signaling Theory untuk menjelaskan bagaimana ketidakseimbangan informasi antara manajemen dan investor memengaruhi persepsi risiko, keputusan investasi, serta dinamika pasar. Proses SLR dilakukan melalui tahapan perencanaan, identifikasi, seleksi, analisis, dan sintesis terhadap artikel ilmiah periode 2020–2025. Dari 15.300 artikel awal, diperoleh 20 artikel terpilih yang dianalisis menggunakan pendekatan SPIDER (Sample, Phenomenon of Interest, Design, Evaluation, Research Type). Hasil penelitian menunjukkan bahwa informasi asimetris berpengaruh signifikan terhadap perilaku investor, baik secara langsung maupun tidak langsung melalui peningkatan risiko informasi, perilaku oportunistik manajer (manajemen laba), kenaikan biaya modal ekuitas, penurunan nilai perusahaan, serta munculnya perilaku kawanan (herding), terutama pada kondisi pasar bearish. Tingginya asimetri informasi mendorong investor bersikap defensif, meningkatkan premi risiko, memperlebar bid-ask spread, dan menurunkan efisiensi harga saham. Namun, pada sektor atau kondisi dengan transparansi dan tata kelola yang kuat, pengaruh tersebut cenderung melemah. Simpulan,  bahwa peningkatan kualitas pengungkapan, transparansi, penerapan integrated reporting, serta penguatan tata kelola perusahaan menjadi strategi kunci dalam mereduksi dampak negatif informasi asimetris dan mendukung terciptanya pasar modal Indonesia yang lebih efisien dan stabil.  
Peran Pengungkapan Akuntansi Lingkungan pada Stock Return di Perusahaan GO Publik di Indonesia 2021-2024 Alda Lorenza; Repaldo Repaldo; Dzakira Isratun Nisa
Journal of Creative Student Research Vol. 3 No. 6 (2025): Journal of Creative Student Research
Publisher : Lembaga Pengembangan Kinerja Dosen

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55606/jcsr-politama.v3i6.5804

Abstract

This study aims to examine the role of environmental accounting disclosure on stock returns of publicly listed companies in Indonesia. Growing awareness of environmental issues has encouraged companies to focus not only on financial performance but also on transparency regarding the environmental impacts of their operations. Environmental accounting disclosure represents a form of corporate responsibility that provides relevant information for stakeholders, particularly investors, in assessing business sustainability.This research applies a systematic literature review using the PRISMA (Preferred Reporting Items for Systematic Reviews and Meta-Analysis) approach. The reviewed articles consist of empirical studies published between 2021 and 2025 that are relevant to environmental accounting disclosure and stock returns. Data were collected through Google Scholar using specific keywords, and selected articles were further analyzed to identify research patterns and consistency of findings.The results indicate that environmental accounting disclosure does not have a significant effect on stock returns of publicly listed companies in Indonesia. This finding is influenced by several factors, including investors’ tendency to prioritize short-term financial gains, while environmental information is generally long-term oriented. In addition, environmental disclosure practices in Indonesia remain voluntary, resulting in variations in disclosure quality and completeness across companies. Consequently, such information has not been able to consistently influence investment decisions. The findings suggest that although environmental accounting disclosure plays an important role in supporting corporate sustainability, its impact on stock returns remains limited.
Co-Authors Alda Lorenza Jeni Wandira Manulang Muhammad Al-Aziz Fitra Bunaya Repaldo Repaldo