PENGARUH PENGUNGKAPAN LAPORAN SOSIAL DAN LINGKUNGAN PERUSAHAAN TERHADAP HARGA SAHAM

Abstract

The purpose of the study is to explore whether there is any relationship between social and environmental disclosure and the financial market performance. This study tried to explor with different data, on earlier study using the top 100 largest companies in the United Kingdom, and the current research using the company was listed on Indonesian Stock Exchange (BEI). Two data sets were used in the study. First data is social and environmental disclosure in annual report were listed on the Indonesian Stock Exchange. The second data were the stock market returns earned companies were listed on the Indonesian Stock Exchange. The method of research is documentary method with linear regression as statistic tester. The dependent variable of this study is the stock return, while the independent variables is social and environmental disclosure of company. The results of this study indicate that there was no significant correlation between social and environmental disclosure to stock return. The results are consistent with previous research where represent inconsistencies of study in the social and environmental disclosures of companies on stock return. This paper is motivated not by a concern to understand better how investors’ already-high returns may be bettered, but rather to explore how the alleged potential of financial markets to contribute to social responsibility and sustainability might be engaged.