An Analysis of the Impact of Mandatory Sustainability Reporting Disclosure on Firm Value in Public Energy Sector Companies

Purwatiningsih Lisdiono; Urbah Fatimah Aditri

doi:10.24843/EJA.2025.v35.i08.p08

Authors

Purwatiningsih Lisdiono Faculty of Economics and Business, Universitas Indonesia, Indonesia
Urbah Fatimah Aditri Faculty of Economics and Business, Universitas Indonesia, Indonesia

DOI:

https://doi.org/10.24843/EJA.2025.v35.i08.p08

Keywords:

Laporan Keberlanjutan, Nilai Perusahaan, Teori Legitimasi, Difference-In-Difference

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh kewajiban pengungkapan laporan keberlanjutan terhadap nilai perusahaan, khususnya di sektor energi di Indonesia. Laporan keberlanjutan, yang awalnya bersifat sukarela, kini diwajibkan berdasarkan regulasi Otoritas Jasa Keuangan (POJK Nomor 51/POJK.03/2017). Penelitian ini menggunakan metode Difference-in-Differences (DiD) untuk mengevaluasi dampak kewajiban ini terhadap nilai perusahaan dengan Tobin’s Q sebagai indikator utama, serta variabel kontrol yaitu revenue, DER, dan ROA. Hasil penelitian menunjukkan bahwa kewajiban pengungkapan laporan keberlanjutan memberikan dampak positif yang signifikan terhadap nilai perusahaan, terutama pada perusahaan yang sebelumnya tidak melakukan pengungkapan secara sukarela. Temuan ini mendukung teori legitimasi, yang menyatakan bahwa transparansi informasi laporan keberlanjutan memperkuat legitimasi sosial perusahaan terhadap masyarakat. Studi ini memberikan kontribusi penting dalam konteks Indonesia dan menjadi referensi bagi evaluasi kebijakan keberlanjutan terkhusus sektor energi.

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