Does Sustainability Reports Affect Firm Value ? Evidence of Energy and Manufacturing Sector Companies in Indonesia

Anggun Pertiwi, Laeli Budiarti


This study aims to analyze and obtain empirical evidence regarding the disclosure of sustainability reports on firm value. This research uses quantitative methods. The population of this research is 273 companies listed on the IDX in the energy and manufacturing sectors in 2021. Using a purposive sampling technique, the sample is 70 companies. Corporate value is measured using the Tobin's Q ratio, while the disclosure of sustainability reports on economic, social and environmental aspects uses the GRI index. This study found that economic and social aspects of sustainability reports have a positive effect on firm value, but environmental aspects have no effect on firm value. The implications of this study indicate that sustainability reports are very important for firm value. Parties for the company's management try to disclose non-financial reports on economic and social aspects so that they can be used as a basis for evaluating and increasing the value of the company in the future. For investors who want to invest in companies other than using financial reports, non-financial reports in the form of sustainability reports can be considered as a tool in making investment decisions with a focus on environment, economic and social aspects disclosed in sustainability reports. For the government, this research has a contribution as a consideration in making policies on what aspects need to be emphasized first in the program to fulfill the SDGs in 2030.


Keywords: Sustainability Reporting, Firm Value

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