Sustainability Reporting and Reputation: Drivers of Sharia Company Value in Indonesia and Malaysia

Ria Anisatus Sholihah, Happy Sista Devy, Saunah Zainon

Abstract


The economic recovery post COVID-19 and the global energy crisis have underscored the importance of sustainability in corporate operations. In Indonesia and Malaysia, sustainability reporting is mandatory, yet its impact on corporate value, particularly in sharia-based corporates, remains underexplored. This study aims to analyze the effect of sustainability reports and corporate reputation on the corporate value of sharia-based corporates in Indonesia and Malaysia. A verificative method was employed, utilizing E-Views for data analysis, including normality tests, model tests, and double-regression tests to assess the relationship between the variables. The findings indicated a positive linear relationship between the quality of sustainability reports, corporate reputation, and corporate value in both Indonesian and Malaysian sharia corporates. Indonesian sharia-based corporates emphasize environmental and social impacts to attract investors, while their Malaysian counterparts focus on environmental, social, and human rights aspects. Additionally, positive corporate news and reports were found to enhance corporate value. The study highlights the importance of high-quality sustainability reports and a strong corporate reputation in enhancing corporate value. It recommends that sharia corporates in both countries continue to improve transparency and focus on comprehensive sustainability practices to attract investment. Further studies could explore the long-term impacts of these factors on corporate performance.

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ABSTRAK – Pelaporan Keberlanjutan dan Reputasi: Penggerak Nilai Perusahaan Syariah di Indonesia dan Malaysia. Pemulihan ekonomi pasca pandemi COVID-19 dan krisis energi global menyoroti pentingnya keberlanjutan operasional perusahaan. Perusahaan yang beroperasi di Indonesia dan Malaysia kini diwajibkan untuk menyusun laporan keberlanjutan secara rutin. Meski demikian, dampak kewajiban ini terhadap nilai perusahaan, terutama pada entitas berbasis syariah, masih belum banyak diteliti. Penelitian ini bertujuan mengkaji pengaruh kualitas laporan keberlanjutan dan reputasi perusahaan terhadap nilai organisasi pada perusahaan berbasis syariah di Indonesia dan Malaysia. Metode verifikatif digunakan dalam penelitian ini, dengan E-Views sebagai alat analisis data, meliputi uji normalitas, uji model, dan uji regresi berganda. Hasil penelitian mengungkapkan adanya hubungan linear positif antara kualitas laporan keberlanjutan, reputasi perusahaan, dan nilai organisasi pada perusahaan berbasis syariah di kedua negara. Perusahaan syariah di Indonesia cenderung menekankan dampak lingkungan dan sosial untuk menarik investor, sedangkan di Malaysia lebih berfokus pada aspek lingkungan, sosial, dan hak asasi manusia. Di samping itu, pemberitaan dan laporan positif mengenai perusahaan terbukti dapat meningkatkan nilai perusahaan. Studi ini menegaskan pentingnya laporan keberlanjutan yang berkualitas tinggi dan reputasi perusahaan yang baik dalam meningkatkan nilai perusahaan. Penelitian ini merekomendasikan agar perusahaan berbasis syariah di kedua negara terus meningkatkan transparansi dan memfokuskan diri pada praktik keberlanjutan yang menyeluruh guna menarik investasi. Penelitian selanjutnya dapat mendalami dampak jangka panjang dari faktor-faktor tersebut terhadap kinerja perusahaan.

Keywords


sustainability reports quality, corporate reputation, corporate value, price earning ratio (PER)

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