Jurnal Simposium Nasional Akuntansi XII (SNA 12) | Akuntansi Keuangan dan Pasar Modal

Pengaruh Pengumuman Indonesia Sustainability Reporting Award (ISRA) Terhadap Abnormal Return Dan Volume Perdagangan Saham
(Studi Kasus Pada Perusahaan Pemenang ISRA Periode 2005-2008)

Ferry Budiman1


This research studies the impact of Indonesia Sustainability Reporting Award (ISRA) to abnormal return and trading value activity. The impact of award publication could be seen from what there are some differences between abnormal return and trading value activity with the ISRA announcement.

The research samples are 13 companies which accept the appreciation of ISRA period 2005-2008 by using purposive sampling method. The research data that used is secondary data that consist of daily closing price of shares and daily trading volume with an estimation period during 30 days and event period during 11 days by using a market adjusted model. Hypothese are tested by Wilcoxon Sign Test.

The result of this research proves that there is significant difference in abnormal return between the ISRA announcement and the days after ISRA publication, but trading value activity is not difference.

Keywords: Sustainability Reporting, Abnormal Return, Trading Value Activity


The financial statements are one source of information and is a dominant instrument used by the stakeholders to assess company performance, and as a consideration in making decisions. But Wallman (1995) argues that information usefulness known so far, namely income statement, balance sheet, cash flow statement and notes to financial statements decreases. Owen (2005) says that the Enron case in America has caused more companies to give great attention to sustainability reporting and corporate social responsibility. Issues relating to reputation, risk management and competitive advantage appears to be a force that encourages companies to make disclosure of social information.

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