PERBEDAAN KINERJA KEUANGAN PADA PENGUNGKAPAN BERKELANJUTAN TERHADAP PERUSAHAAN YANG MENGUNGKAPKAN DAN YANG TIDAK MENGUNGKAPKAN KEBERLANJUTAN (STUDI EMPIRIS PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2022)

study examines whether there is a difference in firm value between manufacturing companies that disclose sustainability reports and those that do not during the initial implementation of the Sustainability Accounting Standards (SAS) in Indonesia in 2022. The adoption of these standards marked a structural shift toward more formalized non-financial reporting, raising questions regarding how the capital market responds to sustainability disclosure practices.
Using a quantitative comparative approach, this study analyzes 295 manufacturing firms listed on the Indonesia Stock Exchange, consisting of 288 disclosing firms and 7 non-disclosing firms. Firm value is measured using Tobin’s Q as a market-based indicator reflecting investors’ perceptions of future prospects. Due to non-normal data distribution, the hypothesis is tested using the Mann-Whitney U test.
The results indicate a statistically significant difference in firm value between the two groups (p = 0.039). However, the median Tobin’s Q of non-disclosing firms is higher than that of disclosing firms. These findings suggest that, in the early phase of SAS implementation, sustainability reporting has not yet been fully internalized by the market as a value-enhancing factor.