Pengungkapan Integrated Report Pada Perusahaan Indeks ESG Bursa Efek Indonesia: Dampaknya Terhadap Biaya Modal Ekuitas

Integrated Report Disclosure in ESG Index Companies on the Indonesia Stock Exchange: Its Impact on the Cost of Equity Capital

Penelitian ini bertujuan untuk mendapatkan bukti empiris terkait pengaruh pengungkapan integrated report terhadap biaya modal ekuitas. Dengan metode regresi linear berganda, penelitian ini mengeksplorasi hubungan antara integrated report dan biaya modal ekuitas, dengan sampel perusahaan yang tergabung dalam indeks Environment, Social, and Governance (ESG) di Bursa Efek Indonesia (BEI) periode 2019-2023. Hasil penelitian menunjukkan bahwa integrated report berpengaruh positif terhadap biaya modal ekuitas. Hal ini menunjukkan bahwa penerapan integrated report membutuhkan waktu dan biaya yang cukup besar di awal, sehingga membutuhkan modal yang lebih tinggi. Secara keseluruhan, penelitian ini diharapkan dapat membantu perusahaan  dalam meninjau kualitas pelaporan, baik dari informasi keuangan maupun non-keuangan, sehingga dapat meningkatkan kepercayaan investor dengan transparansi yang lebih baik.

Kata Kunci: Integrated Report, Biaya Modal Ekuitas, Voluntary Disclosure Theory, Sustainability

This study aims to obtain empirical evidence regarding the effect of integrated report disclosure on the cost of equity capital. Using multiple linear regression method, this study explores the relationship between integrated report and cost of equity capital, with a sample of companies incorporated in the Environment, Social, and Governance (ESG) index on the Indonesia Stock Exchange (IDX) for the period 2019-2023. The results showed that the integrated report has a positive effect on the cost of equity capital. This shows that the implementation of an integrated report requires considerable time and cost at the beginning, thus requiring higher capital. Overall, this research is expected to assist companies in reviewing the quality of reporting from both financial and non-financial information, so as to increase investor confidence with better transparency.

Keywords: Integrated Report, Cost of Equity Capital, Voluntary Disclosure Theory, Sustainability