Analisis Perbedaan Kinerja Keuangan dan Kinerja pasar Perusahaan Sebelum dan Sesudah Pengumuman Indonesia Sustainability Reporting Award (ISRA) 2009
KURNIAWAN, ARMAN (Adv.: Irfan Nursasmito, Drs., M.Si.), Irfan Nursasmito, Drs., M.Si.
Indonesia Sustainability Report (ISRA) 2009 merupakan penghargaan terhadap perusahaan-perusahaan yang telah menyelenggarakan laporan keberlanjutan (sustainability report) dengan baik, yang diterbitkan secara terpisah atau terintegrasi dalam laporan tahunan (annual report). ISRA dilaksanakan setiap tahun sejak tahun 2005. Manfaat dari penghargaan ini adalah dapat meningkatkan kepercayaan dan reputasi perusahaan. Sustainability report memberikan rangkuman aktivitas pertanggungjawaban perusahaan terhadap stakeholder yang ikut serta dalam menentukan nilai perusahaan.
Penelitian ini bertujuan untuk menganalisis perbedaan kinerja keuangan dan kinerja pasar perusahaan sebelum dan sesudah pengumuman Indonesia Sustainability Report (ISRA) 2009. Variabel kinerja keuangan diwakili oleh rasio keuangan, dan variabel kinerja pasar diwakili oleh abnormal return dan trading volume activity. Sampel penelitian terdiri dari sepuluh perusahaan yang menerima penghargaan ISRA 2009. Dalam penelitian ini digunakan paired sample t test untuk menguji hipotesis.
Hasil dari penelitian ini menunjukkan bahwa tidak terdapat perbedaan yang signifikan pada rasio likuiditas (current ratio, acid ratio), rasio solvabilitas (total debt to equity ratio, total debt to total capital assets ratio), rasio aktivitas (working capital turnover ratio, total assets turnover ratio), rasio profitabilitas (return on assets, return on equity), dan abnormal return. Tetapi terdapat perbedaan trading volume activity yang signifikan antara sebelum dan sesudah pengumuman ISRA 2009.
Indonesia Sustainability Report (ISRA) 2009 is a tribute to the companies that
have held the sustainability report well, wich is published separately or integrated in the annual report. ISRA is held every year since 2005. The benefits of this award are to increase trust and company reputation. Sustainability report provides a summary of corporate responsibility activities to stakeholders, who participated in determining the value of the company
The objective of this research was to analyze the difference of financial performance and market performance companies before and after Indonesia Sustainability Report (ISRA) 2009 announcement. Financial performance variable are represented by financial ratio, and market performance variabel are represented by abnormal return and trading volume activity. The research samples are ten companies which received ISRA period 2009. This research used paired sample t test to test the hypothesis.
The result of this research proves that there is no significant different in liquidity ratio (current ratio, acid ratio), solvency ratio (total debt to equity ratio, total debt to total capital assets ratio), activity ratio (working capital turnover ratio, total assets turnover ratio), profitability ratio (return on assets, return on equity), and abnormal return. But there are significant different in trading volume activity before and after ISRA 2009 announcement.
Kata Kunci : sustainability report, financial ratio, abnormal return, trading volume activity, rasio keuangan
