Reaksi Pasar Atas Pengumuman Regulasi Standar Pelaporan Keberlanjutan: Studi Peristiwa di Bursa Efek Indonesia

Benjamin Nathanael Tjahjadi, Zuni Barokah, S.E., M.Comm., Ph.D., CA.

2026 | Skripsi | AKUNTANSI

Penelitian ini bertujuan untuk menguji reaksi pasar atas pengumuman regulasi Standar Pelaporan Keberlanjutan (SPK) di Indonesia. Reaksi pasar diukur menggunakan return taknormal (abnormal return) dengan metodologi studi peristiwa. Sampel penelitian terdiri dari 657 perusahaan di Bursa Efek Indonesia yang dipilih melalui teknik purposive sampling. Data sekunder berupa harga saham harian dianalisis menggunakan market-adjusted model. Terdapat tiga peristiwa yang diobservasi: penerbitan Roadmap SPK (2 Desember 2024), dengar pendapat publik draf PSPK (11 Februari 2025), dan pengesahan final PSPK (1 Juli 2025). Hasil penelitian menunjukkan adanya reaksi pasar yang signifikan pada seluruh rangkaian peristiwa tersebut, sehingga hipotesis H1, H2, dan H3 didukung. Reaksi pasar ditemukan fluktuatif pada saat penerbitan Roadmap, merespon paling kuat pada tahap dengar pendapat publik karena berisi detail teknis informasi, dan cenderung sudah terantisipasi (priced in) saat pengesahan final. Secara keseluruhan, pasar modal Indonesia memberikan respon positif yang selaras dengan teori transparansi informasi bagi investor.

This study aims to examine the market reaction to the regulatory announcements of the Sustainability Reporting Standards (SPK) in Indonesia. Market reaction is measured using abnormal returns through an event study methodology. The research sample consists of 657 companies listed on the Indonesia Stock Exchange, selected using a purposive sampling technique. Secondary data in the form of daily stock prices were analyzed using the market-adjusted model. Three specific events were observed: the issuance of the SPK Roadmap (December 2, 2024), the public hearing of the draft PSPK (February 11, 2025), and the final ratification of the PSPK (July 1, 2025). The results indicate a significant market reaction throughout the entire series of events, thereby supporting hypotheses H1, H2, and H3. The market reaction was found to fluctuate during the issuance of the Roadmap, responded most strongly during the public hearing stage due to the disclosure of technical details, and tended to be already priced in by the time of the final ratification. Overall, the Indonesian capital market provided a positive response, aligning with the theory regarding the informational benefits of transparency for investors.

Kata Kunci : reaksi pasar, Standar Pelaporan Keberlanjutan (SPK), return taknormal, studi peristiwa, market reaction, Sustainability Reporting Standards (SPK), abnormal return, event study.