KONEKTIVITAS PENGUNGKAPAN SUSTAINABILITY REPORT TERHADAP KINERJA KEUANGAN DAN NILAI PERUSAHAAN LQ45

Abstract

This study examines the impact of Sustainability Report (SR) disclosure on firm value with financial performance as an intervening variable. Focusing on the LQ45 Index from 2020–2024, the research employs Path Analysis using Quantile Regression (0.25, 0.50, and 0.75) to address non-normality data and capture the effects across different distribution levels. The results indicate that sustainability disclosure has a consistently significant negative effect on firm value (Tobin’s Q) across all quantiles, contradicting signaling theory. Furthermore, sustainability disclosure negatively impacts financial performance (ROA) in lower-profitability companies but shows a positive correlation in higher-profitability firms. These findings imply that the Indonesian capital market may perceive sustainability efforts as operational burdens or potential "greenwashing" rather than value-enhancing investments, likely due to a short-term profit orientation. This study contributes to the literature by demonstrating that the perceived value of sustainability transparency in Indonesia remains secondary to immediate financial outcomes, implying that current sustainability practices are often viewed as mere regulatory compliance rather than strategic needs.