How to cite this paper
Rukmiyati, N., Purbawangsa, I., Baskara, I & Candraningrat, I. (2023). The role of investor recognition mediates the effect of sustainability reporting quality on firm value.Uncertain Supply Chain Management, 11(4), 1561-1568.
Refrences
Al-Shaer, H., & Zaman, M. (2016). Board gender diversity and sustainability reporting quality. Journal of Contemporary Accounting and Economics, 12(3), 210–222. https://doi.org/10.1016/j.jcae.2016.09.001
Ammer, M. A., Aliedan, M. M., & Alyahya, M. A. (2020). Do corporate environmental sustainability practices influence firm value? The role of independent directors: Evidence from Saudi Arabia. Sustainability, 12(22), 9768.
Bachoo, K., Tan, R., & Wilson, M. (2013). Firm value and the quality of sustainability reporting in Australia. Australian Accounting Review, 23(1), 67-87.
Band, D. (1992). Corporate Governance: Why Agency Theory is not Enough. European Management Journal, 10(4).
Bodnaruk, A., & Ostberg, P. (2009). Does investor recognition predict returns? Journal of Financial Economics, 91(2), 208–226. https://doi.org/10.1016/j.jfineco.2008.01.006
Chauhan, Y., & Kumar, S. B. (2018). Do investors value the nonfinancial disclosure in emerging markets? Emerging Markets Review, 37, 32–46. https://doi.org/10.1016/j.ememar.2018.05.001
Chen, H., Noronha, G., & Singal, V. (2004). The price response to S&P 500 index additions and deletions: Evidence of asymmetry and a new explanation. The Journal of Finance, 59(4), 1901-1930.
Ching, H. Y., Gerab, F., & Toste, T. H. (2017). The Quality of Sustainability Reports and Corporate Financial Performance: Evidence From Brazilian Listed Companies. SAGE Open, 7(2). https://doi.org/10.1177/2158244017712027
Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. In Journal of Management (Vol. 37, Issue 1, pp. 39–67). https://doi.org/10.1177/0149206310388419
Cooke, T. E. (1989). Disclosure in the Corporate Annual Reports of Swedish Companies. Accounting and Business Research, 19(74), 113–124. https://doi.org/10.1080/00014788.1989.9728841
Cormier, D., & Magnan, M. (2007). The revisited contribution of environmental reporting to investors’ valuation of a firm’s earnings: An international perspective. Ecological Economics, 62(3–4), 613–626. https://doi.org/10.1016/j.ecolecon.2006.07.030
El Ghoul, S., Guedhami, O., & Kim, Y. (2017). Country-level institutions, firm value, and the role of corporate social responsibility initiatives. Journal of International Business Studies, 48(3), 360–385. https://doi.org/10.1057/jibs.2016.4
Foerster, S. R., & Karolyi, G. A. (1999). The Effects of Market Segmentation and Investor Recognition on Asset Prices: Evidence from Foreign Stocks Listing in the United States. The Journal of Finance, 54(3), 981–1013. https://doi.org/https://doi.org/10.1111/0022-1082.00134
Garay, U., & González, M. (2008). Corporate governance and firm value: The case of Venezuela. Corporate Governance: An International Review, 16(3), 194–209. https://doi.org/10.1111/j.1467-8683.2008.00680.x
Green, T. C., & Jame, R. (2013). Company name fluency, investor recognition, and firm value. Journal of Financial Economics. https://www.sciencedirect.com/science/article/pii/S0304405X13001141
Barako, D. G., Hancock, P., & Izan, H. Y. (2006). Factors influencing voluntary corporate disclosure by Kenyan companies. Corporate Governance: an international review, 14(2), 107-125.
Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of accounting and economics, 31(1-3), 405-440.
Jain, T., & Jamali, D. (2016). Looking Inside the Black Box: The Effect of Corporate Governance on Corporate Social Responsibility. Corporate Governance: An International Review, 24(3), 253–273. https://doi.org/10.1111/corg.12154
Jensen, M. (2002). Value Maximization, Stakeholder Theory, and The Corporate Objective Function. Business Ethics Quarterly, 12(2), 235–256. https://doi.org/10.5840/10.2307/3857812
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4). https://doi.org/10.1016/0304-405X(76)90026-X
Jo, H., Kim, H., & Park, K. (2016). Environmental costs and firm value. Asia‐Pacific Journal of Financial Studies, 45(6), 813-838.
Junior, R. M., Best, P. J., & Cotter, J. (2014). Sustainability Reporting and Assurance: A Historical Analysis on a World-Wide Phenomenon. Journal of Business Ethics, 120(1), 1–11. https://doi.org/10.1007/s10551-013-1637-y
Khan, A., Tanveer, T., & Malik, U. (2017). An empirical analysis of corporate governance and firm value: Evidence from KSE-100 Index. Accounting, 3(2), 119-130.
Kuzey, C., & Uyar, A. (2017). Determinants of sustainability reporting and its impact on firm value: Evidence from the emerging market of Turkey. Journal of Cleaner Production, 143, 27–39. https://doi.org/10.1016/j.jclepro.2016.12.153
Laskar, N., & Gopal Maji, S. (2018). Disclosure of corporate sustainability performance and firm performance in Asia. Asian Review of Accounting, 26(4), 414–443. https://doi.org/10.1108/ARA-02-2017-0029
Lee, C. H., Chen, R. C. Y., Hung, S. W., & Yang, C. X. (2020). Corporate Social Responsibility and Firm Value: The Mediating Role of Investor Recognition. Emerging Markets Finance and Trade, 56(5), 1043–1054. https://doi.org/10.1080/1540496X.2018.1501676
Lehavy, R., & Sloan, R. G. (2008). Investor recognition and stock returns. Review of Accounting Studies, 13(2–3), 327–361. https://doi.org/10.1007/s11142-007-9063-y
Li, F., Li, T., & Minor, D. (2016). CEO power, corporate social responsibility, and firm value: a test of agency theory. International Journal of Managerial Finance, 12(5), 611–628. https://doi.org/10.1108/IJMF-05-2015-0116
Li, Z., Liao, G., & Albitar, K. (2020). Does corporate environmental responsibility engagement affect firm value? The mediating role of corporate innovation. Business Strategy and the Environment. https://onlinelibrary.wiley.com/doi/abs/10.1002/bse.2416
Loh, L., Thomas, T., & Wang, Y. (2017). Sustainability reporting and firm value: Evidence from Singapore-listed companies. Sustainability. https://www.mdpi.com/238542
Lonkani, R. (2018). Firm value. Firm Value: Theory and Empirical Evidence.
Merton, R. C. (1987). A simple model of capital market equilibrium with incomplete information.
Milne, M. J., & Gray, R. (2013). W(h)ither Ecology? The Triple Bottom Line, the Global Reporting Initiative, and Corporate Sustainability Reporting. Journal of Business Ethics, 118(1), 13–29. https://doi.org/10.1007/s10551-012-1543-8
Milne, M. J., & Patten, D. M. (2002). Securing organizational legitimacy: An experimental decision case examining the impact of environmental disclosures. In Accounting, Auditing & Accountability Journal (Vol. 15, Issue 3, pp. 372–405). https://doi.org/10.1108/09513570210435889
Nguyen, A. H., & Nguyen, L. H. (2020). Determinants of sustainability disclosure: Empirical evidence from vietnam. Journal of Asian Finance, Economics and Business, 7(6), 73–84. https://doi.org/10.13106/JAFEB.2020.VOL7.NO6.073
Nobanee, H., & Ellili, N. (2016). Corporate sustainability disclosure in annual reports: Evidence from UAE banks: Islamic versus conventional. In Renewable and Sustainable Energy Reviews (Vol. 55, pp. 1336–1341). Elsevier Ltd. https://doi.org/10.1016/j.rser.2015.07.084
Poletti-Hughes, J., & Briano-Turrent, G. C. (2019). Gender diversity on the board of directors and corporate risk: A behavioural agency theory perspective. International Review of Financial Analysis, 62, 80–90. https://doi.org/10.1016/j.irfa.2019.02.004
Purbawangsa, I. B. A., Solimun, S., Fernandes, A. A. R., & Mangesti Rahayu, S. (2020). Corporate governance, corporate profitability toward corporate social responsibility disclosure and corporate value (comparative study in Indonesia, China and India stock exchange in 2013-2016). Social Responsibility Journal, 16(7), 983–999. https://doi.org/10.1108/SRJ-08-2017-0160
Qureshi, M. A., Kirkerud, S., Theresa, K., & ... (2020). The impact of sustainability (environmental, social, and governance) disclosure and board diversity on firm value: The moderating role of industry sensitivity. Business Strategy and …. https://onlinelibrary.wiley.com/doi/abs/10.1002/bse.2427
Ruan, L., & Liu, H. (2021). Environmental, social, governance activities and firm performance: evidence from China. Sustainability (Switzerland), 13(2), 1–16. https://doi.org/10.3390/su13020767
Seele, P., & Gatti, L. (2017). Greenwashing Revisited: In Search of a Typology and Accusation-Based Definition Incorporating Legitimacy Strategies. Business Strategy and the Environment, 26(2), 239–252. https://doi.org/10.1002/bse.1912
Teece, D. J. (2019). A capability theory of the firm: an economics and (Strategic) management perspective. New Zealand Economic Papers, 53(1), 1–43. https://doi.org/10.1080/00779954.2017.1371208
Watson, A., Shrives, P., & Marston, C. (2002). Voluntary Disclosure of Accounting Ratios in The UK. British Accounting Review, 34. https://doi.org/10.1006/S0890-8389(02)00077-X
Yip, Y. Y., & Lee, H. H. (2018). Does ESG disclosure create value to firms? The Malaysian case. Journal of Social Sciences Research, 2018(Special Issue 6), 515–521. https://doi.org/10.32861/jssr.spi6.515.521
Zahn, M. Van der. (2019). Association between Firm Value and Sustainability Reporting During Disclosure Regime Change: Case of Singapore Publicly Listed Firms. Available at SSRN 3491195. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3491195
Ammer, M. A., Aliedan, M. M., & Alyahya, M. A. (2020). Do corporate environmental sustainability practices influence firm value? The role of independent directors: Evidence from Saudi Arabia. Sustainability, 12(22), 9768.
Bachoo, K., Tan, R., & Wilson, M. (2013). Firm value and the quality of sustainability reporting in Australia. Australian Accounting Review, 23(1), 67-87.
Band, D. (1992). Corporate Governance: Why Agency Theory is not Enough. European Management Journal, 10(4).
Bodnaruk, A., & Ostberg, P. (2009). Does investor recognition predict returns? Journal of Financial Economics, 91(2), 208–226. https://doi.org/10.1016/j.jfineco.2008.01.006
Chauhan, Y., & Kumar, S. B. (2018). Do investors value the nonfinancial disclosure in emerging markets? Emerging Markets Review, 37, 32–46. https://doi.org/10.1016/j.ememar.2018.05.001
Chen, H., Noronha, G., & Singal, V. (2004). The price response to S&P 500 index additions and deletions: Evidence of asymmetry and a new explanation. The Journal of Finance, 59(4), 1901-1930.
Ching, H. Y., Gerab, F., & Toste, T. H. (2017). The Quality of Sustainability Reports and Corporate Financial Performance: Evidence From Brazilian Listed Companies. SAGE Open, 7(2). https://doi.org/10.1177/2158244017712027
Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. In Journal of Management (Vol. 37, Issue 1, pp. 39–67). https://doi.org/10.1177/0149206310388419
Cooke, T. E. (1989). Disclosure in the Corporate Annual Reports of Swedish Companies. Accounting and Business Research, 19(74), 113–124. https://doi.org/10.1080/00014788.1989.9728841
Cormier, D., & Magnan, M. (2007). The revisited contribution of environmental reporting to investors’ valuation of a firm’s earnings: An international perspective. Ecological Economics, 62(3–4), 613–626. https://doi.org/10.1016/j.ecolecon.2006.07.030
El Ghoul, S., Guedhami, O., & Kim, Y. (2017). Country-level institutions, firm value, and the role of corporate social responsibility initiatives. Journal of International Business Studies, 48(3), 360–385. https://doi.org/10.1057/jibs.2016.4
Foerster, S. R., & Karolyi, G. A. (1999). The Effects of Market Segmentation and Investor Recognition on Asset Prices: Evidence from Foreign Stocks Listing in the United States. The Journal of Finance, 54(3), 981–1013. https://doi.org/https://doi.org/10.1111/0022-1082.00134
Garay, U., & González, M. (2008). Corporate governance and firm value: The case of Venezuela. Corporate Governance: An International Review, 16(3), 194–209. https://doi.org/10.1111/j.1467-8683.2008.00680.x
Green, T. C., & Jame, R. (2013). Company name fluency, investor recognition, and firm value. Journal of Financial Economics. https://www.sciencedirect.com/science/article/pii/S0304405X13001141
Barako, D. G., Hancock, P., & Izan, H. Y. (2006). Factors influencing voluntary corporate disclosure by Kenyan companies. Corporate Governance: an international review, 14(2), 107-125.
Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of accounting and economics, 31(1-3), 405-440.
Jain, T., & Jamali, D. (2016). Looking Inside the Black Box: The Effect of Corporate Governance on Corporate Social Responsibility. Corporate Governance: An International Review, 24(3), 253–273. https://doi.org/10.1111/corg.12154
Jensen, M. (2002). Value Maximization, Stakeholder Theory, and The Corporate Objective Function. Business Ethics Quarterly, 12(2), 235–256. https://doi.org/10.5840/10.2307/3857812
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4). https://doi.org/10.1016/0304-405X(76)90026-X
Jo, H., Kim, H., & Park, K. (2016). Environmental costs and firm value. Asia‐Pacific Journal of Financial Studies, 45(6), 813-838.
Junior, R. M., Best, P. J., & Cotter, J. (2014). Sustainability Reporting and Assurance: A Historical Analysis on a World-Wide Phenomenon. Journal of Business Ethics, 120(1), 1–11. https://doi.org/10.1007/s10551-013-1637-y
Khan, A., Tanveer, T., & Malik, U. (2017). An empirical analysis of corporate governance and firm value: Evidence from KSE-100 Index. Accounting, 3(2), 119-130.
Kuzey, C., & Uyar, A. (2017). Determinants of sustainability reporting and its impact on firm value: Evidence from the emerging market of Turkey. Journal of Cleaner Production, 143, 27–39. https://doi.org/10.1016/j.jclepro.2016.12.153
Laskar, N., & Gopal Maji, S. (2018). Disclosure of corporate sustainability performance and firm performance in Asia. Asian Review of Accounting, 26(4), 414–443. https://doi.org/10.1108/ARA-02-2017-0029
Lee, C. H., Chen, R. C. Y., Hung, S. W., & Yang, C. X. (2020). Corporate Social Responsibility and Firm Value: The Mediating Role of Investor Recognition. Emerging Markets Finance and Trade, 56(5), 1043–1054. https://doi.org/10.1080/1540496X.2018.1501676
Lehavy, R., & Sloan, R. G. (2008). Investor recognition and stock returns. Review of Accounting Studies, 13(2–3), 327–361. https://doi.org/10.1007/s11142-007-9063-y
Li, F., Li, T., & Minor, D. (2016). CEO power, corporate social responsibility, and firm value: a test of agency theory. International Journal of Managerial Finance, 12(5), 611–628. https://doi.org/10.1108/IJMF-05-2015-0116
Li, Z., Liao, G., & Albitar, K. (2020). Does corporate environmental responsibility engagement affect firm value? The mediating role of corporate innovation. Business Strategy and the Environment. https://onlinelibrary.wiley.com/doi/abs/10.1002/bse.2416
Loh, L., Thomas, T., & Wang, Y. (2017). Sustainability reporting and firm value: Evidence from Singapore-listed companies. Sustainability. https://www.mdpi.com/238542
Lonkani, R. (2018). Firm value. Firm Value: Theory and Empirical Evidence.
Merton, R. C. (1987). A simple model of capital market equilibrium with incomplete information.
Milne, M. J., & Gray, R. (2013). W(h)ither Ecology? The Triple Bottom Line, the Global Reporting Initiative, and Corporate Sustainability Reporting. Journal of Business Ethics, 118(1), 13–29. https://doi.org/10.1007/s10551-012-1543-8
Milne, M. J., & Patten, D. M. (2002). Securing organizational legitimacy: An experimental decision case examining the impact of environmental disclosures. In Accounting, Auditing & Accountability Journal (Vol. 15, Issue 3, pp. 372–405). https://doi.org/10.1108/09513570210435889
Nguyen, A. H., & Nguyen, L. H. (2020). Determinants of sustainability disclosure: Empirical evidence from vietnam. Journal of Asian Finance, Economics and Business, 7(6), 73–84. https://doi.org/10.13106/JAFEB.2020.VOL7.NO6.073
Nobanee, H., & Ellili, N. (2016). Corporate sustainability disclosure in annual reports: Evidence from UAE banks: Islamic versus conventional. In Renewable and Sustainable Energy Reviews (Vol. 55, pp. 1336–1341). Elsevier Ltd. https://doi.org/10.1016/j.rser.2015.07.084
Poletti-Hughes, J., & Briano-Turrent, G. C. (2019). Gender diversity on the board of directors and corporate risk: A behavioural agency theory perspective. International Review of Financial Analysis, 62, 80–90. https://doi.org/10.1016/j.irfa.2019.02.004
Purbawangsa, I. B. A., Solimun, S., Fernandes, A. A. R., & Mangesti Rahayu, S. (2020). Corporate governance, corporate profitability toward corporate social responsibility disclosure and corporate value (comparative study in Indonesia, China and India stock exchange in 2013-2016). Social Responsibility Journal, 16(7), 983–999. https://doi.org/10.1108/SRJ-08-2017-0160
Qureshi, M. A., Kirkerud, S., Theresa, K., & ... (2020). The impact of sustainability (environmental, social, and governance) disclosure and board diversity on firm value: The moderating role of industry sensitivity. Business Strategy and …. https://onlinelibrary.wiley.com/doi/abs/10.1002/bse.2427
Ruan, L., & Liu, H. (2021). Environmental, social, governance activities and firm performance: evidence from China. Sustainability (Switzerland), 13(2), 1–16. https://doi.org/10.3390/su13020767
Seele, P., & Gatti, L. (2017). Greenwashing Revisited: In Search of a Typology and Accusation-Based Definition Incorporating Legitimacy Strategies. Business Strategy and the Environment, 26(2), 239–252. https://doi.org/10.1002/bse.1912
Teece, D. J. (2019). A capability theory of the firm: an economics and (Strategic) management perspective. New Zealand Economic Papers, 53(1), 1–43. https://doi.org/10.1080/00779954.2017.1371208
Watson, A., Shrives, P., & Marston, C. (2002). Voluntary Disclosure of Accounting Ratios in The UK. British Accounting Review, 34. https://doi.org/10.1006/S0890-8389(02)00077-X
Yip, Y. Y., & Lee, H. H. (2018). Does ESG disclosure create value to firms? The Malaysian case. Journal of Social Sciences Research, 2018(Special Issue 6), 515–521. https://doi.org/10.32861/jssr.spi6.515.521
Zahn, M. Van der. (2019). Association between Firm Value and Sustainability Reporting During Disclosure Regime Change: Case of Singapore Publicly Listed Firms. Available at SSRN 3491195. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3491195