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VOL. 7, ISSUE 2 (2025)
A comparative study before and during COVID-19 for sustainability report disclosure and firm value
Authors
Dwina Kamayanti, Andri Prastiwi
Abstract
This study investigates the comparative impact
of sustainability report disclosure on financial performance and firm value
before and during the COVID-19 pandemic, focusing on Indonesian companies
recognized as recipients of the Asia Sustainability Reporting Rating (ASRRAT)
awards for the period 2018–2021. The analysis reveals that during the COVID-19
period, financial performance had a positive and statistically significant
influence on firm value, a relationship that was not observed in the
pre-pandemic period. Furthermore, the disclosure of economic, environmental,
and social aspects—as well as the overall sustainability report disclosure—did
not demonstrate a significant effect on either financial performance or firm
value in both periods. These findings underscore the limited financial and
market response to sustainability disclosures and highlight the need for
greater stakeholder engagement with corporate sustainability practices to
support the realization of sustainable development goals.
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Pages:47-55
How to cite this article:
Dwina Kamayanti, Andri Prastiwi "A comparative study before and during COVID-19 for sustainability report disclosure and firm value". International Journal of Finance and Commerce, Vol 7, Issue 2, 2025, Pages 47-55
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