ANALISIS KEGUNAAN INFORMASI AKUNTANSI, KINERJA KEUANGAN, DAN ISLAMIC SOCIAL REPORTING (ISR) TERHADAP PORTOFOLIO INVESTASI SYARIAH PADA BANK UMUM SYARIAH INDONESIA YANG TERDAFTAR DI BEI PERIODE 2021-2024
Keywords:
Accounting Information Usefulness, financial Performance, Islamic Social Reporting (ISR), Sharia Investment Portfolio, Signaling Theory.Abstract
This study aims to analyze the influence of accounting information usefulness, financial performance, and Islamic Social Reporting (ISR) on sharia investment portfolios of Islamic Commercial Banks (ICBs) listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. Grounded in Signaling Theory and Agency Theory, a quantitative approach with panel data regression is employed. A sample of 20 firm- year observations was selected via purposive sampling from 5 ICBs with complete annual and sustainability reporting over the research window. The dependent variable sharia investment portfolio is proxied by Tobin’s Q. Independent variables include: (1) accounting information usefulness, measured by value relevance of earnings per share (EPS) and book value per share (BVPS); (2) financial performance, proxied by Return on Assets (ROA); and (3) ISR, measured using a dichotomous disclosure index based on AAOIFI guidelines. Empirical results indicate that both accounting information usefulness and financial performance significantly influence sharia investment portfolios yet with negative coefficients, suggesting that higher transparency and profitability may trigger investor caution due to perceived instability or hidden risk. In contrast, ISR shows no significant effect , implying that ethical and social disclosures are not yet pivotal in short- term investment decisions among sharia investors in Indonesia. These findings highlight the dominance of financial signals over socio- ethical signals in the current sharia capital market, underscoring the need for enhanced ISR standardization and investor education to align market behavior with sharia principles of justice, sustainability, and holistic accountability.
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