Eksplorasi Hubungan Pengungkapan Ekonomi Biru dan Pengembalian Investasi (Studi Perusahaan Sektor Perikanan dan Kelautan yang Terdaftar di Bursa Efek Indonesia)

Abstract

This study aims to examine the causal relationship between blue economy disclosure and investment returns in fisheries and marine companies listed on the Indonesia Stock Exchange (IDX). Blue economy disclosure is viewed as a form of corporate responsibility toward stakeholders focused on the sustainability of marine resources. Meanwhile, investment returns reflect a company’s ability to provide returns to shareholders, which also reflects the company’s operational success, profit forecasts, profitability, planning, and evaluation. This study employs a quantitative method with a causality approach to analyse the relationships among variables. The methods used include descriptive statistical tests to examine the characteristics of the variables under study and Granger causality tests to analyse the bidirectional relationships among variables, determining whether the relationships are unidirectional or bidirectional. Data were collected from 18 fisheries and marine companies listed on the IDX during the 2022–2024 period, resulting in 54 observation samples. Blue economy disclosure was measured using GRI-based indicators (306-2, 304-3, 413-1, 307-1), while return on investment was proxied by Return on Shareholders’ Investment (ROSI). The results indicate a significant bidirectional causal relationship between blue economy disclosure and return on investment (ROSI). These findings suggest that better sustainability reporting can increase return on investment, and conversely, strong financial performance drives improvements in the quality of blue economy practice disclosure.