KUALITAS SUSTAINABILITY REPORTING DAN STAKEHOLDER VALUE CREATION: ANALISIS INTEGRATIF PADA PERUSAHAAN MULTINASIONAL DI INDONESIA

Abstract

This study examines the relationship between sustainability reporting quality and stakeholder value creation in multinational companies operating in Indonesia, employing an integrative framework that considers multiple stakeholder perspectives and value dimensions. Drawing from stakeholder theory, legitimacy theory, and institutional theory, this research investigates how comprehensive sustainability reporting practices contribute to value creation for different stakeholder groups including shareholders, employees, customers, communities, and environmental constituencies. Using a mixed-method approach, the study analyzed sustainability reports from 85 multinational companies over a 6-year period (2019-2024) and conducted 42 semi-structured interviews with key stakeholders. A novel Sustainability Reporting Quality Index (SRQI) was developed incorporating disclosure comprehensiveness, data quality, assurance level, and stakeholder engagement elements. Stakeholder value creation was measured through multiple indicators including financial performance, employee satisfaction, customer loyalty, community impact, and environmental performance. Structural equation modeling reveals that sustainability reporting quality significantly enhances stakeholder value creation (β=0.687, p<0.001), with stronger effects for social value creation (β=0.743, p<0.001) compared to environmental (β=0.612, p<0.001) and economic value creation (β=0.534, p<0.01). The relationship is mediated by stakeholder trust (β=0.312, p<0.001) and corporate reputation (β=0.428, p<0.001). Industry sector significantly moderates the relationship, with stronger effects in environmentally sensitive industries (β=0.245, p<0.01). The study also identifies sustainability governance, integrated thinking, and stakeholder engagement as critical success factors. These findings contribute to sustainability accounting literature by providing empirical evidence for multi-stakeholder value creation and offer practical insights for companies seeking to enhance stakeholder relationships through effective sustainability reporting.