Supervisory Sharia Board, Leverage, and Firm Value: ISR's Mediating Role in IDX Financial Issuers
DOI:
https://doi.org/10.37034/jems.v8i2.354Keywords:
ISR, Sharia Supervisory Board (SSBs), Leverage, Firm Value, IDXAbstract
Investor interest in enterprises operating under sharia law has grown in tandem with the rapid expansion of the sharia capital market. Companies are competing to have a corporate image based on sharia principles. The purpose of this study is to understand the contribution of the Sharia Supervisory Board (SSB), leverage, and Islamic Social Reporting (ISR) disclosure in increasing firm value in the sharia, and to examine the role of ISR as a key mediating factor in these relationships. This study employs an explanatory method to test the theory objectively, utilizing a quantitative approach with a path analysis test. It uses secondary data obtained from the IDX stock list as well as annual reports and sustainability reports. The sampling technique used in this study is purposive sampling. The SSB and leverage variables have a positive and significant effect on Islamic Social Reporting (ISR). This finding supports signaling theory, where companies with larger SSB and high leverage tend to increase Islamic social transparency to reduce information asymmetry with stakeholders. The intervening variable ISR does not have a significant effect on the dependent variable, namely, firm value. The test results show that the intervening variable, ISR, also cannot mediate the relationship between the DPS and leverage variables with firm value. However, ISR and SSB as intervening variables to mediate the effect on firm value highlights the limitations of linear mediation models in the context of Islamic finance, so that the development of a theory that integrates sharia governance metrics into the national sustainable development framework is needed.
References
IDX. (2024). Kapitalisasi Pasar Indeks Syariah Di Bursa Efek Indonesia. Retrieved from https://www.ojk.go.id/id/kanal/syariah/data-dan-statistik/saham-syariah/Documents/Pages/Statistik-Saham-Syariah---Desember-2024/STATISTIK%20SAHAM%20SYARIAH%20DESEMBER%202024.pdf
Jihadi, M., Vilantika, E., Widagdo, B., Sholichah, F., & Bachtiar, Y. (2021). Islamic social reporting on value of the firm: Evidence from Indonesia Sharia Stock Index. Cogent Business and Management, 8(1). https://doi.org/10.1080/23311975.2021.1920116
Widiyanto, A., & Selasi, D. (2024). Peran Strategis Dewan Pengawas Syariah dalam Mewujudkan Keuangan Syariah Berbasis Etika. Jurnal Bisnis, Ekonomi Syariah, dan Pajak, 1(4), 73–80. https://doi.org/10.61132/jbep.v1i4.663
Mallin, C., Farag, H., & Ow-yong, K. (2014). Corporate Social Responsibility and Financial Performance in Islamic Banks Corporate Social Responsibility and Financial Performance in Islamic Banks. Journal of Economic Behavior & Organization, 103. S21-S38. https://doi.org/10.1016/j.jebo.2014.03.001
Wahyudi, E., & Rahmawati, I. D. (2022). The Effect of Profitability, Leverage, Liquidity and Sharia Supervisory Board on Disclosure of Islamic Social Reporting. Indonesian Journal of Islamic Studies, 7. https://doi.org/10.21070/ijis.v7i0.1612
Susbiyani, A., Halim, M., & Animah, A. (2023). Determinants of Islamic social reporting disclosure and its effect on firm’s value. Journal of Islamic Accounting and Business Research, 14(3), 416–435. https://doi.org/10.1108/JIABR-10-2021-0277
Nani, D. A. (2019). Islamic Social Reporting: the Difference of Perception Between User and Preparer of Islamic Banking in Indonesia. TECHNOBIZ : International Journal of Business, 2(1), 25. https://doi.org/10.33365/tb.v2i1.280
Arifin, S., Yaqin, A., & Dinia, K. N. (2020). The effect of Islamic social reporting (ISR), leverage and institutional ownership on firm value and profitability. Jurnal Akuntansi Dan Audit Syariah (JAAiS), 1(1), 62-76.
Rosmiasih, R., & Ersyafdi, I. R. (2023). Pengaruh Pengungkapan Islamic Social Reporting, Karakteristik dan Kebijakan Perusahaan terhadap Nilai Perusahaan yang Terdaftar di Jakarta Islamic Index 70. JAAKFE UNTAN (Jurnal Audit Dan Akuntansi Fakultas Ekonomi Universitas Tanjungpura), 12(1), 50. https://doi.org/10.26418/jaakfe.v12i1.62070
Kusumasari, A. P. S., Aisjah, S., & Ratnawati, K. (2023). Islamic social reporting mediates the effect of profitability and leverage on firm value. International Journal of Research in Business & Social Science, 12(3). https://doi.org/10.20525/ijrbs.v12i3.2520
Chamim, M. A., & Andraeny, D. (2025). The Effect of Profitability , Firm Size , and Leverage on Islamic Social Reporting with Sharia Supervisory Board as Moderating Variable. Proceeding of International Conference on Accounting and Finance 3, 242–256.
Putra, P. (2022). Does Firm Size, Leverage and Profitability Effect On Coefficient Earnings Response (ERC) with Islamic Social Reporting (ISR) As Intervening Variable?. Jurnal Ilmiah Ekonomi Islam, 8(2), 1103-1114.
Mutyarawati, H., Chandra, K., & Leon, F. M. (2024). The Effect of Leverage, Corporate Governance, and Profitability on Firm Value. Business snd Entrepreneurial Review, 24(1), 139-168.
Fiandita, A. N., & Asrori, A. (2025). Pengaruh Profitabilitas, Ukuran Perusahaan dan Leverage terhadap Nilai Perusahaan dengan Islamic Social Reporting (ISR) sebagai Variabel Intervening. Bookchapter Akuntansi Keuangan, 95-126.
Iqramuddin, I, Saputra, M., & Djalil, M. A. (2020). The Effect of Liquidity, Financial Leverage, Profitability and Company Size on Islamic Social Reporting (ISR) Disclosure and Its Impact on Company Value in Sharia Commercial Banks in Indonesia. East African Scholars Journal of Economics, Business and Management, 3(6), 500-510.
Mustika, S. A., Rachmadani, W. S., & Indriyani, F. (2021). The influence of corporate governance and financial performance on disclosure of Islamic Social Reporting. Islamic Accounting Journal, 1(2), 28–44. https://doi.org/10.18326/iaj.v1i2.28-44.
Ratri, R. F., & Dewi, M. (2017). The Effect of Financial Performance and Environmental Performance on Firm Value with Islamic Social Reporting (ISR) Disclosure as Intervening Variable in Companies Listed at Jakarta Islamic Index (JII). SHS Web of Conferences, 34, 12003. https://doi.org/10.1051/shsconf/20173412003
Oktaviana, U. K., Jaya, T. J., & Miranti, T. (2021, April). The Role of Islamic Social Reporting, Islamic Corporate Governance and Maqashid Syariah Index on Firm Value with Firm Size as Moderation Variable. In International Conference on Engineering, Technology and Social Science (ICONETOS 2020) (pp. 195-201). Atlantis Press. https://doi.org/10.2991/assehr.k.210421.028
Yuliana, I., & Sartika, F. (2020). Mediating Effect of Islamic Social Reporting on the Relationship between Good Corporate Governance and Company Value: The Case of the State-Owned Enterprises. Global Review of Islamic Economics and Business, 8(1), 001–011. https://doi.org/10.14421/grieb.2020.081-01
Fitriyah, N., Tahir, A. M., & Pusparini, H. (2016). Kinerja Keuangan Dalam Kerangka Maqashid Syariah: Pengaruhnya Terhadap Nilai Perusahaan Dengan Islamic Social Reporting Sebagai Variabel Moderating. Jurnal Riset Akuntansi Aksioma, 15(2), 72-72.
Erlania, S. (2023). Peran Dewan Pengawas Syariah (DPS) dalam pasar modal syariah di Indonesia. At-Tasyri': Jurnal Ilmiah Prodi Muamalah, 15(1), 30-45. https://doi.org/10.47498/tasyri.v15i1.1263
Widayanti, H., & Pratama, A. A. N. (2022). Peran Islamic Social Reporting sebagai pemodaerasi profitabilitas, kebijakan dividen, dan leverage terhadap nilai perusahaan. Journal of Accounting and Digital Finance, 2(1), 60–71. https://doi.org/10.53088/jadfi.v2i1.69
Amri, Z., & Sovita, I. (2024). Analisis Pengaruh Profitabilitas, Likuiditas, Leverage, Dan Tax Avoidance Terhadap Pengungkapan Islamic Social Reporting (ISR)(Studi Kasus Pada Perusahaan Yang Terdaftar Di Jakarta Islamic Index 70 (JII70) Tahun 2018-2022). Jurnal Akuntansi Keuangan dan Bisnis, 1(4), 892-910.
Amalia, N. R., & Yudiana, F. E. (2021). Pengaruh Leverage dan Profitabilitas terhadap Nilai Perusahaan dengan Islamic Social Reporting (ISR) sebagai Variabel Intervening pada Perusahaan yang Terdaftar di Jakarta Islamic Index (JII) Periode 2016 – 2020. BISNIS : Jurnal Bisnis Dan Manajemen Islam, 9(2), 193.
Sejati, R. I., Hadiani, F., & Juniwati, H. (2023). Pengaruh Ukuran Perusahaan, Profitabilitas, dan Ukuran Dewan Pengawas Syariah terhadap Pengungkapan Islamic Social Reporting. Journal of Applied Islamic Economics and Finance, 3(3), 605–611. https://doi.org/10.35313/jaief.v3i3
Putri, M. D., & Irkhami, N. (2022). Analisis Faktor-Faktor Penentu Islamic Social Reporting dengan Moderasi Komisaris Independen (Studi pada Bank Umum Syariah di Indonesia tahun 2016-2020). Kompartemen: Jurnal Ilmiah Akuntansi, 20(1), 83-107. https://doi.org/10.30595/kompartemen.v20i1.12455
Murtadlo, K. (2019). Islamic Social Reporting Pada Perbankan Syariah Di Indonesia. MALIA : Jurnal Ekonomi Islam, 10(2), 317–336. https://doi.org/10.35891/ml.v10i2.1456
Zuhriyanto, Z., & Haryono, S. (2022). Pengaruh Ukuran Perusahan Likuiditas Dan Profitabilitas Terhadap Pengungkapan Islamic Social Reporting Dengan Leverage Sebagai Variabel Moderasi. Jurnal Magister Ekonomi Syariah, 1(1), 53–62. https://doi.org/10.14421/jmes.2022.011-05
Alim, S. S., Muliati, M., Parwati, N. M. S., & Kahar, A. (2025). Pengaruh Islamic Governance, Leverage, Profitabilitas Dan Ukuran Perusahaan Terhadap Nilai Perusahaan Dengan Islamic Social Reporting Sebagai Variabel Mediasi (Studi Kasus Pada Bank Umum Syariah Di Indonesia Yang Terdaftar Di Ojk Periode 2019-2023). Jurnal Maneksi (Management Ekonomi Dan Akuntansi), 14(3), 1187-1203. https://doi.org/10.31959/jm.v14i3.3268
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Nisa Anafiyah, Datien Eriska Utami
This work is licensed under a Creative Commons Attribution 4.0 International License.
