Zakat Disclosure, Islamic CSR, dan ESG: Determinan Non-Keuangan terhadap Keputusan Investasi pada Sektor Perbankan Syariah

AULIA, LIOSTY MAYESTA (2026) Zakat Disclosure, Islamic CSR, dan ESG: Determinan Non-Keuangan terhadap Keputusan Investasi pada Sektor Perbankan Syariah. Diploma thesis, UIN RADEN INTAN LAMPUNG.

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Abstract

ABSTRAK Penelitian ini bertujuan menganalisis pengaruh Zakat Disclosure, Islamic Corporate Social Responsibility (Islamic CSR), dan Environmental, Social, and Governance (ESG) Score terhadap Keputusan Investasi pada Bank Umum Syariah di Indonesia periode 2021–2024. Latar belakang penelitian ini didasarkan pada meningkatnya tuntutan transparansi syariah dan praktik keberlanjutan, namun masih terbatas bukti empiris mengenai pengaruhnya terhadap keputusan investasi. Penelitian ini menggunakan data panel 32 observasi dari delapan BUS dan dianalisis menggunakan Fixed Effect Model (FEM) berdasarkan hasil Uji Chow dan Uji Hausman. Hasil penelitian menunjukkan bahwa Zakat Disclosure dan Islamic CSR berpengaruh negatif signifikan terhadap keputusan investasi, sedangkan ESG Score berpengaruh tetapi tidak signifikan. Secara simultan, ketiga variabel berpengaruh signifikan terhadap keputusan investasi. Temuan ini mengindikasikan bahwa investor BUS masih lebih mempertimbangkan faktor finansial dibandingkan pengungkapan non-keuangan. Penelitian ini menekankan pentingnya peningkatan kualitas pengung-kapan syariah dan keberlanjutan serta edukasi bagi investor. Kata Kunci: Pengungkapan Zakat, CSR Islam, Skor ESG, Keputusan Investasi, Bank Umum Syariah, Regresi Data Panel.ABSTRACT This study aims to analyze the effect of Zakat Disclo-sure, Islamic Corporate Social Responsibility (Islamic CSR), and Environmental, Social, and Governance (ESG) Score on Investment Decisions in Islamic Commercial Banks in Indonesia for the period 2021–2024. The back-ground of this study is based on increasing demands for sharia transparency and sustainability practices, but there is still limited empirical evidence regarding their effect on investment decisions. This study uses panel data from 32 observations from eight Islamic commercial banks and is analyzed using the Fixed Effect Model (FEM) based on the results of the Chow Test and Hausman Test. The results show that Zakat Disclosure and Islamic CSR have a signi¬ficant negative effect on investment decisions, while ESG Score has no significant effect. Simultaneously, all three variables have a significant effect on investment decisions. These findings indicate that BUS investors still consider financial factors more than non-financial disclosures. This study emphasizes the importance of improving the quality of sharia and sustainability disclosures as well as investor education. Key word: Zakat Disclosure, Islamic CSR, ESG Score, Investment Decisions, Islamic Commercial Banks, Panel Data Regression.

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