Business Ethics and Good Governance in Indonesian Sharia Stock Index

Vidia Gati

Abstract


Praktik bisnis yang etis semakin diakui sebagai hal yang penting bagi keberlanjutan. Perusahaan yang mengabaikan standar etika sering kali melakukan perilaku yang didorong oleh keserakahan, termasuk penipuan, untuk memaksimalkan keuntungan. Perusahaan-perusahaan yang terdaftar di Indeks Saham Syariah dianggap sejalan dengan norma-norma etika Islam, dan memposisikan mereka sebagai perusahaan-perusahaan yang secara inheren “etis”. Namun, sejauh mana perusahaan-perusahaan ini mengungkapkan kepatuhan mereka terhadap etika bisnis masih belum jelas. Penelitian ini menyelidiki apakah perusahaan-perusahaan yang termasuk dalam Indeks Saham Syariah menunjukkan komitmen terhadap etika bisnis sebagai komponen integral dari tata kelola yang baik. Penelitian ini berfokus pada perusahaan-perusahaan yang terdaftar di Indeks Saham Syariah Indonesia (ISSI) antara tahun 2015 dan 2018, menganalisis 1.512 observasi. Temuan ini mengungkapkan bahwa perusahaan-perusahaan dalam indeks syariah menunjukkan pengungkapan etika yang unggul, yang menunjukkan kepatuhan kualitatif dan kuantitatif terhadap standar etika. Komitmen terhadap etika bisnis ini mendorong praktik bisnis yang lebih sehat dan berkontribusi terhadap keberlanjutan jangka panjang.

Kata kunci — Etika Bisnis, Tata Kelola Perusahaan, ISSI, Shariah Compliant, Keberlanjutan

Abstract

Ethical business practices are increasingly recognized as critical to sustainability. Companies that disregard ethical standards often engage in greed-driven behaviors, including fraud, to maximize profits. Firms listed on the Sharia Stock Index are presumed to align with Islamic ethical norms, positioning them as inherently "ethical" enterprises. However, the extent to which these companies disclose their adherence to business ethics remains uncertain. This study investigates whether companies included in the Sharia Stock Index demonstrate a commitment to business ethics as an integral component of good governance. The research focuses on firms listed in the Indonesian Sharia Stock Index (ISSI) between 2015 and 2018, analyzing 1,512 observations. The findings reveal that companies within the Sharia index exhibit superior ethical disclosures, indicating both qualitative and quantitative adherence to ethical standards. This commitment to business ethics fosters healthier business practices and contributes to long-term sustainability.

Keywords — Business Ethics, Corporate Governance, ISSI, Shariah Compliant, Sustainability

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References


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