syahrina, kharisma alfi (2025) An Analysis of The Indonesia Sharia Stock Index From 2021 To 2023: Emphasizing Eco-Friendly Investments, Sustainable Innovations on Stock Valuations With Financial Performance as a Mediating Variable. S1 Undergraduate thesis, Universitas Darussalam Gontor.

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Abstract

Current stock price movements are influenced by investors' awareness of sustainability and environmental impacts. Investors consider sustainability aspects in choosing companies to invest in, which has a positive impact on the company's reputation. This is especially important in the Islamic capital market, where ethical values and social responsibility play an important role. This study aims to analyze the effect of eco-friendly investment, sustainable innovation, and stock price with financial performance as mediation in companies listed on the Indonesia Islamic Stock Index (ISSI). By using panel data from 23 companies during the period 2021-2023. The results of this study indicate that financial performance is unable to mediate the relationship between Eco-friendly investment, Sustainable innovation and stock prices. However, Eco-friendly investment has a significant direct effect on financial performance. In addition, it was found that financial performance has an impact on stock prices. On the other hand, sustainable innovation did not show a direct influence on financial performance or stock price. This indicates that although sustainable strategies can improve the company's reputation, the financial benefits cannot be felt in the short term, while Eco-friendly investmentshas a positive impact on financial performance which in turn will have an impact on stock prices. This finding provides insight that Islamic investors value more companies that demonstrate a commitment to sustainability. This study supports signaling theory, where sustainability strategies such as Eco-friendly investmentsand Sustainable innovation are perceived as positive signals by the market. In addition, stakeholder theory is also relevant in this study, as sustainability strategies reflect a company's efforts to meet the expectations of stakeholders, including investors, society, and regulators. This study enriches the literature on the relationship between sustainability, financial performance, and stock prices in the Islamic market.

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