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Information content is a meaningful information for users to make decision. If the information is effecting to users’ decison. One of the information is the announcement of the environmental performance. This information is effecting to investor reaction. Indonesia experience many problems of environmental damage. Program Penilaian Peringkat Kinerja Perusahaan (PROPER) or Company Performance Rank Program as an environmental control tool released by Kementerian Lingkungan Hidup (KLH) or Environmental Ministry and government received good response from several parties. However, some research studied about the relationship of environmental performance and economic performance found unexpected result. This research attempts to analyze the effect of environmental performance to abnormal return by event study analysis technique before and after PROPER announcement. The observation period is 2010 and 2011. The sample used in 2010 is 30 companies; while in 2011 are 41 companies. Hypothesis used Wilcoxon Rank test with selected window is five days before and five days after the announcement. The result shows that, without rank categorization, there is no significant difference of abnormal return before and after PROPER announcement in 2010, while there is a significant difference of abnormal return before and after PROPER announcement in 2011. By the rank categorization, in both of observation period, there is a significant different of abnormal return before and after the company received good rank, while there is no significant difference of abnormal return before and after the company received bad rank. Hence, it is recommended to KLH and government to announce louder the PROPER result, mainly for the companies which received bad rank and make this program to be mandatory due to its urgencies.

The Information Content of Environmental Performance of the Companies Listed on Indonesia Stock Exchange Period 2010-2011