Pengaruh Pengungkapan ESG terhadap Return Saham Pada Perusahaan yang Terdaftar di IDX ESG Leader Periode 2022-2024

Michael Alano Castorius; Muhammad Dimar Alam

doi:10.30640/inisiatif.v5i2.6148

Authors

Michael Alano Castorius Universitas Brawijaya
Muhammad Dimar Alam Universitas Brawijaya

DOI:

https://doi.org/10.30640/inisiatif.v5i2.6148

Keywords:

Environmental disclosure, ESG disclosure, Governance disclosure, Social disclosure, Stock return

Abstract

The objective of this research is to identify the influence of ESG disclosure on the stock returns of companies listed on the IDX ESG Leaders with the proxies of environmental, social, and governance disclosures according to the signaling theory. In this case, secondary data was used, harvested from the sustainability and annual reports of the companies during the 2022-2024 period, obtained from both IDX and the companies’ websites. Using purposive sampling, 20 companies were selected, resulting in 60 data points. The analysis was performed through multiple linear regression in EViews 12. This study finds that social disclosure does not positively influence stock returns, while environmental and governance disclosure have No. eff4ect on the stock returns. These findings can be used by company managers in their effort of disclosing their ESG practices for higher stakeholder trust, as reflected by the company’s stock return.

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