The Impact of Environment Social Governance (ESG) Performance on Stock Returns in Indonesian Companies

Rieke Pernamasari, Rista Bintara, Yuni Rosdiana and Helliana
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Rieke Pernamasari: Faculty of Economics and Business, Universitas Mercu Buana. Jakarta
Rista Bintara: Faculty of Economics and Business, Universitas Mercu Buana. Jakarta
Yuni Rosdiana: Faculty of Economics and Business, Universitas Islam, Bandung.
Helliana: Faculty of Economics and Business, Universitas Islam, Bandung.

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 3, 2868-2876

Abstract: The aim of this research is to examine the performance of Environmental, Social, and Governance (ESG) on the stock return value of companies in Indonesia. This study falls under the third step of measurement, which is the proof-of-concept of important functions and/or characteristics through analytical and experimental methods. The research methodology uses a quantitative approach with a combined time series and cross-sectional data (panel data). Data collection is done using secondary data, where data is gathered from existing sources. In this study, the data is obtained from Bloomberg. The population for this research comprises companies listed on the Indonesian Stock Exchange with available ESG disclosure scores on Bloomberg for the period of 2017-2021. Based on the hypothesis test results, it is found that ESG performance and social performance have a positive effect on stock returns. However, the performance of governance and the environment, has no effect on stock returns.

Date: 2024
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