Fiofellisya, Azah Navalatifana (2026) Analisis Pengungkapan Environmental, Social, dan Governance (ESG) Terhadap Reaksi Pasar pada Emiten LQ45 Non Keuangan 2022-2024. Undergraduate thesis, UPN Veteran Jawa Timur.
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Abstract
This study aims to examine the effect of Environmental, Social, and Governance (ESG) disclosure on market reaction among non-financial companies included in the LQ45 Index of the Indonesia Stock Exchange during the 2022–2024 period. This study was conducted because the increasing practice of ESG disclosure has not always been followed by consistent market responses, indicating that the relevance of ESG information to investment decision-making still requires empirical evidence.This study employed a quantitative approach with a causal research design. The sample was selected using a purposive sampling technique and consisted of 37 non-financial companies included in the LQ45 Index during the 2022–2024 period, resulting in 111 observations. The data were analyzed using panel data regression with the Fixed Effect Model (FEM). ESG disclosure was measured using a content analysis method, while market reaction was proxied by the average closing stock price following the publication of the Sustainability Report. The results indicate that environmental and social disclosure do not have a significant effect on market reaction, whereas governance disclosure has a significant negative effect on market reaction. These findings suggest that investors do not respond equally to all ESG dimensions. Governance-related information receives greater consideration from investors than environmental and social information in investment decision-making. This study provides empirical evidence regarding the relevance of each ESG dimension to market reaction among non-financial companies included in the LQ45 Index.
| Item Type: | Thesis (Undergraduate) | ||||||||
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| Subjects: | H Social Sciences > HF Commerce > HF5601 Accounting H Social Sciences > HG Finance H Social Sciences > HG Finance > HG4001-4285 Finance management. Business finance. Corporation finance H Social Sciences > HG Finance > HG4501-6051 Investment, capital formation, speculation |
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| Divisions: | Faculty of Economic and Business > Departement of Accounting | ||||||||
| Depositing User: | Azah Navalatifana Fiofellisya | ||||||||
| Date Deposited: | 10 Jul 2026 03:16 | ||||||||
| Last Modified: | 10 Jul 2026 03:16 | ||||||||
| URI: | https://repository.upnjatim.ac.id/id/eprint/55007 |
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