ESG in the spotlight: does media coverage drive stock market reactions?
スポットライトを浴びるESG：メディア報道は株式市場の反応を引き起こすか？ (AI 翻訳)
Ani Wilujeng Suryani, Anin Dyah Luthfiani, Nurika Restuningdiah, Azlina Abdul Jalil, Bambang Sugeng, Sri Pujiningsih
🤖 gxceed AI 要約
日本語
インドネシア証券取引所のESGリーダー銘柄30社を対象に、2021〜2023年のESGニュースが株価に与える影響をイベントスタディで分析。ポジティブニュースよりもネガティブニュースが市場に強い影響を与え、異常超過収益が観察された。過度な市場期待や投資家の非合理的行動が原因と示唆される。
English
This study examines the impact of ESG news on stock market reactions using an event study on 30 companies listed on the Indonesia Stock Exchange (IDX ESG Leaders) from 2021 to 2023. Findings show that negative ESG news leads to negative abnormal returns, attributed to high market expectations and irrational investor behavior. The study underscores the need for transparent and balanced ESG reporting.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
インドネシア市場の分析だが、ESGニュースが株価に与える影響は日本企業にも示唆を与える。ただし、日本ではESG開示が進んでおり、より成熟した市場反応が期待される。
In the global GX context
This paper adds to the literature on ESG media effects in emerging markets, offering insights for global investors and companies on the importance of managing ESG communication to mitigate negative stock reactions.
👥 読者別の含意
🔬研究者:Provides empirical evidence on ESG news impact in an emerging market context, contributing to event study methodology.
🏢実務担当者:Highlights the need for balanced ESG disclosure to avoid negative market surprises and manage investor expectations.
🏛政策担当者:Suggests that improving ESG literacy among investors can reduce irrational market reactions and enhance stability.
📄 Abstract（原文）
Purpose In recent years, Environmental, Social and Governance (ESG) has gained significant attention, and managers must acknowledge its impact on a company’s reputation. However, stakeholders do not consider social responsibility alone to be sufficient for providing a comprehensive evaluation on sustainability. This study aims to assess the impact of news related to ESG on stock market reactions. Design/methodology/approach This study collected ESG news data from online business media from 2021 to 2023 for 30 companies listed on the Indonesia Stock Exchange classified as the IDX ESG Leaders. The news was then coded as either positive or negative and treated as the event date. An event study approach was used to investigate the presence of abnormal returns within event windows. One-sample difference tests were then conducted to investigate whether the events result in average and cumulative abnormal returns. Findings The results of the study show that ESG news can cause negative market reactions. This is due to overly high market expectations, irrational investor actions, and the characteristics of the stock market in Indonesia that do not fully understand the concept of ESG. The results of this study also indicate that the signal mechanism has been running effectively and is considered relevant by investors in the stock market. This study emphasizes the importance of transparency and balance in ESG reporting to mitigate negative effects on the stock market and increase investor confidence in the long term. Originality/value This study contributes to the existing literature on ESG news in the media and its impact on stock market reactions. Furthermore, this study encourages investors and other stakeholders to consider media coverage of ESG performance as a valuable source of information, enabling them to more effectively hold companies accountable for their ESG disclosure practices and to make informed investment decisions.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.1108/jfra-10-2024-0748first seen 2026-05-05 19:08:48
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gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。