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Pengaruh Pengungkapan ESG (Environmental, Social Dan Governance) Terhadap Return Saham(Studi Empiris pada Perusahaan Sektor Pertambangan yang Terdaftar di BEI Periode 2020 – 2024)

ESG開示が株式リターンに与える影響：インドネシア証券取引所上場鉱業セクター企業の実証研究（2020-2024年） (AI 翻訳)

E. Rahmadani, Tio Devilishanti

Ekopedia: Jurnal Ilmiah Ekonomi📚 査読済 / ジャーナル2026-01-11#ESG
DOI: 10.63822/3zczv061
原典: https://doi.org/10.63822/3zczv061

🤖 gxceed AI 要約

日本語

インドネシア証券取引所上場の鉱業15社を対象に、ESG開示が株式リターンに与える影響を分析。ガバナンス開示は有意に負の影響、環境・社会開示は非有意。ESG開示全体として株式リターンに有意な効果を持つことを示した。

English

This study analyzes the effect of ESG disclosure on stock returns for 15 mining companies listed on the Indonesia Stock Exchange (2020-2024). Governance disclosure has a negative significant effect, while environmental and social disclosures are insignificant. Overall ESG disclosure significantly impacts returns.

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

インドネシア新興市場におけるESG開示の資本市場への影響を示す実証研究。日本企業の東南アジア投資やサプライチェーン管理において、現地のESG実態を理解する参考となる。

In the global GX context

This paper provides empirical evidence on ESG disclosure effects in an emerging market context (Indonesia). For global GX practitioners, it underscores the varying materiality of ESG components across jurisdictions and sectors.

👥 読者別の含意

🔬研究者:Offers emerging market evidence on ESG disclosure–return relationship, useful for comparative studies on ESG materiality.

🏢実務担当者:Highlights that governance disclosure may be more value-relevant than environmental/social in certain sectors; relevant for sustainability reporting strategy in emerging markets.

🏛政策担当者:Indicates that mandatory ESG disclosure could influence investor behavior and market efficiency in mining sectors.

📄 Abstract（原文）

This study aims to analyze the effect of Environmental, Social, and Governance (ESG) disclosure on stock returns in mining sector companies listed on the Indonesia Stock Exchange (IDX) for the 2020-2024 period. ESG is a non-financial indicator that is increasingly being paid attention to by investors because it reflects the company's commitment to managing environmental, social, and governance risks, especially in the mining sector which has a high level of operational and reputational risk. This study uses a quantitative approach with secondary data obtained from annual reports and sustainability reports. The sampling technique used purposive sampling with a sample number of 15 companies, so that 75 research observations were obtained. The analysis method used is multiple linear regression with classical assumption test as a condition for model feasibility. The results of the study show that partially the Environmental  variable has a positive but insignificant effect on stock returns, Social  variables have a negative but insignificant effect on stock returns, while  the Governance variable  has a negative and significant effect on stock returns. Simultaneously, ESG disclosure has a significant effect on the return of shares of mining sector companies with a significance value of 0.019 < 0.05. The implications of this study show that ESG disclosure has an important role in influencing investor perception, so that mining sector companies are expected to improve the quality and consistency of ESG disclosure as part of a strategy to increase corporate value and investor confidence in the capital market.

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