THE INFLUENCE OF ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) PERFORMANCE AND EARNINGS VOLATILITY ON SHARIA-COMPLIANT STOCK PRICE VOLATILITY: THE MODERATING ROLE OF LEVERAGE
環境・社会・ガバナンス（ESG）パフォーマンスと収益変動性がシャリア適合株式の価格変動性に与える影響：レバレッジの調整役 (AI 翻訳)
Isti'anah Rizqullah, Dede Hertina
🤖 gxceed AI 要約
日本語
本研究は、インドネシア・シャリア株価指数（ISSI）上場企業を対象に、ESGパフォーマンスと収益変動性が株価変動性に与える影響を分析。ESGパフォーマンスは株価変動性を有意に低減するが、収益変動性の影響は有意でない。レバレッジは直接的に株価変動性を高めるが、調整効果は確認されなかった。
English
This study examines the effects of ESG performance and earnings volatility on Sharia-compliant stock price volatility using Indonesian data (ISSI, 2021-2024). ESG performance significantly reduces stock price volatility, while earnings volatility does not. Leverage increases volatility directly but does not moderate the ESG-volatility or earnings-volatility relationships.
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
インドネシアのシャリア株市場を対象としており、日本のGX文脈（SSBJ、有報等）との直接的な関連は薄い。ただし、ESG評価と資本コストの関係を示す点で、日本企業の投資家対応に参考となる可能性がある。
In the global GX context
While focused on Indonesia's Islamic capital market, this paper contributes to global ESG-finance literature by confirming that ESG performance reduces stock price volatility. It offers empirical evidence from an emerging market, which may inform ISSB and TCFD-aligned disclosure discussions in diverse regulatory contexts.
👥 読者別の含意
🔬研究者:Provides evidence on ESG-volatility link in an emerging Islamic market, relevant for comparative ESG-finance studies.
🏢実務担当者:Suggests that improving ESG performance can reduce stock price volatility, which may lower cost of equity capital for Sharia-compliant firms.
🏛政策担当者:Highlights the role of sustainability disclosure standards (GRI) in stabilizing Islamic capital markets.
📄 Abstract（原文）
Introduction: This study aims to examine the effects of Environmental, Social, and Governance (ESG) performance and earnings volatility on Sharia-compliant stock price volatility, and to investigate the moderating role of leverage. The study employs a quantitative approach using secondary data from companies listed in the Indonesian Sharia Stock Index (ISSI) during the period 2021–2024. ESG data are derived from sustainability disclosures under the Global Reporting Initiative (GRI) Standards, while stock price volatility is measured using historical stock price data. Methods: The analysis is conducted using path analysis in SmartPLS. The results indicate that ESG performance has a negative and significant effect on Sharia-compliant stock price volatility, supporting the signaling and stakeholder perspectives that strong sustainability practices reduce perceived risk and market uncertainty (Albuquerque et al., 2020; Zhou & Zhou, 2022). Results: In contrast, earnings volatility does not have a significant effect on stock price volatility, suggesting that investors in the Islamic capital market place greater emphasis on non-financial sustainability signals than short-term earnings fluctuations (Hasanah et al., 2024). Furthermore, leverage has a significant direct effect on Sharia-compliant stock price volatility, indicating that financial risk remains a key determinant of price fluctuations. However, leverage does not moderate the relationship between ESG performance, earnings volatility, and stock price volatility. These findings contribute to the literature on Islamic capital markets by highlighting the dominant role of ESG performance in mitigating stock price volatility, while confirming the limited moderating role of leverage in the context of Sharia-compliant firms. Keywords: Environmental, Social, and Governance (ESG) Performance, Earnings Volatility, Leverage (Debt to Equity Ratio / DER), Sharia-Compliant Stock Price Volatility
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- semanticscholar https://ejournal-polnam.ac.id/index.php/JurnalManeksi/article/download/3761/1840first seen 2026-07-03 05:42:55
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