Menavigasi Dunia Investasi Hijau: Memilih Saham dengan ESG dan Ukuran Perusahaan

Tia  Giantari

doi:10.32534/jpk.v11i3.5835

Authors

Tia Giantari Fakultas Ekonomi dan Bisnis, Universitas Airlangga

DOI:

https://doi.org/10.32534/jpk.v11i3.5835

Abstract

Investasi yang memperhatikan aspek ESG semakin populer seiring dengan peningkatan kesadaran investor terhadap perusahaan – perusahaan yang telah mengungkapkan ESG di dalam laporan keberlanjutan dengan baik. Hal ini merupakan sinyal bagi investor yang akan mempengaruhi permintaan pada saham tersebut. Topik ESG dan return saham menjadikan topik yang sedang banyak diteliti dalam pasar modal. Penelitian ini mengkaji pengaruh Environmental, Social, and Governance (ESG) terhadap stock return dengan ukuran perusahaan sebagai variabel moderasi. Penelitian ini menggunakan sampel penelitian yaitu perusahaan yang masuk Index Sri-Kehati periode 2019-2023. Analisis data menggunakan moderated regression analysis. Hasil penelitian menyimpulkan bahwa ESG memiliki pengaruh positif terhadap stock return. Hal ini disebabkan oleh meningkatnya jumlah investor yang memprioritaskan investasi pada perusahaan yang mematuhi standar ESG. Lebih lanjut, penelitian ini menemukan bahwa ukuran perusahaan memoderasi hubungan antara ESG dan stock return. Perusahaan besar umumnya memiliki sumber daya yang lebih memadai untuk mengelola risiko dan peluang terkait ESG, serta memberikan sinyal yang lebih kuat dan kredibel kepada investor mengenai komitmen mereka terhadap praktik bisnis yang berkelanjutan. Penelitian ini diharapkan dapat menjadi sumber berharga bagi para peneliti yang ingin mengeksplorasi topik yang serupa.

Keywords:

ESG, Stok Return, Firm Size, MRA

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