Financial Performance, Environmental, Social, Governance, and Stock Return of ESG Leaders Index

Tiara Alycia Singgih, Elizabeth Lucky Maretha

Abstract


Corporate and public concern about environmental issues continues to increase. Many companies show environmental, social, and governance concerns to attract investors' attention. In addition to financial factors, this research will also examine non-financial factors to test their impact on stock returns. Financial performance consists of four financial ratios, while non-financial performance uses the ESG index in three separate pillars. The study's approach is quantitative, using financial and sustainability reports of companies in the IDX ESG Leaders index 2020-2023 as secondary data. The data was tested using the Statistical Packages for Social Science (SPSS) version 27 application, and found that profitability significantly positively affects stock returns. All financial performance ratios and each ESG performance index simultaneously affect stock returns.


Keywords


Stock Return, Financial Ratios, Environmental Performance, Social Performance, Governance Performance

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References


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DOI: https://doi.org/10.17509/jrak.v13i1.77277

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