<![CDATA[Purpose: The study investigates the need of sustainability movement and investor demand for corporate transparency.Objectives: The objectives of this study are to examine the sustainability movement and the investor's demand for corporate transparency. Green financial disclosure and green innovation practices in Indonesia are still diverse and require exploration on the effects on the market value. Methodology/approach: This study examines the relationship of green financial disclosure, green innovation, investor attention and stock returns for technology companies listed on the Indonesia Stock Exchange in 2020–2024. A regression analysis on panel data was used in Stata 18. Fixed effects model was chosen due to Hausman specification test and cluster-robust standard errors were used to account for heteroscedasticity and autocorrelation. Annual reports, sustainability reports, the ESG Leaders index and investor attention indicators based on Google Trends and media coverage were used to gather data. The KHB method was used to test mediation and interaction terms were used to examine moderation and plotted using marginsplot. Findings: The results show that green financial disclosure has a positive impact on both stock returns and green innovation. Green innovation greatly improves stock returns and partially moderates the stock returns disclosure relationship (indirect effect = 0.118, p<0.05). Furthermore, the interaction coefficient between green innovation and investor attention is positive (0.176, p < 0.05), suggesting that the stock returns from green innovation are higher when the market has more attention. Practical implications: The results emphasize the need to include sustainability disclosure in the strategy of technology companies and promote innovative initiatives to attract investors and enhance market performance. Timing sustainability communications to periods of investor focus, like when an ESG index is released, is key for managers. Originality/value: The study has added to the literature by combining signal theory, legitimacy theory and the resource-based view. The novelty of this paper is to test disclosure, innovation, and investor attention in explaining the dynamics of stock returns in technology stocks in Indonesia using panel data econometrics with Stata which provides a powerful tool alternative to variance-based structural equation modeling.]]>
