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All Journal Mercatura Lumina: Journal of Management, Entrepreneurship, and Tourism
Muh. Rezky Ananda Putra
Universitas Halu Oleo

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The Effect of ESG Disclosure on Investment Decisions by Companies in the Mining Sector on the Indonesia Stock Exchange Muh. Rezky Ananda Putra; Emilia Nurdin; Yuli Lestari Labangu
Journal of Management, Entrepreneurship, and Tourism Vol. 1 No. 3 (2026): : August: Mercatura Lumina: Journal of Management, Entrepreneurship, and Touris
Publisher : CV SCRIPTA INTELEKTUAL MANDIRI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65310/gv703y96

Abstract

This study aims to examine the effect of Environmental, Social, and Governance (ESG) disclosure on corporate investment decisions among mining companies listed on the Indonesia Stock Exchange during the 2022–2024 period. A quantitative empirical approach was employed using panel data regression analysis. The population consisted of 51 listed mining companies, from which 39 firms were selected through purposive sampling, resulting in 117 firm-year observations. Secondary data were obtained from annual reports, sustainability reports, and financial statements published by the sampled companies. Corporate investment decisions were measured using the Capital Expenditure Ratio (CAPEX), while ESG disclosure served as the independent variable, with firm size (SIZE), profitability (ROA), and leverage (DER) included as control variables. The data were analyzed using EViews 12. The findings reveal that ESG disclosure has a positive but statistically insignificant effect on corporate investment decisions. Likewise, firm size, profitability, and leverage do not significantly influence investment decisions. These results indicate that investment decisions in Indonesian mining companies continue to be driven primarily by factors beyond ESG disclosure and the selected financial characteristics. The study contributes to the growing ESG literature by providing empirical evidence that sustainability disclosure alone has not yet become a decisive factor in corporate investment allocation within the Indonesian mining sector.
Co-Authors Emilia Nurdin Yuli Lestari Labangu