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All Journal Contemporary Studies in Economic, Finance and Banking (CSEFB)
Hartanto, Nancy Nathania
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Economics, Econometrics & Finance Social Sciences

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The Effect of ESG Disclosure on Financial Performance and Stock Returns: Evidence from Non-Financial Companies in the IDX ESG Leaders Index Hartanto, Nancy Nathania; Supriani, Indri
Contemporary Studies in Economic, Finance and Banking Vol. 5 No. 3 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

This study examines the effect of environmental, social, and governance (ESG) disclosure on the financial performance and stock returns of non-financial companies included in the IDX ESG Leaders Index in Indonesia. The study is motivated by inconsistent empirical evidence regarding the impact of ESG disclosure on firm performance, particularly in emerging markets with mandatory sustainability reporting. A quantitative approach was employed using panel data from 19 companies during 2018–2024. ESG disclosure was measured based on 32 indicators derived from POJK No. 51/POJK.03/2017 and SEOJK No. 16/SEOJK.04/2021. Financial performance was proxied by return on assets (ROA), return on equity (ROE), and stock returns, with firm size and leverage included as control variables. Panel data regression with panel-corrected standard errors (PCSE) was applied. The results indicate that ESG disclosure has no significant effect on ROA, ROE, or stock returns, and these findings remain robust when one-period lagged ESG disclosure is employed. The findings suggest that, within a mandatory ESG disclosure environment and among firms with relatively homogeneous ESG characteristics, ESG disclosure has not yet become a significant determinant of corporate financial performance or short-term market responses.
Co-Authors Supriani, Indri