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All Journal Owner : Riset dan Jurnal Akuntansi
Sonya Meylina Prastiwi
Universitas Airlangga
Economics, Econometrics & Finance

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Reassessing The Role of Political Embeddedness: ESG and Corporate Market Outcomes in Indonesia Sonya Meylina Prastiwi; Armadani Armadani; Zahroh Naimah
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 4 (2026): Artikel riset Oktober 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i4.3706

Abstract

This study aims to test and analyze the role of political embeddedness on the relationship between ESG and corporate market performance in Indonesia. This study used data from companies listed on the Indonesia Stock Exchange (IDX), excluding financial sector companies. The final sample size was 1,281 firm-years. Panel data regression analysis techniques were used to test the research hypotheses. Furthermore, several tests, including robustness tests and further testing, were conducted to deepen the research. Regression results reveal that ESG plays a role in building market confidence in a company, thus increasing its value. Furthermore, political embeddedness plays a significant role in strengthening ESG's influence on corporate market outcomes. The integration of political embeddedness, ESG, and corporate market outcomes into a research model, along with its comprehensive analysis, makes this study valuable for advancing the literature. This study addresses a research gap and provides a broad perspective on the model analyzed.
Co-Authors Armadani Armadani Zahroh Naimah, Zahroh