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All Journal Jurnal Sosial Ekonomi Bisnis
Septiana Ika Lestari
Universitas Sarjanwiyata Tamansiswa
Economics, Econometrics & Finance Engineering Environmental Science Social Sciences

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The Delayed Effect oof Esg Risk Score on IDX ESG Leaders Stock Prices Risal Rinofah; Septiana Ika Lestari
Jurnal Sosial Ekonomi Bisnis Vol 1 No 1 (2026): Maret 2026
Publisher : Yayasan Literasi Ilmiah Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55587/jseb.v1i1.445

Abstract

Purpose: This study examines whether ESG Risk Score has a delayed relationship with stock prices of IDX ESG Leaders companies. Method: The secondary panel contains 22 companies from 2020–2024. After creating a one-year lag, the effective sample consists of 88 observations. The model uses log closing price, firm size, firm and year fixed effects, and firm-clustered standard errors. Finding: The previous year’s ESG Risk Score has a negative coefficient (β = −0.0237), but it is not significant (p = 0.250; 95% CI = −0.0641 to 0.0167). Contemporaneous, return, and bootstrap tests provide the same conclusion. Lower ESG risk is directionally related to higher valuation, but the evidence is insufficient in this short panel. Novelty: The study changes the design from a same-year ESG–price relationship to ESG(t−1) → price(t), allowing a direct test of delayed ESG information processing in the Indonesian market. This design provides clearer temporal ordering. for interpreting the findings
Co-Authors Risal Rinofah, Risal