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All Journal Ensiklopedia of Journal Jurnal Hilirisasi IPTEKS (JHI) Current : Jurnal Kajian Akuntansi dan Bisnis Terkini Stock Peternakan Jurnal Akuntansi dan Keuangan Indonesia JTEKSIL Riset Akuntansi dan Keuangan Indonesia
Rahman, Khalilul
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LINKING SUSTAINABILITY PERFORMANCE TO STOCK RESILIENCE DURING AND AFTER COVID-19 CRISIS: EVIDENCE FROM SOUTHEAST ASIA Rahman, Khalilul; Retnosari, Retnosari; Komalasari, Sanda Patrisia; Wafiq, Muhammad
Jurnal Akuntansi dan Keuangan Indonesia
Publisher : UI Scholars Hub

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Abstract

Background: The COVID-19 pandemic severely disrupted markets. While sustainability performance measured by ESG scores theoretically buffers against shocks, its efficacy in emerging markets with nascent sustainability frameworks remains underexplored. Method: We analyze a balanced panel of 1,395 observations from 279 non-financial Southeast Asian firms (2020–2024). Using OLS, lagged, and fixed effects models, we compare the impact of sustainability performance on stock resilience during the 2020–2022 and post-pandemic (2023–2024) periods. Findings: Sustainability performance (ESG scores) significantly enhanced stock resilience during the pandemic. However, this protective effect dissipated post-pandemic. Results confirm a statistically significant improvement in overall resilience following the crisis, as investors redirected their focus toward traditional financial fundamentals such as profitability and leverage. Conclusion: Sustainability performance acts as situational crisis insurance. Its risk-mitigation value is highly salient during systemic uncertainty but diminishes under stable market conditions. Novelty/Originality of this article: Unlike prior single-phase studies in developed economies, this research provides longitudinal evidence on the dynamic, state-dependent nature of sustainability performance across crisis and recovery phases within Southeast Asia’s early-stage ESG landscape.
Co-Authors Ainul Mardiah Azhoma Gumala Bahari, Asniati Fadhilah, Rifa Fauzana, Annisa Hadelina, Rizka Ilahi, Vitratul Irwan, Naufal Rafif Irzal Irda Nenny, Nenny Ramaiyulis, Ramaiyulis Retnosari Retnosari, Retnosari Sanda Patrisia Komalasari Satrio Bhagas Yudhanto Tanjung, Akbar Tongeng, Andi Bunga Tri, Diwah Ganda Wafiq, Muhammad Wirman, Wirman Wisandra, Ade Yudhanto, Satrio Bhagas Yulia, Yulfa