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All Journal Jurnal Manajemen dan Kewirausahaan (JMDK) Jurnal Ilmiah Ekonomi Islam Owner : Riset dan Jurnal Akuntansi NUSANTARA : Jurnal Ilmu Pengetahuan Sosial Journal of Global Business and Management Review Prosiding National Conference for Community Service Project Management Studies and Entrepreneurship Journal (MSEJ) Jurnal Pengabdian kepada Masyarakat Nusantara ARSY : Jurnal Aplikasi Riset kepada Masyarakat Jurnal Pengabdian Masyarakat Indonesia Jurnal Penelitian Inovatif Golden Ratio of Auditing Research Journal of Innovation Research and Knowledge Literasi: Jurnal Pengabdian Masyarakat dan Inovasi Jurnal Profita : Akuntansi dan Manajemen Eduvest - Journal of Universal Studies Trending: Jurnal Manajemen dan Ekonomi Conference on Community Engagement Project (Concept) Asian Journal of Management, Entrepreneurship and Social Science Aksi Kita: Jurnal Pengabdian Kepada Masyarakat Indonesia Berdampak: Jurnal Pengabdian Kepada Masyarakat Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis
Hery Haryanto
Management, Fakultas Ekonomi, Universitas Internasional Batam, Indonesia
Aerospace Engineering Arts Humanities Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Health Professions Law, Crime, Criminology & Criminal Justice Neuroscience Public Health Social Sciences Other

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ESG Performance and Its Role in Mitigating Stock Price Crash Risk: Evidence from Indonesian Listed Companies Isnaini Nuzula Agustin; Julia Ananda Caesaria; Hery Haryanto
Golden Ratio of Auditing Research Vol. 6 No. 1 (2026): July - January
Publisher : Manunggal Halim Jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52970/grar.v6i1.1820

Abstract

This study examines the extent to which ESG performance influences stock price crash risk (SPCR) among companies listed on the Indonesia Stock Exchange (IDX). Using ESG Score data from the Refinitiv database, this study analyzes 232 firm-year observations from 2018 to 2023. SPCR is measured using Negative Skewness (NSKEWNESS), an indicator capturing the asymmetry of return distributions that reflects the buildup of hidden bad news and Down-to-Up Volatility (DUVOL), which captures downside volatility relative to upside movements. Regression results show that the aggregate ESG Score significantly reduces SPCR when measured with NSKEWNESS, indicating that firms with stronger ESG engagement are less likely to experience extreme negative price declines. When decomposed, the Environmental and Social components significantly mitigate SPCR, while Governance exhibits a negative but insignificant effect. However, none of the ESG components significantly influence DUVOL, suggesting that ESG practices may be more effective in addressing long-term crash risk rather than short-term price volatility. These findings highlight the role of ESG in promoting market resilience and underscore the importance of transparent and comprehensive sustainability reporting for corporate managers, investors, and regulators.
Co-Authors agustin, isnaini nuzula Andriani Fahira Andryanto Andryanto Arienda Gitty Ramadani Arvin Wijaya Badra Maitri Bastanta Bastanta Benedicte Hartono Benny Sugiarto Carol Carol Chairunisa Aj Reqha Cheren Cheren Chyntia Huang Cindy Hartono Cindy Valentina Delby Maharani Delfina Desi Pratama Eddy Oktarianto Elvin Amadeus Zhou Elvina Enjelica Elza Theofhilia Eric Marthino Felicia Chandra Felix Filbert Fiolitha Alfinda Fiolitha Alfinda Fion Jennifer Fionna Quinn Haris Wahyudi Ivana Metta Noviany Jackson Jackson Jason Jason Jeny Jesseline Chang Jessica Jessica Novia Jesslyn Johanes Prawira Julia Ananda Caesaria Jumi Liana Junestin Junestin Junita Junita Katherine Katherine Kelly Arron Kelvin Kelvin Kelvin Kevin Tjoa Lia Willyanto Lina Lina Liora Madya M Mardin Zen Marheni, Dewi Khornida Marliana Marliana Martasya Martasya Meily Juliani Michelle Angel Lim Nancy Nancy Nicholas Sunaidi Novi Aprillia Octavianus Putri Surya Sri Rahayu Rama Mega Ryana Rano Ardiansyah Rudiyanto Rudiyanto Santi Shirlyn Shirlyn Soveinia Soveinia Tiffany Lim Trillian Lim Veni Sisca Vina Sonata Warna Gamelia Warni Gamelia Willy Benyamin Ompusunggu Winky Winky Winna Angelina Yuni Nuraeni