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All Journal Indonesian Journal of Advanced Research (IJAR)
Lirisanti, Dika
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Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Education Languange, Linguistic, Communication & Media

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Sustainability Metrics in Emerging Markets: Analyzing ESG Scores Through Financial Returns and Risks Lirisanti, Dika; Husodo, Zaäfri Ananto
Indonesian Journal of Advanced Research Vol. 4 No. 1 (2025): January 2025
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/ijar.v4i1.13616

Abstract

This study examines the impact of stock returns and risks on ESG (Environmental, Social, and Governance) scores in emerging Asian markets during the COVID-19 pandemic. Utilizing panel data from Refinitiv Eikon for March 2019 to March 2022, this research investigates how returns, risks, and control variables such as Excess Market Return, SMB, HML, and Liquidity influence ESG scores. The findings reveal that returns and risks exhibit differential impacts on ESG scores, with social factors emerging as the most influential ESG component. These results highlight the nuanced role of financial performance in driving ESG metrics during crises, particularly in less-developed markets.
Co-Authors Husodo, Zaafri Ananto