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All Journal JAKU (Jurnal Akuntansi & Keuangan Unja) (e-journal) Dinasti International Journal of Economics, Finance & Accounting (DIJEFA)
Stiawan, I Kadek Jonh
Unknown Affiliation
Economics, Econometrics & Finance

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The Role of Audit Opinion as a Moderator of the Influence of ESG and GRC Disclosure on Market Reaction Stiawan, I Kadek Jonh; Sinarwati, Ni Kadek; Musmini, Lucy Sri
Dinasti International Journal of Economics, Finance & Accounting Vol. 6 No. 3 (2025): Dinasti International Journal of Economics, Finance & Accounting (July-August 2
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v6i3.4566

Abstract

This study aims to analyze the influence of ESG and GRC disclosures on market reaction with audit opinion as a moderating variable. The research employs a quantitative research design with a population of banking sector companies listed on the Indonesia Stock Exchange (IDX) from 2019 to 2023. The sample was selected using purposive sampling, resulting in 8 companies that met the criteria, with 5 years of observation yielding a total of 40 financial reports. Data collection was conducted through documentation studies and analyzed using Moderated Regression Analysis with panel data. The findings of this study indicate that ESG and GRC disclosures have a direct positive and significant effect on market reaction, whereas the audit opinion does not moderate the influence of ESG and GRC disclosures on market reaction. These findings are expected to be followed up by companies, particularly in the banking sector, to further optimize ESG and GRC disclosures in order to enhance investor confidence and gain a positive image in the public eye
Opini Audit dan Reaksi Pasar: Apakah Penerapan GRC Memperkuat Keterkaitannya? Stiawan, I Kadek Jonh
Jurnal Akuntansi & Keuangan Unja Vol 10 No 04 (2025): Jurnal Akuntansi & Keuangan Unja
Publisher : Magister Ilmu Akuntansi Universitas Jambi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22437/jaku.v10i04.48421

Abstract

This study aims to analyze the effect of audit opinion on market reaction with the moderating effect of Governance, Risk, and Compliance (GRC) implementation. This study was conducted on banking sector companies listed on the Indonesia Stock Exchange (IDX) from 2019 to 2023, with a population of 47 banking sector companies. Sampling used purposive sampling, obtaining a sample of 8 companies with a 5-year observation period, resulting in a total of 40 observation data. Data collection was carried out using documentation techniques from IDX data available on the website. Analysis using Moderated Regression Analysis (MRA) with the help of the STATA program. The results of the study found that audit opinion was unable to influence market reaction and GRC implementation also did not moderate the relationship between the two. This finding indicates that non-financial factors such as audit opinion and GRC have not become the primary focus of investors, who rely more on financial information and the company's fundamental performance.
Co-Authors Lucy Sri Musmini Ni Kadek Sinarwati