<![CDATA[This study aims to analyze and empirically evaluate the effect of financial and non-financial information submitted through annual reports on the market reaction, proxied by trading volume activity. A study was conducted in 103 manufacturing companies listed on the Indonesian Stock Exchange for the 2017-2021 period with 515 annual reports. The panel data moderating regression results show that environmental certification and financial performance, measured by Sales growth, market value added, and Tobin's Q Ratio, do not affect the market reaction. However, return on equity as a Profitability measurement can strengthen the relationship between environmental certification and sales growth in trading volume activity. This study implies that a high return on equity in companies attracts an investor more than environmental certification. Besides, it could change the confidence of the investor to invest in a company that has been obtaining ISO 14001 certificates.]]>
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