Indonesian Journal of Advanced Research (IJAR)
Vol. 4 No. 1 (2025): January 2025

Sustainability Metrics in Emerging Markets: Analyzing ESG Scores Through Financial Returns and Risks

Lirisanti, Dika (Unknown)
Husodo, Zaäfri Ananto (Unknown)

Article Info

Publish Date
31 Jan 2025

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.

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Journal Info
Indonesian Journal of Advanced Research (IJAR)
Website

Abbrev

ijar

Publisher

PT FORMOSA CENDEKIA GLOBAL

Subject

Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Education Languange, Linguistic, Communication & Media

Description

Indonesian Journal of Advanced Research (IJAR) is an open-access and peer-reviewed journal, published by Formosa Publisher, which is mainly intended for the dissemination of research results by researchers, academics, and practitioners in many fields of science and technology. IJAR publishes ...