<![CDATA[This study aims to examine the effect of Environmental, Social, and Governance (ESG) disclosure and institutional ownership on stock returns of companies listed in the IDX SMC Composite Index for the period 2021-2024, with firm size and stock liquidity as control variables. The study employs a quantitative approach using panel data regression analysis. The sample was selected through purposive sampling from 470 companies in the IDX SMC Composite Index during the observation period. ESG disclosure is measured using a disclosure index based on OJK Regulation No. 51/POJK.03/2017, institutional ownership is measured by the proportion of shares held by institutions, stock return is calculated based on annual stock price changes, firm size is proxied by the natural logarithm of total assets, and stock liquidity is measured using the turnover ratio. Model selection is conducted through the Chow Test, Hausman Test, and Lagrange Multiplier Test. The results indicate that ESG disclosure has a positive and significant effect on stock returns, but institutional ownership does not have a significant partial effect on stock returns. This research is expected to provide empirical contributions regarding the relevance of ESG disclosure and institutional ownership in the small and medium capitalization segment in Indonesia.]]>
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