PENGARUH PENGUNGKAPAN ENVIRONMENTAL, SOCIAL, DAN GOVERNANCE (ESG) TERHADAP REAKSI PASAR DENGAN KOMITE AUDIT SEBAGAI VARIABEL MODERASI

Abstract

This study aims to examine the effect of Environmental, Social, and Governance (ESG) disclosures on market reactions, with the audit committee as a moderating variable. The independent variables used are Environmental Disclosure Score (EDS), Social Disclosure Score (SDS), and Governance Disclosure Score (GDS), while the dependent variable is abnormal return. The audit committee size is used as a moderating variable. The research sample was determined using purposive sampling from companies listed on the Indonesia Stock Exchange in 2021-2022, resulting in 190 samples. The analysis method used is multiple linear regression, conducted with IBM SPSS 25 software. The findings reveal that governance disclosure positively affects market reaction, but environmental and social disclosures do not have significant effect on market reaction. Furthermore, the audit committee does not have significant effect on the relationship between environmental, social, governance disclosure and market reaction.