Pengaruh Environmental, Social, and Governance (ESG) Controversies terhadap Return Saham: Peran Kinerja ESG sebagai Moderasi

Yanti Puspita Sari, Prof. Jogiyanto Hartono, M.Akt., M.B.A., Ph.D., CMA.

2026 | Tesis | S2 Ilmu Akuntansi

Studi ini bertujuan untuk menginvestigasi pengaruh Environmental, Social, and Governance (ESG) Controversies terhadap return saham serta menguji peran moderasi kinerja ESG dalam hubungan tersebut. Meningkatnya perhatian investor global terhadap isu keberlanjutan menjadikan informasi ESG semakin terintegrasi dalam pengambilan keputusan investasi, sementara munculnya ESG Controversies dipandang sebagai sinyal risiko non-keuangan yang dapat memengaruhi persepsi pasar. Penelitian ini menggunakan data panel 104 perusahaan ASEAN-5 selama 2019-2024. Analisis penelitian menggunakan Generalized Least Square (GLS). Hasil penelitian menunjukkan bahwa ESG Controversies berpengaruh negatif signifikan terhadap return saham dan kinerja ESG melemahkan hubungan ESG Controversies terhadap return saham. Temuan ini menunjukkan bahwa dampak ESG Controversies terhadap return saham bersifat kondisional, bergantung pada kualitas kinerja ESG perusahaan, serta menegaskan meningkatnya perhatian investor ASEAN-5 terhadap risiko keberlanjutan.

This study aims to investigate the effect of Environmental, Social, and Governance (ESG) Controversies on stock returns and to examine the moderating role of ESG performance in this relationship. The growing attention of global investors to sustainability issues has led to the increasing integration of ESG information into investment decision-making, while the emergence of ESG Controversies is viewed as a signal of non-financial risk that may influence market perceptions. This study panel data from 104 companies across ASEAN-5 countries over the period 2019-2024. The analysis is conducted using the Generalized  Least Squares (GLS) method. The result indicates that ESG Controversies have a significant negative effect on stock return, and ESG performance weakens the negative relationship between ESG Controversies and stock returns. The findings suggest that the impact of ESG Controversies on stock return is conditional upon the quality of a firm's ESG performance and highlight the increasing attention of ASEAN-5 investors to sustainability-related risks.

Kata Kunci : ESG Controversies, Kinerja, Return Saham, ASEAN-5