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摘要
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This study examines the complex interplay between macroeconomic factors, ESG (Environmental, Social, and Governance) risk ratings, and stock price performance within the Indonesian stock market. We conducted an empirical analysis of 77 Indonesian companies listed on both the Indonesia Stock Exchange (IDX) and CSRHub from 2019 to 2023. We used a panel regression model to assess the direct effects of key variables and employed Sobel, Aroian, and Goodman tests to evaluate potential mediating effects. The findings reveal that while ESG risk ratings significantly influence stock prices, consumer confidence index, stock trading volume, exchange rates, and inflation do not exert a direct impact. Although these macroeconomic factors do influence inflation and ESG risk ratings, the study concludes that neither of these variables mediates the relationship between consumer confidence, trading volume, exchange rates, and stock prices. These findings offer valuable insights for investors and policymakers, highlighting the growing importance of ESG considerations in investment decisions and long-term value creation in the Indonesian emerging market. |
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