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Jurnal Akuntansi dan ManajemenJurnal Akuntansi dan Manajemen

This study aims to explore the impact of firm value on stock price volatility and the role of ESG performance in moderating this relationship. Using data from non-financial companies listed on the Indonesia Stock Exchange for the period 2014-2023, this study employs a quantitative research approach with Generalized Least Square (GLS) testing. The hypothesis testing method used is regression analysis using Stata17. The study revealed a negative and significant correlation between firm value and stock price volatility, indicating that higher firm value is associated with lower stock price volatility. Additionally, the findings suggested that ESG performance strengthens the relationship between firm value and stock price volatility. The study concludes that improving ESG performance leads to a better corporate reputation, which in turn leads to lower stock price volatility. This research contributes to the existing ESG literature and provides valuable insights for management, regulators, investors, and other stakeholders involved with companies.

The study demonstrates a negative relationship between firm value and stock price volatility, indicating that higher firm value is associated with lower volatility.Furthermore, ESG performance strengthens this relationship, suggesting that companies with strong ESG practices experience reduced stock price volatility.These findings underscore the importance of maintaining corporate value and integrating ESG principles to enhance stakeholder trust and market stability.

Future research should expand the scope of this study by including companies from various countries and sectors, as well as extending the observation period beyond 2014-2023. Investigating the influence of other moderating or mediating variables, such as corporate governance structures or industry-specific factors, could provide a more nuanced understanding of the relationship between firm value, ESG performance, and stock price volatility. Furthermore, exploring the dynamic interplay between ESG disclosure quality and investor behavior could reveal how different levels of transparency impact market perceptions and risk assessments. Finally, research could examine the long-term effects of ESG integration on firm resilience and sustainable growth, considering potential challenges and opportunities in emerging markets like Indonesia. These investigations will contribute to a more comprehensive understanding of the role of ESG in shaping financial performance and market dynamics, ultimately informing both corporate strategy and regulatory policy.

  1. The role of stock price in the linkage within integrated reporting and firm value: A comparative study... doi.org/10.14254/2071-8330.2024/17-4/13The role of stock price in the linkage within integrated reporting and firm value A comparative study doi 10 14254 2071 8330 2024 17 4 13
  2. Green Banking Universe and Sustainability Banking Industry in Indonesia: The Influence of Information... asianonlinejournals.com/index.php/ijsam/article/view/7021Green Banking Universe and Sustainability Banking Industry in Indonesia The Influence of Information asianonlinejournals index php ijsam article view 7021
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