Market Performance dalam Perspektif ESG, Investment Opportunity Set dan Financial Risk: Peran Moderasi Board Size

Retno Wulandari; Jaka Waskito; Yuni Utami

doi:10.33395/owner.v10i4.3543

Authors

Retno Wulandari
✉ Corresponding author: retnowulandari5858@gmail.com Universitas Pancasakti Tegal
Jaka Waskito Universitas Pancasakti Tegal
Yuni Utami Universitas Pancasakti Tegal

DOI:

https://doi.org/10.33395/owner.v10i4.3543

Keywords:

ESG Disclosure Score, Investment Opportunity Set, Financial Risk, Board Size, Market Performance, Random Effect Model (REM), SRI-KEHATI Index, SMINFRA18 Index

Abstract

This study examines the effects of ESG Disclosure, Investment Opportunity Set (IOS), and Financial Risk on Market Performance, as well as the moderating role of Board Size in Indonesian ESG-oriented firms. The study contributes to the literature by integrating sustainability disclosure, growth opportunities, and financial risk within a single framework while comparing firms listed in the SRI-KEHATI and SMINFRA18 indices, which represent sustainability-driven and infrastructure-based investment markets. Using a quantitative approach, this study analyzes 84 firm-year observations from 21 companies during the 2021–2024 period. Panel data regression with the Random Effects Model (REM) and robust standard errors is employed for hypothesis testing. The results indicate that ESG Disclosure and Financial Risk do not significantly affect Market Performance, whereas Investment Opportunity Set has a positive effect on Market Performance. Board Size does not moderate the relationship between ESG Disclosure and Market Performance but strengthens the effects of Investment Opportunity Set and Financial Risk on Market Performance. The findings extend signaling theory and stakeholder theory by demonstrating that market participants place greater emphasis on growth opportunities and governance mechanisms than sustainability disclosure alone. Practically, the study highlights the importance of effective board oversight in enhancing market valuation through investment and risk management decisions.

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