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August 13, 2025

The Impact of Esg Leader Index Publication on Abnormal Returns and Trading Volume Activity on the Indonesia Stock Exchange

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Authors

NDNi Komang Deepa Shanti DewiIBI Gde Kajeng BaskaraICIca Rika Candraningrat

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Overview

Event study analyzes market response to ESG disclosures, showing no significant changes in abnormal returns or trading activity.

Key Points

  • No statistically significant changes in abnormal return found during the 21-day event window, indicating low market response.
  • The analysis employed a comprehensive event study methodology focused on trading volume activity and returns.
  • Findings challenge the semi-strong form of the efficient market hypothesis in the context of Indonesia's capital market.
  • Highlights the need for better awareness and regulatory strength to improve the impact of ESG information on investment decisions.

Cite This Study

Dewi et al. (2025) studied this question.

synapsesocial.com/papers/68af6216ad7bf08b1eae39dbhttps://doi.org/10.32424/icsema.1.1.303
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