What type of study is this?

This is a Panel Data Regression study.

Effect of ESG Score on Financial Risk in IDX ESG Companies

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Quantitative analysis shows ESG score significantly reduces financial risk in IDX-listed firms, suggesting risk management improvements.

Higher ESG scores significantly reduce financial risk, indicating better management practices and sustainability.
Analysis revealed a significant negative effect of ESG scores on financial risk, but no significant impact on stock risk.
The study uses panel data regression analysis over 2017 to 2023 to investigate ESG scores across IDX ESG companies.
Findings highlight the importance of enhancing ESG quality to mitigate financial risks in Indonesia's emerging capital market.

Hadiwibowo et al. (2025) studied this question.

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