The Effect of ESG Score on Stock Return: Do Financial Performance and Market Performance Moderate?

Q: What type of study is this?

This is a Moderated Regression Analysis study (also classified as: Associative Quantitative).

Dwi Nurnaningsih; Lilik Handajani

doi:10.24843/eja.2025.v35.i06.p04

August 26, 2025E-Jurnal AkuntansiOpen Access

The Effect of ESG Score on Stock Return: Do Financial Performance and Market Performance Moderate?

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Key Points

ESG scores positively affect stock returns, showing that sustainable practices correlate with financial gains.
Financial performance measured by return on assets strengthens the relationship between ESG scores and stock returns.
Market performance, indicated by Tobin's Q, weakens the positive correlation with stock returns.
Moderated regression analysis indicates significant relationships, emphasizing the importance of ESG scores in investment decisions.

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Implication

Associative quantitative analysis reveals ESG score strongly influences stock returns, suggesting financial performance enhances this effect while market performance weakens it.

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Cite This Study

Nurnaningsih et al. (2025) studied this question.

synapsesocial.com/papers/68c1d5ef54b1d3bfb60f8ae8 https://doi.org/10.24843/eja.2025.v35.i06.p04

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The Effect of ESG Score on Stock Return: Do Financial Performance and Market Performance Moderate?

Key Points

No abstract yet

Implication

Discussion

Cite This Study

The Effect of ESG Score on Stock Return: Do Financial Performance and Market Performance Moderate?

Key Points

No abstract yet

Implication

Discussion

Cite This Study

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