THE INFLUENCE OF GEOPOLITICAL RISKS ON STOCK PRICE CRASH WITH ESG MODERATION IN INDONESIA
DOI:
https://doi.org/10.35794/jmbi.v11i3.57621Abstrak
Harga saham dapat menunjukkan aktivitas perkembangan suatu perusahaan dan menunjukkan komitmen investasi yang dilakukan oleh investor. Namun, pada kondisi tertentu, sering terjadi penurunan harga saham yang signifikan yang disebut dengan market crash, seperti akibat risiko geopolitik. Penelitian ini bertujuan untuk mengkaji bagaimana risiko geopolitik mempengaruhi market crash dan bagaimana kinerja ESG dapat menekan market crash. Penelitian ini dilakukan secara kuantitatif terhadap 64 perusahaan dengan sampel sebanyak 353 data pada periode 2013-2022. Pengujian dilakukan dengan menggunakan regresi data panel. Hasil penelitian menunjukkan bahwa GPR tidak memiliki pengaruh yang signifikan terhadap market crash, sehingga kinerja ESG juga tidak mampu memoderasi pengaruh GPR terhadap risiko market crash.
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