The Influence of ESG Disclosure, Institutional Ownership, and Firm Size on Stock Prices
DOI:
https://doi.org/10.30872/miceb.v7i1.15589Keywords:
Construction and Building, ESG Disclosure, Firm Size, Institutional Ownership, Stock PriceAbstract
This study examines the influence of Environmental, Social, and Governance (ESG) disclosure, institutional ownership, and firm size on the stock prices of construction and building subsector companies listed on the Indonesia Stock Exchange (IDX) from 2020 to 2024. The research is driven by the continued decline in stock prices and the increasing pressure for sustainability following Indonesia’s Net Zero Emission 2060 commitment. Using a quantitative approach with panel data regression, the study analyzes 15 purposively selected firms from a total population of 22 companies. The findings show that both ESG disclosure and institutional ownership have significant negative effects on stock prices, while firm size has no significant effect. These results suggest that the market still views sustainability adoption as a short-term financial burden and perceives rising institutional ownership as a potential source of Agency Problem Type II, which refers to conflicts between majority and minority shareholders, while firm scale is not a key factor in investor evaluation. Overall, the study highlights the need for stronger governance transparency and clearer managerial communication to reduce asymmetric information and enhance broader market confidence in this sector
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