The Effect of ESG Disclosure on Investment Decisions with Independent Commissioners as a Moderating Variable in Technology Companies Listed on the Indonesian Stock Exchange (2021–2024)
Keywords:
Raw Material Waste, Operational Efficiency, PDCA, Food And Beverage Industry, Cafeesg DisclosureAbstract
This study examines the effect of Environmental, Social, and Governance (ESG) disclosure on investment decisions in technology companies listed on the Indonesian Stock Exchange (IDX) during the period 2021–2024. It also investigates the moderating role of independent commissioners in strengthening or weakening the relationship between ESG disclosure and investment decisions. Using secondary data obtained from annual reports and sustainability reports of technology sector companies, this study employs a quantitative approach with multiple linear regression and moderated regression analysis. The results indicate that ESG disclosure has a negative and significant effect on investment decisions. Independent commissioners significantly influence investment decisions and are proven to moderate the relationship between ESG disclosure and investment decisions. These findings suggest that corporate governance mechanisms, particularly the presence of independent commissioners, play a crucial role in shaping investor responses to ESG information. This study contributes to the literature by focusing on investment decisions rather than firm value and by emphasizing the technology sector in the Indonesian capital market.
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