Peran Informasi ESG dalam Pasar Saham: Systematic Literature Review atas Reaksi Investor, Kualitas Informasi, dan Risiko Crash Harga Saham

Authors

  • ID Pratiwi Sidauruk Fakultas Ekonomi dan Bisnis, Universitas Sumatera Utara Indonesia Author
  • ID Indah Rodhiyah Fakultas Ekonomi dan Bisnis, Universitas Sumatera Utara Indonesia Author
  • ID Shara Ketty Moretta Situmorang Fakultas Ekonomi dan Bisnis, Universitas Sumatera Utara Indonesia Author
  • ID Iskandar Muda Fakultas Ekonomi dan Bisnis, Universitas Sumatera Utara Indonesia Author

DOI:

https://doi.org/10.66914/rnv5ax47

Keywords:

ESG, harga saham, reaksi investor, kualitas informasi, greenwashing, stock price crash

Abstract

Environmental, Social, and Governance (ESG) menjadi bagian penting bagi investor dalam pengambilan keputusan dan penilaian perusahaan di pasar modal. Namun, pengaruh ESG terhadap harga saham tidak selalu menunjukkan pola yang seragam. Penelitian ini bertujuan untuk mengkaji secara sistematis hubungan antara ESG dan harga saham dengan menitikberatkan pada tiga aspek utama, yaitu reaksi investor, kualitas informasi ESG, dan risiko stock price crash. Penelitian dilakukan melalui systematic literature review terhadap artikel yang membahas ESG dan pasar modal dalam berbagai konteks negara dan periode penelitian. Hasil penelitian menunjukkan bahwa ESG dapat memengaruhi harga saham melalui mekanisme informasi dan persepsi investor. Kinerja dan keterlibatan ESG yang baik cenderung berkaitan dengan penurunan risiko jatuhnya harga saham, sedangkan informasi ESG yang tidak kredibel, seperti greenwashing dan perbedaan penilaian antarlembaga pemeringkat ESG, dapat meningkatkan asimetri informasi dan risiko stock price crash. Selain itu, berita dan peristiwa ESG terbukti dapat menimbulkan reaksi harga saham secara langsung, dengan berita ESG negatif cenderung menghasilkan reaksi pasar yang lebih kuat dibandingkan berita positif. Penelitian juga menunjukkan bahwa informasi ESG yang memiliki visibilitas tinggi dapat lebih cepat tercermin dalam harga saham dibandingkan perubahan rating ESG yang bersifat agregatif. Secara keseluruhan, temuan ini menunjukkan bahwa pengaruh ESG terhadap harga saham tidak hanya ditentukan oleh tingkat kinerja ESG perusahaan, tetapi juga oleh kualitas, konsistensi, kredibilitas, dan ketepatan waktu informasi ESG yang diterima pasar. Penelitian ini memberikan gambaran mengenai mekanisme hubungan ESG dan harga saham serta mengidentifikasi pentingnya kualitas informasi ESG dalam menjelaskan perbedaan reaksi pasar dan risiko jatuhnya harga saham.

Kata kunci: ESG, harga saham, reaksi investor, kualitas informasi, greenwashing, stock price crash, 

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Published

2026-11-13

Issue

Vol. 2 No. 11 (2026): Sinergi: Jurnal Ilmiah Multidisiplin

Section

Articles

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Copyright (c) 2026 Pratiwi Sidauruk, Indah Rodhiyah, Shara Ketty Moretta Situmorang, Iskandar Muda (Author)

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