Factors Affecting the Price of ESG-Based Sharia Stocks
DOI:
https://doi.org/10.58968/icm.v3i2.646Keywords:
Fundamental Analysis, Macroeconomic Analysis, ESG, Sharia StocksAbstract
After the Indonesian government proclaimed its commitment to reaching the United Nations' 17 Sustainable Development Goals (SDGs) by 2030, Environmental, Social, and Governance (ESG) became an issue of concern in the country. ESG investing is one way to achieve the SDGs. ESG investing is in line with Islamic values to promote social values. The fluctuation of ESG-based sharia stock returns is very large every year. The existence of negative returns on stock investments requires investors to know the factors that influence stock prices. Panel data regression was employed as the analytical method. The panel data regression results demonstrate that the fundamental variables EPS, DER, ROE, and EV/EBIT have a substantial effect, as do the macroeconomic variables world oil prices, Indonesian interest rates, and rupiah exchange rate.
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