ESG, foreign ownership, and profitability on stock price volatility in mining and plantation companies

Aan Suseno; Intan Puspitasari; Ishak

doi:10.24843/EJA.2026.v36.i03.p07

Authors

Aan Suseno Faculty of Economics and Business, Universitas Muhammadiyah Purworejo, Indonesia
Intan Puspitasari Faculty of Economics and Business, Universitas Muhammadiyah Purworejo
Ishak Faculty of Economics and Business, Universitas Muhammadiyah Purworejo

DOI:

https://doi.org/10.24843/EJA.2026.v36.i03.p07

Keywords:

ESG, Foreign Institutional Ownership, Profitability, Stock Price Volatility, Mining and Plantation Sectors

Abstract

The effects of Environmental, Social, and Governance (ESG) performance, foreign institutional ownership, and profitability on stock price volatility in mining and plantation companies listed on the Indonesia Stock Exchange during the 2022–2024 period are analyzed in this study. Using panel data regression on 41 firms, stock price volatility is measured based on the standard deviation of daily returns, while ESG performance is proxied by the Katadata Corporate Sustainability Index (KCSI). The results show that variations in profitability and firm size are statistically significant affect stock price volatility, whereas ESG performance and foreign institutional ownership have no significant effect.

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