PENGARUH KUALITAS LAPORAN KEUANGAN DAN PENGUNGKAPAN ESG TERHADAP EFISIENSI INVESTASI PADA PERUSAHAAN NON KEUANGAN DI BURSA EFEK INDONESIA TAHUN 2018-2023

This study investigates the impact of financial statement quality and Environmental, Social, and Governance (ESG) disclosure on investment efficiency in non-financial firms listed on the Indonesia Stock Exchange from 2018 to 2023. Using a quantitative approach with secondary data and panel data regression, the results reveal that high-quality financial statements mitigate information asymmetry between managers and shareholders, enabling more accurate investment decisions and reducing both overinvestment and underinvestment. Transparent and reliable information facilitates more rational capital allocation to value enhancing projects. In contrast, greater ESG disclosure is associated with lower investment efficiency, particularly when it is symbolic, inconsistent, or aimed merely at satisfying market expectations. The study’s limitations include the exclusive use of publicly available quantitative ESG data without assessing its substantive implementation, a restricted sample of firms with consistent ESG disclosure, and the absence of industry-specific analysis.