PENGARUH ESG DISCLOSURE TERHADAP COST OF EQUITY DENGAN MANAGERIAL OWNERSHIP SEBAGAI VARIABEL MODERASI (Studi Empiris Perusahaan Non-Keuangan yang Terdaftar di BEI Tahun 2022-2024)

Growing investor interest in sustainability issues is encouraging companies to disclose environmental, social, and governance (ESG) information as a form of non-financial transparency that reduces risk and information asymmetry, thereby affecting cost of equity. However, empirical findings on the relationship between ESG disclosure and equity costs show inconsistent results, especially in emerging markets. This study aims to examine the effect of ESG disclosure on equity costs and the role of managerial ownership as a moderating variable, focusing on non-financial companies listed on the Indonesia Stock Exchange (IDX) from 2022 to 2024. This study uses ESG disclosure as the independent variable, equity costs as the dependent variable, and managerial ownership as the moderating variable, with the hypothesis that ESG disclosure has a negative effect on equity costs and that managerial ownership moderates this relationship. The research methodology uses a quantitative approach with panel regression analysis and moderation regression analysis (MRA) on data from 142 non-financial companies, with a total of 426 company observations. ESG disclosure is measured based on the Global Reporting Initiative (GRI) Standards 2021, while equity costs are calculated using the Capital Asset Pricing Model (CAPM) approach. The results show that ESG disclosure has a negative but insignificant or non-significant effect.