PENGARUH PENGUNGKAPAN ENVIRONMENTAL SOCIAL GOVERNANCE (ESG) DAN LIKUIDITAS TERHADAP REAKSI PASAR (Studi Empiris pada Perusahaan yang Memiliki Nilai ESG Tercatat di BEI)

This study aims to provide empirical evidence of the relationship or influence between Environmental Social Governance (ESG) disclosure and liquidity on market reaction. This study uses a sample of companies that have ESG values listed on the IDX in 2023. The analysis technique used is multiple linear regression analysis with independent variables in the form of Environmental Social Governance (ESG) disclosure and liquidity and the dependent variable in the form of market reaction, which is analyzed using SPSS measuring instruments. The results showed that disclosure of Environmental Social Governance (ESG) has a positive effect on market reaction while liquidity has no effect on market reaction.