Peran Kualitas Audit dalam Memoderasi Pengaruh Sustainability Disclosure terhadap Return Saham
Purpose: This study aims to examine the effect of Environmental Disclosure, Social Disclosure, and Governance Disclosure on stock returns, as well as to investigate the moderating role of audit quality in the relationship between ESG disclosure dimensions and stock returns of companies listed in the LQ45 Index on the Indonesia Stock Exchange during the 2021–2025 period. Method: This research adopted a quantitative approach by utilizing secondary data derived from annual reports, sustainability reports, and stock market information. The study population comprised companies listed in the LQ45 Index of the Indonesia Stock Exchange throughout the 2021–2025 period. Sample selection was carried out through a purposive sampling technique based on specific criteria established by the researcher, resulting in a total of 65 firm-year observations. The collected data were analyzed using descriptive statistical methods, classical assumption testing, multiple linear regression, and Moderated Regression Analysis (MRA). All statistical procedures were performed with the support of SPSS software. Finding: The findings reveal that Environmental Disclosure does not significantly influence stock returns. Conversely, both Social Disclosure and Governance Disclosure demonstrate a significant positive association with stock returns. The analysis also shows that audit quality does not strengthen or weaken the relationship between Environmental Disclosure and stock returns. However, audit quality is found to enhance the positive impact of Social Disclosure and Governance Disclosure on stock returns. These results imply that investors tend to assign greater importance to information related to social and governance aspects than to environmental disclosures when evaluating investment opportunities. In addition, higher audit quality increases the reliability and trustworthiness of ESG-related information, thereby improving its usefulness in investment decision-making. Novelty: This research enriches the existing body of literature by investigating the effects of Environmental Disclosure, Social Disclosure, and Governance Disclosure on stock returns as separate dimensions, rather than evaluating ESG disclosure as a unified construct. Furthermore, the study advances previous research by introducing audit quality as a moderating factor in the relationship between sustainability disclosures and stock returns. By concentrating on firms included in the LQ45 Index over the 2021–2025 period, this study offers more focused empirical evidence regarding the role of ESG disclosures and audit quality within the context of the Indonesian capital market.