EXTERNAL PARTY RECOGNITION ON ESG DISCLOSURE TO STOCK PRICE: A CASE STUDY OF ESG DISCLOSURE AWARDS IN INDONESIAN STOCK EXCHANGE

This research aims to find further empirical evidence of the connection environmental disclosure with share price. We took into consideration potential investor doubt on company ESG disclosure. considered because potentially biased reporting from management predicted by agency theory and attempted study effects when this is removed external recognition company's disclosures. Abnormal returns companies are tracked using daily closing price data Bloomberg, testing done binomial distribution. Our has found that obtain experience an increase in abnormal after award announcement date. finding implies parties' performance will positive market sentiment indicated increased stock returns.