DIGITAL REFERENCES AND INVESTMENT COMMUNITIES IMPACT AS MODERATING FINANCIAL AND ESG REPORTING TO STOCKS LIQUIDITY

Abstract

Stimulus to improve the development of ESG practices in Indonesia is marked in 2022 by the Indonesia Stock Exchange with regulation for issuers to provide ESG in their yearly reports. The Indonesia Stock Exchange incetiment it with launch IDX ESGL index in early 2021. Principally and regulatory, IDX has made efforts to pulse out their responsibility in social, environmental and good governance. Whether ESG reporting also has acceptance by the stock investment community, which has active digital tracking persuades in social media and tends to be a reference for investors, especially investors from generation Z and alpha ?. What are the impact of digital references on financial reporting and ESG on issuers liquidity shares on the Stock Exchange Market? Based on this phenomenon, this research was conducted for issuers registered in IDX ESGL list at 2020 - 2021. Digital Reference and Social Media-based on Investment Community becomes as moderation variable (Z). The Independent variable are Financial Report with change in ROE as a proxies, then ESG Report Analysis with ESG Risk Value as it proxy. The dependent variable in these studies are the level of stock demand which will be characterized by the liquidity of the stock projected at the share volume purchases.

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