Asimetri Pilar ESG dan Risiko Kejatuhan Harga Saham pada Industri Intensif Karbon
Keywords:
Asymmetry of ESG Pillars, Stock Price Crash Risk, Carbon-Intensive Industries, Carbon Risk, ESG PerformanceAbstract
This study aims to map the development of literature concerning the asymmetry of Environmental, Social, and Governance (ESG) pillars and stock price crash risk, with an emphasis on its relevance to carbon-intensive industries. The research employs a Systematic Literature Review (SLR) approach, integrated with a bibliometric analysis using VOSviewer. Literature searches were conducted via Google Scholar for publications from the 2020–2026 period, using keywords such as ESG pillar asymmetry, ESG rating divergence, carbon risk, carbon intensity, and stock price crash risk. The analysis was performed through network, overlay, and density visualizations, alongside a thematic review of the collected literature. The mapping results indicate that ESG, governance, and carbon-intensive industries are prominent themes, showing clear links to discussions on carbon risk and stock price crash risk. These findings highlight the relevance of research connecting sustainability information, firm characteristics, and market risk. However, the bibliometric mapping does not yet establish a causal relationship between ESG pillar asymmetry and stock price crash risk. This study underscores the importance of distinguishing between performance disparities across ESG pillars, differences in ESG ratings provided by various agencies, and aggregate ESG scores. Further research is required to empirically test this relationship, particularly for firms with high carbon exposure.
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