Investment and sustainability: CSR, SDGs and the ESG Score in Indonesia

Figures & data

Table 1. Validity and reliability testing.

Construct	Loading	AVE	Composite RELIABILITY
CSR disclosure	1.000	1.000	1.000
SDGs disclosure	1.000	1.000	1.000
ESG Score	1.000	1.000	1.000
Earning per share	1.000	1.000	1.000

Source: Data processed, 2023.

Table 2. HTMT-discriminant validity.

Variable	1	2	3	4
CSR
SDG	0.753
ESG	0.788	0.752
EPS	0.182	0.197	0.260

Source: Data processed, 2023.

Table 3. Direct effect.

Hypotheses	Path	Std beta	t-Statistic	p-Value	Decision
H1	CSR > ESG	0.53	4.80	<0.001	Supported
H2	SDG > ESG	0.29	2.58	<0.05	Supported
H3	ESG > EPS	0.26	3.25	<0.005	Supported

Source: Data processed, 2023.

Table 4. Mediation Effect.

Hypotheses	Path	Indirect Effect	p-Value	Decision
H4	CSR > ESG > EPS	2.77	<0.05	Supported
H5	SDG > ESG > EPS	1.84	>0.05	Rejected

Source: Data processed, 2023. Notes: CSR is CSR Disclosure, ESG is ESG Score; SDG is SDG’s Disclosure; EPS is earning per share.

Data availability statement

The dataset used in this study consists of secondary data sourced from the Indonesia Stock Exchange (IDX) website and datasets provided by ESG Intelligence Universitas Airlangga. To gain access to the data, interested parties can contact the corresponding author at [email protected].