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Navigating Market Volatility: ESG and Islamic Stock Performance amidst Covid-19 Stringency

ETIKONOMI · Vol. 24 No. 1 (2025) · hlm. 69–84

DOI
10.15408/etk.v24i1.38475
ISSN
2461-0771, 1412-8969
Terbit
2025-03-09
Penerbit
Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah Jakarta
Bahasa
eng

Abstrak

Research Originality: This study examines the relationship between ESG and Islamic stocks under the exceptional circumstances of the COVID-19 pandemic. Researchers included the stock volatility and involved policy stringency, extending the recent literature focusing on accounting-based performance.Research Objectives: This study examines the relationship between ESG practices and Islamic stock performance during the COVID-19 pandemic.Research Methods: This study applied panel regression analysis. Researchers used Shariah-compliant stocks with ESG scores ranging from 2020 to 2022, resulting in 96 observations.Empirical Results: This study posits the ability of Social and Governance practices to reduce market volatility. The stringency of COVID-19 significantly affected stock volatility, highlighting the importance of government intervention during the Pandemic.Implications: These findings support the need for implementing measures and regulations that incentivize companies to adopt comprehensive ESG practices, which are expected to contribute to stock market stability, particularly during turbulent times.JEL Classification: J6, M2, O3How to Cite:Agustin, I. N., Safitri, D., Hesniati., & Robin. (2025). Navigating Market Volatility: ESG and Islamic Stock Performance Amidst Covid-19 Stringency. Etikonomi, 24(1), 69 – 84. https://doi.org/10.15408/etk.v24i1.38475.

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Rekan penulisOrganisasiArtikel bersama
Rizky Adi MahendraInternational University of Batam2
Muhammad Donal MonInternational University of Batam1
Oparton J TarihoranInternational University of Batam1

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Sumber metadata: OAI-PMH (metadata jurnal) http://journal.uinjkt.ac.id/index.php/etikonomi/oai, pertama di-harvest 8 Nov 2026, terakhir terlihat 8 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="en">Navigating Market Volatility: ESG and Islamic Stock Performance amidst Covid-19 Stringency</dc:title>
	<dc:creator xml:lang="en">Agustin, Isnaini Nuzula</dc:creator>
	<dc:creator xml:lang="en">Safitri, Destiana</dc:creator>
	<dc:creator xml:lang="en">Hesniati, Hesniati</dc:creator>
	<dc:creator xml:lang="en">Hesniati, Hesniati</dc:creator>
	<dc:creator xml:lang="en">Robin, Robin</dc:creator>
	<dc:subject xml:lang="en">Environment Social and Governance</dc:subject>
	<dc:subject xml:lang="en">Islamic Stock Market</dc:subject>
	<dc:subject xml:lang="en">Covid-19</dc:subject>
	<dc:subject xml:lang="en">Stock Return</dc:subject>
	<dc:subject xml:lang="en">Stock Volatility</dc:subject>
	<dc:description xml:lang="en">Research Originality:  This study examines the relationship between ESG and Islamic stocks under the exceptional circumstances of the COVID-19 pandemic. Researchers included the stock volatility and involved policy stringency, extending the recent literature focusing on accounting-based performance.Research Objectives: This study examines the relationship between ESG practices and Islamic stock performance during the COVID-19 pandemic.Research Methods: This study applied panel regression analysis. Researchers used Shariah-compliant stocks with ESG scores ranging from 2020 to 2022, resulting in 96 observations.Empirical Results: This study posits the ability of Social and Governance practices to reduce market volatility. The stringency of COVID-19 significantly affected stock volatility, highlighting the importance of government intervention during the Pandemic.Implications: These findings support the need for implementing measures and regulations that incentivize companies to adopt comprehensive ESG practices, which are expected to contribute to stock market stability, particularly during turbulent times.JEL Classification: J6, M2, O3How to Cite:Agustin, I. N., Safitri, D., Hesniati., &amp;amp; Robin. (2025). Navigating Market Volatility: ESG and Islamic Stock Performance Amidst Covid-19 Stringency. Etikonomi, 24(1), 69 – 84. https://doi.org/10.15408/etk.v24i1.38475.</dc:description>
	<dc:publisher xml:lang="en">Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah Jakarta</dc:publisher>
	<dc:date>2025-03-09</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:format>application/pdf</dc:format>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.uinjkt.ac.id/index.php/etikonomi/article/view/38475</dc:identifier>
	<dc:identifier>10.15408/etk.v24i1.38475</dc:identifier>
	<dc:source xml:lang="en">ETIKONOMI; Vol. 24 No. 1 (2025); 69-84</dc:source>
	<dc:source>2461-0771</dc:source>
	<dc:source>1412-8969</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.uinjkt.ac.id/index.php/etikonomi/article/view/38475/pdf</dc:relation>
	<dc:relation>https://journal.uinjkt.ac.id/index.php/etikonomi/article/view/38475/17423</dc:relation>
	<dc:relation>https://journal.uinjkt.ac.id/index.php/etikonomi/article/view/38475/17424</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2025 Isnaini Nuzula Agustin, Destiana Safitri, Robin Robin</dc:rights>
</oai_dc:dc>