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This study aims to examine the effect of Environmental, Social, and Governance (ESG) disclosure and energy price volatility on stock returns of energy sector companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 period. A quantitative approach was employed using multiple linear regression as the analytical method. The sample consisted of 10 energy companies selected through purposive sampling, based on the availability of sustainability reports, stock price data, and research completeness. The results indicate that ESG disclosure has a positive and significant effect on stock returns, suggesting that companies with higher sustainability transparency tend to gain stronger investor confidence. Energy price volatility also shows a positive and significant effect on stock returns, reflecting the sector’s sensitivity to global energy price dynamics. Simultaneously, both variables significantly influence stock returns, although the relatively low coefficient of determination implies that other factors should also be considered. This study highlights the importance of integrating internal factors (ESG) and external factors (energy price volatility) for investors when making investment decisions in the energy sector.

This study aims to determine whether there is a significant difference in stock returns before and after stock splits among companies listed in the LQ-45 Index on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. A stock split is a corporate action believed to provide a positive signal to investors. This research uses a quantitative approach with an event study method. The sample consists of 14 companies that carried out stock splits while being listed in the LQ-45 Index. Stock returns are calculated using an 11-day event window and a 60-day estimation period. The data analysis technique employed is the paired sample t-test to examine the difference in returns. The results show a significant difference, with a p-value of 0.006 < 0.05. However, the difference is negative, as most companies experienced a decline in stock returns after the stock split. This decrease may be caused by investors engaging in profit-taking after the stock split euphoria, or due to the short observation period, which may not have fully captured the market’s response. The author recommends that companies carefully consider the timing and implications of stock splits and ensure transparent communication with investors.